Essential Financial Practices for Solopreneurs
Operating as a solopreneur brings both opportunities and responsibilities, especially when it comes to financial management. From structuring your business properly to tracking your income, sound financial practices are essential for sustainable success. Favored Financial Planning specializes in helping solopreneurs navigate these challenges with expert financial guidance. Here are key best practices to establish a […]
Why Solopreneurs with a Single Member LLC (SMLLC) Need a Strong Financial Foundation – And How Favored Financial Planning Can Help
Forming a Single Member LLC (SMLLC) is an exciting step for any solopreneur. It formalizes your business, protects your assets, and positions you as a professional in your field. But forming an SMLLC is just the beginning. To truly thrive, solopreneurs need a strong financial foundation to support their goals, mitigate risks, and ensure long-term […]
Major Life Changes in 2024? Let’s Discuss the Impact on Taxes: How Favored Financial Planning Can Help
Life is full of milestones, and while they bring joy and new beginnings, they can also significantly impact your financial and tax situation. Whether you’re welcoming a new baby, entering or ending a marriage, each change comes with potential tax implications. Here’s how these milestones affect your taxes and how we can help you through […]
Changes in the Tax Code Are Coming: How Favored Financial Planning Can Help You Navigate Tax-Advantaged Financial Strategies in 2025
As we approach 2025, significant changes in the tax landscape are on the horizon, particularly with the expiration of key provisions from the Tax Cuts and Jobs Act (TCJA) of 2017. If you’re concerned about how these changes might impact your financial future, you’re not alone. At Favored Financial Planning, we specialize in crafting tax-advantaged […]
Now Is the Time for Tax Planning: Don’t Be Surprised on Tax Day!
As the end of the year approaches, it’s easy to get caught up in the holiday hustle and bustle, leaving financial matters like tax planning on the back burner. But at Favored Financial Planning, we know that taking a proactive approach to your taxes can make a significant difference. Instead of waiting until April to […]
Maximize Your Benefits: The Importance of Open Enrollment and How Favored Financial Planning Can Help
Open Enrollment season is upon us, a critical time for employees to review and make necessary changes to their health insurance and other benefit plans. This annual period is when you can select or change your health insurance, retirement plans, and other benefits provided by your employer. However, many employees overlook this crucial window or […]
How Favored Financial Planning Can Help Students and Parents Plan for Retirement Amidst Funding College.
In the hustle and bustle of securing a college education, the thought of retirement planning often takes a backseat. Many families find themselves in a position where they have meticulously saved or secured scholarships to fund their child’s education but have little to nothing set aside for retirement. Favored Financial Planning recognizes this challenge and […]
Transform Your Financial Future with Favored Financial Planning
In today’s complex financial landscape, navigating through investments, savings, and financial goals can feel overwhelming. However, Favored Financial Planning is revolutionizing the approach to financial management, making it more accessible and manageable for everyone. With a commitment to personalized service, we offer a comprehensive and supportive approach, ensuring that every client feels confident and empowered […]
Maximizing College Savings: A Financial Advisor’s Guide to 529 Plans
As the cost of higher education continues to rise, saving for college has become a top concern for many families. With escalating tuition fees, it’s essential to have a solid financial plan in place to ensure that your child’s educational aspirations can be realized without being burdened with excessive student loan debt. One powerful tool […]
Maximizing College Savings: Leveraging Roth IRA for Education Expenses
Planning for college expenses can be a daunting task for many families. With the continuously rising costs of higher education, it’s crucial to explore various avenues for saving and investing wisely. One such avenue that often goes underutilized for college savings is the Roth Individual Retirement Account (IRA). Let’s explore the advantages of incorporating a […]
