MONARCH MONTHLY
February 2023 Edition
DEDUCTIONS, ANYONE?
Today’s headlines to help plan for tomorrow.
Sue’s News
Ah, tax season. When you look at what you made last year, and think, “how on earth is that number right?”, or
“I have to pay how much??” (or maybe both!)
If you’re a business owner, you may think it’s too late for additional deductions. But it’s not!! There are multiple opportunities available for you to increase your business deductions, reduce your business taxes, and save for your retirement!
That’s a win-win-win right there!
But how do you know which one is the right one? The articles below highlight some of the options you have available to you, with pros and cons. Take a read, and if any of the options sound good, give us a call! With over 30 years of experience customizing strategies for business owners, we can help you figure out what’s best for you, based on your personal goals and objectives.
It’s not too late, but it will be soon – all of these plans can be set up, funded, and deducted through your tax filing date with extensions.
“Let’s pay more taxes!” –No one, ever
Be safe, and be well.
🤑 SEP IRA BASICS 🤑
A SEP (Simplified Employee Pension) IRA) is a traditional IRA for self-employed people and small business owners – but what does that mean? Can I contribute as much as I want? What if I have employees? How do I start one, and what do I invest it in? This article gives you the basics on SEPs, including pros and cons and annual limits.
💵 SEP, SIMPLE, OR 401k PROFIT SHARING? 💵
SEPs and 401k Profit Sharing Plans are two of the most common retirement plans for small businesses and self-employed individuals. But which is right for you? That depends on how much you want to contribute, how much you want to deduct, and what investments you’re looking for.
💰 CASH BALANCE PLAN FAQS 💰
Looking to maximize your deductions? Then a cash balance plan may be right for you – these plans allow owners to make significant tax-deductible contributions each year, boosting their retirement savings substantially. These FAQs help explain how cash balance plans work, and how – for the right business owners – they can be an amazing way to reduce your current tax bill.
🎤 Recent Releases 👩🏼🎤
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📖 BOOK RELEASE: THE POPPY PRINCIPLES📖
“The Poppy Principles” is the 2022 Feel-Good Book of the Year and a perfect holiday gift, sharing stories and insights to help you live your life to leave a valuable legacy.
Podcast: Retirement A to Z
Breaking down retirement plans into bite-size pieces
YouTube: Monarch Minutes
Discussing retirement, investment, insurance, and more!
Blog: Sue’s News
Discussion of the latest news, tips, and trends in financial planning.
🦋 CORPORATE SPONSOR 🦋
LOVELAND LIFE FOOD PANTRY
We’re pleased to announce that we are a corporate sponsor of the Loveland InterFaith Effort (LIFE) Food Pantry!
After organizing multiple benefits for the Food Pantry through our Run/Walk for a Reason events, we felt the need to take it one step further, and become a Corporate Partner!
LIFE Food Pantry is a faith and community supported organization that provides food, financial assistance and programs to those experiencing hardship. It’s supported by area churches, schools, businesses, and numerous neighborhoods throughout the Loveland area, and is a critical resource to our neighbors in need.
Looking to volunteer, or donate? Check out their website through the link below – there are multiple ways to help out this incredible organization!
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