Boulay: Planning For Your Taxes

Minneapolis Breakfast Club Newsletter November 13, 2019

Early Birds: Dick Anderson and Mark Arnold.

Guests: Nate Faith of Boulay who was also our speaker.

Business Networking: Randy Korn with House Lift is looking for Sales Positions.

Business Exchange: Zip Printing thanked John Winston, DJ Kranz, and LVC.

Business Updates: Chloe Czaplewski announced that Tony Rubin has nominated Playworks Minnesota for a BOLD Award in the nonprofit category. Presented by ACG Minnesota, the Annual BOLD Awards honor organizations and individuals that demonstrate innovative and imaginative efforts to positively impact the community and to grow Minnesota.

Table Introductions: Mike Palm led Table 4 in sharing their most difficult issues we have to deal with in the Holiday Season

Pot of Gold: John Winston drew winner Don Theits.

Craft Talk:

John Winston introduced his colleague Nate Faith, of Boulay.

Boulay just celebrated their 85th anniversary. Boulay currently has about 200 employees and works with individuals and business owners. Boulay helps companies from through all stages of their growth and development in trying to maximize after tax profits and help clients feel more confident in their business and financial decisions.

Matt Crane’s colleague Nathan Faith presented on several unique tax opportunities while rates remain low (tax rates are scheduled to revert to previous, higher rates in 2026).  The “Price is Right” as tax rates are “lower for longer” which provides a rare opportunity to pay taxes early and convert dollars from IRAs and 401(k)s to Roth accounts.  This reduces future taxes on one’s wealth as well as on the retirement benefits of Social Security and Medicare.

Social Security Tax Torpedo – Benefits are taxed at relatively low levels of income (just under $20,000 for a married couple).  Tax costs can double within the realm of the tax torpedo.  The impact can be eliminated or minimized by managing the amount of income that is required to be taxed from “green” and “blue” accounts.

Medicare IRMAA – Cane – At a minimum, every married couple is required to pay about $4,000 a year in Medicare premiums.  However, premiums can increase considerably for those with significant wealth in the ”green” and “blue” accounts.  The government performs a means test called the Income-Related Monthly Adjustment Amount (IRMAA) which only sources the income reported on your tax return.  Premiums begin to increase quickly once income exceeds $170,000 for a married couple.  The annual cost triples before one’s income doubles thereafter.

Please register with Matt Crane by email at mcrane@boulaygroup.com or by phone at 952.841.305.

Looking ahead

November 20 will be Lindskoog Florists at ECC

November 27 will be Continental Diamond at ECC

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