Financial Planning for Louisville Small Business Owners
Hey, I’m TC! I am the co-founder of Legacy Financial and focus my time helping millennial solopreneurs and business owners save and spend money wisely.
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For many owners, contributing the maximum amount to a retirement plan is not as simple as looking up the IRS contribution limits. For some owners with multiple businesses and/or multiple…
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When trying to set up a new retirement plan, especially for 2025, the two primary questions to answer are when you can establish the plan and the latest date that…
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Business insurance is often one of the required but unpopular parts of running a business. Regardless of the owner’s viewpoint, most business owners should understand their business insurance and properly…
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As the year comes to a close, many of us will start totaling numbers to see how 2025 will turn out. Naturally, this is when any of the end-of-year moves…
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How Can I Max Out My Retirement Account? How to Hit Your 2025 Deduction Goals with Retirement Plans.
Contributing to a retirement account has arguably been one of the best deductions available from year to year. As the end of the year approaches, it could be a great…
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As the end of the year approaches, most people start to get a clear sense of how much income they will have for the year. If this year looks like…
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For some people, financial generosity or giving can be a sore subject, but for others, it can be all that they talk about. Regardless of someone’s level of generosity, most…
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Estate Planning is always a difficult but necessary step to complete in your financial plan. Couple that with major tax implications, and you will quickly see why it is important…
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Aging parents can be an extremely underrated stressor in life. On top of full-time jobs, raising families, and serving in the community, it can feel extra burdensome to care for…
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Many business owners never truly plan on retiring. Worse, many just assume their entrepreneurial journey will carry them through life indefinitely. Naturally, this leads to uncertainty and confusion when the…
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Business owners love reducing taxes. Retirement accounts are one of the best ways to defer or reduce taxes. Almost irrespective of personal retirement plans, contributing to retirement accounts to some…
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Retirement is a highly personal concept. Some take the traditional route by leaving their 40-hour work week, while others try to work as long as possible. Retirement planning is less…
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Within the last 80 years, Americans created the modern version of what we call retirement. While the concept is still relatively new, there is some debate about what retirement should…
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Savings, whether from profits or windfalls, must go somewhere. Once money is earmarked for savings, it should be allocated to one of three categories. While there are many reasons to…
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Large capital gains are always something worth planning for. Especially after selling a business, tax years with large capital gains can feel particularly painful when the tax bill comes. Even…
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Since the Tax Cuts and Jobs Act (TCJA) in 2017, there has been a yearly struggle with the amount of depreciation allowed for new business purchases. At the start of…
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With all the changes in the recent tax bill, there were not many changes to charitable giving. For whatever reason, it seems that charitable giving from a financial and tax…
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Kids are simultaneously the best part of our families and the most expensive. Especially when it comes to education, the costs from birth to adulthood can easily cross 6-figures. While…
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If you pay at least 5-figures in taxes, the new tax bill may have just improved your tax situation. Since 2017, one of the major topics of contention has revolved…
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Among the many changes in the new One Big Beautiful Bill (OBBBA), the Qualified Business Income (QBI) deduction got a permanent upgrade for small business owners. What started with the…
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Raising children is one of the most expensive things in life. Fortunately for us parents, as part of the recent tax bill, the OBBBA solidified the expanded Child Tax Credit…
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The Health Savings Account (HSA) is a valuable financial planning tool that helps cover medical expenses for you and your family. Short of taxes and retirement, medical expenses are one…
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Now that President Trump has signed another major tax bill, the rest of America gets to figure out what the bill is actually changing (or not changing). Since the Tax…
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Since the passing of my father, I have thought a lot more about the probate process and whether it is helpful or not. He passed unexpectedly, without a will, and…
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As an advisor, I have a guilty pleasure of attending “financial events” where I already know most of the content that is presented. Inevitably, there are one or two interesting…
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Taxes are a crucial piece of selling a business. As a result, the more planning done ahead of time before selling could have massive swings in the amount owed after…
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Cash flow may be the single most important financial topic for small business owners. Without money moving through the business, there is no business. Yet, many owners have found a…
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Capital Gains are always a double-edged sword. On one hand, selling an appreciated taxable asset has created a tax bill. On the other hand, that means your investment was successful,…
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Attempting to sell appreciated investment properties can include a significant tax decision. Many investors could have tens or hundreds of thousands of gains that could be taxable. To make matters…
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Why do so many business owners buy real estate? Usually, when I am reviewing the total assets of a business owner, inevitably, they own real estate outside of their home.…
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Different types of business sales can have dramatically different outcomes. After valuing a company and a potential buyer wants to purchase the business, the next step is structuring the type…
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Do you know the value of your business? Most owners don’t, and it could cost them. Even though most businesses in the US are technically small businesses, understanding the true…
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Selling a business can be a major financial life event. Especially for those who have built their business from the ground up over decades, it can be a monumental undertaking.…
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If you’re a high-income earner or business owner, you may have looked at your tax return and wondered, “Why does this number feel bigger than it should be?”. After accounting…
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Shortly after all the storms in February, the IRS and the State of Kentucky delayed the tax return dates. While most people still tried to get all their taxes done…
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When markets get choppy, some clients ask for proactive ways to take advantage of everything going on. For business owners and professionals with money in brokerage accounts, they could have…
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If someone tells you when the perfect time to invest in the market is, they are likely lying. Market timing is always a popular topic, especially with the recent drops…
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For business owners and high-income professionals looking to maximize their retirement savings, traditional options like a 401k or a Roth IRA often come with frustrating contribution limits. But what if…
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During tax season, many business owners revisit their retirement savings options, including their Roth IRAs. Sometimes, that can be as simple as a maximum contribution. But for others, they make…
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Did you inherit a retirement account recently and have no clue what to do with it? Inheriting a retirement account from a spouse or parent can be confusing, especially if…
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For many married business owners, tax season brings up a common question: Should we file jointly or separately? Especially with soon-to-be or recently married business owners, people often question whether…
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For many business owners, taxes can feel like a never-ending burden. Running a business is hard enough, and you may often find yourself “doing what you are told” to take…
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In our modern economy, one of the major financial problems we face is what to do with our money. As small business owners, managing money is more than just turning…
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What does ‘saving for the future’ really mean for small business owners balancing personal and business goals? Once immediate needs are met month to month, the next question naturally turns…
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There are many ways to generate money and income in the modern economy. Every now and then you hear about all the different sources of income someone has. What you…
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Proper cash management can significantly improve your financial plan. Too many business owners do not have a solid cash flow strategy and as a result, feel anxious and confused. As…
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Starting a new business can be exciting and incredibly challenging at the same time. Before landing your first customer, there are dozens of requirements and problems to sort through. A…
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As the year ends, taking time to step out of the day-to-day grind can provide many advantages. The holidays have a good way of slowing (some) business and can allow…
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Generosity, or giving your money away, is perhaps one of the least discussed financial topics. Some could speculate why, but the fact remains that there are not many good strategies…
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Contributions to a retirement account through your business are one of the best ways to save for the future and claim a large tax deduction. It is entirely possible to…
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Tax Planning is, among many things, about strategically changing your income level to improve your tax situation. After nearly a full year of work, there are typically some good year-end…
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What is Cost Segregation? How Business Owners Can Turn Their Properties into Massive Tax Deductions.
Does real estate really have all the tax breaks that people talk about? Real estate has always been a very important investment for many people. Business owners and real estate…
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Back in 2017, congress passed the Tax Cuts and Jobs Act, one of the biggest and broadest tax bills in recent decades. Many people (but not everyone) saw their taxes…
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What would happen to your business if you weren’t around tomorrow? Does your family have a plan for your wealth if you were gone? The whole domain of trusts and…
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Now that we have entered October, the year-end tax planning cycle is starting to pick up. For many that hopefully means attempting to determine their total income for the year…
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QBID, or the Qualified Business Income Deduction, may be one of the biggest deductions available to you as a small business owner. Many owners aren’t even aware of this, and…
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Business owners often don’t understand their taxes and just hope they are doing everything to keep their heads above water. Then they hear how a friend’s “S-Corp” is saving them…
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All entrepreneurs are created differently. Some were born as business owners, others adopted it as a second “professional life”. For those career changers starting (or growing) their business, their financial…
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Health insurance is one of the major issues in the modern world, and the election in the next few months will no doubt create more conflict. While there are many…
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When starting a new business, there are a million things to do. Besides the pressing issues like registration, billing, or getting the first few customers, there are also a handful…
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With everyone jumping back into the school season, there is plenty of money in motion this month. Tuition, supplies, clothes, sports, and the dozens of other expenses to support our…
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One of the most common pain points for business owners is taxes. Naturally, the idea of write-offs becomes a business owner’s best friend. The more you can write off, the…
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Everyone is asked this question at some point in their journey to retirement. Especially when you set up a retirement plan for your business, it is important to understand the…
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Given that this is a presidential election year, many people have asked what the election will do to the markets and their money. On top of that, an arguably overvalued…
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One of the first questions to answer as an entrepreneur and new business owner is what structure is best for your new business. There are a few options and the…
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Setting up a retirement plan is an important process to conquer. There are different types of retirement plans to set up and it can be overwhelming to some, so today’s…
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Depending on who you ask, insurance generally is either the best or worst financial product you’d ever buy. As a result, there is some confusion around what insurance policies are…
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Investing may arguably be the most popular financial planning topic. Most people roughly understand what investing is and have heard about the stock market before. If you interviewed 1,000 people…
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One of the reasons why money creates stress in people is because they don’t know what will happen in the future. People don’t fully understand how different life changes would…
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Retirement planning is one of the most important financial topics that we face. The thought of retiring after decades of work is hard for people to grasp, and many times…
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Taxes are one of the biggest bills you will pay in your lifetime. Ensuring that you, your family, and your business have proven tax strategies to save on taxes is…
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What Is a Financial Plan? Financial planning is critical with how important money is in our lives. A reason you may feel stressed financially is largely because you do not…
TC Falkner, CFP®
Welcome! I build financial plans for business owners to save, invest and spend money effectively. I am a Financial Advisor, and Director of Financial Planning for Legacy Financial. For disclosure information, see here.
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