What Are the Wealthy Really Worried About?
At GROCO we work very closely with some of the most highly successful people in the world and because of that we know what makes these types of individuals tick. We understand how they think and how they operate and we offer top notch business consulting to help them be successful. We also know what the wealthy are really worried about. And when it comes to investing, wealthy investors’ biggest concern is to protect their wealth, even more so than big returns.
In fact, wealthy investors typically focus on a few particular strategies as they ultimately make plans to pass on their values and their wealth to future generations. Because we work with many of these individuals we are able to share with you the most common strategies employed by the highly successful. Let’s take a closer look.
Creating an effective cash-flow model is at the top of the list of most wealthy investors. Another common strategy used by many of the wealthiest clients we have is to maximize their retirement accounts. That means that they contribute as much as they can to their retirement accounts. Backdoor Roth conversions are also another popular move commonly employed by the wealthy.
Wealthy investors also focus on lowering their income and their capital gains taxes, as well as doing everything they can to avoid estate taxes. Lastly, many of the wealthiest people we work with put a strong emphasis on philanthropy. They not only put a plan in place to distribute their wealth but also their values.
At GROCO, we know that the wealthy have a lot of things to be concerned about, not the least of which is protecting that wealth. That’s why we help the highly successful prepare for the future with careful tax planning and business consultation, among other things. We can help you, too. Just click here to contact us or give us a call at 1-877-CPA-2006.
Revisiting Your Will
[vc_row][vc_column][vc_column_text] Revisiting Your Will The importance of having a will cannot be overemphasized. It’s not simply the way that you direct the distribution of your financial and personal assets. Your will also enables you to designate an executor (or personal representative) who will act in your stead to meet your obligations and steer your assets…
Tax Tips for New Ecommerce Entrepreneurs
Tax Tips for New Ecommerce Entrepreneurs New ecommerce entrepreneurs can find them confused and confounded by the tax and accounting requirements of their venture. And that’s a shame: If someone’s spotted a great new category and successfully built a web presence, heck, that someone shouldn’t find themselves bogged down with the accounting minutia. The entrepreneur…
HERO Act Expands IRA Options for Military
HERO Act Expands IRA Options for Military Members of the military serving in Iraq, Afghanistan and other combat zone localities can now put money into an individual retirement account, even if they received tax-free combat pay, according to the Internal Revenue Service. Under the Heroes Earned Retirement Opportunities (HERO) Act, signed into law on Memorial…
Dealing with IRS Collections
Dealing with IRS Collections There are times when taxpayers are unable to pay amounts owed the IRS on a tax return or as a result of an audit. Presuming there is no disagreement about the tax liability, just a lack of funds to pay, the taxpayer is best served by avoiding the collection process. There…