Migrate Your Money

13. How to Prepare for Student Loan Payments to Begin October 2023

The Federal student loan payment pause, which started March 13, 2020 in response to the COVID-19 pandemic, ends August 31, 2023. The pause suspended Federal student loan payments and interest accrual on those loans. While forbearance of payments will continue through September 2023, with payments due beginning October 2023, interest will begin accruing on Federal student loans on September 1. You can choose to begin making payments before October 2023, if you would like to. Your student loan servicer is required to notify you of your payment amount and payment due date at least 21 days before it is due. Instead of waiting to see what happens and for your student loans servicer to tell you when your payment is due and how much you owe each month, here are 7 things you should do now to prepare for student loan payments to restart in October 2023. -- Connect with the Migrate Your Money's host, Drew Feutz: ● Connect with Drew: ⁠⁠⁠https://www.linkedin.com/in/drewfeutz/⁠⁠⁠ [https://www.linkedin.com/in/drewfeutz/] ● Schedule An Intro & Discovery Meeting: ⁠⁠⁠https://calendly.com/drew-feutz/1hourintro⁠⁠⁠ [https://calendly.com/drew-feutz/1hourintro]   Migration Wealth Management: ● Website: ⁠⁠⁠https://migrationwealthmanagement.com/⁠⁠⁠ [https://migrationwealthmanagement.com/] ● LinkedIn: ⁠⁠⁠https://www.linkedin.com/company/migration-wealth-management/⁠⁠⁠ [https://www.linkedin.com/company/migration-wealth-management/] ● Instagram: ⁠⁠⁠https://www.instagram.com/migrationwealth⁠⁠⁠ [https://www.instagram.com/migrationwealth] ● Twitter: ⁠⁠⁠https://twitter.com/MigrationWealth⁠⁠⁠ [https://twitter.com/MigrationWealth] ● YouTube: ⁠⁠⁠https://www.youtube.com/@migrationwealthmanagement [https://www.youtube.com/@migrationwealthmanagement]

12. The Most Overlooked Way for Business Owners to Save Money on Taxes

It seems like business owners are always looking for ways to save money on taxes. Running a business takes a lot of time and effort and you want to keep as much of your hard-earned money in your pocket as possible. Business development, growing revenue, increasing profit margins, and identifying opportunities are top priorities for business owners to be successful. Unfortunately, that means that an extremely important part of proper business management is often ignored: bookkeeping. Good bookkeeping, in my estimate, is the most overlooked way for business owners to save money on taxes. As a business owner, if you don't do good bookkeeping, you could be paying hundreds or even thousands of dollars more in tax than you should. Your business expenses directly reduce your taxable income.  If you 'forget' about some expenses because you haven't tracked well, then you'll end up paying more in taxes than you need to. -- Connect with the Migrate Your Money's host, Drew Feutz: ● Connect with Drew: ⁠⁠https://www.linkedin.com/in/drewfeutz/⁠⁠ [https://www.linkedin.com/in/drewfeutz/] ● Schedule An Intro & Discovery Meeting: ⁠⁠https://calendly.com/drew-feutz/1hourintro⁠⁠ [https://calendly.com/drew-feutz/1hourintro]   Migration Wealth Management: ● Website: ⁠⁠https://migrationwealthmanagement.com/⁠⁠ [https://migrationwealthmanagement.com/] ● LinkedIn: ⁠⁠https://www.linkedin.com/company/migration-wealth-management/⁠⁠ [https://www.linkedin.com/company/migration-wealth-management/] ● Instagram: ⁠⁠https://www.instagram.com/migrationwealth⁠⁠ [https://www.instagram.com/migrationwealth] ● Twitter: ⁠⁠https://twitter.com/MigrationWealth⁠⁠ [https://twitter.com/MigrationWealth] ● YouTube: ⁠⁠https://www.youtube.com/@migrationwealthmanagement [https://www.youtube.com/@migrationwealthmanagement]

11. Tax Implications for S Corp Business Owners

If you're a business owner who takes W2 wages from your S Corporation, that may not be your only taxable income. An S Corporation (S Corp) is a pass-through entity for tax purposes. What does this mean? It means that the net profit generated by your S Corp is not taxed at the corporate level but rather passes through to your personal tax return. However, this pass-through feature can sometimes catch business owners off guard when it comes to calculating their taxable income. Something that is commonly misunderstood by business owners is that net profit from your LLC or S Corp passes through to your personal tax return. Many business owners who take W2 wages from their S Corp assume that is their only taxable income. However, if your business is profitable, that is far from the truth. This net profit is the remaining amount after deducting business expenses and paying your salary. It represents the earnings that pass through to your personal tax return. -- Connect with the Migrate Your Money's host, Drew Feutz: ● Connect with Drew: ⁠https://www.linkedin.com/in/drewfeutz/⁠ [https://www.linkedin.com/in/drewfeutz/] ● Schedule An Intro & Discovery Meeting: ⁠https://calendly.com/drew-feutz/1hourintro⁠ [https://calendly.com/drew-feutz/1hourintro]   Migration Wealth Management: ● Website: ⁠https://migrationwealthmanagement.com/⁠ [https://migrationwealthmanagement.com/] ● LinkedIn: ⁠https://www.linkedin.com/company/migration-wealth-management/⁠ [https://www.linkedin.com/company/migration-wealth-management/] ● Instagram: ⁠https://www.instagram.com/migrationwealth⁠ [https://www.instagram.com/migrationwealth] ● Twitter: ⁠https://twitter.com/MigrationWealth⁠ [https://twitter.com/MigrationWealth] ● YouTube: ⁠https://www.youtube.com/@migrationwealthmanagement [https://www.youtube.com/@migrationwealthmanagement]

10. The Truth About Tax Write-Offs

People love to talk about tax ‘write-offs”. It seems like social media has made many people view tax write-offs as a magical solution or a cheat code to save money on their taxes. However, the reality is that a tax write-off isn’t a cheat code or a guaranteed shortcut to financial success. Have you ever seen someone talk about the Holy Grail of tax write-offs on social media? Or maybe you’ve heard someone you personally know brag about something they purchased with the intent to write it off on their taxes? The truth is (fair warning – I’m sorry because I know this is going to come off too strong) they probably don’t understand how a write-off works. Take this trade, for instance: If you give me $100, then I’ll give you $20 in return. What do you think – deal or no deal? No deal, right? This is the trade people make all the time when they purchase something through their business just because it’s a write-off. -- Connect with the Migrate Your Money's host, Drew Feutz: ● Connect with Drew: https://www.linkedin.com/in/drewfeutz/ [https://www.linkedin.com/in/drewfeutz/] ● Schedule An Intro & Discovery Meeting: https://calendly.com/drew-feutz/1hourintro [https://calendly.com/drew-feutz/1hourintro]   Migration Wealth Management: ● Website: https://migrationwealthmanagement.com/ [https://migrationwealthmanagement.com/] ● LinkedIn: https://www.linkedin.com/company/migration-wealth-management/ [https://www.linkedin.com/company/migration-wealth-management/] ● Instagram: https://www.instagram.com/migrationwealth [https://www.instagram.com/migrationwealth] ● Twitter: https://twitter.com/MigrationWealth [https://twitter.com/MigrationWealth] ● YouTube: https://www.youtube.com/@migrationwealthmanagement [https://www.youtube.com/@migrationwealthmanagement]

9. 3 Financial Goals You Should Actually Set for 2023

We’ve all heard the stats about how most people give up on their New Year’s resolutions before the end of January and how almost no one keeps them through the end of the year. It’s unfortunate that setting goals that you won’t achieve is the norm, but there are some simple solutions to setting goals that you will actually stick with and achieve. In this episode, Drew Feutz, CFP®, Founder & Financial Planner of Migration Wealth Management speaks about some of the most common financial New Year's resolutions, including sticking to a budget, saving more, and paying down debt, and how you can change these resolutions into more impactful input goals that focus on building habits that will help you achieve your financial objectives. Connect with the Migrate Your Money's Host: ● Connect with Drew: https://www.linkedin.com/in/drewfeutz/ [https://www.linkedin.com/in/drewfeutz/] ● Schedule An Intro & Discovery Meeting: https://calendly.com/drew-feutz/1hourintro [https://calendly.com/drew-feutz/1hourintro] Migration Wealth Management: ● Website: https://migrationwealthmanagement.com/ [https://migrationwealthmanagement.com/] ● LinkedIn: https://www.linkedin.com/company/migration-wealth-management/ [https://www.linkedin.com/company/migration-wealth-management/] ● Instagram: https://www.instagram.com/migrationwealth [https://www.instagram.com/migrationwealth] ● Twitter: https://twitter.com/MigrationWealth [https://twitter.com/MigrationWealth]