When Should CPAs Claim Social Security? Part 2
In Part One, we established the foundational framework for Social Security claiming decisions: understanding how your claiming age affects benefits, analyzing break-even scenarios, evaluating personal health and longevity expectations, considering work status implications, and assessing immediate financial needs. These core factors create the analytical foundation every CPA needs before diving into more sophisticated optimization strategies. […]
When Should CPAs Claim Social Security? Part 1
One of the most pivotal questions you’ll face when planning your retirement will likely be: When should I start claiming my Social Security benefits? It’s a more complex decision than it might appear. Modern retirement planning has evolved: Americans are living longer, nest eggs often need to stretch further, and interest rates and markets fluctuate. […]
The Mega Backdoor Roth for CPA Practice Owners
Imagine it’s the late 1970s: on November 6, 1978, Congress quietly adds Section 401(k) to the tax code, unwittingly sparking a retirement savings revolution. A few years later, employees suddenly found they could contribute up to 25% of their salary (capped at $30,000) into these new plans – an unheard-of opportunity at the time. Fast […]
Protecting Intellectual Property in Family CPA Practices
Imagine it’s 1837 in Massachusetts. A chocolatier sells his family’s secret recipe to a buyer, only to later share that recipe with others, sparking one of America’s first legal battles over intellectual property. The case, Vickery v. Welch, proved that a business’s closely held know-how can have real value, even without a patent. Fast forward […]
Managing Executive Compensation Packages for CPA Practices
Imagine planning for retirement in ancient Rome: Augustus Caesar offered veteran soldiers a hefty lump sum (about 13 times their annual pay) upon retirement – a strategy to reward loyalty and prevent mischief. Fast forward to the mid-20th century, and American companies were handing out gold watches at retirement – a nice gesture, but hardly […]
Captive Insurance for CPA Practices
Imagine it’s the 1950s in Ohio: A steel company owns several coal mines that feed its furnaces, and those mines are dubbed “captive mines” because they serve only the company. To protect those mines, the company’s advisor Frederic Reiss helped set up an insurance company owned by the steel company itself – effectively ensuring the […]
From CPA Practice to Retirement: How Business Restructuring Impacts Your Retirement Plan
Running a CPA firm is a numbers game—but the most important ledger might be your own retirement balance sheet. One eye-opening fact is that a huge portion of many business owners’ wealth is tied up in their companies. One study found that 80% of the average business owner’s net worth is locked into their business. […]
How to Utilize Opportunity Zones in 2025
Have you ever heard of Opportunity Zones? Established as part of the Tax Cuts and Jobs Act of 2017, the Opportunity Zone program was created to spur investment in economically distressed communities by offering investors significant tax incentives. In essence, they’re a government-backed way to encourage you to reinvest capital gains into designated areas in […]
7 Accounts CPAs Need for Retirement
Over your career, you’ve probably accumulated quite a collection of financial accounts – maybe more than you’d like to keep track of, and as retirement approaches, there’s a natural desire to simplify and consolidate. That makes sense! However, while over-complexity isn’t good, neither is over-simplifying. But when it comes to building a robust retirement framework, […]
2025 Retirement Plan Updates: New Opportunities for CPA Practice Owners
New year, new financial landscape. As we step into 2025, CPA practice owners are facing a mixed bag of changes that could reshape their retirement strategies. While the IRS opens up some generous new contribution opportunities, they’re also tightening the belt on high earners through Social Security adjustments. Let’s unpack what these changes mean for […]
