Important Tax Deadlines Fast Approaching

With everything that happened earlier this year the IRS delayed normal deadlines for filing and paying taxes from April 15th to July 15th.  This delay was part of Notice 2020-18 and below are items that need be done by next Wednesday, July 15th. 

1. File taxes for 2019 – You can file an extension if needed.

2. Pay taxes for 2019 – If you file an extension be aware your payment is still due if you owe.

3. Make HSA contributions for 2019 (limit of $3,500 for individuals and $7,000 for families).

4. Make Traditional and Roth IRA contributions for 2019 ($6,000 + $1,000 catch up if over 50 and subject to income limitations).

If you have any questions please talk with your tax advisor or contact us at

The 8 Exit Strategies for Business Owners

Do you have an business exit plan strategy?

1. Transfer the company to a family member(s) – This seems like the easiest choice for many owners but there are several considerations like potential family issues, children(s) ability to run the company and this exit strategy may not provide sufficient cash payouts in retirement.

2. Transfer to a key employee(s) – This exit strategy provides incentives for key employees and provides business continuity. However, can the employees afford a buyout and do they have the ability to run the company?

3. Transfer via ESOP – This exit strategy can be a great alternative since it can provide cash to you upfront. The downside is complexity, costs, and this is not the right solution for some.

4. Sale to co-owners – This is one of the most elegant exit strategies and can easily be done.

5. Sale to a third party – This may provide you the most money butincreases the chances your company loses the identity and culture you worked so hard to create.

6. IPO – This is a great strategy for some, but the company should be worth at least $300 million to consider this strategy. This strategy can increase cash in your pocket but keep in mind it doesn’t completely exit you from the business.

7. Passive Ownership – This strategy can be used on its own or in conjunction with another strategy like selling to family or key employees. This allows you to retain control longer but reduces immediate cash payouts.

8. Liquidation – For some, this is the only alternative if the company’s success is based on one individual or if you need to leave the company immediately.

5 Steps to Financial Freedom

The 4th of July is fast approaching and is a celebration of our country’s independence. It should also serve as a reminder to all of us the freedom we have and strive for. This would include trying to achieve financial independence. Financial independence can be hard to define since these words conjure different meanings for each of us. No matter your personal definition, there are some basic tenants that are important to achieve financial independence.

1. Spend less than you earn

It is impossible to have financial freedom if you are spending more than you earn. To be on the path to financial independence it is important to have a plan and stick to it. This seems obvious but it is surprising how many people do not practice this. For the most part no debt is good debt. Some debt is beneficial to help you move forward in life, namely school loans and mortgage debt. But the reality is the lower the debt you have, the easier it is to live the lifestyle you want.

2. Save and Invest Regularly

We know life happens and it is important to have an emergency fund for life’s unexpected turns, as this year has shown. Your emergency fund is the most important place to save and try to keep 3 to 6 months’ worth of living expenses in savings. Investing on a regular basis is the best way to achieve financial independence over time.  

3. Always be learning

So many people become complacent in life. There is a strong correlation with wealth and education and reading. Individuals that continue to be students in life and continually learn and grow their skillset typically are on the path for financial independence.

4. Take care of yourself

It is important to take care of your mental and physical health. Prevention is the best medicine and taking care of yourself physically and mentally reduces stress, anxiety and increases your mood and performance.

5. Have patience Financial independence does not happen overnight unless you win the lottery. Since winning the lottery is not sound financial advice the best way to achieve financial independence is to be consistent and intentional over a longer period. Remember you run a marathon one step at a time, one mile at a time.

Announcing Our Financial Planning Summer Webinar Series

We are very excited to announce an upcoming webinar series on some of the most common topics about which our clients ask us. This series will cover Social Security, Medicare, Estate Planning, and Financial Planning. Each webinar will be hosted by one of our Financial Planners along with a guest speaker who is an expert in the subject matter. The guest experts will also be available to discuss and answer your questions during the Q&A portion. Below are the dates and times for the webinar and click on the links to register:

July 7th at 10:00 AM PDT – Social Security

July 14th at 10:00 AM PDT – Medicare Planning

July 21st at 10:00 AM PDT – Estate and Legacy Planning

July 28th at 10:00 AM PDT – The 7 Pillars of Financial Planning

These webinars will be very informative and are a great opportunity to have your questions or concerns answered by experts. The webinars are complimentary so please feel free to share the information on them with friends and family.

Important Retirement Ages

Retirement is one of the greatest achievements in life. It is the culmination of decades of planning and hard work. There are some important age milestones along the way that you should be aware of to help you reach your retirement sooner. The chart below is a summary of these ages and why they are important.

We are here to help provide guidance and answer questions along the way. Please do not hesitate to contact us today to learn more or see how these ages can impact your retirement.