A Solo 401K and SEP-IRA can look similar, but the tax savings can be very different.

In this episode, Tiffany explains why an S-corp owner's December payroll decisions can determine how much retirement contribution room remains for the year. You'll see how a $75,000 W-2 can create about $18,750 of employer-only contribution room or more than $43,000 when the employee and employer Solo four-oh-one-kay buckets are combined.

You'll also learn why sole proprietors have different deadline rules, how other retirement plans can affect your limit, and why payroll should be reviewed before year-end.

If retirement is part of your tax planning, the account you choose, your wages, and your timing can all affect your tax savings and overall tax strategy.

Next Steps:

💰 Start Paying Less in Taxes – Grab a Copy of Your Biggest Expense! ➡️https://tiffanyphillips.samcart.com/products/your-biggest-expense-bundle ☎️ Find Out How Much You’re Overpaying the IRS – Book a Free Discovery Call ➡️https://calendar.phillipsbusinessgroup.com/tax 📧 Questions? Email Me at hello@phillipsbusinessgroup.com ✅ Like and Rate us for more practical tax saving tips... Keep More! 👉if you want me to help you navigate your Solo 401K vs SEP-IRA choice, comment STRATEGY and I’ll get you some more information!

SHOW NOTES

A living trust can own your business and still leave your family unable to run it.

In this episode, Tiffany explains why your trust, operating agreement, buy-sell agreement, bank authority, insurance, and tax planning all need to work together.

You'll hear two real client examples showing how business owners can lose control, create valuation problems, or put an S corporation at risk even when they already have a trust.

You'll also learn how business strategy, tax planning, and wealth planning can help protect the company you've spent years building.

If your business is one of your biggest assets, this episode will show you what needs to be aligned before your family has to deal with it during a crisis.

Next Steps:

💰 Start Paying Less in Taxes – Grab a Copy of Your Biggest Expense! ➡️https://tiffanyphillips.samcart.com/products/your-biggest-expense-bundle ☎️ Find Out How Much You’re Overpaying the IRS – Book a Free Discovery Call ➡️https://calendar.phillipsbusinessgroup.com/tax 📧 Questions? Email Me at hello@phillipsbusinessgroup.com ✅ Like and Rate us for more practical tax saving tips... Keep More! 👉if you want me to help you navigate this difficult tax subject, comment PLAN and I’ll get you some more information!

Having a will doesn't mean your family will avoid probate.

In this episode, Tiffany Phillips explains how probate works, why a revocable living trust can help, and the funding mistake that can make even a well-written trust useless.

You'll learn what assets may pass outside probate, why business owners need to coordinate their LLC interests and accounts with their estate plan, and how poor planning can create major costs and delays for a family.

Tiffany also explains how estate planning connects with tax planning, including what can happen to the tax basis of inherited property.

If you own a home, business, rental property, or investment accounts, this episode will help you understand why smart strategies and wealth planning require more than simply signing a will or trust.

Next Steps:

💰 Start Paying Less in Taxes – Grab a Copy of Your Biggest Expense! ➡️https://tiffanyphillips.samcart.com/products/your-biggest-expense-bundle ☎️ Find Out How Much You’re Overpaying the IRS – Book a Free Discovery Call ➡️https://calendar.phillipsbusinessgroup.com/tax 📧 Questions? Email Me at hello@phillipsbusinessgroup.com ✅ Like and Rate us for more practical tax saving tips... Keep More! 👉if you want me to help you navigate this difficult tax subject, comment PLAN and I’ll get you some more information!

The QBI deduction is permanent, but that does not mean every business owner automatically gets the full benefit.

In this episode, Tiffany Phillips explains how taxable income and W-2 wages can limit your Section 199A deduction and why Q4 tax planning matters. You'll follow a real-world example of an S corporation owner with about $300,000 in qualified business income and see how year-end decisions affected a potential $60,000 deduction.

You'll also learn why your spouse's income, retirement planning, payroll, and other household income can change the calculation.

Smart tax strategies happen before the year closes, not when your return is prepared in April. If tax savings and better tax planning are priorities this year, listen now while there is still time to act.

Next Steps:

💰 Start Paying Less in Taxes – Grab a Copy of Your Biggest Expense! ➡️https://tiffanyphillips.samcart.com/products/your-biggest-expense-bundle ☎️ Find Out How Much You’re Overpaying the IRS – Book a Free Discovery Call ➡️https://calendar.phillipsbusinessgroup.com/tax 📧 Questions? Email Me at hello@phillipsbusinessgroup.com ✅ Like and Rate us for more practical tax saving tips... Keep More! 👉if you want me to keep walking through these smart tax strategies before the end of the year, comment STRATEGY and I’ll get you some more information!

You may already have capital gains this year, but that does not always mean the tax bill is locked in.

In this episode, Tiffany Phillips, CPA and Tax Strategist, breaks down how one client used tax-loss harvesting to offset $47,000 in capital gains before year-end.

You'll learn how the 61-day wash-sale window works, why automatic reinvestments can create problems, and how specific-lot identification can change your tax savings. Tiffany also explains what happens when your losses are larger than your gains and how unused losses can carry forward.

This is tax planning you have to do while the calendar is still open.

If you have gains and investments sitting at a loss, this episode will show you what to review before December 31.

Next Steps:

💰 Start Paying Less in Taxes – Grab a Copy of Your Biggest Expense! ➡️https://tiffanyphillips.samcart.com/products/your-biggest-expense-bundle ☎️ Find Out How Much You’re Overpaying the IRS – Book a Free Discovery Call ➡️https://calendar.phillipsbusinessgroup.com/tax 📧 Questions? Email Me at hello@phillipsbusinessgroup.com ✅ Like and Rate us for more practical tax saving tips... Keep More! 👉if you want me to keep walking through these tax strategy moves before the end of the year, comment STRATEGY and I’ll get you some more information.

Your business can look successful and still be losing money.

In this episode, Tiffany Phillips, CPA and Tax Strategist, breaks down the accounting and finance basics every business owner should understand. You’ll learn what your income statement, balance sheet, and cash flow statement actually tell you, and why revenue is not the same as profit.

Tiffany also explains cash versus accrual accounting, profit margins, break-even points, cash flow forecasting, and the numbers that can help you make smarter money decisions.

You do not need to become an accountant. You just need enough business finance knowledge to understand what is really happening with your money.

If you are tired of guessing whether your business is truly profitable, listen now. These numbers could change the way you run your business.

Next Steps:

💰 Start Paying Less in Taxes – Grab a Copy of Your Biggest Expense! ➡️https://tiffanyphillips.samcart.com/products/your-biggest-expense-bundle ☎️ Find Out How Much You’re Overpaying the IRS – Book a Free Discovery Call ➡️https://calendar.phillipsbusinessgroup.com/tax 📧 Questions? Email Me at hello@phillipsbusinessgroup.com ✅ Like and Rate us for more practical tax saving tips... Keep More! 👉if you want to learn more tax strategy moves for business growth, comment PLAN and I’ll get you some more information.

You may give thousands to charity every year and still get very little tax benefit.

In this episode, Tiffany Phillips explains how a donor-advised fund can help business owners bunch several years of giving into one high-income year. You'll learn how this tax strategy may help you itemize, increase your tax savings, and continue supporting the same charities over time.

Tiffany also explains why donating appreciated investments may be smarter than giving cash, how the new 2026 charitable rules affect your deduction, and the DAF mistakes you need to avoid.

If giving is already part of your financial plan, better tax planning could help those same dollars work harder.

Listen now before making your year-end charitable giving decisions.

Next Steps:

💰 Start Paying Less in Taxes – Grab a Copy of Your Biggest Expense! ➡️https://tiffanyphillips.samcart.com/products/your-biggest-expense-bundle ☎️ Find Out How Much You’re Overpaying the IRS – Book a Free Discovery Call ➡️https://calendar.phillipsbusinessgroup.com/tax 📧 Questions? Email Me at hello@phillipsbusinessgroup.com ✅ Like and Rate us for more practical tax saving tips... Keep More! 👉if you want me to keep walking through these tax strategy moves for charitable giving, comment PLAN and I’ll get you some more information.

Making more money should feel like a win. But once your income reaches the $200,000 range, several tax rules can start changing at almost the same time.

In this episode, Tiffany explains five important tax thresholds that can affect business owners. You’ll learn how NIIT, Medicare tax, self-employment tax, the QBI deduction, and tax brackets can change your final bill. You’ll also see why different tax rules use different definitions of income.

Most importantly, you’ll learn why smart tax planning matters before year-end. Tiffany shares tax strategies involving retirement contributions, taxable income, and business structure that may help you protect more of what you earn.

If your business income is approaching $200,000, this is one episode you want to hear before you file your next return.

💰 Start Paying Less in Taxes – Grab a Copy of Your Biggest Expense! ➡️https://tiffanyphillips.samcart.com/products/your-biggest-expense-bundle ☎️ Find Out How Much You’re Overpaying the IRS – Book a Free Discovery Call ➡️https://calendar.phillipsbusinessgroup.com/tax 📧 Questions? Email Me at hello@phillipsbusinessgroup.com ✅ Like and Rate us for more practical tax saving tips... Keep More! 👉if you want me to keep walking through these tax strategy moves, comment STRATEGY and I’ll get you some more information.