Benjamin A. Stark

02/10/2021

What is a safe harbor retirement plan? 🚢

A safe harbor plan is a way for employers to ensure that their employees receive some sort of matching contribution.

Without the plan being a safe harbor, businesses can run the risk of reducing contributions from highly compensated employees/owners. 😲

Safe harbors can also contribute funds on an employee's behalf even if the employee doesn't contribute at all.

Having this sort of retirement plan in place can help the business with additional tax deductions, allow owners to contribute as much as they want without consequence, and attract talent to the company.

02/08/2021

Are you expecting a tax refund this year? If so, there are a number of dates to be aware of as to when you'll receive your refund.

If you don't expect to receive a refund, then there may be additional strategies to help you obtain additional deductions and/or credits.

Typically, the IRS tries to process all returns within a 21 day window. Taxpayers are anticipating delays due to Covid, so if you have the option to e-file your return the IRS recommends you do so.

Check our the article below in the comments for additional information about your refund.

And remember, always consult your tax professional.

01/19/2021

Many life insurance companies last year stated they had a record number of new applicants looking to obtain coverage.

If you're looking to obtain coverage this year and considering a whole life or universal life policy, sometimes the higher premiums compared to a term policy can scare you away.

A great way to help reduce premiums is to do a 1035 exchange. If you have an old life insurance policy with cash value you can "rollover" the proceeds into a new policy. This can be used to help lower premiums, provide a higher death benefit, or cover costs of riders that might appeal to you.

Check out the article below for more information.

01/18/2021

"Darkness cannot drive out darkness; only light can do that. Hate cannot drive out hate; only love can do that." - Dr. Martin Luther King, Jr.

This.

01/13/2021

Did your business experience significant growth during the pandemic last year?

If so, establishing a retirement plan could be a great way to help reduce your larger tax bill while stocking away money for your future.

Most people are familiar with IRAs or Roth IRAs, but other plans exist as well. These plans can allow significant contributions that can be deducted.

March 15 is the deadline to file a business return, so take some time today to understand your options.

01/12/2021

In December, stock prices rallied thanks to multiple COVID-19 vaccines and the signing of a new fiscal relief bill.

Monthly Market Insights | January 2021 U.S. Markets A tumultuous year ended on a positive note as stocks rose in December, spurred by the rollout of multiple COVID-19 vaccines and the signing of a new fiscal relief bill. The Dow Jones Industrial Average, which lagged all year, picked up 3.27 percent...

01/08/2021

The stock market crashed by over 30% last year.

If $1 million was invested in a S&P 500 index fund, you would have experienced a decline of over $300,000!

Today? That $1 million would be up around 15%, or about $150,000.

While this wild swing is certainly unusual, it just goes to show that nobody can predict the future when it comes to investing.

Investing with your emotions, aka pulling out your money at the low, would have caused a financial hit of $450,000. That's a tremendous loss.

It's so important to create a plan and stick to it. Having the guidance of a financial professional can greatly help as well. Check out the chart below to see the past year of the S&P 500's market swings.

01/07/2021

Roth IRA or Traditional IRA? Which one is better?

This has been a long standing debate in the finance community. Each type of account has its pros and cons.

Other external factors come into play as well, just as the current tax environment, your own personal tax situation, or recommendations from your tax adviser.

Check out the infographic below to learn the big differences between the two.

01/05/2021

Do you want to lower your tax bill each year? 🙋‍♂️

I had a great call this morning with The Fortis Agency discussing strategies that small businesses can implement to create deductions AND save for retirement. 🤩

The pandemic has actually created tremendous opportunity for certain businesses and I've seen all over LinkedIn of stories how businesses have doubled, tripled, or even quadrupled revenue this year.

While making more money is obviously the American dream, Uncle Sam steps in to take his share. 🤬

If lowering taxes is something that interests you, shoot me a note. We can discuss options that might make sense for you and your business.

01/04/2021

"When you reach your financial goals, you'll barely remember the things you gave up to achieve them." - David Young

Happy New Year everyone! While I'm sure most of us have seen plenty of cliché posts about how toilet paper was the most valuable commodity of 2020, I think it's equally important to share our goals with an outcome we can achieve.

This quote inspired me to take action towards my financial future. I love eating out and I realized I was spending about $150 a month on takeout. My goal is to reduce that to $50 a month and cook at home more often.

What's my outcome? I'm going to save that $100 a month towards my next home.

What's something you're going to adjust this year to achieve financial success?

12/22/2020

From my family to yours, wishing everyone a very healthy and safe holiday season!

2020 ends in 10 days. You can do anything you set your mind to. Invest in that business, real estate, education program you've always to. Take the risk.

Use 2020 as your motivator to completely crush 2021. 💪

12/18/2020

Thinking of making a gift for someone, but not sure what to do?

As 2020 comes to a close, each of us has a $15k annual limit to give a gift to someone else. This limit is $15k per person so 2 different people would be $30k total.

You can make a big impact in someone's life by investing in their future with this annual limit. Options include college savings accounts, retirement accounts, or even life insurance policies.

If gifting is important to you and you're not sure where to start, let's chat. I can help brainstorm options that you can consider moving forward.