Broker Check

Business Owners & Their Families

Are you a small business owner?

  • Do you consider yourself a business owner or entrepreneur?
  • Are you a freelancer or earn 1099 income from your company?
  • Are you constantly looking to save money on taxes due to your earning potential?

These questions may seem obvious or even absurd, but many individuals overlook their status as business owners, despite fitting the criteria. From a financial planning standpoint, anyone who earns 1099 self-employment income without relying on a W2 salary and benefits is considered a small business owner. This includes independent contractors, freelance consultants, or even sole proprietors with or without employees. Although you may not realize it, you do fall into the category of a business owner. Best of all, you have tons of benefits that our experts can teach you more about.

Our Services Help You Answer The Following Questions

How much is my business worth?

What do I want “life after business” to look like?

Do I want to offer a retirement plan, or am I offering the most appropriate retirement plan, to my employees?

Am I overpaying in taxes?

How can I reduce my exposure to risk?

How much life insurance makes sense for me to have? Should I get term or permanent?

Do I need to reward my top employees with retention strategies?

As a business owner, you are likely responsible for handling the following:

  • Setting up your own retirement plans; for yourself and your employees
  • Setting up your own life insurance & disability insurance
  • Paying your quarterly tax estimates
  • Separating your business from your personal/family finances
  • Setting up your own Health Insurance through a state or national exchange
  • Managing payroll on a weekly, bi-weekly, semi-monthly, or monthly basis
  • Understanding certain tax consequences depending on your business structure

However, business owners receive many financial benefits 

It might seem like a substantial load to manage independently, and indeed, it is! That's why having a financial planning team by your side can be invaluable. They assist in making strategic decisions and keeping a sharp focus on your personal financial objectives, allowing you to concentrate on your business. We specialize in helping business owners create their financial life plans. As a business owner myself, I'd like to emphasize that some of these added complexities can be advantageous. For instance:

  • Those earning income on a 1099 basis can channel more funds into retirement accounts compared to their W2 counterparts. This is because Solo 401(k)s and SEP IRAs offer higher contribution limits than corporate 401(k)s.
  • Typically, you'll likely have more comprehensive life insurance and disability insurance coverage than the average person. This is a more immediate priority from day one, given the absence of employer coverage. Many individuals with employer-sponsored insurance mistakenly assume it's sufficient, resulting in being significantly underinsured. Self-employed individuals who invest time in securing the necessary coverage are less likely to face such vulnerabilities.
  • You have the flexibility to devise your tax structure (LLC, S Corp, Sole Proprietorship, Partnership, etc.) that aligns best with your chosen business and the type of income you aim to generate long-term. Additionally, you can choose a method for paying tax estimates that aligns with your cash flow and operational preferences.

How do I know if I am a good fit?

We deliver the greatest value when we focus on comprehensive planning that requires our expertise.

Our typical business owner clients are:

Our typical business owner clients are:

  • Earning 1099 income over $250,000
  • Have questions about solo 401k, SEP IRA's, Life Insurance, Disability Insurance etc.
  • Ready to align investments with their goals, investment time horizon, and stage of life

Have a Question?

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