Tag: Business Owner

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

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 to see how this episode’s strategies apply to your situation.

Resources

Connect with McGovern Wealth Group

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How To Create A Buy-Sell Agreement (Ep.16)

How To Create A Buy-Sell Agreement (Ep.16)

One of the most important documents that a business owner should have is a buy-sell agreement which doesn’t seem to get a whole lot of attention.

In this episode, Jim McGovern shares a step-by-step process for creating a buy-sell agreement without losing out on the value of your business. He will give you tips on how to get started and keep your business protected.

Jim discusses:

  • What a buy-sell agreement is and why it is important
  • The basics of how a buy-sell agreement works
  • Why this agreement is better off being a standalone document
  • Four topics commonly addressed in a buy-sell agreement 
  • Five tips for creating a buy-sell agreement
  • And more

Resources:

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Please note that the information on this podcast are for reference only. Although accurate when originally released, they may now contain out-of-date information. They remain solely for historical purposes and are not considered current guidance. Always consult a professional regarding your individual situation.