Most people, regardless of how much income they earn, are taught that setting aside money in an employer-sponsored and/or individual retirement account is the best way to ensure that money will be available in the future. But the truth is, that’s only partially right. While saving and investing can certainly help you to build up […]
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The ability to create more cash flow from the money you already make is a key step towards building true wealth. One way to accomplish this is through a strategy known as income shifting. Income shifting is not a new concept. In fact, this strategy has been used by the wealthy for generations to help
What is income shifting, and how can it reduce my tax burden? Read More »
At the end of 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) act was signed into law, bringing in new changes and adaptations with regards to retirement savings. On the whole, the changes are positive. The bill appears to acknowledge that we’re all living a little longer, incentivizing businesses to provide savings plans
What changes does the Secure Act bring? How might physicians be affected? Read More »
Okay, let’s start at the very beginning – what actually is an entity? A business entity is an organization that has been created by one or more people to carry on a trade or business. We’re going to look at some of the most common types in this blog. Just like choosing the best plan
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So you’ve set yourself up as an S-corporation. As your business grows, it’s great to think about yourself as a separate entity from the business, so you’re not muddying the waters between personal and work finances, and you’re protected personally from liability. While you’re legally a separate entity from your business under S-Corp, it’s important
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*this is a transcript taken from our weekly Tax Tip Tuesday videos on Youtube. You can watch it here. Hey everyone. Welcome to another Tax Tip Tuesday. My name is Alexis Gallati with Cerebral Tax Advisors, and today we’re going to talk about passive income. Well, basically I’m just going to explain what exactly passive income
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*this is a transcript taken from our Tax Tip Tuesday videos. You can find the full version on Youtube here. Hey everyone, welcome to another Tax Tip Tuesday. My name is Alexis Gallati, and I’m with Cerebral Tax Advisors. Now, what we’re gonna talk about today is the Section 199A deduction, and how you can actually
Tax Tip Tuesday | 2019 Year-end tax tips to lower your liability Read More »
*this is a transcript taken from our Tax Tip Tuesday videos. You can watch the whole thing on Youtube here. Hey everyone, welcome to another “Tax Tip Tuesday.” I’m Alexis Gallati of Cerebral Tax Advisors, and today we’re gonna talk about the Augusta rule. Now, I’m not sure if all of you know what the Augusta
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Hey everyone, welcome to another Tax Tip Tuesday. Today, I’m going to be discussing the difference between employees versus independent contractors. This is a really important topic because if you try to be independent employee and you’re actually an employee or… Sorry, I just got that screwed up. If you’re trying to be an independent
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When David reached out to Cerebral for help, tax planning became more than just saving money. He was able to walk away with a long term financial plan. David had never had a tax conversation that focused on his individual needs. An internal medical Physician and family man, he wanted to find an expert who
