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 […]
Will Inflation Ruin Your Retirement?
Over the decades of your working and investing career as a CPA, your portfolio has likely begun to experience exponential, compounding growth. It took a while to earn that first $100,000 and then your first $500,000, but as the decades pass, your portfolio will probably begin to grow faster and faster. However, there’s one minor […]
Should I Delay Social Security Benefits in 2024?
It’s 2024, the world is changing fast, and, as a CPA, your retirement finances are quickly becoming your primary concern. Social Security benefits will become available to you in just a few short years. At that point, you’ll face a crossroads – should you start taking your Social Security benefits immediately, delay for a few […]
Evaluating Income Sources In Retirement
As a CPA, you’ve spent your career helping clients navigate complex financial situations and plan for their futures. But when it comes to your own retirement, are you accurately anticipating your income sources? Many Americans, and even CPAs, have serious misconceptions about their retirement income – frequently through no fault or intention of their own. […]
