The concept of taxes seems like a pretty easy thing to explain, except when you start looking at it more closely. A ‘tax’ is money that the government collects within its borders in order to pay for everything that government does. Americans work for money, their income, and the government takes a portion of that income as tax. That should be simple, but what counts as income? How much income you make directly impacts how much you pay in taxes, so it’s important to know what the government qualifies as income. It’s time to understand how our tax system really works when it comes to taxable income and adjustments to income.
Football fans will probably recognize the saying “offense sells tickets; defense wins championships.” In the game of finance, offense is the ability to make more money while defense is all about how money is managed. So the question is, in the game of finance, does offense or defense matter more? Turns out that to win football championships, as well as finance, you need to be good at both offense and defense. Much like football, if you want to increase the money your business makes, as well as learn how to keep it, you have to know the rules, have a strategy and play both offense and defense to win your financial game.
Retirement Accounts vs. Retirement Plans: How do they differ? On the surface, individual retirement accounts and qualified retirement plans are both trying to help you get to the same place, retirement security. While both retirement accounts and retirement plans are there to help you plan for the future, these two vehicles run remarkably differently. Retirement accounts are not the same as retirement plans, as they differ in tax treatment, investment options, and possible employer contributions. So how does a person choose?
While it is possible to contribute to both, you can’t do it with the same dollars. It’s important to understand your retirement savings options and consider their long-term implications. Think about your money in three groups: what you make, what you grow, and what you distribute. Saving money is vital to a happy retirement, and you want to make sure your retirement strategy will give you the results you desire. Here are the major differences between retirement accounts vs. retirement plans.
Just like anyone else, you want to save money on your taxes, whether it’s for your small business or personally. But how can you ensure your tax savings success? One way is to set up a plan for what you do with your taxes. But what should your plan be? And how do you set it up?
It’s safe to assume that most business owners and individuals are overpaying their taxes without even realizing it. Without a clear tax plan to guide you through the year, you’re probably one of them. That’s why Financial Gravity created its unique tool known as the Tax Blueprint in order to help its clients navigate the complex maze of the tax code. Read more
You are almost certainly losing more money than you should to taxes. In fact, you could say that like as not, your business finances are needing a trip to the emergency room. Chances are, you’re losing more revenue than you should. How can you stop overpaying taxes and increase your business revenue? Fortunately, the doctor is in, and Financial Gravity has the 3-step solution to your financial ills.
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