Tag: Business Owner

All About the One Big Beautiful Bill Act with Tax Wizard Kelly Bender (Episode 26)

All About the One Big Beautiful Bill Act with Tax Wizard Kelly Bender (Episode 26)

By |

Summary: In this episode of Wealth on the Move, host Will Hoffman and tax expert Kelly Bender dive deep into the implications of the new OB3 tax law and what it means for both business owners and individual taxpayers. They explore the importance of understanding business entity structures, the impact of payroll tax updates, and the necessity of long-term tax strategies. Key topics include changes to income tax brackets, retirement account contributions, child tax credits, and state and local tax (SALT) deductions. They discuss the permanence of the Qualified Business Income (QBI) deduction, updates to depreciation rules, and investment incentives such as Qualified Opportunity Zones and qualified small business stock. Kelly shares insights from her upcoming book aimed at helping new entrepreneurs navigate the complexities of starting a business, while also addressing common tax myths and the importance of proactive planning for future generations. Throughout the conversation, they emphasize how OB3’s changes require individuals and businesses to adapt to an evolving tax landscape in order to maximize benefits and maintain compliance.

Resources:

Takeaways:

  • Many small business owners don’t fully understand their entity structure.
  • OB3 introduces significant tax code changes impacting individuals and businesses.
  • QBI deduction is now permanent for small business owners.
  • Income tax brackets have been adjusted, but many won’t feel the impact.
  • Retirement contributions are now tied to inflation.
  • Child tax credit will increase to $2,200 per child by 2025.
  • New senior deduction of $6,000 for those over 65.
  • SALT deduction cap increased to $40,000.
  • Qualified Opportunity Zones can defer or eliminate taxes on gains.
  • Qualified small business stock offers significant tax benefits.
  • Payroll tax compliance is essential under new rules.
  • Depreciation rules now allow faster write-offs for capital investments.
  • Proactive, long-term tax planning can save money in the long run.
  • Common tax myths can lead to poor financial decisions.
  • Asking questions is vital for entrepreneurs starting out.

Connect with Will Hoffman: 

Connect with Kelly Bender: 

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

How to Navigate the Founders Exit Paradox with Jerome Myers (Ep. 20)

How to Navigate the Founders Exit Paradox with Jerome Myers (Ep. 20)

By |

Are you a business owner contemplating an exit?

In this episode, Jerome Myers, PE, MBA, PMP, and business exit coach shares his journey from corporate America to specializing in helping business owners face the challenges associated with exiting their business.

Jerome discusses: 

  • The “Six Centers of Doubt” that business owners experience
  • How his framework helps individuals successfully transition away from corporate America 
  • The importance of focusing on the human element of a profession rather than the financial benefits
  • And more

Connect with Will Hoffman: 

Connect with Jerome Myers:

About Our Guest: 

Jerome Myers is an award-winning engineer, investor, mentor, and business strategist who helps founders navigate their Exit Paradox through his masterminds and coaching programs.  

 Prior to leaving his corporate leadership position, Jerome built a $20 million, 175-person division of a Fortune 550 company from scratch.  He now uses his project management, engineering and business expertise to advise business leaders on key areas such as: leadership strategy, process improvement, sales and data analytics in real estate, financial services, business services, and health care to help his clients double their revenue, time off and charitable giving.

Jerome is also a general partner in a multifamily real estate portfolio and serves on the North Carolina Agricultural and Technical State University Entrepreneurship Advisory Board.

In 2022, Jerome won the prestigious alumni achievement award for the North Carolina A and T State University College of Engineering where a fully endowed scholarship has been created in his family’s name.  A noted media expert, Jerome has been featured in Business Insider, Black Enterprise, Entrepreneur, Biznow, CBS, ABC and Fox.

 Jerome has interviewed numerous newly exited operators (NEOs) on his top-ranked Dreamcatchers podcast which provides inspiration, education and direction to his audience of founders who are building companies to sell after they exit the “Matrix”.

Jerome Myers is not affiliated with or endorsed by LPL Financial and Hoffman Wealth Management.

About Our Host: 

Will Hoffman is a financial advisor and the Founder of Hoffman Wealth Management, a firm dedicated to helping professionals create wealth plans that revolve around their financial goals. Will has 20 years of experience in the financial services industry and is passionate about becoming his client’s most trusted financial ally. 

Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Private Advisor Group, a registered investment advisor. Private Advisor Group and Hoffman Wealth Management are separate entities from LPL Financial. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed.  No offers may be made or accepted from any resident of any other state.

 

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More