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If you're a business owner, you are likely the Chief Everything Officer at work and have many responsibilities. A business owner's situation is unique since they are asset-rich and cash-poor because their wealth is in their business-literally. Regardless of the income a business generates, the ages of the owners, or how many employees it has, a business financial plan can help plan for future and unexpected events. A financial plan is a road map of what the business is trying to achieve in the short and long term. A business financial plan can help business owners with the following: Developing a long-term financial strategy Measuring progress towards goals Developing budgets Managing cash flow Prioritizing expenses and capital purchases Determining an appropriate time for mergers, acquisitions, or a sale Help fund future opportunities Determining appropriate financial strategies to grow assets For more complex business situations, these are some things that a business financial plan may recommend and include: A will for each owner A will allows business owners to select who will receive what they own when they die. Without a will, the state the owner resides in will determine how the business and other assets outside of the business are divided. A business estate plan Businesses generally are illiquid, which can create problems for heirs or business partners if the business transfers to probate. When a business owner dies, liquidation must occur, which can be difficult without an estate plan. Here is why owners should consider a business estate plan: To help protect the wealth you've created To help ensure the business continues To help manage the estate and gift taxes To protect your employees, business partners, and heirs What happens if there isn't a business estate plan? According to state laws, the business assets will transfer in probate if a business owner dies without a will or an estate plan. The transfer may result in tax consequences depending on the estate's value. Once the transfer occurs, the business becomes part of the deceased's estate. Here are other things that may result from not having a business estate plan: The state assumes the responsibility of the business as part of the owner's estate Employees may lose their livelihood Business partners may be impacted Legal expenses that were avoidable will accumulate Heirs have to wait to receive their inheritance Creating a business estate plan will likely involve legal, tax, and financial professionals and an insurance professional. This team helps ensure the business transition goes as intended through specific actions outlined in the business's estate plan. Here are items to include in a business financial plan: Life insurance Life insurance provides a death benefit for purchasing an owner's share of the business by other partners so that heirs are compensated. Life insurance can satisfy business liabilities or offer financial resources to keep the business intact as the transition occurs from the deceased's ownership to someone else. Disability insurance Disability insurance provides a monthly benefit to the owner based on a percentage of their monthly income. A business succession plan A succession plan is a document that describes how the business will transition to partners or family members or be sold to new owners. The plan also outlines the operations and management structure during the transition period. A living trust This legal document provides directives for the owner's assets and names either a legal entity or person as the Trustee. This document helps ensure that regardless of what happens, the business and its assets will be protected and end up with whom intended. A Financial Power of Attorney This individual will handle the business's finances if the owner cannot and may help manage the owner's finances. They will oversee the transition of the business as the business's or owner's estate plan dictates. A business financial plan helps business owners measure their progress toward their goals and recommends actions to help protect the business if the owner dies or becomes incapacitated. Contact our team at Planned Financial Services for an initial conversation about your business, and together we will determine the next steps for developing your business estate plan. Important Disclosures Investment advice offered through Planned Financial Services, a Registered Investment Advisor. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which insurance product(s) may be appropriate for you, consult your financial professional prior to purchasing. This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor. LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial. All information is believed to be from reliable sources; however, Planned Financial Services makes no representation as to its completeness or accuracy. This article was prepared by Fresh Finance. Tracking #1-05361336 Sources: https://www.forbes.com/sites/forbesfinancecouncil/2022/08/03/four-reasons-business-owners-need-a-holistic-financial-advisor/?sh=5100cb562254 https://smallbusiness.chron.com/importance-financial-plan-small-business-4713.html

With the signing of the Omnibus Appropriations package into law, both employees and employers can take advantage of more than 90 new provisions aimed at creating opportunities to create or modify workplace retirement plans and strategies. Read below for a helpful overview of important information about the SECURE Act 2.0 and how it may impact you and your financial and retirement goals. Key Points Catch-up contribution changes Enhancement of tax credits for small business Changes to required minimum distributions (RMDs) Student loan payment matching Expansion of auto-enrollment Emergency plan modifications through a 401(k) plan Distribution of excess 529 assets to Roth IRAs Employer contributions to be offered to employees on a Roth basis SIMPLE and SEP contributions to be made on a Roth basis Self-correction and IRA violations without submission to the IRS Benefits for part-time and low to middle-income workers Catch-up contribution increase and changes for earners over $145,000 Catch-up contributions allow you to put more money in your retirement savings accounts than the amount usually permitted for the year. This may enable people who have delayed saving or, for those who haven't started yet, to "catch up" in pursuit of their retirement goals. There are two significant changes to the catch-up contributions. First, effective in 2024, all catch-up contributions for individuals earning more than $145,000 per year (indexed) must be made on a Roth, or after tax basis. This does not apply to SIMPLE plans. Second, beginning Jan. 1, 2025, individuals ages 60-63 will be allowed to make catch-up contributions to their workplace plan of up to $10,000 or 150 percent of the standard catch-up contribution amount for 2024 or whichever is greater. The $10,000 amount will be indexed to inflation each year starting in 2026. For SIMPLE Plans, the contribution limit is $5,000 or 150 percent of the regular SIMPLE catch-up ($5,520 in 2023), whichever is greater. 1 Currently, the limit on catch-up contributions to a 401(k) account for anyone 50 or older is $7,500 (2023). These amounts are in addition to regular 401(k) contribution limits: $22,500 (2023). 2 Enhancement of tax credits for small businesses starting and maintaining a retirement plan Employers with up to 50 employees will be eligible for a credit equal to 100 percent of the amount contributed by the employer, up to $1,000 per employee. The employer receives a credit equal to 100 percent for years one and two (this phases down over five years), 75 percent for year three, 50 percent for year four, and 25 percent for year five. Small businesses with 51 to 100 employees are eligible for this tax credit for those above 50 employees and those earning less than $100,000 per year. For up to 50 employees, the current three-year start-up credit is equal to 50 percent of plan expenses, and up to a $5,000 cap is increased to 100 percent. Changes to the required distribution age In 2023, the required minimum distribution age increased to 73 and is anticipated to rise to 75 in 2033. Along with a change in age, the penalty for failing to make a required minimum distribution is also subject to change starting in 2024. The penalty for failing to take an RMD will decrease to 25 percent of the RMD amount, from 50 percent currently, and 10 percent if corrected in a timely fashion. 3 Also, Roth accounts in 401(k) plans (different from Roth IRAs, which come with no RMDs during the owner's lifetime) and other employer-sponsored plans will be exempt from RMDs starting in 2024. Additionally, beginning immediately, for in-plan annuity payments that exceed the participant's RMD amount, the excess annuity payment can be applied to the following year's RMD. Matching contributions for student loan payments For some students, it is difficult to get into the routine of making student loan payments. However, a new provision in the SECURE Act 2.0 is aimed at encouraging younger workers to begin saving for retirement. Effective in 2024, employers will be permitted to make matching contributions under a 401(k), 403(b) or SIMPLE IRA plan based on a participant's student loan repayments. Government employers would also be allowed to make matching contributions in a section 457(b) plan or another plan with respect to such repayments. Required auto-enrollment and auto-escalation for most new plans Beginning in 2025, all new 401(k) and 403(b) plans will be required to include automatic enrollment for all eligible participants at a minimum of 3 percent and maximum of 10 percent of eligible compensation, and automatic escalation at one percentage point per year up to at least ten percent and a maximum of 15 percent. Plans in existence before the date of enactment would be grandfathered and not subject to these requirements. There is also an exemption for government plans, church plans, and employers with 10 or fewer employees, and new businesses within the first three years of operation. Additionally, the bill does not require an employer to have a plan, but instead applies only to employers deciding to start a plan. Building financial confidence through an emergency fund In life, most individuals have had that unexpected expense occur, forcing them to revise their monthly budget. If they did not have an emergency fund available because they found it difficult to save money and simply do not have that kind of liquid cash on hand, they may be tempted to dip into their retirement savings to cover the bills. Two changes within the retirement legislation can make it easier for employees to set aside emergency funds. One modification would allow retirement plan sponsors to automatically enroll employees to set aside up to $2,500 of post-tax money in a separate emergency savings alongside their retirement accounts. With this, workers could defer money to the emergency savings accounts automatically through their payroll deduction. The other change would permit retirement plan participants to withdraw up to $1,000 from their retirement savings per calendar year to cover emergency expenses without being subject to any penalties. 4 The establishment of an emergency savings option within the context of a retirement plan is a progressive concept that can help employees become aware of the importance of setting aside savings for both short-term (emergencies) and long-term (retirement) needs. Distribution of excess 529 assets to Roth IRAs Beginning in 2024, excess assets in a 529-qualified tuition program will be eligible for a tax-free distribution to a Roth IRA. Distribution is subject to the lesser of (a) the regular Roth IRA limits (without the income limits) or (b) the aggregate amount contributed to the 529 accounts over the previous five years (plus earnings). The beneficiary must be the same and maintained for at least 15 years. There is also a per-beneficiary lifetime limit of $35,000. Permitting all employer contributions to be offered to employees on a Roth basis Effective immediately, employers can allow employees to elect for some or all of their vested matching and non-elective contributions to be treated as Roth contributions under a 401(k), 403(b), or governmental 457(b) plan. Allowing SIMPLE and SEP contributions to be made on a Roth basis Effective for tax year 2024, SIMPLE and SEP contributions for employees and employers can be made on a Roth basis. The employee must elect for Roth treatment. Self-Correction of Inadvertent Plan and IRA Violations without Submission to the IRS Effective immediately, all inadvertent plan violations may be self-corrected under the IRS' Employee Plans Compliance Resolution System (EPCRS) without submission to the IRS. This does not apply if the IRS discovers the violation on an audit or if the self-correction is not completed within a reasonable period of time. Benefits for part-time and low to middle-income workers Today's workplace consists of a significant amount of part-time workers. Starting in 2025, part-time employees are required to work two consecutive years and complete at least 500 hours of service each year to be eligible to defer to their 401(k) plans. They will now be eligible to contribute to an employer-sponsored retirement plan. This is a modification of the SECURE Act's three-years-of-service rule. Additionally, beginning in 2027, the SECURE Act 2.0 will revise the current Saver's Credit. This credit provides millions of low and middle-income individuals with a "Saver's Match," which is a federal matching contribution deposited to a taxpayer's IRA or retirement plan to encourage people to save for retirement. The change in the legislation alters the way you get the credit. Instead of having the credit applied against your tax liability when you file your tax return, the federal government will deposit a "matching contribution" directly into your retirement account. You get to pick which retirement account it goes into; however, a Roth account is not permitted, along with a few other stipulations. 5 With so many new and modified provisions both immediately and soon-to-be available in the near future, it is encouraged that you consult your team at Planned Financial Services to help you navigate the legislation and see what may work for your retirement strategy and plans. 1 Secure 2.0 Top 10 provisions (brandfolder.io) https://assets2.brandfolder.io/bf-boulder-prod/js7t7337khzn58ckp87334z/v/1076679689/original/top-10-provisions-in-SECURE%202.0.pdf 2 401(k) limit increases to $22,500 for 2023, IRA limit rises to $6,500 | Internal Revenue Service (irs.gov) https://www.irs.gov/newsroom/401k-limit-increases-to-22500-for-2023-ira-limit-rises-to-6500 3 5 RMD Changes Looming With Passage Of SECURE 2.0 Act (forbes.com) https://www.forbes.com/sites/jamiehopkins/2022/12/22/5-rmd-changes-looming-with-likely-passage-of-secure-20-act/?sh=65b9fc4266e9 4 Emergency savings proposals in Secure 2.0 may boost financial security (cnbc.com) https://www.cnbc.com/2022/12/22/emergency-savings-proposals-in-secure-2point0-may-boost-financial-security.html 5 Retirement Saver's Tax Credit Converted to "Saver's Match | Kiplinger https://www.kiplinger.com/taxes/savers-credit-converted-to-savers-match Tracking #1-05363440 Important Disclosures: Investment advice offered through Planned Financial Services, a Registered Investment Advisor. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material. The Roth IRA offers tax deferral on any earnings in the account. Withdrawals from the account may be tax free, as long as they are considered qualified. Limitations and restrictions may apply. Withdrawals prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Future tax laws can change at any time and may impact the benefits of Roth IRAs. Their tax treatment may change. All information is believed to be from reliable sources; however, Planned Financial Services makes no representation as to its completeness or accuracy. This article was prepared by LPL Marketing Solutions

Regardless of how much money you have today; you may still want to know the details of what you are worth. Understanding your financial situation can help you develop a retirement plan, pay down debt, draft a comprehensive estate plan and live with financial independence. To figure out your net worth, you should calculate the amount by which your assets (what you own) exceed your liabilities (what you owe). If your assets are greater than your liabilities, you have a positive net worth and vice versa. 1 Doing this can provide you with valuable insight into what you can do to continue the plan toward financial confidence, or maybe it is an eye-opener to overspending. This knowledge may allow you to see where you can adjust toward more beneficial financial decision-making. What are assets? Assets include real estate, bank accounts, investment instruments, retirement funds, brokerage accounts, and personal items like your car, boat, airplane, jewelry, or other collectibles. Remember to include those intangible assets you might own, like patents, intellectual property, trademarks, etc. 2 What are liabilities? Liabilities include mortgages, credit card debt, student loans, medical bills, personal loans, settlements against you in court, etc. This may also include money you might owe to someone or an organization. 3 Because we have so many different assets of varying values, assigning accurate values to your assets can become difficult. It is essential not to inflate your net worth, thus making it more challenging to prepare a strategy that you will be able to follow. One way to determine the value of what you own is by comparing your assets to similar assets in your area that are for sale or that have been recently sold. Over the years, your net worth will fluctuate. The immediate increases and decreases are less significant than the trend that develops over time. It is the trend that you want to learn how to expose and observe. As you grow older and earn more income from work and investments, build equity in your home, increase your assets and pay down your debt, your net worth can potentially grow, but it requires discipline, budgeting, and planning. It is never too early to get the guidance you need from an experienced financial professional. The following tips may help you take your first steps toward addressing your financial goals and needs: Pay down debt Spend carefully Sell unused or unwanted assets Recover outstanding payments Save and invest wisely Work with a financial professional to develop a financial strategy. Monitor your progress regularly. 4 Part of knowing what you are worth today is being able to build a customized financial strategy that works for your goals at your level of risk. A financial professional can help you make smart decisions by thoroughly understanding your financial situation. Consult with your team at Planned Financial Services today. Important Disclosures Investment advice offered through Planned Financial Services, a Registered Investment Adviser. The opinions voiced in this material are for general information only and are not intended to be a substitute for specific individualized tax, legal or accounting advice. We suggest that you discuss your specific situation with a qualified tax, legal or accounting advisor. All information is believed to be from reliable sources; however, Planned Financial Services makes no representation as to its completeness or accuracy. This article was prepared by LPL Financial Marketing Solutions. Tracking #1-05358460 1 What Is Net Worth? – Forbes Advisor https://www.forbes.com/advisor/investing/what-is-net-worth/ 2 Assets vs. Liabilities: Examples of Assets and Liabilities - 2022 - MasterClass https://www.masterclass.com/articles/assets-vs-liabilities 3 Assets vs Liabilities | Top 9 Differences (with Infographics) (wallstreetmojo.com) https://www.wallstreetmojo.com/assets-vs-liabilities/ 4 Get money smart. 25 tips to improve your financial well-being | Consumer Financial Protection Bureau (consumerfinance.gov) https://www.consumerfinance.gov/about-us/blog/get-money-smart-25-tips-improve-your-financial-well-being/

Whether you're just starting your career or are planning to retire this year, it's never too soon or too late to start preparing for your retirement. What this entails may be different from person to person, but there are a few essential tips everyone should keep in mind when saving up for their eventual retirement. Start early Saving for retirement isn't something that most of us can do overnight. It takes time to build up the necessary funds, so it's best to start saving sooner rather than later. While you don't necessarily have to start saving in your twenties, we recommend investing into your retirement funds in your thirties and forties. This may give you time to add to and subsequently grow your 401(k), IRA, Roth IRA, or other high-yield savings accounts. With that being said, it's also never too late to start saving for retirement. You might just have to be more aggressive with your savings to build up a fund that can prepare you for your next steps into retirement. Save, save, save While there's no one right number for how much you'll need to save for retirement, it's generally estimated that retirees need between 70 and 90 percent of their preretirement annual income, which will be a combination of savings and Social Security. To help you reach this goal, we suggest you save around 15 percent of your gross annual income every year. There's always some flexibility to this number, but there's also no such thing as saving too much. If you work for a business that offers a 401(k) company match, try meeting at least the minimum requirements of that match. This is additional money that you'll be able to use when it does come time to retire. If you're company doesn't offer this benefit or if you're self-employed, you can always open your own 401(k) or IRA retirement account that you can add to every month. Know what to expect from retirement It may not be easy to picture, but it can help in your quest to save for retirement if you have an idea of the kind of lifestyle you'll want to live when you hit retirement age. Are you going to be moving states, traveling, or taking a part-time job? You'll also have the expenses associated with the cost of living, such as housing, food, and healthcare, as well as taxes on Social Security and withdrawals from your retirement accounts. All this can impact the amount you'll spend each month while in retirement, thus impacting the amount you'll need to save before retiring. Even if you don't yet know what retirement will look like for you, keep it in the back of your mind so you can adjust your savings and investments the closer you get to retirement age. Account for inflation No matter what general suggestions you follow, we believe it's always a good idea to save more than you think you may need. The cost of living tends to increase by at least 2 percent each year, though that can vary greatly depending on the state of the economy. By saving more, you may help to protect your future self and ensure your financial security so you can enjoy all that comes with retirement. Important Disclosures Investment advice offered through Planned Financial Services, a Registered Investment Adviser. This article should not be relied on in substitution for specific individualized tax advice. This report should not be construed as an offer, or the solicitation of an offer, to buy or sell any securities. Any investment decision should of course be made only on the basis of offering materials and your particular financial circumstances. Some data provided is based upon information received from third parties, which is believed to be accurate, but no representation is made that the information provided is accurate and complete. All data is subject to change. Contributions to a traditional IRA may be tax deductible in the contribution year, with current income tax due at withdrawal. Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in addition to current income tax. The Roth IRA offers tax deferral on any earnings in the account. Withdrawals from the account may be tax free, as long as they are considered qualified. Limitations and restrictions may apply. Withdrawals prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Future tax laws can change at any time and may impact the benefits of Roth IRAs. Their tax treatment may change. This information is not intended to be a substitute for specific individualized tax, legal or accounting advice. We suggest that you discuss your specific tax issues with a qualified tax, legal or accounting advisor. This article was prepared by ReminderMedia. Tracking #1-05358460

The Super Bowl is more than just a game. It's an American holiday. As you prepare for this fun day, you may also want to think about how to create "big wins'' in your investment strategy. Get ready for Super Bowl Sunday by checking out these Super Bowl-inspired investment strategies. 1. Focus On Your Goals Before any competition, athletes spend a lot of time practicing and thinking about their goals. Just as a kicker imagines the perfect kick, you might imagine what you want from your investments. What are your short and long-term goals? Decide what you want from life in this moment and the future. Then, craft your investment strategy around those goals. 2. Think About the Whole Game Super Bowl coaches and players do not only think about the current moment. They think about the whole game. This strategy also applies to investing. Instead of being overwhelmed by ups and downs in the market, think about the long-term growth of your investments. This perspective is especially important when you invest for a goal like retirement, which is decades in the future. When you deal with long-term plans, you expect your portfolio may shrink a bit on a short-term basis, but ideally, you hope it experiences overall growth despite any short-term downturns. 3. Use Time-outs Strategically Once in a while, you must step back and look at your financial plan. This strategy is just like calling a time-out in a big football game. You take a step back from the action. You look over the situation. And then, you decide if you need to change your strategies. 4. Make the Most of Limited Time Think of how serious football is when the game is tied and only a minute is left. At this point, professionals do not just throw a "Hail Mary" as a last-ditch pass. Instead, they call a timeout and develop a very strategic plan. If retirement is on the horizon or you have a short-term financial goal, you may take the time required to embrace a strategic plan. 5. Draft Players Carefully Many people do not handle all of their finances on their own. Instead, they bring in professionals to guide them through the complicated decisions. When drafting a team to help you, make sure that you choose them carefully. Look at their references and experience before letting anyone help you with your finances. 6. Focus on Diversity Just as a football team needs a range of players, your investment portfolio also needs diversity. Make sure you do not have all your investments in the same asset class. Work with your team at Planned Financial Services to help you diversify asset allocation according to risk tolerance. 7. Play Your Hardest You cannot afford to slack off whether you play ball or the markets. Make sure that you are always putting in your full effort. Learn as much as possible about the game, and outsource decisions to the pros as needed. Important Disclosures: Investment advice offered through Planned Financial Services, a Registered Investment Adviser. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk. Asset allocation does not ensure a profit or protect against a loss. This article was prepared by WriterAccess. Tracking #1-05358460

As the year has still just begun, probably the last thing on your mind is filing your taxes in spring. But if you start assembling the necessary documents and information now, you may experience less stress and be in a far better position come April. Luckily, tax day is a few days later than usual in 2023—since April 15 falls on a weekend, and the following Monday is a holiday, the deadline for filing this year's taxes is April 18. So even if you don't get a refund, you'll at least have a later deadline! Gather your tax documents and information Preparation is the key to keeping any tax-filing stressors at bay, so you'll want to check your inbox and mailbox regularly in the coming weeks. As employers are obligated to issue W-2s by January 31, you may be receiving important tax documents within a few weeks. Also be on the lookout for other important documents you'll need for filing your taxes, such as 1099 forms reporting any investment income and 5498 forms noting contributions and rollovers to individual retirement accounts. If you expect to be receiving multiple tax documents, consider having a large envelope or basket that you can keep the documents in as they arrive in the mail and creating a system for storing the ones you receive digitally. This way nothing will get misplaced before you file your taxes. You will also need the social security numbers for yourself, your spouse, and any dependents, so make sure you know these or have them noted in a safe place. If you plan to use a preparer for your 2022 taxes, be aware that some will ask you to provide them with the necessary documentation by a certain date so they can meet the April 18 filing deadline. Document your credits and deductions Deductions can lower your taxes since they reduce your taxable income, so claim as many as you legally can. Gather documentation for any donations, expenses for medical care, mortgage interest, retirement account contributions, and local and state taxes you paid in 2022. Store these documents with your other tax documents. You will also want to organize your documentation for any tax credits you plan to claim, such as the child tax credit, the child and dependent care tax credit, credits for tuition paid for education, the "savers credit" for contributions to a 401(k) or IRA, and credits for any energy-saving home improvements you made in 2022. Review your estimated tax payments If you are a freelancer or own your own business, you may have made quarterly estimated tax payments on your earnings to the IRS during the year, which you will have to note when you file your taxes. To help make the process smoother, make sure you know how much these payments were in advance. You can check by looking back over your bank or credit card statements from this year. Look ahead If you really want to be an overachiever, once you've gathered all the documentation necessary for filing your 2022 taxes, you can start getting organized for 2023! Put a system together now for saving next year's pertinent receipts and information so you'll have them at the ready when you need to file your taxes in 2024. Important Disclosure Investment advice offered through Planned Financial Services, a Registered Investment Adviser. The opinions voiced in this material are for general information only and are not intended to be a substitute for specific individualized tax, legal or accounting advice. We suggest that you discuss your specific tax issues with a qualified tax, legal or accounting advisor. This report should not be construed as an offer, or the solicitation of an offer, to buy or sell any securities. Any investment decision should of course be made only on the basis of offering materials and your particular financial circumstances. Some data provided is based upon information received from third parties, which is believed to be accurate, but no representation is made that the information provided is accurate and complete. All data is subject to change. This article was prepared by ReminderMedia. #1-05358460

When you own a business, you get to deduct business expenses from your business income. This general rule applies, subject to certain limitations, whether you are a sole proprietor with employees or a self-employed freelancer working in the gig economy. The Internal Revenue Service (IRS) allows you to claim tax deductions for expenses that are necessary and ordinary for your business. While many of these tax deductions are obvious, others are more obscure. Here are five commonly overlooked tax deductions. 1. Health Insurance Premiums When you are self-employed, you may claim a tax deduction for health and long-term care insurance premiums. A current or former employer must not pay these insurance premiums. You may write off Medicare Part B premiums as a business expense. You may claim a full health insurance expense deduction for yourself, your spouse and your children's premiums. 1 2. Interest You may deduct interest as a business expense as long as the expense is for your business. For instance, if you buy a building for your business, the interest on that mortgage is deductible. If you use your personal vehicle half the time as a business vehicle, you may write off half of the interest on your car loan as a business expense, as long as you choose to itemize auto expenses (not take the standard mileage deduction). Similarly, if you charge business purchases on a credit card, you may also deduct the interest you incurred on that card. This business interest deduction is subject to the IRS section 163(j) limitations of a business having less than $25 million in annual gross receipts and not being a tax shelter. The limitations do not apply to excluded businesses, such as self-employed service providers and certain businesses that request exceptions, such as farms. 2 3. Education Expenses Education expenses are deductible if they directly relate to your business. You cannot get a four-year college degree and write it off as a business expense. However, costs for seminars, workshops, and classes related to your business are generally deductible. If you buy a book or subscribe to a magazine to learn more about your industry that may be deductible too. 3 4. Cell Phone Bills If you are self-employed, once you use your cellphone for business, it may become a deductible business expense. As a self-employed person, here is how to figure out how much of your cellphone bill is deductible. First, estimate how much of the time you use the phone for personal use versus business use. Then, multiply the business use percentage by your cellphone bill to calculate your deduction. For example, if your cell phone costs $1,200 per year and you use it 25% of the time for work, your deduction might be $300. If you are an employee, unreimbursed business expenses, such as personal cell phone use for business, are not deductible. 4 5. Meals You may deduct a portion of the cost of certain meals. Suppose you take your accountant out for coffee; that is deductible as long as you talk about business. Or if you have a business partnership and you go out with your business partner for dinner to discuss your marketing plan, your meal's cost is deductible. The expenses must be reasonable, not extravagant and may be subject to limitations. If you purchase the meal from a restaurant, it is 100% deductible. If not, the cost is 50% deductible. 5 Unfortunately, eating alone is not a deductible expense for the self-employed, even if you work while eating. However, you may deduct a portion of the meal expenses when you travel, subject to limitations. The limitations are 50% of the actual cost or 50% of the IRS standard meal allowance. 6 Important Disclosures: Investment advice offered through Planned Financial Services, LLC ("Planned Financial"), an SEC registered investment adviser. This material is for general information only and is not intended to provide specific advice or recommendations for any individual. This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor. All information is believed to be from reliable sources; however, Planned Financial Services makes no representation as to its completeness or accuracy. Planned Financial blog articles are meant for informational purposes only, are not intended to serve as a recommendation to buy or sell any security and are not an offer or sale of a security. This is not a research report and is not intended to serve as the basis for any investment decision. Any third-party information provided therein does not reflect the views of Planned Financial Services, LLC or any of its subsidiaries or affiliates. All investments involve risk, and the past performance of a security or financial product does not guarantee future results or returns. Planned Financial Services' blog contains articles on budgeting, business, insurance, planning, spending, and financial health, etc. The goal is to make business and financial news accessible to our clients. Writers conduct daily research through a variety of primary (e.g., press releases, financial reports, public statements, economic data, social media accounts, interviews, etc.), and secondary sources (e.g., The Wall Street Journal, Bloomberg, etc.). Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections are hypothetical in nature and may not reflect actual future performance. The content on this article is for informational purposes only and does not constitute a comprehensive description of Planned Financial Services' investment advisory services. Please see our website and Brochure for more details. This article was prepared by WriterAccess. Tracking #1-05352615 Footnotes 1 The Self-Employed Health Insurance Deduction: A Valuable Personal Deduction https://www.nolo.com/legal-encyclopedia/the-self-employed-health-insurance-deduction-a-valuable-personal-deduction.html 2 Basic questions and answers about the limitation on the deduction for business interest expense https://www.irs.gov/newsroom/basic-questions-and-answers-about-the-limitation-on-the-deduction-for-business-interest-expense 3 Topic No. 513 Work-Related Education Expenses https://www.irs.gov/taxtopics/tc513 4 Can Cellphone Expenses Be Tax Deductible with a Business? https://turbotax.intuit.com/tax-tips/small-business-taxes/can-cellphone-expenses-be-tax-deductible-with-a-business/L6NQvycMO 5 How to Deduct Meals and Entertainment in 2022 https://bench.co/blog/tax-tips/deduct-meals-entertainment/ 6 Tax Deductions for Business Travelers https://turbotax.intuit.com/tax-tips/jobs-and-career/tax-deductions-for-business-travelers/

Whether you're hoping to retire soon or are just beginning to explore the idea of stepping back from your job, you're probably wondering how to make it happen. Will you have enough money? How will you spend your time? What will you do for health insurance? Here, you'll find a useful countdown of the five biggest steps to developing a solid retirement plan. 5. Assess Your Retirement Goals What does retirement look like for you? Do you plan to or want to continue working part-time? Will you travel? Do you want to sell your home and hit the road in an RV? At what age will you claim Social Security? When will you qualify for Medicare? Everyone's retirement goals are different, which means your financial plan for retirement will also be different. 4. Decide How to Draw Down Savings Depending on whether your assets are held in a pre-tax account, a post-tax account, or a taxable account, your savings drawdown strategy can vary widely. Your age can also dictate when, how, and how much you withdraw from your retirement accounts. For example, if you plan to retire before age 59.5, you may want to first begin withdrawing funds from a taxable account to provide flexibility until you're able to take penalty-free withdrawals from a 401(k) or a traditional IRA. 3. Enlist a Financial Professional If you don't yet have a dedicated financial professional, now may be the time to assess your retirement readiness and work to optimize your income and assets as you enter retirement. You don't want to find yourself in a position where your retirement needs exceed your income or assets and you're forced to scale down—or even go back to work—after you've already been enjoying retirement for a few years. 2. Survey Potential Large Expenses Beginning your retirement with multiple large, unexpected expenses can send even the most carefully planned budgets off track. Before you retire, consider some of the biggest expenses that are likely to come your way. Will your home need new windows or a new roof soon? Are your major appliances—washer and dryer, dishwasher, refrigerator, HVAC—getting older? How much longer do you expect your vehicle to last? Is your health plan switching to a high-deductible one? By planning for large expenses before you retire, you can work to ensure these costs won't catch you by surprise. 1. Begin Planning Your Estate Whenever you're making a big financial shift or embarking on a new phase of your life, it's important to revisit and assess your estate plan. If you pass away without a valid will or other estate plan, your heirs could find themselves embroiled in a messy, expensive court battle to reclaim and divide your assets. In some cases, you may only need a will to dispose of your assets in the way you'd like. Other situations may call for an irrevocable trust or some other multifaceted approach to managing your estate. Talking to an attorney and your financial professional can give you a better idea of the options available to you and where each different path may lead. Important Disclosures: Investment advice offered through Planned Financial Services, LLC ("Planned Financial"), an SEC registered investment adviser. This material is for general information only and is not intended to provide specific advice or recommendations for any individual. This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor. All information is believed to be from reliable sources; however, Planned Financial Services makes no representation as to its completeness or accuracy. Planned Financial blog articles are meant for informational purposes only, are not intended to serve as a recommendation to buy or sell any security and are not an offer or sale of a security. This is not a research report and is not intended to serve as the basis for any investment decision. Any third-party information provided therein does not reflect the views of Planned Financial Services, LLC or any of its subsidiaries or affiliates. All investments involve risk, and the past performance of a security or financial product does not guarantee future results or returns. Planned Financial Services' blog contains articles on budgeting, business, insurance, planning, spending, and financial health, etc. The goal is to make business and financial news accessible to our clients. Writers conduct daily research through a variety of primary (e.g., press releases, financial reports, public statements, economic data, social media accounts, interviews, etc.), and secondary sources (e.g., The Wall Street Journal, Bloomberg, etc.). Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections are hypothetical in nature and may not reflect actual future performance. The content on this article is for informational purposes only and does not constitute a comprehensive description of Planned Financial Services' investment advisory services. Please see our website and Brochure for more details. This article was prepared by WriterAccess. Tracking # 1-05352615

When it comes to New Year's Resolutions that include financial goals, writing them down and being visible could be essential to your success. After you've written down what your financial resolutions for the New Year are, tell others about your progress and failures. Here are some things you may want to focus on this year: Decrease your spending The less you spend, the more you can save into an emergency fund, pay toward debt reduction, or save for retirement. Review your spending this month to determine what you can eliminate and reduce. If you felt financially insecure the past year or on the brink of it, now take control of your financial future. Reduce your debt If you are one of the 'revolver households' that carries credit card debt month after month, make this the year you pay off your debt, cut up the cards, and close credit card accounts. You may want to consider paying down your mortgage, refinancing, or moving to a home that costs less. If you become unemployed in the future, making your mortgage payment is essential to remaining sheltered. If you've maintained employment but have a higher interest rate than today's rates, consider refinancing or making extra payments toward your mortgage. Pay off your auto loan, increase your monthly payment, or refinance the remaining term at a lower rate. Although refinancing may look appealing, confirm that the refinance saves you money and reduces your loan term. Start your debt reduction investigation by using financial calculators or consult your financial professional to determine if these ideas are appropriate for you. Establish an emergency fund Start with a minimum of one month's expenses and work toward a fully-funded emergency fund. A fully-funded emergency fund should have six months or more of expenses in savings that you won't access and that's not tied to stock market performance like a money market account. Save for retirement Set your retirement savings contributions up automatically, increase year over year and make an effort to maximize your contributions. Additionally: Get your employer's retirement savings contribution match Contribute enough to your employer's retirement plan to receive matching dollars. If you're not saving enough to receive a matching contribution from your employer (commonly a 2-4% match), you're throwing away 'free money.' Take some risk (in your investments) If you have your retirement savings in an interest-bearing account outside of the stock market, you will not keep up with inflation in retirement over time. Having 100% of your retirement savings tied to stocks may not be best for you, but all of it outside the market may not be either. Meet with your financial professional to determine if your risk tolerance and portfolio allocations are appropriate to your situation. Be aware of how taxes impact you Part of your investments should be in tax-sheltered accounts and some after-tax investments. Discuss how each investment may affect you this year and in retirement with your financial and tax professionals. Part of tax awareness is understanding how trading and rebalancing impact your taxes and how your financial professional can help. Monitor your investments Meet with your financial professional for a financial review at least once this year to determine if your risk tolerance, investment options, and your timeline for retirement are still on target. Receiving financial help from a professional can help you accomplish your financial resolutions. Important Disclosures: Investment advice offered through Planned Financial Services, LLC ("Planned Financial"), an SEC registered investment adviser. This material is for general information only and is not intended to provide specific advice or recommendations for any individual. This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor. All information is believed to be from reliable sources; however, Planned Financial Services makes no representation as to its completeness or accuracy. Planned Financial blog articles are meant for informational purposes only, are not intended to serve as a recommendation to buy or sell any security and are not an offer or sale of a security. This is not a research report and is not intended to serve as the basis for any investment decision. Any third-party information provided therein does not reflect the views of Planned Financial Services, LLC or any of its subsidiaries or affiliates. All investments involve risk, and the past performance of a security or financial product does not guarantee future results or returns. Planned Financial Services' blog contains articles on budgeting, business, insurance, planning, spending, and financial health, etc. The goal is to make business and financial news accessible to our clients. Writers conduct daily research through a variety of primary (e.g., press releases, financial reports, public statements, economic data, social media accounts, interviews, etc.), and secondary sources (e.g., The Wall Street Journal, Bloomberg, etc.). Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections are hypothetical in nature and may not reflect actual future performance. The content on this article is for informational purposes only and does not constitute a comprehensive description of Planned Financial Services' investment advisory services. Please see our website and Brochure for more details. This article was prepared by Fresh Finance. Tracking #1-05352615

For many investors, this year has been a wild ride—with interest rate increases, a crypto implosion, and whipsawing values in the major market indices. It might be tough to catch one's breath and look ahead to next year. But the end of the year is the perfect time to take stock of your investments, evaluating what worked, what didn't, and what you might do better next year. Here are four key opportunities to consider that may recharge and reset your finances as you enter the new year. Review and Refresh Your Financial Plan If you set goals for the past year, evaluate your progress. Did you spend more than expected? Save less than expected? Or did you manage your goals easily—suggesting a bigger challenge may be appropriate for next year? While setting financial goals for next year, you might also consider the long-term. When do you plan to retire? What do you need to see before getting there—a specific number in your 401(k), a paid-off balance sheet, or something else? Should you stay in your home or downsize? The answers to these questions may help you formulate a more solid plan. Assess Your Retirement Readiness Are you on schedule to retire? Are you contributing enough to your 401(k) or IRA? Though the answers to those questions depend on each person's circumstances, some patterns are emerging in savings habits among those in their 20s, 30s, 40s, 50s, and beyond. Check these numbers to see whether you are on track. 1 Age 20 to 29 Average 401(k) balance of $10,500 while contributing 7% of income Age 30 to 39 Average 401(k) balance of $38,400 while contributing 8% of income Age 40 to 49 Average 401(k) balance of $93,400 while contributing 8% of income Age 50 to 59 Average 401(k) balance of $160,000 while contributing 10% of income Age 60 to 69 Average 401(k) balance of $182,100 while contributing 11% of income Age 70 to 79 Average 401(k) balance of $171,400 while contributing 12% of income These numbers are simply averages—they do not account for income, sector, or cost of living. They also do not include assets in individual retirement accounts (IRAs), taxable accounts, or other savings accounts. But knowing what those in your general age bracket save, on average, might give you a better idea of your progress toward retirement savings. You should notice that as workers grow older, they tend to contribute a greater percentage of their total income to retirement. Pay Down High-Interest Debts With interest rates continuing to rise, credit cards, home equity lines of credit, and other variable-rate loans are likely to grow more expensive. 2 If you have any adjustable-rate loans, now is a good time to begin paying them off more aggressively. Calculate Your Cash Reserves It is a good idea to have some cash held for emergencies during turbulent times. From an unexpected medical bill to a new appliance, having cash on hand may help avoid the stress of paying for sudden expenses. Assessing your cash reserves at the beginning of the new year may give you a good baseline for setting cash accumulation goals. Important Disclosures: Investment advice offered through Planned Financial Services, LLC ("Planned Financial"), an SEC registered investment adviser. This material is for general information only and is not intended to provide specific advice or recommendations for any individual. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor. All information is believed to be from reliable sources; however, Planned Financial Services makes no representation as to its completeness or accuracy. Planned Financial blog articles are meant for informational purposes only, are not intended to serve as a recommendation to buy or sell any security and are not an offer or sale of a security. This is not a research report and is not intended to serve as the basis for any investment decision. Any third-party information provided therein does not reflect the views of Planned Financial Services, LLC or any of its subsidiaries or affiliates. All investments involve risk, and the past performance of a security or financial product does not guarantee future results or returns. Planned Financial Services' blog contains articles on budgeting, business, insurance, planning, spending, and financial health, etc. The goal is to make business and financial news accessible to our clients. Writers conduct daily research through a variety of primary (e.g., press releases, financial reports, public statements, economic data, social media accounts, interviews, etc.), and secondary sources (e.g., The Wall Street Journal, Bloomberg, etc.). Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections are hypothetical in nature and may not reflect actual future performance. The content on this article is for informational purposes only and does not constitute a comprehensive description of Planned Financial Services' investment advisory services. Please see our website and Brochure for more details. This article was prepared by WriterAccess. Tracking # 1-05348535. Footnotes: 1 The Average 401(k) Balance by Age, Investopedia, https://www.investopedia.com/articles/personal-finance/010616/whats-average-401k-balance-age.asp 2 What Rising Interest Rates Mean For You, CNN, https://www.cnn.com/2022/09/21/success/what-rising-interest-rates-mean-credit-mortgage/index.html

If you hope to retire soon and are concerned about what the future may hold for your investments, you are not alone. Inflation has many retirees and soon-to-be retirees worried about outliving their savings and investments. 1 What might you do to survive and even thrive during volatile markets? A financial plan may help you feel more confident and help you consider a few additional ways to manage your financial worries in retirement. Benefits of a Financial Plan Having a financial plan—and sticking to it—may help ease your mind during market downturns. There are many reasons for this. A financial plan may: Help you focus on long-term patterns instead of short-term disruptions. Give you the flexibility to adapt to market changes. Guide your asset allocations to be appropriate for your risk tolerance, age, and other factors. Prevent you from making any costly actions with your investments. The temptation to do something—anything—when your investments decline is strong. A financial plan may ground you and help ensure that your actions align with your strategies and goals. Financially Thriving in Volatile Markets Along with having a financial plan, here are a couple of strategies you may consider during a down market. Reduce Your Debt Paying back expensive debt or anything with a variable or adjustable rate may help you withstand economic uncertainty. Higher interest rates mean a higher cost of borrowing, so the more debt you have, the more it costs you. By prioritizing debt paydown, you may put yourself in a position of financial flexibility, allowing you to balance your household expenses to match your income or investment gains. Have Adequate Cash Reserves Although reducing debt is a worthy goal, it should not happen at the expense of all of your cash. You want to strike a balance between putting away money and lowering your overall debt load. For retirees, having between 12 and 24 months of living expenses in cash may help you avoid having to withdraw from retirement funds during a market downturn. 2 By keeping your funds invested, they may be poised to recover once the downturn ends. Consider Tax Loss Harvesting Suppose you are holding some taxable investments that are worth less than you paid for them. In that case, you may be able to take advantage of tax-loss harvesting to offset some capital gains tax liability for other investments. By selling these investments (or "harvesting" your loss), waiting one month, and then repurchasing the same assets, you may generate a paper loss (a loss in value that appears in your accounts, but does not involve a real cash loss) that you could use for your tax liability on the winning investments. If tax losses exceed annual gains for that tax year, the taxpayer may use the rest of the losses to offset up to $3,000 in ordinary income from federal taxes. 3 Tax losses may also be carried forward to continue to offset investment gains in the future. Footnotes 1 Inflation has many retirees worried about outliving their savings, NPR, https://www.npr.org/2022/02/19/1081875948/inflation-has-many-retirees-worried-about-outliving-their-savings 2 Navigating retirement savings during volatile markets, BlackRock https://www.blackrock.com/us/individual/education/retirement-volatility-strategies 3 Can Tax Loss Harvesting Improve Your Investing Returns?, Forbes, https://www.forbes.com/advisor/investing/tax-loss-harvesting/ Important Disclosures Investment advice offered through Planned Financial Services, LLC ("Planned Financial"), an SEC registered investment adviser. This material is for general information only and is not intended to provide specific advice or recommendations for any individual. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Asset allocation does not ensure a profit or protect against a loss. This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor. Inflation is the rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling. All information is believed to be from reliable sources; however, Planned Financial Services makes no representation as to its completeness or accuracy. Planned Financial blog articles are meant for informational purposes only, are not intended to serve as a recommendation to buy or sell any security and are not an offer or sale of a security. This is not a research report and is not intended to serve as the basis for any investment decision. Any third-party information provided therein does not reflect the views of Planned Financial Services, LLC or any of its subsidiaries or affiliates. All investments involve risk, and the past performance of a security or financial product does not guarantee future results or returns. Planned Financial Services' blog contains articles on budgeting, business, insurance, planning, spending, and financial health, etc. The goal is to make business and financial news accessible to our clients. Writers conduct daily research through a variety of primary (e.g., press releases, financial reports, public statements, economic data, social media accounts, interviews, etc.), and secondary sources (e.g., The Wall Street Journal, Bloomberg, etc.). Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections are hypothetical in nature and may not reflect actual future performance. The content on this article is for informational purposes only and does not constitute a comprehensive description of Planned Financial Services' investment advisory services. Please see our website and Brochure for more details. This article was prepared by WriterAccess. Tracking #1-05348535

The end of the year can be a chaotic time for business owners. It is a time to compile data, review the numbers, evaluate strengths and weaknesses, and determine growth opportunities for the future. A business owner would be keen to review several factors in preparing year-end documents and preparing for the following year. Here are five tips that may assist with organizing a strategy. 1. Tax Planning Have necessary steps been taken toward filing required business and individual tax returns, so they get filed on time? The type of business will determine the tax consequence. There are five general types of business taxes and tax changes that can be applied. Income Tax All businesses aside from partnerships file an annual income tax return. Partnerships file an information return. Estimated Tax This tax comes from income generated by interest, dividends, alimony, self-employment income, capital gains, prizes, and awards. Self-employment Tax Owed if earnings were $400 or more or church employee income was $108.28 or more. Employment Taxes - These taxes include: Federal income tax withholding Federal unemployment (FUTA) tax Social security and Medicare taxes Excise Tax Manufacture or sell certain products Operate certain kinds of businesses Use various kinds of equipment, facilities, or products Receive payment for certain services *Several forms may be required depending on the type of business. Tax Changes The Tax Cuts and Jobs Act of 2017 (TCJA) lowered the corporate income tax rate from 35 percent to 21 percent. If the business is, for example, an LLC and has grown considerably, it may be possible to elect to be taxed like a C corporation while the tax rate is low. This act is set to expire January 1, 2026. Some business can take advantage of the qualified business income deduction (QBI) that offers a deduction worth up to 20 percent of their share of the business's income. However, specified service trades or businesses (SSTBs) may not be eligible for this deduction if their income is too high. A few examples of STTBs are Financial Professionals, Law Firms, Accountants, Investment Managers, Medical Practices, and more. 1 Determining if you can claim it and calculating the deduction amount is complex and it is highly encouraged to seek the assistance of a financial professional. 2. Understanding the value of Life Insurance Life insurance is not just about preserving lost wages for surviving family members and evaluating how loved ones may transfer the business to them. Life insurance cash values can potentially become an asset that can be used to, for example, finance a buy-out or borrow against the policy or multiple policies to help cover business expenses. 2 3. Cybersecurity is a way of life now. Are you staying on top of new threats and measures to lower the possibility of attacks? Breaches within the cyberspace of companies have become a real threat. Hackers are sophisticated and regularly create innovative techniques to break into company databases. What steps are being taken to stay updated with the evolving threats and means of protection against cyberattacks? 3 4. Whether to defer or accelerate income? Smaller businesses often use the cash method of accounting on their books and tax returns. If the business is expected to be in a lower tax bracket the following year, consider deferring income to the following year. However, if the expectation is that the business will be in a higher tax bracket, consider accelerating income into the current year, for example, sending invoices and attempting to get paid sooner so income will be taxed at the current tax rate. 5. Record of Out-of-Pocket "Business" Expenses Mileage log – A record of tracking miles to show to the IRS Money spent out of personal accounts Cash receipts (Gas, Uber or taxi cab, and other expenditures.) 4 Important Disclosures Investment advice offered through Planned Financial Services, LLC ("Planned Financial"), an SEC registered investment adviser. This material is for general information only and is not intended to provide specific advice or recommendations for any individual. This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor. Please keep in mind that insurance companies alone determine insurability and some people may be deemed uninsurable because of health reasons, occupation, and lifestyle choices. Guarantees are based on the claims paying ability of the issuing company. All information is believed to be from reliable sources; however, Planned Financial Services makes no representation as to its completeness or accuracy. Planned Financial blog articles are meant for informational purposes only, are not intended to serve as a recommendation to buy or sell any security and are not an offer or sale of a security. This is not a research report and is not intended to serve as the basis for any investment decision. Any third-party information provided therein does not reflect the views of Planned Financial Services, LLC or any of its subsidiaries or affiliates. All investments involve risk, and the past performance of a security or financial product does not guarantee future results or returns. Planned Financial Services' blog contains articles on budgeting, business, insurance, planning, spending, and financial health, etc. The goal is to make business and financial news accessible to our clients. Writers conduct daily research through a variety of primary (e.g., press releases, financial reports, public statements, economic data, social media accounts, interviews, etc.), and secondary sources (e.g., The Wall Street Journal, Bloomberg, etc.). Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections are hypothetical in nature and may not reflect actual future performance. The content on this article is for informational purposes only and does not constitute a comprehensive description of Planned Financial Services' investment advisory services. Please see our website and Brochure for more details. This article was prepared by LPL Marketing Solutions Tracking # 1-05348535 Footnotes: 1 Tax Cuts and Jobs Act, Provision 11011 Section 199A - Qualified Business Income Deduction FAQs | Internal Revenue Service (irs.gov) https://www.irs.gov/newsroom/tax-cuts-and-jobs-act-provision-11011-section-199a-qualified-business-income-deduction-faqs#:~:text=An%20SSTB%20is%20a%20trade,where%20the%20principal%20asset%20is 2 How Can I Borrow Money From My Life Insurance Policy? (investopedia.com) https://www.investopedia.com/ask/answers/111314/how-can-i-borrow-money-my-life-insurance-policy.asp 3 6 Ways Cybercrime Impacts Business (investopedia.com) https://www.investopedia.com/financial-edge/0112/3-ways-cyber-crime-impacts-business.aspx 4 Reimbursable out-of-Pocket Costs Definition (investopedia.com) https://www.investopedia.com/terms/r/reimbursablecosts.asp