David Zaegel 
Social Security & Medicare taxes make up a relatively large portion of the total federal tax receipts. This video explains how much and where those taxes come from.
Many people are surprised to see that corporate tax receipts have historically comprised a relatively small percentage of total federal tax receipts. Why is that, and what determines how businesses are taxed? Watch this video to learn more.
When you die, your estate may be subject to estate taxes. Want to know how much the federal government receives in estate taxes? Check out this video to learn more.
Want to know how much tax revenue the federal government receives and where it comes from? I’ve made it a goal to help educate people on the big picture of federal taxes. That way, you can have a greater understanding of how much the government receives, where it comes from, what truly makes a difference, … Read more
When we plan for retirement, one of the strategies that can be counter-intuitive, but extremely powerful is looking at Roth IRA conversions, especially in the early years of retirement. When I say it can be counter-intuitive, it’s hard to think about paying a lot of taxes now to save on taxes later. A lot of … Read more
Profit sharing plans can be a big deal for successful business owners. Many successful business owners will use profit sharing plans because it has a big impact on their financials in multiple different ways, especially among more white collar business owners that have been successful is. Think of doctors, lawyers, dentists, therapists, chiropractors. The list … Read more
We get a lot of questions about what type of business entity I should use for my business because there are lots of different options. You have C corporation, S corporation, partnership, sole proprietorship, LLC which stands for limited liability company. So people are always asking, what’s the best one to use? How should I … Read more
Let’s talk about a topic that is not necessarily fun to talk about, but it is important to talk about. If you’re owning a business, what happens if you die? And the reason we’re discussing this is because most people are familiar with life insurance. If you’re collecting a paycheck, you want life insurance for … Read more
Man, there are a lot of different types of retirement accounts. We’ll try to clarify what these things are. So that way you can understand how to use them and what the benefits are. And I pray that someday maybe Congress will simplify all of this so there aren’t so many different types of accounts … Read more
Yes, unfortunately for many people, life is short. We’ve all known people who have either died young or had some medical issues that have really limited their quality of life, and with that perspective, it’s not to be negative. It’s simply to say, okay, what do we do from a finance perspective? Because we often … Read more
Let’s remove tax surprises. I’d say the most common frustration that we hear from people that come to us is that they have an advisor or an accountant or both, but they aren’t getting the full picture that they need. Typically, it’s either I have an advisor, but they don’t know anything about taxes or … Read more
I’ve talked before about how CPAs and financial planners are not perfect with money. And I’ve made plenty of mistakes in my lifetime but I wanted to highlight two in particular because they can be applicable to all business owners really and even to some that don’t own a business. The first of my personal … Read more
What would you do if you were unable to work? What would this look like? You have no income. What would that be to your family? How would you pay your bills? How would you keep your business running if you’re owning a business? What would this look like for you? For most people, it’d … Read more
Know your numbers to know your business. We say that all the time around here. Obviously I run a financial planning firm, CWOs for Hire. We also have a CPA firm, CPAs for Hire. And if you go to that website, http://www.cpasforhire.com, you will see right there on the front page, know your numbers to … Read more
Hey, guess what? Accountants and financial planners are not perfect with their money. I want to dispel one myth that is out there. If you believe that accountants, CPAs, financial planners, if you think that they are all perfect with their money, you are mistaken. We are human. We make mistakes, and we’re no different … Read more
There are some things that should be standard procedure. Today, let’s start with a story. I want you to imagine Paul and Mary. They’re a married couple and have a few kids. One day Paul says to Mary, “I’ve got this pain in my side. I can’t figure out what it is. It just won’t … Read more
Let’s talk today about Form 1099s and what business owners must do to stay in compliance. Every year, business owners have to send out Form 1099s to any vendor that they pay $600 or more for services. It’s an annual requirement, the forms are due by January 31st. There are a couple of exceptions to … Read more
Let’s talk about health savings accounts. We’ll talk about what they are, and how they can provide some big tax benefits for you. So health savings accounts are often kinda confusing and can get confused with FSA accounts, which is a completely different animal. FSA stands for flexible spending account. And those accounts, it’s a … Read more
Let’s talk about how you can avoid paying capital gains tax by donating to charity. What happens oftentimes is that if somebody has a stock that’s gone up in value over time they might say, okay let’s sell that stock and give some money to charity. It’s always good to give money to charity. Give … Read more
Let’s talk about how you can save a ton in taxes, if you are running a successful service business. Now, by service business, we’re talking about anything, any business that does not produce a thing. So, if your thinking about a consultant, lawyer, dentist, doctor, personal trainer or accountant. Those are all considered qualified service … Read more
Hi. This is Dave Zaegel. Let’s talk about health savings accounts. We’ll talk about what they are and how they can really benefit you if you’re able to use them. We’ll also contrast them with IRA accounts. We’ll show you a comparison to see how they match up with retirement savings because you can actually … Read more
Hi, this is Dave Zaegel. Let’s talk about Monte Carlo Simulations. You may be wondering what in the world is a Monte Carlo Simulation? What does it have to do with anything business or finance related? Well, Monte Carlo Simulations sounds fancy, and in some ways it is, but really when you break it down … Read more
Hi this is Dave Zaegel. Today, let’s talk about Roth IRA conversions and how they can be tremendously beneficial to you for long-term planning. First, what the heck’s a Roth IRA conversion? Most people have no idea what I’m even talking about when I say Roth IRA conversion. What it is, is taking money from … Read more
Hi, this is Dave Zaegel. Let’s talk a little college planning today. I was recently talking with a gentleman about his college planning. And he made the comment slash question, he said, hey, there’s really no silver bullet then to college planning, is there? I said, oh absolutely not. There’s definitely no one silver bullet … Read more
Hi, this is Dave Zaegel. I wanted to send a quick note about charitable contributions and a particular strategy that can be helpful. As I’m shooting this video, it’s shortly after Thanksgiving and we’re coming up on the other holidays of the season. So, this is a time of the year that is particularly focused … Read more