Financial Guides

Educational resources to help you make informed financial decisions for yourself, your family, and your business.

Banking Guide

Understanding your banking options and building a solid banking relationship is fundamental to both personal and business financial health.

Choosing the Right Bank

Evaluate banks based on fees, interest rates, branch and ATM access, online banking features, and customer service. Consider both traditional banks and credit unions — credit unions often offer lower fees and better rates for members.

Business Banking Essentials

Keep personal and business finances separate with a dedicated business checking account. This simplifies bookkeeping, provides clearer financial reporting, and protects your personal assets. Look for business accounts with low transaction fees and good cash management tools.

Building Business Credit

Establish business credit by opening accounts in your business name, obtaining a business credit card, and paying all obligations on time. Strong business credit helps secure favorable loan terms and vendor relationships.

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Business Financial Guide

Sound financial management is the foundation of business success. This guide covers key principles every business owner should understand.

Cash Flow Management

Monitor cash flow regularly by tracking receivables, payables, and operating expenses. Maintain a cash reserve of 3-6 months of operating expenses. Invoice promptly and follow up on overdue payments to maintain healthy cash flow.

Financial Statements

Understand your three key financial statements: the Balance Sheet (what you own and owe), the Income Statement (revenue and expenses over time), and the Cash Flow Statement (how cash moves through your business). Review these monthly.

Tax Planning for Businesses

Proactive tax planning throughout the year — not just at tax time — can significantly reduce your tax burden. Strategies include timing income and expenses, maximizing deductions, choosing the right entity structure, and planning for capital expenditures.

Succession Planning

Whether you plan to sell, transfer to family, or close your business, a succession plan is essential. Start planning early to maximize value, minimize tax implications, and ensure a smooth transition.

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Financial Planning Guide

A comprehensive financial plan helps you set and achieve your short- and long-term financial goals with confidence.

Setting Financial Goals

Define specific, measurable goals with target dates — emergency fund, debt payoff, home purchase, education funding, and retirement. Prioritize goals and create a realistic timeline for achieving each one.

Investment Strategy

Develop a diversified investment portfolio aligned with your risk tolerance, time horizon, and goals. Understand asset allocation between stocks, bonds, real estate, and other investments. Rebalance regularly to maintain your target allocation.

Retirement Planning

Start saving early and take full advantage of tax-advantaged retirement accounts (401(k), IRA, Roth IRA). Estimate your retirement needs based on desired lifestyle, expected Social Security benefits, and healthcare costs.

Estate Planning

Work with qualified professionals to create essential documents including a will, power of attorney, healthcare directive, and potentially trusts. Review beneficiary designations regularly and plan for efficient wealth transfer to minimize estate taxes.

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Insurance Guide

Proper insurance coverage protects your assets, income, and family from unexpected financial hardship.

Personal Insurance

Essential personal coverage includes health insurance, homeowners or renters insurance, auto insurance, umbrella liability insurance, life insurance, and disability insurance. Review coverage annually to ensure adequate protection.

Business Insurance

Business coverage needs vary by industry but commonly include general liability, professional liability (E&O), property insurance, workers compensation, business interruption insurance, and cyber liability coverage.

Life Insurance Planning

Life insurance needs depend on your debts, income replacement needs, education funding goals, and estate planning objectives. Term life insurance provides affordable coverage for a specific period, while whole or universal life can serve additional financial planning purposes.

Tax Implications of Insurance

Many insurance-related expenses have tax implications. Business insurance premiums are generally tax-deductible. Health insurance premiums may be deductible for self-employed individuals. Life insurance proceeds are typically tax-free to beneficiaries.

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Life Events Guide

Major life events often have significant financial and tax implications. Planning ahead can help you navigate these transitions smoothly.

Marriage

Getting married affects your tax filing status, withholding, insurance coverage, and estate planning. Update your W-4 withholding, review insurance beneficiaries, and consider whether to file jointly or separately.

Having Children

New dependents may qualify you for the Child Tax Credit, Dependent Care Credit, and education savings options like 529 plans. Update your withholding and consider life insurance and estate planning updates.

Buying or Selling a Home

Home ownership brings tax benefits including mortgage interest and property tax deductions. When selling, you may exclude up to $250,000 ($500,000 married) of capital gains. Keep records of all home improvements to adjust your cost basis.

Divorce

Divorce involves dividing assets, determining alimony and child support, updating tax filing status, and revising estate plans. Proper tax planning during divorce proceedings can prevent costly mistakes.

Retirement

Transitioning to retirement involves decisions about Social Security timing, pension options, retirement account distributions, healthcare coverage (Medicare), and adjusting your investment strategy for income generation.

Loss of a Loved One

Dealing with financial matters during grief is challenging. Tasks include filing a final tax return, handling estate administration, claiming life insurance benefits, and updating your own estate plan. Professional guidance during this time can be invaluable.

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Schedule a consultation with Steve Tannenbaum to discuss your tax, accounting, or advisory needs.

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Denver, CO 80222

(303) 756-5216
Fax: (303) 756-7567
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