Why CPAs Need Long-Term Care Insurance
America is facing a growing health crisis, one largely driven by our own daily habits. Surprisingly, it’s not about smoking, drinking, or even unhealthy eating. Instead, a significant contributor is something that happens at the workplace, and while you’re reading this, you might be doing it yourself—albeit passively. To cut to the chase, the issue […]
Protect What You’ve Earned: A CPA’s Roadmap to Asset Security
You open your mailbox one day to find a certified letter waiting for you. As you sign for it and start reading, you realize it’s a summons to the courthouse. A client has filed a lawsuit against you, and now you’re going to have to defend yourself in court. You never thought this would happen […]
Understanding the Ten Year Rule for Inherited IRAs
We are on the cusp of one of the most significant economic shifts in modern history – the Great Wealth Transfer. Over the next few decades, an estimated $53 trillion worth of assets will change hands, flowing from Baby Boomers to Gen Xers, Millennials, younger generations, and charities. This massive transfer of wealth presents both […]
Are You Overlooking Key Components of Your Financial Plan?
CPAs are great with numbers and assisting clients maximize tax savings for the year. However, due to time constraints and different areas of focus, CPAs may not have the specific expertise to create their own lifelong financial plan, let alone the time to do so! In this article, we’ll supply you with a broad overview […]
Family Limited Partnerships vs. Family LLCs: Choosing the Best Structure
As a CPA and owner of an accounting firm, you’ve spent years building your practice and serving your clients. Now, as you look towards the future, you’re likely considering how to best transfer your firm to the next generation while minimizing tax implications and maintaining control during the transition. Two powerful tools for accomplishing these […]
Digital Estate Planning for CPAs: Securing Your Online Future
As financial professionals, CPAs understand the critical role of estate planning in preserving legacies and efficiently managing asset distribution. Traditional estate plans help honor your wishes, avoid lengthy probate processes, and potentially reduce tax burdens. However, in our increasingly digital world, a new challenge has emerged: the management of digital assets after death. At CPA […]
The Key Sections of Medicare: Essential Knowledge for CPAs
As a CPA, you’ve had a long and stressful career, and it has likely affected your physical and mental health. In retirement, you’ll finally get a breather from those long hours sitting behind a computer screen, helping your clients reduce their tax burden. In retirement, it’s time to take care of yourself, and one of […]
How to Manage Healthcare Costs via Investing (and Save On Taxes)
The taxman seems to follow us everywhere, right? He taxes our salaries, our properties, our purchases, our investments, and even our gifts! It’s hard to find a place where his hands don’t reach. However, there is one bastion of tax-free goodness potentially available to you. Imagine drawing a salary, not paying taxes on a portion […]
The 529 Plan: How to Make the Most of It
Everything seems to be getting more expensive these days: groceries, gas, housing, traveling, credit card interest rates, healthcare, and higher education, just to name a few. Unfortunately, inflation doesn’t explain everything, especially regarding college education costs, which have consistently outpaced inflation since 1977. Tuition vs. Inflation Chart Source: https://www.minneapolisfed.org/about-us/monetary-policy/inflation-calculator/consumer-price-index-1913- This phenomenon of consistently rising tuition […]
How to Protect Your CPA Income in Retirement
How long would it take for you to run out of money if you suddenly stopped getting a paycheck? The thought may seem absurd at the moment, but eventually, that day will come when you retire. From that point on, you won’t have the luxury of earning a paycheck to spend and invest as you […]
