Calculating Your Retirement

Calculating Your Retirement

If you are around the age of 50, I am sure you are considering the best financial decisions that will benefit you and your loved ones while allowing you a comfortable retirement.

A retirement plan must be concise, relevant, and based on a growing financial model. To best assess your retirement goals the best thing you can acquire is a retirement calculator. You can find one on a general search engine. The retirement calculator will help you see exactly how much is enough to maintain your financial comfort. This tool will allow you to calculate expenses vs income and investments as well as assist with understanding what will be the best age to tap into social security benefits or pension when required, how long your 401 (k) or IRA contributions will last and the value with leveraging your investment income.


Setting realistic goals that reflect your true finances including short and long term expenses can significantly aide you into a smooth transition once you leave the workforce and journey into the world of a successfully planned retirement.


When calculating your retirement financial needs consider as a priority the longevity of your existing mortgages, estimate health expenses, including long term care, and make sure you are investing the maximum into your retirement accounts.
While making sure that your investments continue to grow and are sustainable, remember its always ok to take on a freelancing gig or a hobby like teaching something equitable to those who need your expertise. It is a great way to earn extra income and do some great things in your spare time.

 


I would love to assess and ascertain your retirement goals and am looking forward to helping you realize a relaxed transition with proper planning. Feel free to reach out to me, no matter what age you are as retirement is not an age thing, but an inevitable thing depending on goals and circumstances. I can be reached at JeffreyLevine.Solutions where you can schedule your free 20-minute consult.

Three Important Business Forecasting Tips

Three Important Business Forecasting Tips

Proper financial forecasts will help you develop operational and staffing plans, hone down the most effective business model and make your company look more attractive to investors.

Here are 3 primary points you should ponder when forecasting your business for ultimate growth that should be revisited monthly, quarterly, and yearly for maximum sufficiency in conjunction with your business plan.

  1. Itemize fixed and variable costs plus overhead expenses first. Start with expenses, not revenues while leaving ‘padding’ for the costs of labor, licensing fees, insurance, legal expenses, marketing and advertising
  2. Create two sets of forecasts: conservative (think smart) and ambitious (think big).
  3. Understand the ratios that reconcile revenue and expense projections:

Gross margin = Total Direct Costs compared to Total Revenues

Operating profit margin = Total Operating Costs compared to Total Revenue (-financial costs)

Total accounts in comparison to each employee

For more details on growth forecasting for your startup or existing business, I am facilitating consultations to discuss your specific needs.

Schedule your free consultation for you and your team at JeffreyLevine.Solutions today.

Key Questions to Ask When Tax Planning

Key Questions to Ask When Tax Planning

Ask yourself these key questions when tax planning to ensure that you receive the largest possible tax savings:

1. Does your tax team include a tax planner or advisor who is knowledgeable about current tax laws?

2. Is your strategic tax planner aware of your entire financial agenda?

3. Is your advisor knowledgeable in both personal and business tax laws and filings?

4. Have you reviewed your previous tax years returns line by line with the advisor to discover viable changes relevant to you?

5. Are your tax, financial, and legal team on the same page?

6, Are you getting your primary tax advice from a neighbor or family member?

7. Does your current tax plan encompass your estate goals, retirement objectives, philanthropic interests, existing investments, business revenues, and personal income?

8. Are you meeting with your advisors between April and September?

9. Is your investment income realizing the most tax-efficient benefits?

10. Does your retirement plan include IRAs, 401Ks, and substantial life insurance where applicable?

Keep in mind there is no order of importance related to these questions as they are all equally important to your overall financial success.

If I can be of service to help you design, plan, and implement your financial or tax plan do not hesitate to reach out to me at JeffreyLevine.Solutions today for your free 20-minute consultation.

Financial Advisor vs. Wealth Manager

Financial Advisor vs. Wealth Manager

Financial advisors deliver planning and organizational resources for their clients. The term financial advisor is unspecific. Advisors specialize in retirement planning, estate, college, business, tax planning, portfolio building or anything related to the generalized management of your finances like setting goals, picking investments, saving for an emergency fund or assessing risks.

Wealth managers are much more systematic and typically work with high – net worth clients.  Most wealth managers have expertise in financial advisors, yet many financial advisors may not be able to assist you with managing your wealth. Both financial advisors and wealth managers, set their own minimum account requirements, so terms and conditions will likely vary based on your requirements.

I take a collaborative approach to both financial planning and wealth management. Whether it’s company taxes or individual retirement objectives, I will review your current financial position to help you strategize your future financial goals then help you build a savings and investing roadmap that itemizes your options for asset protection and building. I am qualified as both a wealth manager and financial advisor and am looking forward to helping you reach your financial ambitions expediently and comprehensively.

Schedule your free consultation at JeffreyLevine.Solutions today.

Business Models and How Your Taxes May Differ

Business Models and How Your Taxes May Differ


If you are an entrepreneur or considering starting a small business, your 1st consideration will be which business entity is right for you to meet your primary objectives which is to make profits while saving in taxes. Let’s review a few facts to assess which business entity could be right for you and what your tax planner may recommend for tax savings, asset protection, and retirement benefits. Yes, it does matter which entity you choose because that business model directly determines how much money you can save in net taxation by between ten and 40 percent and how much you can invest in an equitable retirement.
Let’s look at the top business entity preferences and how they can possibly benefit your objectives.

Self-Employed
Those who receive income via 1099 are independent contractors or freelancers who must pay self-employment taxes in addition to regular income while representing themselves as both employee and employer. You do not have to have any type of corporate entity to be self-employed. Ask your planner based on your income tax bracket if you qualify for any pass-through deductions.


S Corp
A typical S Corp is a pass-through entity that has no legal responsibility to pay taxes on its corporate income while all profits flow through to the proprietors, therefore the owners pay income taxes on their personal returns.


C Corp (Most Large Corporate Entities)
Pretty much any company that has gone public, or plans to go public, will likely be a C corp. C corp, entities are taxed separately from the shareholders. If your company intends to go public then this may be the entity for you as there are no restrictions on ownership or limits to the number of shareholders you can procure. C Corps offer a lower tax rate but also leaves the potential for “double taxation” on the corporation’s profits and when shareholders distribute their dividends.

LLC
A Limited Liability Company (LLC) can be file as a partnership, S corporation, or even sole proprietor. An LLC is a pass-through entity that isn’t required to pay federal income taxes, so the owners will report profits and losses on their personal federal tax returns. Understand as well that many states charge an annual fee for the LLC designation. An LLC’s owner can elect to tax it as a pass-through entity a qualified business income deduction could apply. Discuss with your tax planner what would be the best way to set up the LLC to allow for the benefits the entity has to offer.

Your tax planner will know best based on your business objectives and profession what corporate entity would be in your best interest to initially incorporate to maximize your earnings and ensure a profitable retirement.

If you don’t have a tax professional at your leisure, I am definitely willing to speak to you regarding your objectives.

Reach out to me at JeffreyLevine.Solutions anytime to schedule a free consultation on tax planning, beneficial retirement opportunities, and lucrative business exit strategies.

The Importance of Having A Mastermind Mentor or Coach

The Importance of Having A Mastermind Mentor or Coach


Mastermind mentors and coaches are often necessary to encourage, support, guide and provide collaborative advice to help their mentee navigate smoothly their professional resources, networks, and leadership capabilities to realize the most results and ultimately profits from their business ventures.


High-quality mastermind mentors and coaches, although seemingly expensive bring a wealth of aid to an individual looking to best harness their responsibility levels to optimize successes in their primary objectives. A mastermind mentor considers your underlying motivations and via extensive evaluation processes aids the mentee to identify and correct deficiencies on both developmental and impersonal levels.


Relationships with mentors or coaches can provide some of the following underlying benefits to mentees:
A direct authority with inside expertise and experience that supports your industry’s vision
Confidence and character-building strategies that help you to be a better person
The ability to draw Higher salary opportunities via direct network building strategies
An educated ally who has your back no matter what

When evaluating a mentor or coach consider the following questions:
What are my short- and long-term mentoring needs?
How do I assess a mentor’s competencies and deficiencies?
How do I approach the mentor once I think they are a good fit?
How do I develop credibility in my respected field?
What are the takeaways to get the most from this mentoring relationship?

Mastermind mentors and coaches create support systems for their mentees often time eliminating guesswork, trial and error while providing honest feedback based on personal knowledge and industry trends. A mastermind mentor can provide insight into living a healthy lifestyle, dealing with difficult people, work/life balance, and of course growing your business.

If you would like to discuss your mentorship needs,  how to take your business to the next level of revenues, or are looking for a profitable exit strategy, reach out to me to schedule a consultation at JeffreyLevine.Solutions today.

Important Tax Deductions Every Business Owner Should Use

Important Tax Deductions Every Business Owner Should Use

Business tax deductions work by lowering your taxable income, thereby lowering the amount of tax you owe toward your tax return. In order to claim the most deductions possible carefully review this list of deductions to see if they apply to your business, then reach out to your financial planner or tax consultant for clarity with accurate bookkeeping records.

Entrepreneurs, freelancers, and small businesses are allowed to write off a range of business expenses when filing their income tax.  These expenses include:

  • Startup Expenses
  • Postage
  • Business  associated travel
  • Educational
  • Advertising and Promotion
  • Business phone and internet
  • Business Insurance
  • Health Insurance premiums
  • Home Office Expenses
  • Office Supplies and related expenses
  • Business Meals
  • Work-related car use including maintenance
  • Business Interest and Bank Fees
  • Foreign Earned Income Exclusion
  • Interest on Loans
  • Depreciation
  • Real Estate Tax
  • Professional Service and Consulting Fees
  • Salaries, Benefits, Vacation Pay to employees
  • Moving Expenses
  • Home Energy Credits
  • Client and Employee Entertainment

Personal Tax Deductions for Business Owners

Charitable contributions

Business owners are able to claim their qualified philanthropic deductions on Form 1040 Schedule A attachment.

Child and dependent care expenses

If you pay someone for childcare or a codependent member, you may be able to claim the Child and Dependent Care Credit. Refer to IRS Publication 503 regarding limits and form requirements.

Retirement contributions

Depending on the retirement plan, business owners who contribute only to their own retirement funds can claim the deduction on Schedule 1 attached to their Form 1040.

Health care expenses

Out-of-pocket medical costs, like co-pays and prescription costs, can be deducted like the health plan premium and should be itemized on Schedule A.   A Self-employed business owner to itemize and deduct health insurance premiums for themselves, their spouse, and dependents.

How Can I Benefit From A 100 Percent Tax Deduction?

100% tax deductions are business expenses of which 100 percent of it can be claimed on the owners’ income taxes. These deductions can result from:

  • Annual business phone bills
  • Health premiums for the self-employed
  • Up to $25 per person per year as gifts to employees and clients
  • Office equipment, like computers, printers, and scanners
  • Business travel and its associated costs, like car rentals, hotels, etc
  • Furniture purchased entirely for office use in the year of purchase

What Do I Do Next?

Contact me to identify which deductions you can claim, which forms you require, timelines, deadlines, and anything else related to Financial Management and Tax Planning.

Learn More Here

www.JefferyLevine.Solutions

The Importance of a Tax Consultant

The Importance of a Tax Consultant

Tax consultants are financial advisors who assist their clients with tax-related issues. They can help save lots of money for their clients including penalties and fees that otherwise would be paid to the government.

The most significant role of a tax consultant is to file the income tax return for the client. If filed late, the client is liable to pay penalties that can be more burdensome than the actual taxes. A consultant takes care of this and ensures that the returns are filed accurately and timely.

A tax consultant’s role is to identify, analyze, and solve problems in a way that realizes a return on investment for the client.
Tax consultants advise on business expansion plans, ways to deter or defer taxes, and can give recommendations as to how to alter income strategies to retain more preferable financial results. Many assume tax consultants can only be helpful during an audit as they are experts in dealing with those types of issues, but they are also versed in, financial trends, philanthropic options, and passive income strategies that help their clients retain wealth rather than planning to give it away. Tax consultants are the ‘right hands’ of many affluent professionals and multinational companies.

When seeking to hire a tax consultant pick one who has a proven track record of successes, has a broad range of domestic and international tax knowledge, and has experience with high net worth clients. I can be reached at JeffreyLevine.Solutions to discuss your tax matters upon request.

20 Important Questions to Discuss With Your Financial Advisor or Tax Planner

20 Important Questions to Discuss With Your Financial Advisor or Tax Planner

I have compiled a list of 20 important questions you should ask your tax planner or financial adviser.  As there is no one size fits all template, consider these topics as they relate to your current situation. Keep in mind, this is nowhere near an all-inclusive list as these questions may not apply to you, or there may be questions here that don’t reflect your circumstances.

  1. How do I convert my Roth IRA and is the conversion reversible?
  2. Are there alternative ways to contribute to Roth accounts?
  3. How can I maximize my deductions?
  4. Do I pay taxes on trust accounts?
  5. Are my estate planning documents in order?
  6. What are my state’s laws and potential options to mitigate state, estate, or inheritance taxes?
  7. What strategy should I use for low cost-basis assets that stem from lifetime gifts or trusts?
  8. How much can I contribute yearly to a 529 account?
  9. How do I bequeath to charity?
  10. Does my company qualify for the 20% deduction for Qualified Business Income (QBI)?
  11. What are the current year’s highest marginal tax rates?
  12. Am I obligated to pay the Medicare investment income surtax and what are the limits?
  13. Am I responsible to pay Medicare payroll taxes and what are their limits?
  14. What are Child tax credits for this year?
  15. What are the standard deduction limits?
  16. Can I deduct my mortgage?
  17. Are State and local taxes (SALT) deductions capped?
  18. Can I claim deductions on Medical expenses?
  19. What are the limits on Estate/gift tax exemptions for the current year?
  20. What is the Annual gift tax exclusion amount for the current year?

As you may know, I am a qualified tax planner and financial advisor so I would be more than happy to discuss these questions with you in more detail at your convenience.  Visit JeffreyLevine.Solutions to schedule a time that works for you via our contact page and let me educate you on your strategic wealth-building and tax planning options.

Being a Transformational Leader in 2020

Being a Transformational Leader in 2020

As leaders, this is an opportunity to build your team’s morale through motivation and encouragement.  You must function in a way that highlights collective good and group interests. This method of leadership increases organizational performance as well as job performance and is the most required right now.

Being a  transformational leader means you have to thoroughly consider how your team feels about themselves while assessing their newfound strengths and weaknesses. Surely you have evaluated their worth and respect for the company to maximum sustainability. If your method of inspiring stems from a charismatic expression of persuasiveness and mobilizes your team into progressive actions, you are more than like building a powerhouse of influential individuals who will be prepared and prone to dominate their industry in the upcoming months.  Your company, product, or service will be established as a trustworthy business model that can withstand adversities.

The best thing you can do as a transformational leader is to operate from a foundation of mission and emergence in order to impress your teams with the goals and mantras that will engage them to accomplish specific objectives while operating from a place of influence. Your intellect and ability to relate to feedback will allow you to read individual behaviors and understand the needs of subordinates to not only show them appreciation by meeting their reasonable requirements above and beyond the protocol to get tasks done efficiently, effectively, and most of all enthusiastically.  Such a leader will use the confidence of his people to obtain better overall results not just now but in the future.

To devise a leadership plan that will guide your organization’s mission and support your desire to succeed, reach out to Jeffrey Levine today for a free consultation to discuss your objectives.