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Financial Fitness

IRS Wealth Statistics Paint Fascinating Picture of Top One Percent

IRS wealth statistics paint a fascinating picture of the wealthiest Americans—but oddly a picture that diverges from what the mainstream media depicts. In this blog post, therefore, I’m going to describe the most recent IRS wealth statistics on the top quarter of one percent—they’ve been available for a couple of months—and point out some of […]

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Sec 199A Qualified Business Income Deduction: Big Savings for Small Businesses

Like the equivalent House bill, the U.S. Senate’s version of the Tax Cuts and Jobs Act adds a new business deduction to tax law: the Sec 199A Qualified Business Income Deduction. In a nutshell, the Sec 199A Qualified Business Income tax cut gives the owners of pass-through businesses like sole proprietors, partnerships, S corporations and […]

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Year-end S Corporation Accounting Checklist

Do you own or do the accounting for an S corporation? If so, you want to make sure you take care of handful of year-end S corporation accounting tasks before December 31st. This short blog post identifies these tasks. And know this: Fortunately none of these tasks burden you too heavily. You just want to […]

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Pass-through Entity Tax Cut Rules Are Complicated

Last week, House Republicans passed the “Tax Cuts and Jobs Act.” The law gives many sole proprietors, partnerships and S corporations a tax cut by taxing some of their business income at a lower rate. Furthermore, even as you read this, Senate Republicans work on a similar tax reform package. If you run a small […]

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Small Business Power Law Dynamics:  Secret to Jacking Profitability?

Peter Theil, in his provocative book Zero to One, talks about the power law dynamics you want to get “going” if you’re an entrepreneur working in start-up venture. But can I suggest something? Power law dynamics can (and should) show up in small firms too. In fact, small business power law dynamics may just be […]

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Retirement Spending and Joint Life Expectancy

Last summer, vacationing in the San Juan Islands, I read the hauntingly beautiful book, The Curve of Time. Written by M. Wylie Blanchet, the book tells the story of a young widow spending summers sailing the waters around Vancouver Island with her children in the 1930s and 1940s. I didn’t at first see the connection […]

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Bump Your Safe Withdrawal Rate

Are you near retirement? Are you realizing you want or need to bump your safe withdrawal rate? In other words, rather than going with the standard 4% figure people use, do you need to look for ways to nudge that value up? Maybe to 4.25% or 4.5%. Maybe even higher. Like 5%. You need to […]

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Subchapter S Election Timing Tips & Tricks

You want to understand how Subchapter S election timing works. Understand the timing, for example, and you avoid common mistakes. Further, understand the timing and you greatly increase your savings. The good news about timing a Subchapter S election? You’ve got lots of flexibility. The bad news? That flexibility creates complexity. Fortunately, a handful of […]

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Good Small Business Opportunities

Identifying good small business opportunities is tricky. You’ve got the folks (maybe your parents or spouse) who tell you you’re crazy to even consider the idea. You’ve got the folks (maybe business brokers or someone selling a franchise) who tell you you’d be crazy not to commit. Immediately. And then people like your accountant or […]

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Small Business Entrepreneur Route to Financial Independence

This post talks about reasons to avoid the small business entrepreneur route to financial independence. I want to talk about this topic because last week’s blog post promoted the idea that small business entrepreneurship counts as a valid approach for achieving financial independence. While I think the argument presented in last week’s post is correct, […]

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