Glasses on a desk, on top of a spreadsheet, representing Common 401k questions

How Do Self-Employed 401(k) Contributions Affect Take-Home Pay? And Other 401(k) Questions

When discussing Self-Employed 401(k) plans with our clients, we often are asked how the contributions to this type of retirement savings plan will affect take-home pay. Read on for the answer to this question, as well as other commonly asked questions related to retirement plans.

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young business people sitting at a conference table; representing small business using SIMPLE IRA

Savings Incentive Match Plan for Employees (SIMPLE IRA) – 2023

Lots of small business owners want to help their employees save for a financially secure retirement by offering them a retirement plan. However, the cost and complexity of most plans, including the popular 401(k) plan, dissuade many from doing so. This is one reason why more than 40% of full-time employees in the United States […]

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Picture of a black SEP-IRA booklet on a desktop

Simple Employee Pension (SEP) IRA – 2023

If you’re a small business owner or self-employed individual looking for a way to prepare for retirement, it’s worth exploring the Simplified Employee Pension-Individual Retirement Account (SEP-IRA).   Table of Contents1 What is a SEP-IRA?2 SEP-IRA Contribution Limits for 20233 How SEP-IRAs Work and Eligibility Rules4 Benefits of a SEP-IRA5 Drawbacks of a SEP-IRA6 How to […]

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Bunching Charitable Donations: A Tax-Efficient Way to Give

In the realm of savvy financial tactics, “bunching” charitable donations stands out as a particularly smart move. This strategy offers an opportunity to donate multiple years’ worth of charitable gifts in a single year, amplify your impact on the causes you care about, and save big substantially on your next tax bill. Below, you’ll learn […]

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Estate Planning Gifting Strategies

Estate planning is an essential process in safeguarding your financial legacy. Gifting strategies are a crucial component of estate planning, as they offer many benefits for you, and your beneficiaries. In this post, you’ll explore the various estate planning gifting strategies that can help maximize the impact you’re able to have on the people and […]

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Donor-Advised Funds pros and cons from Wealth Advisor

Donor-Advised Funds Pros and Cons

Explore the pros and cons of donor-advised funds for effective charitable giving strategies. Consult with C.W. O’Conner Wealth Advisors to make informed decisions. Read now!

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Multigenerational family smiling, portrait, representing a family limited partnership

Family Limited Partnerships Pros and Cons

A family limited partnership (FLP) can be a great estate planning tool for families looking to transfer wealth, minimize their estate tax liability, and ensure asset protection. However, like with other estate planning tools, FLPs have their advantages and disadvantages, and it’s important that you understand them before deciding whether or not one is right […]

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Happy African American couple. Man shaking hand of unseen man in a business setting. Representing setting up a Qualified Charitable Distribution (QCD)

Qualified Charitable Distribution: Donate to Charity and Avoid RMD Taxes with a QCD

Qualified charitable distributions (QCDs) are a popular way for individuals with an individual retirement account (IRA) to support charitable organizations while also limiting their overall tax liability. However, like any financial giving tool, QCDs come with their own set of pros and cons and their viability depends on your unique circumstances.  In this article, you’ll […]

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Man holds Irrevocable Life Insurance Trust ILIT policy.

Irrevocable Life Insurance Trust (ILIT) Benefits and Drawbacks

Irrevocable life insurance trusts (ILITs) can be a critical component of an estate plan. They’re a tool that can help you avoid having to pay estate taxes, and ensure more is left behind for your loved ones. In this article, you’ll explore the functionality of ILITs. You’ll see how they work, their benefits and drawbacks, […]

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Qualified Personal Residence Trust (QPRT): Pros and Cons

A Qualified Personal Residence Trusts (QPRT) is an estate planning tool that can provide property owners with substantial estate and gift tax savings. However, they can be complicated to set up, and have numerous rules that must be followed. In this article, you’ll be exposed to what QPRTs are, how they work, and whether or […]

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