On today’s episode, we’ll start by discussing the Beneficial Ownership Information Report that is likely required to be filed if you have a business open and then we’ll transition into the updates to the 529 plan and how to utilize it for your benefit.
Topics Discussed:
- What a 529 plan is and how their use has been changing over the last few years.
- The new federal reporting requirement and who it affects.
- What to do if you’re not sure whether you should file.
- What contributions and penalties apply.
- Limitations of the 529 plan and the question marks involved.
- The best ways to use a 529 plan as an ER doc (even if you don't have children yet).
- How transfers work and what you should monitor.
Resources Mentioned:
Tags
529 plan, retirement planning, financial planning, Beneficial Ownership Information Report,required filings, business owner, LLC, ER docs, emergency doctors
