How Defined Benefit Plans Help Business Owners Slash Taxes and Catch Up on Retirement (Ep. 61)

How the “One Big Beautiful Bill” Could Save (or Cost) You Thousands (Ep. 63)

The “One Big Beautiful Bill Act” (OBBBA) is now law, and it’s packed with new deductions, credits, and incentives—but also with phaseouts and timing traps that could wipe away your benefits. In this episode of Maximizing Outcomes®, Jim McGovern walks through the key provisions that impact individuals, retirees, and business owners, and shares practical ways to turn these tax changes into opportunities. From the expanded SALT deduction and senior tax breaks to powerful business-owner strategies like qualified small business stock exclusions, Jim breaks down what’s changed, what’s stayed the same, and how to align your financial decisions with the new rules. What You’ll Learn * How the new SALT deduction works—and when higher income can erase the benefit. * Why the new senior deduction could be worth up to $12,000, and how Roth conversions can backfire. * Key tax breaks for tips, overtime, and U.S.-assembled car loan interest. * How “Trump Accounts” for kids function like a Roth IRA with no income requirement. * Game-changing business-owner provisions, from QBI to qualified small business stock. Why Listen If you want to keep more of your money under the new tax law, timing, income thresholds, and proactive planning are critical. Jim shares real-world examples showing how small missteps can cost thousands—and how to position yourself for the biggest wins. 👉 Schedule a tax planning review today at mcgovernwealth.com [http://www.mcgovernwealth.com] to see how this episode’s strategies apply to your situation. Resources * The Money Clarity Quiz: 4 Steps to Your Financial Picture — Start Here [https://www.livingbalancesheet.com/lbsVision/lite/mcgovernwealth] * Related Episodes: * Episode 34: How to Maximize Qualified Opportunity Zones [https://maximizing-outcomes.blubrry.net/2023/10/20/what-are-qualified-opportunity-zones-with-ray-desantis-of-redbrick-lmd-ep-34/] * Tax Planning Strategies for Business Owners [https://maximizing-outcomes.blubrry.net/2025/05/20/how-defined-benefit-plans-help-business-owners-slash-taxes-and-catch-up-on-retirement-ep-61/] Connect with McGovern Wealth Group * info@mcgovernwealth.com [info@mcgovernwealth.com] * Schedule A Meeting [https://outlook.office365.com/book/JimMcGovern@mcgovernwealth.com/?ismsaljsauthenabled=true] * McGovern Wealth Group [http://www.mcgovernwealth.com] * LinkedIn: Jim McGovern [http://www.linkedin.com/in/mccgovernjim] * Facebook: Jim McGovern [http://www.facebook.com/jimmcgovern.financialadvisor] Links to external sites are provided for your convenience in locating related information and services. Guardian, its subsidiaries, agents and employees expressly disclaim any responsibility for and do not maintain, control, recommend, or endorse third-party sites, organizations, products, or services and make no representation as to the completeness, suitability, or quality thereof.

As Seen on Shark Tank: How Remento Helps You Capture Your Life Story with Charlie Green (Ep. 62)

Your legacy is far more than your net worth—it’s your story, your voice, and the memories you leave behind.  In this heartfelt and inspiring episode of Maximizing Outcomes®, Jim McGovern is joined by Charlie Green, founder of Remento [https://remento.co/], a revolutionary platform that helps families preserve stories, voices, memories, and wisdom—without needing to write a word.  Featured on Shark Tank and a deal secured with Mark Cuban, Remento is making it easy to create beautiful keepsake books that capture spoken memories, personal histories, and life lessons. You’ll hear:  * Charlie’s moving story of loss and inspiration  * How Remento turns conversations into family heirlooms  * The technology making memory preservation effortless  * Ways to document your legacy (or that of your parents or grandparents)  * The surprising emotional power of voice  * What it was like pitching to the Sharks  🎧 Whether you’re a parent, grandparent, or a son or daughter that values family connection, this episode will change how you think about legacy.  Resources & Links: 👉 Explore Remento: https://remento.co [https://remento.co/] – Use Coupon Code MCGOVERNWEALTH 👉 Try our Financial Health Assessment Tool [https://www.livingbalancesheet.com/lbsVision/lite/mcgovernwealth] Connect with McGovern Wealth Group:  * info@mcgovernwealth.com [info@mcgovernwealth.com]  * Schedule A Meeting [https://outlook.office365.com/owa/calendar/JimMcGovern%40mcgovernwealth.com/bookings/]  * McGovern Wealth Group [https://www.mcgovernwealth.com/]  * LinkedIn: Jim McGovern [https://www.linkedin.com/in/mcgovernjim/]  * Facebook: Jim McGovern [https://www.facebook.com/jimmcgovern.financialadvisor]  🔔 Don’t forget to subscribe, leave a review, and share this episode with someone who needs to hear it. Links to external sites are provided for your convenience in locating related information and services. Guardian, its subsidiaries, agents and employees expressly disclaim any responsibility for and do not maintain, control, recommend, or endorse third-party sites, organizations, products, or services and make no representation as to the completeness, suitability, or quality thereof.

How Defined Benefit Plans Help Business Owners Slash Taxes and Catch Up on Retirement (Ep. 61)

How Defined Benefit Plans Could Help Business Owners Slash Taxes and Catch Up on Retirement (Ep. 61) Are you a business owner with high income—but even higher tax bills? Are you feeling behind on retirement savings? In this episode of Maximizing Outcomes®, Jim McGovern welcomes back Tom Wyatt to unpack one of the most overlooked yet powerful tools for high-income business owners: Defined Benefit Pension Plans. You’ll learn: * How defined benefit plans can potentially save you hundreds of thousands in taxes annually * Why these plans my be ideal for late-stage retirement catch-up * How they differ from 401(k)s and profit-sharing plans * When to use cash balance plans for greater flexibility * Why you can still set one up after the tax year ends * How to use them for succession planning and buyouts Tom shares real-world examples—including one client who’s pension contribution allowed for a $288,000 deduction in a single year while keeping 87% of it for himself. Whether you’re a solo entrepreneur or run a business with employees, this episode will help you rethink how to retire smarter and lower your tax bill in the process. Related Episode: Episode 28: Retirement Planning Essentials [https://maximizing-outcomes.blubrry.net/2023/07/14/retirement-planning-essentials-part-1-with-thomas-wyatt-jd-cfp-ep-28/] Episode 29: Retaining Key Employees with Non-Qualified Retirement Plans [https://maximizing-outcomes.blubrry.net/2023/08/04/retaining-key-employees-with-non-qualified-retirement-plans-part-2-with-thomas-wyatt-jd-cfp-ep-29/] 📩 Have questions? Reach out to Jim at info@mcgovernwealth.com or visit mcgovernwealth.com [https://www.mcgovernwealth.com] 🎧 Don’t forget to subscribe and share this episode with other business owners who want to Maximize Outcomes® in their life. Please note individual situations will vary, individual results will be unique and determined on their own merits. 7938432.1

Selling Your Business to Private Equity: A Deep Dive with Bobby Kingsburry (Ep. 60)

Selling your business may be the biggest financial decision of your life — and for many owners, private equity can be a smart, strategic way to exit. In this episode of Maximizing Outcomes®, Jim McGovern is joined by Bobby Kingsbury, Managing Partner at MCM Capital Partners, to discuss how private equity firms evaluate businesses, what makes a company attractive to investors, and what owners can do today to prepare for a successful exit.  Whether you’re actively planning your exit or simply building toward a future sale, this episode offers an inside look at how private equity really works — with actionable tips to increase business value and avoid costly mistakes.  You’ll learn:  * When private equity makes sense as an exit strategy  * How PE firms like MCM Capital evaluate companies  * What factors drive EBITDA multiples and valuation  * The biggest mistakes business owners make when selling  * How to build a business private equity wants to buy  * What the PE deal process looks like from start to finish  Resources:  * Financial Health Assessment Tool [https://www.livingbalancesheet.com/lbsVision/lite/mcgovernwealth]  * Contact Bobby: bobby@mcmcapital.com Connect with McGovern Wealth Group:  * jmcgovern@mcgovernwealth.com [jmcgovern@lfgco.com]  * info@mcgovernwealth.com [info@mcgovernwealth.com]  * Schedule A Meeting [https://outlook.office365.com/owa/calendar/JimMcGovern%40mcgovernwealth.com/bookings/]  * McGovern Wealth Group [https://www.mcgovernwealth.com/]  * LinkedIn: Jim McGovern [https://www.linkedin.com/in/mcgovernjim/]  * Facebook: Jim McGovern [https://www.facebook.com/jimmcgovern.financialadvisor]

Tariffs, Trade Wars & Your Portfolio: What’s Next? (Ep. 59)

Tariffs are making headlines again, and investors are asking: Will they trigger a recession? How will the markets react? What should I do with my portfolio? In this episode of Maximizing Outcomes, Jim McGovern breaks down the real impact of tariffs on the economy, inflation, and your investments. 🔎 What You’ll Learn: ✅ Why governments use tariffs and their economic impact ✅ How recent tariff hikes affect markets, jobs, and inflation ✅ Key lessons from past trade wars and market reactions ✅ Smart strategies to protect your portfolio in uncertain times 📈 Stay informed. Stay invested. Don’t let short-term noise derail your long-term plan. 👉 Follow & Subscribe for professional insights on investing and wealth management. Resources: * Financial Health Assessment Tool [https://www.livingbalancesheet.com/lbsVision/lite/mcgovernwealth] Connect with McGovern Wealth Group: * jmcgovern@mcgovernwealth.com [jmcgovern@lfgco.com] * info@mcgovernwealth.com [info@mcgovernwealth.com] * Schedule A Meeting [https://outlook.office365.com/owa/calendar/JimMcGovern%40mcgovernwealth.com/bookings/] * McGovern Wealth Group [https://www.mcgovernwealth.com/] * LinkedIn: Jim McGovern [https://www.linkedin.com/in/mcgovernjim/] * Facebook: Jim McGovern [https://www.facebook.com/jimmcgovern.financialadvisor]