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If you’re self-employed or own your own business with or without employees, you might want to look into opening a Simplified Employee Pension Individual Retirement Account (SEP IRA) or a Savings Incentive Match Plan (SIMPLE). These tax-advantaged retirement plans can save you big! For starters, both allow you to contribute pre-tax dollars,... Read more

If you want to save more money in this year, you’re definitely not alone. A Fidelity Investments study found that 44% of Americans want to boost their savings. (Dallas Tax Strategy: Prepare For Retirement in 2021) Increasing your retirement savings could be your ultimate money goal this year, as one survey found that 27%... Read more

If you already have some kind of emergency fund, have paid off high-interest debt, and are maxing out your tax-advantaged accounts, a congrats is in order! You’ve already developed good savings habits that lay the foundation for financial freedom. (Dallas Tax Reduction: Saving More Income) When you’re saving at least 20% of your... Read more

Business owners can establish SEPs for major tax savings If you work for yourself and have not yet set up a tax-favored retirement plan for yourself, you can establish a simplified employee pension (SEP). (Flower Mound Business Tax Reduction: Your 2020 Bill Can Still Be Cut Down) Unlike other types... Read more

Without your own savings, you may risk struggling to pay the bills in retirement. That’s why it’s crucial to contribute money to your nest egg throughout your working years. But the type of account in which you house your money could decide how much growth you see on your savings.... Read more

As you choose your benefits for 2020, don’t look past a key saving account that could beat your 401(k) plan — at least in tax terms. (Flower Mound Tax Consultant: Don’t Miss This Savings Account) This year, nearly 3 in 10 employers who offer workplace benefits provided a high-deductible health... Read more

With year-end rapidly approaching, this is the time to take steps to cut your 2019 business tax bill. (Flower Mound Tax Consulting: Year-End Business Tips) Establish tax-favored retirement plan If your business doesn’t already have a retirement plan, now might be the time to take the dive. Our current tax... Read more

Most soon-to-be and recent retirees don’t think about taxes when heading into retirement. This can be a problem. Don’t worry, if this is you. Keeping taxes at the forefront of your retirement plans will help you not only avoid mistakes, but allow you to take advantage of certain opportunities. (Flower... Read more