Ricardo Joseph.

Ricardo Joseph. I provide small business owners ways to reduce taxes and help money grow, increase employee retentio

04/13/2023

My Florida ppl, how are y’all?

There are many options available to small businesses as well as self-employed individuals such as: 401(k), Solo 401(k), ...
04/19/2021

There are many options available to small businesses as well as self-employed individuals such as: 401(k), Solo 401(k), SEP IRA, SIMPLE IRA, and so on. Each one with distinct benefits.

For further assistance, book a call with me.
https://linktr.ee/financialtalkwithrl

For example, Jessica the REI wants to establish a qualified retirement plan for tax planning purposes as well as retirem...
04/14/2021

For example, Jessica the REI wants to establish a qualified retirement plan for tax planning purposes as well as retirement planning diversification.
She and her financial advisor and her accountant deduce that a SEP best fits her plan.
Her AGI after all her deductions is $300,000. So she can contribute up to the max which is $57,000 for the tax year 2020 and $58,000 for the tax year 2021, since 25% for her AGI is $75,000.

Let’s say Jackson who is also an REI who has to same goal, but has an AGI of $200,000. Because 25% of $200,000 is $50,000, therefore, the max Jackson can contribute to his SEP is $50,000 for both tax year 2020 and 2021.

For further assistance, book a call with me.
https://linktr.ee/financialtalkwithrl

Many factors have to be taken into consideration to find the retirement plan that best fits your goals.For example,Do yo...
04/09/2021

Many factors have to be taken into consideration to find the retirement plan that best fits your goals.

For example,
Do you have employees?
Do you intend to allow your employee(s) to contribute to the retirement plan?
Do you want your plan to be subjected to non-discrimination and top-heavy testing?

These factors and more are to be taken into consideration prior of choosing the right retirement plan for a self-employed individual.

For further assistance, book a call with me.
https://linktr.ee/financialtalkwithrl

SEP IRA offers the highest contribution limit amongst all the retirement plans. It’s really appealing to business owners...
04/08/2021

SEP IRA offers the highest contribution limit amongst all the retirement plans. It’s really appealing to business owners who seek to use a retirement plan to further lower their AGI thus lowering their tax liabilities.

For further assistance, book a call with me
https://linktr.ee/financialtalkwithrl

There’s no one size fits all financial advice.It all depends on your current financial situation and goals, and your pla...
04/07/2021

There’s no one size fits all financial advice.

It all depends on your current financial situation and goals, and your plan post your working days and during retirement.

Book a call with me for further assistance.
https://linktr.ee/financialtalkwithrl

The short answer is yes!However the contribution limit will not be cumulative. For example, the IRA contribution limit f...
04/06/2021

The short answer is yes!

However the contribution limit will not be cumulative.

For example, the IRA contribution limit for 2020 & 2021 is $6,000.
If Mary who is 32 decides to contribute to both a Traditional IRA and a Roth IRA, the most she can contribute for both IRAs combined is $6,000.

The question she may have is,
to which should she contribute more?

For further assistance, book an appointment with me.

https://linktr.ee/financialtalkwithrl

All of them offer tax advantages. Depending on your tax filing status/ business structure and your financial goals, one ...
03/31/2021

All of them offer tax advantages. Depending on your tax filing status/ business structure and your financial goals, one may offer more advantages over the others.
For more information book a call with me

For further assistance, book a call
https://linktr.ee/financialtalkwithrl

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