Du Charme Wealth Management Podcast
Educating and empowering individuals that want to have more effective engagements with professionals around their financial lives.
DISCLAIMER: Information presented is for your educational purposes only and should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented.
Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.
Du Charme Wealth Management Podcast
Tax Hacks That Won't Leave You Broke
Igor shares his expertise on financial planning tailored specifically for creative professionals and freelancers, addressing the unique challenges they face without traditional employment structures. He breaks down four critical areas where self-employed individuals need focused attention: managing irregular income, choosing appropriate business entities, navigating health insurance options, and implementing effective retirement planning strategies.
• Using the Profit First method to manage irregular income by separating business and personal finances
• Building an adequate emergency fund of 3-6 months of expenses or more
• Considering the true costs and benefits of different business entities like LLCs and S-Corps
• Exploring health insurance options beyond ACA marketplace plans
• Understanding association plans, union plans, and COBRA continuation coverage
• Setting up retirement accounts specifically designed for self-employed individuals
• Utilizing SEP IRAs for simplicity or Solo 401(k)s for potentially higher contribution limits
• Avoiding the common trap of over-deducting business expenses at the expense of retirement savings
• Remembering that Social Security alone will not provide a comfortable retirement
• Finding a good tax preparer who understands self-employment complexities
Find Du Charme Wealth Management here:
https://ducharmewealth.com/
[00:00:00] Intro to Financial Planning for Creatives
[00:06:40] Managing Irregular Income Effectively
[00:12:52] Business Entity Structure Decisions
[00:19:54] Health Insurance Options for Freelancers
[00:26:30] Retirement Planning for Self-Employed
[00:38:53] Final Tips and Concluding Thoughts
DISCLAIMER:
Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.