For strategic tax adviser Steve Nay, the key to conquering the new year is to keep it simple.
“Yes, tax-saving opportunities abound, from mainstream ones like S corporations and real estate depreciation to niche ones like the Augusta Rule. If they make business sense, then by all means, use them,” says Nay. “But don’t let the tail wag the dog—make the business case first and let the tax strategy follow.”
When buying a truck for your business, avoid doing it solely for the tax write-off. If you want to become an S corporation, ensure the added costs and complexity will make sense in the long run. And before hiring your kids, demonstrate that the business genuinely needs employees with their skills.
“My advice: consult with your tax adviser and consider big decisions deliberately, especially if they’re difficult to reverse,” says Nay. “Focus on first principles, get the business on solid financial footing, and let your tax strategy evolve as the business grows.”
Steve Nay, Daybreak Tax
Independent Financial Advisor Jeff Brecht believes the new year is the perfect time to review your portfolio. With the optimism of a fresh start, as you set new goals, it’s a great opportunity to assess whether your investments are on track.
“The holidays are busy, and not everyone has time for a year-end review,” says Brecht. “Early January, when things slow down a bit, is an excellent time to consider if rebalancing or repositioning to grab new opportunities for the year ahead aligns with your goals.”
What worked last year might not this year, so sitting down with your advisor is a smart way to check your accounts and make needed adjustments. Life happens fast. If you’ve experienced a major life event—such as a job change, a relocation, or have lost or are taking care of a loved one—reviewing the big picture can help you get off to the right start!
Jeff Brecht, Osaic Wealth
Owning gold, silver, platinum, and palladium coins, bars, and rounds is a straightforward way to simultaneously hold property and money. As Jack Dempsey, President of 401 Gold Consultants, explains, this ownership is private, requiring no Social Security number.
“Gold and the other metals are no one’s liability. They cannot be printed until the purchasing power declines like paper money,” says Dempsey. “This ‘currency risk’ loses money! The longer you hold the paper dollar, the less it buys, and that ‘inflation’ is killing our financial future.”
This new year, consider an alternative to paper currency: U.S. legal tender precious metal coins. 401 Gold Consultants specializes in empowering clients to make well-informed decisions about these assets.
“As our tagline says, ‘Consult, Decide, Provide.’ We make it our business to consult first, decide after, and then provide the highest-quality U.S. precious metal coins right to your door,” says Dempsey.
Jack Dempsey, 401 Gold Consultants