JD Henry, Financial Advisor at Iliad Solutions

12/19/2023

Could I do my own taxes? 👍 Yes.

But...

⏳ Do I want to invest the time doing them? 👎 No.

😰 Do I want to worry about potentially doing something wrong? 👎 No.

🆘 Do I want a resource to go to with my tax questions? 👍 Yes.

So, ultimately... I have someone do my tax prep.

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This same type of logic could be applied to just about anything, including financial planning.

Many people probably could do it themselves. But...

➡️ Do they want to invest the time? 👎 No

➡️ Do they want a partner to make sure they're making smart financial decisions and being held accountable? 👍 Yes.

➡️ Do they want someone to go to with their questions? 👍 Yes.

🤝 So many people end up hiring a financial planner.

11/30/2023

If you have an S corp and try to pay yourself the lowest possible salary 🔻🔻

👀You may be missing out on tax deductions.

💰Generally folks become an S Corp so they can pay themselves a reasonable, but low, salary to save on self employment taxes.

🪫But for some, this might result in a less optimal QBI deduction.

💰💰For these people, paying themselves a higher salary could result in a higher net tax benefit, even after considering the extra self-employment taxes they’ll have to pay.

⚖️It’s a balancing act.

And year-end is a prime time to find out that perfect number to optimize if needed.

11/21/2023

📝 Some people do rough math to figure out what their tax bill might be.

And while that's better than nothing, I think it's missing something key 🔑...

The planning aspect.

Again, I think understanding what you might owe from a tax perspective is critical so you can avoid penalties and interest being assessed by the IRS.

💰 But what if there are opportunities you are missing or 💣 land mines you're potentially stepping on?

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That's why we always put together rough projections with the folks we work with - often in collaboration with their tax preparers - so we can develop an informed plan of attack.

📈 Obviously every situation is different, but ongoing planning is where you can really add value long-term.

11/16/2023

A tax reminder to all...👇

💸 You may need to make estimated tax payments (aka send money to the IRS for your taxes).

It's not just business owners, but also those who receive:

▪️ Bonuses
▪️ Commissions
▪️ Stock compensation (RSUs, ISOs, NSOs)
▪️ Capital gains
▪️ Investment Income
▪️ Side-gigs
▪️ The list could go on and on

There are many instances where estimated payments might be required, or make sense for your situation.

And if you continually have a tax bill when you file your taxes each year, that's a sign that you might fall into this bucket.

11/13/2023

❓ Are you saving too much, or too little❓

🤷‍♂️ It's hard to know, unless you've done some kind of projections 📈

✋ On the one hand, you don't want to spend so much that it endangers your future lifestyle and/or ability to reach your financial goals.

✋✋But on the other, you don't want to save so much that you aren't enjoying your life in the present.

⚖️ It's a balancing act, often grounded in some form of projections.

If you’re not sure what to do about your savings, reach out to me and I’ll be happy to help!

11/08/2023

❌Common myth:

Estate planning is only to handle affairs when you die.

✅Reality:

Good estate planning actually ensures that:

☝️During your lifetime
✌️And upon your passing

Decisions related to your finances/assets and medical care are handled how you would want.

You don’t have to have millions and billions.

These are important documents to have regardless of how much money you have.

11/07/2023

📊📆 As we approach the end of the year, it's the perfect time to take stock of your financial goals and plan for a prosperous future! 💰💡

Here are some valuable end-of-year financial suggestions:

1️⃣ Review Your Budget: Take a close look at your expenses and income to ensure you're on track to meet your financial goals. Adjust your budget as needed.

2️⃣ Maximize Retirement Contributions: If you haven't maxed out your retirement accounts, consider making additional contributions to benefit from tax advantages and secure your retirement.

3️⃣ Tax Planning: Explore tax-saving strategies and consider taking advantage of deductions or tax credits that might expire at the end of the year.

4️⃣ Asset Allocation: Evaluate your investment portfolio to ensure it aligns with your long-term goals and risk tolerance. Make adjustments if necessary.

5️⃣ Emergency Fund: Confirm that your emergency fund is sufficient to cover unexpected expenses, ideally three to six months' worth of living expenses.

6️⃣ Estate Planning: Review and update your will, trusts, and beneficiaries to ensure your assets are protected and distributed as per your wishes.

7️⃣ Financial Checkup: Schedule a year-end review with me to discuss your financial progress and update your financial plan accordingly.

Remember, I'm here to help you navigate the complexities of your financial journey and make the most of your resources. Don't hesitate to reach out if you have any questions or need assistance with any of these steps. Let's finish the year strong and set the stage for a successful financial future! 🚀📈

Send a message to learn more

11/02/2023

Are you ready to take control of your financial future? I'm here to help you make smart financial decisions, plan for your goals, and secure your financial well-being. Whether you're saving for retirement, investing for the future, or seeking advice on budgeting, I've got you covered!

Here's what you can expect from my services:
✅ Personalized Financial Planning
✅ Investment Strategies
✅ Retirement Planning
✅ Budgeting Tips
✅ Debt Management

Join me on this journey towards financial success! Like and follow my page to stay updated with valuable insights, tips, and the latest financial trends.

Let's work together to turn your financial dreams into reality. Feel free to reach out for a free consultation or any financial questions you may have.

Your financial future starts here! 💼💡