Self-Employed Small Business Owners
As self-employed small business owners ourselves we recognize the financial complexities that can bring on. Our team has years of experience with self-employed financial strategies.
We help self-employed individuals pursue the unique opportunities available to them and develop strategies that aim to provide stability to their personal and business finances. Since self-employed individuals do not have an employer to help them with things like retirement plans, tax deductions, health insurance, and more we walk alongside entrepreneurs to make sure they have a comprehensive financial strategy in place.
The #1 reason self-employed people reach out to us… They aren’t doing enough tax planning. They have an accountant who helps file their taxes, but no one is paying attention to long-term tax strategies throughout the year.
Common Question: What self-employed retirement plan should I be using? This is an important question with a lot of moving parts.
A few items to consider before choosing one:
How much can I help protect my income from taxes?
What are the tax implications of each retirement plan option, including contribution deductions and future withdrawals?
What types of retirement plans are available to self-employed individuals?
Which plan best fits my needs (e.g., SEP IRA, Solo 401(k), SIMPLE IRA, Cash Balance, Money Purchase Plan)
What are the administrative requirements and costs with each retirement plan?
What kind of investments do I want to use?
Based on my tax plan, do I want to use Pre-Tax or Roth Contributions?
Do I anticipate hiring employees in the future, and if so, how will that impact my retirement plan options, costs, and contribution amount?
Will I have access to professional guidance or support in managing my retirement plan and what are the associated costs?
For most; taxes are the largest bill over your lifetime. You can't afford to ignore them.
Selecting the best plan for both you and your business involves many factors and the rules change constantly. It's important to carefully learn more about your options and stay up to date on the ongoing government rules changes.