Tax planning is an essential part of personal and business planning. No one wants to pay more taxes than they have to, but navigating the complex tax code can be overwhelming. That’s why having a tax planning philosophy and annual tax due diligence process helps guide decisions, reduce tax liabilities over your lifetime, and provides a second pair of eyes to help ensure your tax plan is being properly implemented. At the heart of our tax planning philosophy is the …
The Value of Having Your Kids Work in the Family Business: Building Character, Practical Skills & Generational Wealth
Imparting Values and Creating Generational Wealth through Family Business Running a family business can be challenging, but involving your children in the operation can provide many benefits beyond just practical skills. Children who work alongside their parents and other family members gain practical experience that they can carry with them throughout their lives. In addition to developing a strong work ethic, they have an opportunity to develop emotional intelligence, empathy, communication, and conflict resolution skills. These skills are invaluable not …
Simplify365 – A Planning Approach To Reduce Your Tax Burden
Exciting improvements are ahead for Vance Wealth this year, and one of the opportunities we’re most excited to announce is Simplify365 – a new business offering designed to help business owners simplify their planning approach to life and business. This new program is designed to help busy entrepreneurs carve out the time they need to focus on what matters most, while simultaneously taking advantage of specific tax-saving opportunities. By implementing a few critical strategies, business owners can adopt a more …
Avoid These Common Tax Mistakes
The most costly and common tax mistakes are not errors but missed opportunities to achieve more. Here’s how to avoid them. More often than not, the most costly tax mistakes we see are not errors but missed opportunities. Including overlooked opportunities for long-term planning, strategic deductions, and reduction of your lifetime tax liability. The easiest way to make a mistake on your tax return is to skip the crucial planning steps recommended by your team of trusted advisors. Why? If you can put …
Tax Tips: Why saving more right now isn’t always the best
Most people have one goal when it comes to taxes: Pay as little as possible on the next tax return. However, that isn’t how you save the most – or achieve the most – in the long-run. In fact, at Vance Wealth, we believe paying taxes is the goal. Why? It means you’re successfully growing and earning more over time. “Our goal is always to help you achieve more. That means it’s safe to assume that you’ll earn more as the years go on, so …
Tax Planning: The Crucial Step You Don’t Even Know You’re Missing
If you’re seeing your accountant only to file your taxes, then you’re missing one of the most important steps in preserving wealth. Here’s the crucial step that could help you save — now more than ever. What’s tax planning? Tax planning is typically the thing that just doesn’t get done regarding your finances. As a business owner, you might have a more proactive approach toward tax planning, as entrepreneurship often requires. But if you’re working with your accountant only to …
Achieve More: Entrepreneur Edition – 3 Tax Strategies To Help Your Business Save In The Long Run
At the end of each year, most business owners file their taxes with one simple goal: to save as much as possible on the next return. But at Vance Wealth, we take a different approach to tax planning. Of course, we use creative tax strategies to help our clients maximize their savings each year, but we also look at the bigger picture. We plan for the present with the future in mind. It’s a balance – and it’s where we …
Patti’s Perspective: 5 Tax-Saving Tips that must be applied by year end.
As we head into the Fall, my favorite time of year, I’m all about the pumpkin spice. Yes, I’m one of those- I love everything pumpkin! Don’t judge me. But, at Vance Wealth, this time of year is all about year-end tax planning. Here are 5 Tax-Saving Tips that must be applied by year end: Convert your IRA to a Roth IRA: With a Roth IRA, all future withdrawals are tax free, and all gains and earnings grow tax free. …
8 Tax-Saving Tips That Must Be Applied Before Year-end
Here are eight essential tax-saving tips that must be implemented before year-end. If you want to maximize your tax benefit in 2021, you must act soon. 8 Tax-Saving Tips That Must Be Applied Before Year-end It’s important to understand that these tax-saving tips will only save you money if they are right for you. There are some tips, for example, that benefit those who’ve had a good year, while others create silver linings in an otherwise bad year. Be sure to consider …
Planning for Every Outcome: Prepare For Tax Changes Before You Run Out Of Options
At Vance Wealth, one of our most important responsibilities is not simply preparing for life’s uncertainties, but help anticipating them before they occur. This year, that’s especially important when it comes to tax planning. The Biden Administration has proposed changes to our tax policies that, if enacted by Congress, would likely have a significant impact on tax bills, especially if you don’t adjust your financial plan ahead of these changes. “You can’t achieve thoughtful, effective tax planning unless you’re proactive,” explained John Vance, President …