LISTEN TO THE EPISODE HERE!! Hi Everyone, Thank you for joining me on Episode #3 of Money & Life. This week I had the pleasure of speaking with local entrepreneur, Christopher Wycoco of Wyco Tax and it was nothing short than amazing! He shares a passion for entrepreneurship and has seen growth in his business exponentially in the past few years. I met Chris a few years back when I started my business and admired his business tenacity. There comes a time in life when some of u

Disclosure: MyLife Financial, LLC is not a Certified Public Accounting firm nor are any of its representatives Certified Public Accountants. You should seek tax advice from your tax professional to adjust for any changes in tax legislature and your personal situation. Woo hoo!! We are a week removed from the tax deadline of our 2017 income tax and to some of our luck, we got an extension for 1 day. Now we are past the first quarter of 2018 and well on our way into the second

I have recently been diving into my studies to become an Enrolled Agent. Mainly because I have received quite a few questions with regards to taxes and tax preferred vehicles for retirement. There are a few out there and each with a unique set of rules that can help a self-employed person save on taxes today and defer them until they are in a lower tax bracket. So I thought I'd give a quick overview on some of the most commonly used tax saving retirement vehicles for self-emp

Nothing in life is certain except death and taxes. —Benjamin Franklin That saying still rings true roughly 300 years after the former statesman coined it. Yet, by formulating a tax-efficient investment and distribution strategy, retirees may keep more of their hard-earned assets for themselves and their heirs. Here are a few suggestions for effective money management during your later years. Less Taxing Investments Municipal bonds, or "munis" have long been appreciated by ret

It’s that time of year again. No, not the “New Year New Me” thing; I’m talking about the overlap between tax planning for the previous year and the current year. The past few months I have immersed myself in the small business / entrepreneurial world of the Rio Grande Valley and have heard the all too common grumblings toward the “Tax Man.” Hey, I’m with you all. As a small business owner, I want to keep as much as possible in my pocket without Uncle Sam protesting that I’m k

As the end of the year draws near, the last thing anyone wants to think about is taxes. But if you are looking for ways to minimize your tax bill, there's no better time for tax planning than before year-end. That's because there are a number of tax-smart strategies you can implement now that will reduce your tax bill come April 15. As the year begins to draw to a close, consider how the following strategies might help to lower your taxes. Put Losses to Work If you expect to

I grew up around self-employed people. My dad was self-employed, my mom and brothers have been self-employed, and now I am. For the last few years of my life, I worked closely with CPAs, in a financial planner capacity of course, which fortunately prepared me for some of the tax consequences that came along with being your own boss. Before my intimate experience with taxes, the tax code, and planning in general, I was used to hearing, “We’ll expense it” or “It’s deductible” f