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Day: July 12, 2023

Categories
Advice Management

What is the Qualified Business Income Deduction?

The Qualified Business Income Deduction (QBI), also known as Section 199A, is a tax provision of the Tax Cuts and Jobs Act of 2017. This deduction allows businesses to reduce their taxable income by up to 20% of the business’s qualified business income. QBI applies to certain pass-through entities such as sole proprietorships, partnerships, S corporations, and some trusts and estates.

How does the QBI Deduction Work? In order to qualify for the QBI deduction, first you must have an eligible trade or business. Qualified trades or businesses include those that earn money through income from services performed in fields such as health, law, consulting, athletics, financial services, and more. The deduction can only be used in relation to taxable income generated by these types of services; it cannot be applied to wages earned from a job or other forms of passive income. 

Once you have confirmed that your trade or business qualifies for the QBI deduction, you must then calculate your total qualified business income. To do this, first you need to add up all regular and capital gains net incomes earned by your trade or business throughout the year. Once you have determined your total qualified business income amount, you can subtract 20% of this amount from your taxable income for that year. 

Why would this benefit my business? The QBI deduction offers tangible benefits for small businesses owners who qualify for it. The main advantage is that it helps reduce overall tax liability at the end of each year. A lower tax burden can mean more funds available for reinvestment into your business or other investments such as retirement accounts. Additionally, if you are filing taxes jointly with a spouse who also has qualifying trades or businesses, both parties may be able to take advantage of the full 20% deduction – which could potentially double the savings! 

Schedule a call today with one of my experts http://www.calendly.com/Stephan-controllers or call my office at 775-384-8124. 

Much Success, 

Scott L. Arden, CEO Controllers, Ltd www.controllersltd.com 

Categories
Advice Wealth

Unlock the Door to a Blissful Future: Discover the 10 Compelling Reasons Why You Absolutely Need a Prenup!

Unlock the Door to a Blissful Future: Discover the 10 Compelling Reasons Why You Absolutely Need a Prenup!

Love is in the air, and wedding bells are ringing! As you embark on this incredible journey of matrimony, it’s vital to lay a solid foundation for a harmonious and secure future. Introducing the secret weapon that can safeguard your love and protect your dreams – the prenuptial agreement!

Now, hold on a minute! Before you dismiss this concept as unromantic or unnecessary, let’s delve into the exhilarating reasons why a prenup can be a game-changer for you and your beloved. Buckle up, because we’re about to take you on a thrilling ride that will transform your perception of this powerful document.

  1. Fortify Your Love, Preserve Your Bond:

A prenup isn’t a sign of doubt or mistrust; it’s a testament to your commitment and love. By openly discussing your financial expectations and aspirations, you’ll deepen your understanding of each other and foster a stronger bond that can withstand any storm.

  1. Clear the Path to Financial Transparency:

Money matters can often ignite fiery conflicts in relationships. But fear not! With a prenup, you’ll establish open lines of communication about your finances from the very beginning. It sets the stage for honesty, trust, and a shared vision of your financial future.

  1. Protect Your Hard-Earned Assets:

You’ve worked tirelessly to build your wealth, so why leave it to chance? A prenup ensures that your individual assets, investments, and businesses remain secure, providing you with the peace of mind you deserve.

  1. Safeguard Your Inheritance:

Do you have cherished family heirlooms or an inheritance on the horizon? A prenup can shield these precious treasures from potential disputes, preserving your family’s legacy for generations to come.

  1. Shield Yourself from Debts:

Nobody wants to be haunted by their partner’s financial liabilities. With a prenup, you can shield yourself from assuming responsibility for each other’s debts, safeguarding your financial independence.

  1. Navigate Blended Families with Grace:

Second marriages and blended families bring unique dynamics and financial considerations. A prenup can help you establish fair provisions for children from previous relationships, ensuring their well-being and protecting your financial obligations to them.

  1. Keep Your Business Ventures Intact:

Entrepreneurs, rejoice! A prenup shields your business ventures from the turbulence of divorce, allowing you to focus on your professional success without worrying about its impact on your personal life.

  1. Preserve Your Peace of Mind:

Imagine a future where both you and your partner have predetermined guidelines for the division of assets and liabilities. By establishing these parameters in advance, you’ll eliminate the stress and anxiety that often accompanies the uncertainty of divorce.

  1. Reduce Emotional Turmoil:

Divorce can be emotionally draining, but a prenup can mitigate the turmoil by streamlining the process. With clear guidelines already in place, you can transition with grace and dignity, focusing on healing and personal growth.

10 Foster a Fair and Equitable Future:

Life is full of surprises, and while we hope for everlasting love, it’s essential to prepare for any unexpected turns. A prenup ensures that both partners are treated fairly and equitably in the event of a divorce, allowing you to face the future with confidence.

So, dear reader, as you embark on this incredible chapter of your life, take a moment to reflect on the power of a prenup. It’s not just a piece of paper; it’s an embodiment of love, trust, and foresight. Embrace the opportunity to safeguard your dreams, protect your passions, and build a future filled with excitement, harmony, and endless possibilities.

Remember, the greatest love stories are the ones that endure, guided by the wisdom and foresight of those who dared to prepare for the unexpected. Dare to secure your love, and unlock the door to a blissful future with a prenuptial agreement. Your love story deserves nothing less than an extraordinary happily-ever-after!

Schedule a Free Financial Fitness Strategy Session with Kris Miller, LDA

Legacy Wealth Strategist #1 Bestselling Author, Speaker & Educator

Use the Calendar Below to Schedule Your One-On-One Session with Kris

Calendar

30+ years of experience assisting others to grow & protect their wealth. Helped more than 6,000 families avoid financial disaster by strategically planning for their futures. Not one person has lost a single dime on her watch. Her clients learn how to change their families’ financial realities and create incomes they will never outlive

For more Healthy Money Tips:

linktr.ee/healthymoneyhappylife

Kris@HealthyMoneyHappyLIfe.com

Phone (951) 926-4158

Categories
Advice Technology

Master the Art of Financial Privacy: Unlock the Secrets to Safeguarding Your Wealth

In a world where financial transparency is the norm, how can you protect your hard-earned wealth and pay lower taxes? The answer lies in the art of hiding your money from prying eyes and ensuring your financial privacy. In this captivating article, we will delve into the strategies and tactics that will empower you to safeguard your wealth while maintaining a fulfilling and prosperous life.

Picture a life where your financial affairs remain discreet, shielded from unnecessary scrutiny. By adopting a simple and easy-going lifestyle, you can avoid drawing unwanted attention to your wealth. The key is to minimize outward displays of opulence, as these can attract the watchful gaze of both neighbors and government agencies.

Start by carefully curating your surroundings. Avoid flaunting expensive appliances and luxury cars that could raise suspicions about your financial standing. Blend in with the crowd, leading a modest yet fulfilling life that doesn’t raise eyebrows. Remember, the less attention you draw, the more control you have over your financial destiny.

When it comes to managing your income and property, discretion is paramount. Avoid showcasing your wealth through extravagant purchases or ostentatious displays of affluence. By living within your means and maintaining a low-profile lifestyle, you can minimize the taxes imposed on both your income and property.

But financial privacy goes beyond appearances. It requires careful planning and strategic decision-making. Explore legal and legitimate avenues to protect your wealth and optimize your tax obligations. Consult with financial advisors and tax professionals who specialize in asset protection and tax optimization. Their expertise will guide you toward legal strategies to minimize your tax burden while ensuring your financial security.

In today’s digital age, it’s crucial to protect your financial information from prying eyes. Stay vigilant against cyber threats and safeguard your online presence. Implement robust security measures to protect your personal and financial data, utilizing encryption and secure platforms for financial transactions.

Remember, financial privacy is not about evading taxes or engaging in illegal activities. It’s about preserving your wealth, securing your financial future, and maintaining control over your financial destiny. By mastering the art of financial privacy, you empower yourself to make informed choices, protect your assets, and live a fulfilling life while paying your fair share of taxes.

Don’t let unnecessary scrutiny dictate your financial decisions. Embrace the power of financial privacy and embark on a path that allows you to protect and grow your wealth while maintaining the lifestyle you desire. It’s time to take control and unlock the art of hiding your money from prying eyes. Let the journey begin!

Schedule a Free Financial Fitness Strategy Session with Kris Miller, LDA

Legacy Wealth Strategist #1 Bestselling Author, Speaker & Educator

Use the Calendar Below to Schedule Your One-On-One Session with Kris

Calendar

30+ years of experience assisting others to grow & protect their wealth. Helped more than 6,000 families avoid financial disaster by strategically planning for their futures. Not one person has lost a single dime on her watch. Her clients learn how to change their families’ financial realities and create incomes they will never outlive

For more Healthy Money Tips:

linktr.ee/healthymoneyhappylife

Kris@HealthyMoneyHappyLIfe.com

Phone (951) 926-4158

Categories
Capital Investing Wealth

Unleash Your Immortal Legacy: Exercising Unprecedented Power from Beyond the Grave

Legacy / inheritance or death tax concept : US dollar bag, a house and family members e.g father, mother, son, daughter on a balance scale, depicts a tax paid by person who inherits money or property.

In life, we strive to accumulate wealth and power, but have you ever considered the possibility of exercising that power even after you’re gone? Money holds an incredible potential to shape lives and influence the world, allowing you to leave a lasting impact even from beyond the grave. In this exhilarating article, we will delve into the transformative concept of harnessing your financial power to create a legacy that transcends time and empowers generations to come.

  1. Money: The Key to Immortality: Money possesses a unique quality that surpasses all others – the ability to keep your influence alive even after your physical presence has faded away. By accumulating wealth, you can ensure that your power and impact extend far beyond your own lifetime.
  2. Empowering Future Generations: By exercising your financial power, you have the opportunity to empower your loved ones and future generations. Through strategic financial planning and responsible wealth management, you can provide your descendants with a solid foundation and endless possibilities for success.
  3. Funding Noble Causes: Why limit the impact of your wealth to your personal sphere? Through philanthropy, you can support and fund noble causes that align with your values, leaving an indelible mark on society. Your wealth can fuel progress, drive innovation, and uplift communities long after you’re gone.
  4. Creating Lasting Memorials: Monuments and institutions serve as a testament to your influence and legacy. By utilizing your financial power, you can establish enduring memorials that bear your name, symbolizing the positive change you brought to the world. These tributes will inspire future generations and ensure that your impact is never forgotten.
  5. Cultivating a Generous Spirit: Exercising power from your grave is not solely about accumulating wealth; it’s about cultivating a generous spirit that extends beyond your lifetime. By prioritizing giving and generosity, you can create a ripple effect of kindness and compassion that transcends boundaries and inspires others to do the same.
  6. Inspiring Others to Follow Suit: Your actions have the power to inspire and ignite change in others. By exercising your financial power from the grave, you set an example for others to follow. Your legacy becomes a catalyst for a new generation of empowered individuals who seek to make a difference in their own unique ways.
  7. Making an Impact on the World: The world is in constant need of transformative change. By exercising power from your grave, you become an agent of that change. Your financial influence can address social, environmental, and economic challenges, leaving a lasting impact on the world and shaping a better future for all.

Embracing the concept of exercising power from beyond the grave opens up a world of endless possibilities. By recognizing the true potential of your financial resources, you can create a legacy that resonates with power, compassion, and transformative change. So, join us on this exhilarating journey of harnessing the power of money to make a difference that reverberates through time and inspires generations to come.

Schedule a Free Financial Fitness Strategy Session with Kris Miller, LDA

Legacy Wealth Strategist #1 Bestselling Author, Speaker & Educator

Use the Calendar Below to Schedule Your One-On-One Session with Kris

Calendar

30+ years of experience assisting others to grow & protect their wealth. Helped more than 6,000 families avoid financial disaster by strategically planning for their futures. Not one person has lost a single dime on her watch. Her clients learn how to change their families’ financial realities and create incomes they will never outlive

For more Healthy Money Tips:

linktr.ee/healthymoneyhappylife

Kris@HealthyMoneyHappyLIfe.com

Phone (951) 926-4158