Big Money, Less Taxes: Smart Ways to Handle One-Time Income

Key Takeaways:

1. Know When Money Comes and Goes: Good money planning isn’t just about how much you make—it’s about when you make it and spend it. If you time it right, you can lower the taxes you owe.
2. Retirement Plans = Double Win: Using retirement plans like a SEP or solo 401(k) helps business owners save money for later and pay less in taxes now. It also makes workers happier!
3. Spread Out Big Money Moments: If you suddenly make a lot of money (like selling a business), you might have to pay a lot in taxes. But you can sometimes stretch the income over a few years to avoid one giant tax hit.
4. Help With Health = Save on Taxes: Using tools like HSAs and FSAs lets employees pay for health stuff tax-free—and it gives the business some tax savings too. It’s a win-win!
5. Tax Laws Change—Stay Sharp!: The government changes tax rules often. Knowing what’s new helps you make smarter money moves and avoid surprises.

Chapters:

Timestamp Summary

0:00 Complex Cash Flow and Investment Planning Around Taxes

2:48 Strategies for Managing Taxes on One-Time Income Events

5:40 Navigating Tax Incentives and Employee Retention Strategies

7:56 Tax Benefits of Retirement Plans and Health Savings Accounts

 

Powered by ReiffMartin CPA and Stone Hill Wealth Management

 

Social Media Handles 

 

Follow Phillip Washington, Jr. on Instagram (@askphillip)

 

Subscribe to Wealth Building Made Simple newsletter

https://www.wealthbuildingmadesimple.us/

 

Ready to turn your investing dreams into reality? Our "Wealth Building Made Simple" premium newsletter is your secret weapon. We break down investing in a way that's easy to understand, even if you're just starting out. Learn the tricks the wealthy use, discover exciting opportunities, and start building the future YOU want. Sign up now, and let's make those dreams happen!

 

WBMS Premium Subscription

 

Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.