From holistic accounting practices, which concentrate on a broad spectrum of financial elements, we are now moving towards an even more personalized approach — financial therapy. This field aims to address the nexus between emotional well-being and financial stability, helping individuals navigate the often stressful landscape of personal finance with ease and confidence.
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Building Financial Resilience: Strategies for Weathering Economic Ups and Downs
In the ever-changing landscape of personal finance, characterized by fluctuations and uncertainties, building financial resilience stands paramount. This approach goes beyond mere savings and investments, representing a holistic strategy to withstand economic volatilities while safeguarding one’s well-being.
Continue reading...Holistic Budgeting: Crafting a Financial Plan that Nourishes All Aspects of Your Life
In a world where our financial decisions reverberate through all aspects of our lives, the concept of holistic budgeting emerges as a guiding force, encouraging us to view our financial landscape as an interconnected ecosystem rather than isolated silos.
Continue reading...SEP IRA vs. Solo 401(k): Which Plan Offers Greater Flexibility and Tax Benefits for the Self-Employed?
As a self-employed person, saving for retirement is an important part of effective financial planning. Fortunately, there are several retirement savings options available that offer tax benefits and the ability to save for retirement. Two of the most popular options for self-employed individuals are SEP IRAs and individual 401(k)s, also known as solo 401(k)s.
Continue reading...S-Corp Elections in a Post-QBI World: Do They Still Make Sense?
The Tax Cuts and Jobs Act (TCJA), signed into law in 2017, has brought about significant changes in the US tax landscape, impacting businesses and individuals alike. One of the most notable changes introduced by the TCJA is the Qualified Business Income (QBI) deduction. This new tax provision has raised questions about the continued relevance of S-Corporation (S-Corp) elections for small businesses. In this blog post, we will examine the impact of the QBI rule changes on S-Corp elections and whether they still make sense in the current tax environment.
Continue reading...Building Sustainable Wealth: What is Holistic Accounting?
Holistic accounting is a way of looking at an individual’s full financial ecosystem, rather than just focusing on their business. It takes into account a wide range of factors, including business and personal financial activities, credit health, investments, estate-planning, and other non-standardized ways of looking after our financial world.
Continue reading...5 Tips for a Successful Digital Detox: How to Disconnect and Improve Your Well-Being
In today’s digital age, it’s easy to get caught up in the constant stream of notifications, emails, and social media updates. But taking a break from technology, also known as a digital detox, can be an important step towards improving your overall well-being.
Continue reading...An Introductory Guide to Creating a C-Corp in Delaware: Legal Protection and Tax Advantages
Delaware has long been considered a top destination for businesses looking to incorporate, particularly for C-Corporations. The state’s business-friendly laws and regulations, combined with its favorable legal climate, make it an attractive option for a wide range of companies, from small startups to large multinationals.
Continue reading...The Connection Between Finances and Mental Health: How to Achieve Both
As a small-business owner, managing your finances can be a constant source of stress and anxiety. While it’s important to keep track of your financial health, it’s also crucial to take care of your mental health. Here are some ways that small-business finances can impact your mental health, and strategies for managing the stress.
Continue reading...7 Steps to Change Your Business Name with the IRS: A Guide for Compliance and Smooth Operations
Changing the name of your business can be a daunting task, especially when it comes to updating your information with the IRS. However, with a little bit of planning and attention to detail, the process can be a smooth one. In this blog post, we will go over the steps you need to take to change your business name with the IRS and ensure that your business remains in compliance with all tax laws.
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