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FYI: Advance Child Tax Credit (11/18)

We wanted to send a reminder about the Advance Child Tax Credit that many of you are receiving. This advance payment is an advance on a credit that you have probably gotten in the past based on the Child Tax Credit.

You don’t need to DO anything at this point, but we want you to know that if you are used to getting a big refund, some of that refund came to you each month so you should not expect as large of a refund. If you are used to paying in, chances are you will have to pay more in because you got an advance during the year.

The credit did go up, so it’s not dollar for dollar, but make sure you think through this, do some tax planning, and give us a call if you would like to discuss your particular situation.

Charitable Giving: Grand Traverse Regional Land Conservancy (11/8)

We continue our discussion on charitable giving with a conversation with Laura Rigan – Farmland Program Manager for the Grand Traverse Regional Land Conservancy.

Partnering with the Land Conservancy through the creation of a land easement allows individuals to protect land and natural resources while also providing tax-saving benefits to the landowner.

Land Protection Guide for Land Owners

Using the Conservation Tax Incentive

Charitable Giving: Community Foundation (10/29)

In this video Jon sits down with Alison Metiva, Vice President, Donor Engagement and Operations for the Grand Traverse Regional Community Foundation.

Jon and Alison discuss

  • what the Community Foundation does,
  • the advantages of donor-advised funds from a tax standpoint,
  • how your donation through the Foundation can impact generations.

Donating through your local community foundation not only decreases your tax burden, but is also a great way to make a difference in your area.

For information about Donor Advised Funds: Grand Traverse Regional Community Foundation – Donor Advised Funds PDF

Charitable Donations and Tax Considerations (10/22)

In the coming weeks we will be talking about several ways to give charitably, and what tax benefits come along with that. Today, Jon covers:

    • Cash donations (including something special for 2021 that you’ll want to know about!)
    • QCDs
    • Donating appreciated stock Tune in to hear which is Jon’s favorite!

As always, let’s talk about any questions that come up after watching this week’s video!

Minimize Taxes in Your Small Business (10/14)

No one likes paying taxes, so when you are starting a new business a logical question is, “How do I minimize taxes?”

In this week’s video, Jon discusses mindsets and strategies new business owners can employ in order to minimize taxes, including:

  • – entity structure
  • – banking setup
  • – record keeping
  • – and more

P.S. We know not everyone loves tax planning as much as we do, but we tried to make it entertaining! See if you can identify the movie clips we used!

Tax Planning in Retirement (10/7)

This week we are discussing tax planning in retirement. A lot of tax planning we do is based on active income, but as you approach retirement and during the retirement years we need to tax plan using strategies that come into play specifically when you don’t have earned income. The two main points Jon talks about are:

• Having consistent income
• The shift of ownership but not control

The key is planning, so make sure you are having conversations with us to make plans for these important retirement years. Tune in to this short video to hear more details.

Tax Planning for a High Profit Year (9/23)

In an unexpected high-profit year, business owners may have exhausted the usual tax planning strategies.
This week Jon discusses other options business owners may not have considered:

• retirement contributions through the business
• change in entity structure
• or maybe just… paying the tax?

Tune in to hear more about these and other strategies.

Deadline for SIMPLE IRA Setup Coming! (9/17)

The deadline to create a SIMPLE IRA is coming up on October 1st! It has important tax implications, so if you’ve discussed setting one up, this is a reminder for you! Jon explains a little more in this short video.

For a short explanation of SIMPLE IRAs, check out this video: https://youtu.be/tjZMk1TbPK0

An Update on Proposed Tax Law Changes (9/10)

Earlier this summer we talked about potential tax law changes, and we wanted to give you an update as we head into the fall. In this video Jon gives some valuable insight into where the proposed changes stand.

The document from Northern Trust can be found here: https://cdn.northerntrust.com/pws/nt/documents/wealth-management/navigating-possible-tax-policy-changes.pdf

Quarterly Tax Estimates Due September 15 (9/2)

It’s hard to believe summer is coming to a close and Labor Day is upon us! This means 3rd quarter estimates are coming as well – due on September 15th. Watch this week’s video for a quick message about these quarterly estimates.

We wish you a relaxing Labor Day weekend!

Everyday Millionaires Part 3: Final Thoughts & Takeaways (8/26)

We are wrapping up our summer book club with a discussion on the myths many people believe about wealthy people! How many of these have you believed and how can you shift your mindset to make room for growing wealth?

Thanks again to Exit Realty Paramount for allowing us to film in their office space!
We hope you’ve enjoyed this summer book club. Here’s to continued learning this fall!

More information on compound interest and charts:
https://www.ramseysolutions.com/retirement/how-does-compound-interest-work

Everyday Millionaires Part 2: Perspectives from a Financial Advisor (8/19)

This week our guest is financial advisor and author, Debbie Craig of Craig Wealth Advisors. She and Jon have a packed discussion about Debbie’s book, Piece by Piece – a practical approach to generating retirement income, her perspective on planning for retirement, and how it relates to the strategy in Everyday Millionaires.

We love this down-to-earth exchange that is full of valuable takeaways!

You can learn more about Debbie Craig and Craig Wealth Advisors at https://craigwealthadvisors.com/
Or by phone at 231-943-2920.

Everyday Millionaires: Introduction (8/12)

This week we continue in our Intrust CPA Summer Book Club with August’s selection: Everyday Millionaires by Chris Hogan. Packed with real-life stories of everyday people who have made smart choices that pay off in the long haul, Everyday Millionaires is not only inspiring but also an actual outline of a strategy that works.

We invite you to read with us this month!

Thanks to Exit Realty Paramount for allowing us to film in their beautiful office overlooking West Bay in Traverse City!

Planning for Tax Changes: Estate Tax (8/5)

This video is the third in a series of conversations between Jon and Jeff regarding tax changes and how they may affect you.

Today Jon and Jeff tackle Estate tax, and the possible changes coming soon. They show us how the proposed changes to the Estate Tax, now being debated in Congress, would cause the Estate Tax to affect a much wider group of people than it currently does and what to do about that.

Get Your Life Back Part 3: Practical Steps with Shannon DeBruyn (7/29)

Shannon DeBruyn joins us in this week’s video as we talk about practical steps to take after reading Get Your Life Back by John Eldredge. Shannon gives helpful insights from the professional world into how to put some of these elements into place.

Shannon DeBruyn is an attorney, facilitator, and consultant, and as part of the business she and her husband own, Advance Resources and Consulting, she has consulted with Fortune 100 companies. She can be reached at 231-360-3407 and shannon@advancerandc.com

Get Your Life Back Part 2: Coaching with Shea Petaja (7/22)

This week we sit down with Shea Petaja to pull out four strategies from the book Get Your Life Back by John Eldredge. We unpack the buzz word, “self care,” talk about healthy habits to adopt and a few things in between. You don’t want to miss this valuable conversation.

Shea Petaja, CXO & Radio Show Co-host of Prout Financial Design is also a certified Life Coach with a thriving private practice. You can find her online at www.sheapetaja.com.

Get Your Life Back: Introduction (7/15)

This week we continue in our Intrust CPA Summer Book Club with July’s selection: Get Your Life Back by John Eldredge. We are digging into why this book is perfect for this time in our world – coming out of the pandemic and a hard year in general. Even those of us who consider ourselves resilient may be surprised at how we can benefit from intentional soul-care, and how that can positively influence our work and personal life.

Top 7: Fun 4th of July Facts (7/2)

We are keeping things light this fourth of July weekend! How many of these fun facts do you know?

From the food Americans love to consume on the 4th to details of the historic signing of the Declaration of Independence, these might surprise you!

Share with your friends and family this weekend, and of course have a safe and happy 4th of July!

Dare to Serve Part 3: Final Thoughts & Takeaways (6/24)

The Intrust CPA Summer Book Club is in full swing! In the month of June we are reading Dare to Serve by Cheryl Bachelder. Dare to Serve follows Cheryl’s journey as the CEO of Popeye’s Louisiana Kitchen. She and her leadership team turned the company around in 8 short years using servant leadership principles as their guide.

In this video, Jon and Lauren give six takeaways from the book and how you can put some of the principles to work – even if you haven’t read the book.

This is the third and final video in the Dare to Serve series.

For additional book resources, click here: https://www.cherylbachelder.com/resources/

** We want to hear from you! What were YOUR biggest takeaways from this book? Share with us in the comments! **

Dare to Serve Part 2: Interview with Jason VanBrocklin (6/17)

Today we welcome Jason VanBrocklin, President of Nealis Engineering. Jason’s name came to the top as we thought about the themes of Dare to Serve, and his discussion with Jon is filled with golden nuggets.

This interview serves as a case study and proof that these concepts really work!

We talk about:

– what makes a good and bad leader
– how having a purpose in your business and a clear destination makes all the difference
– learning from mistakes and much more

You are going to go away from this video with concrete examples of how to lead in a way that will empower your team, allow individuals in your team to operate in their strengths, and ultimately reach the goals you have set forth.

For more information on Nealis Engineering, you may visit their website at: https://nealisengineering.com or call 231-933-0510.

Dare to Serve Part 1: Why Dare to Serve? (6/10)

Welcome to the Intrust CPA Summer Book Club! In the month of June we are reading Dare to Serve by Cheryl Bachelder. Dare to Serve follows Cheryl’s journey as the CEO of Popeye’s Louisiana Kitchen. She and her leadership team turned the company around in 8 short years using servant leadership principles as their guide.

In this video, Jon and Lauren share why you want to read this practical and inspiring book whether your leadership role is in the home, in a non-profit or in a workplace.

This is the first of three videos in the series.

Planning for Tax Changes: Capital Gains (6/3)

Today’s video is the second in a series of conversations between Jon and Jeff regarding tax changes and how they may affect you.

In this video, Jon and Jeff discuss how the proposed tax laws may affect capital gains. From selling a business to selling a property, proposed changes in the tax law could mean a significant increase in taxable income. These discussions are only preliminary, and some say the proposed changes won’t happen, however, it is worth considering as they could put some individuals into a tax bracket they may not have anticipated.

In upcoming conversations, we’ll delve deeper into the topics, how you may be impacted and some of the planning you may be able to do now in anticipation of what is to come, so please stay tuned for those.

To view older videos, please click here: https://intrustcpa.us/video-archive/