ROTH 401ks are powerful tools for business owners. In fact I use this strategy myself each year as part of my overall financial strategy. Here is the simple math even if you start today. You contribute $23,000(2024 Rules) to a ROTH 401k account, if you are on the business payroll. If that money were to […]
Practice Profitability in an Inflationary Enviorment
Inflation continues to chip away at business profitability and therefore cashflow. What is worse is that it does not seem like it is going away anytime soon. The Fed has maintained its elevated interest rates and the recent stats show inflation is still above the Feds target rate. What should you be doing for your […]
Take a $69,000 deduction and Super Charge your Retirement with the Solo 401k Strategy
Are you the only employee of your 1 man S Corporation? Well there is a unique tax straegy for you to super charge your tax deductions and save for retirement! For small business owners operating as S Corporations and serving as the sole employee, the Solo 401(k) retirement plan presents a compelling opportunity to achieve […]
Bipartisan Deal Aims to Reinstate 100% Bonus Depreciation: A Boost for Businesses
In a promising turn for businesses, a bipartisan deal currently under discussion in Congress could see the return of bonus depreciation to 100%. The proposed plan outlines that bonus depreciation would be reinstated at the full 100% rate for qualified property placed into service after December 31, 2022, effectively making it retroactive to the beginning […]
Information regarding FinCEN Beneficial Ownership
If you’re a small business owner, brace yourself for a new task on your to-do list. Commencing on January 1, 2024, the initial phase of the Corporate Transparency Act (CTA) takes effect, introducing a fresh federal filing requirement for most corporations and limited liability companies (LLCs), with only a few exceptions. Approximately 99% of small […]
Year-End Tax Strategies For Business Owners
At Virjee Consulting, our primary goal is to reduce your tax burden by forward planning and then helping you use your business to reach financial freedom. The final quarter of the year is a crucial period for owners of small businesses and corporations, as well as independent contractors. It’s the time to implement strategic tax […]