How to get the most out of deductible meals

In this month’s video, I explained what types of business meals are deductible.  Since meals can be frequent and for small dollar amounts, I get more questions about tracking these receipts than any other expense.  In the case of travel meals, an IRS rule allows you to throw those receipts all away.  Instead of tracking and deducting each specific expense, you can deduct a per diem rate for your travel meals. Continue reading

Backdoor Solo-401k plans

It happens every year:

  • Doctor is being paid by 1099 for extra shift work or locums.
  • Doctor is covered for retirement at her day job – doesn’t know a 2nd plan may be an option.
  • Doctor is looking for ways to reduce her income while filing her taxes.
  • Doctor finds White Coat Investor – in January!

If a similar situation has happened to you, don’t despair! You can still fund a solo-k via the back door.

Here’s how: Continue reading

QSEHRA: The Small Business Health Plan Nobody Knows About

Small practices often have a lot of trouble competing for employees with large corporate entities, often because employee benefits are so expensive. Group health insurance can be especially expensive if you have even one employee in bad health or over a certain age in an otherwise young and healthy group of employees. Then, you have the problem that some employees are covered by their spouse’s plan and don’t even get to participate in that particular benefit. Sure, you can offer them a higher wage to make up for it, but then if another employee with more experience finds out, you’re likely to have a problem. So, what can you do? Continue reading

Tips on Raising Financially Independent Children [Video]

We searched our Vlog archives to unearth some hidden treasures. In this oldie but goodie, Johanna shares her personal success story on raising her sons to be financially independent.

It hasn’t all been success, though. In this video, Johanna refers to the post Money Mistakes I’ve Made, where she bares her soul to show that we all have a “history”.

If you’re interested in scheduling a free initial consult with us, click here (do not use the link listed in the video).