Establishing clear financial goals is the first and most important thing you should do when you’re doing a financial checkup. These goals will help you decide which “path” to take in your financial future.
Your financial health is just as important as your physical health so incorporating a regular wellness check on your personal finances is required in order to maintain the most accurate state of affairs. Consistent financial checkups enable you to determine what adjustments are required in order to stay in line with or exceed your economic goals.
A simple assessment reviews the following:
Subtracting your assets from your liabilities calculates your net worth. This assessment allows you to be clear about exactly what you currently own as opposed to what you currently owe. Thorough evaluation of your net worth will allow you to see how much debt to decrease and what assets to accumulate to offset any deficiency.
Calculating your debt to income ratio by dividing your debt payments into your monthly income. A favorable debt to income ratio is around 30% or lower, with 20% being ideal. Anything higher than 30% needs to be rectified as a higher ratio will adversely affect your credit scores and buying power by lowering your opportunities for credit and tradelines.
Setting clear short- and long-term financial goals can be challenging so here are a few steps I suggest you should consider to get your financial affairs in order.
*Create and follow a concise budget
*Take on side gigs to offset income
*Lower your mortgage and utility expenses
Your primary objective should be to increase your net worth by 5% to 7% or more, have a substantial emergency fund and ultimately build wealth so as to retire comfortably.
I am available to consult with you and your family about your financial planning and budgeting needs.
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 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.
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.
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.
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.
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.
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.