LIC TAX & Accounting Services

06/05/2026

Reminder: Second quarter estimated taxes are due Monday, June 15th.

If you have not already done so, please plan to make your second quarter estimated tax payment. The due date is Monday, June 15th.

06/05/2026

I work with a lot of business owners, and one thing I pay close attention to is whether their retirement plan depends too heavily on the business.

A valuable business can absolutely be part of a retirement strategy.

But it should not be the only strategy.

The issue is that a business is not always liquid when you need it to be. It may depend on you personally. It may sell for less than expected. It may require years of cleanup before a buyer sees real value. Or the income may be strong, but the actual transferable value may be weaker than the owner thinks.

That is why I like business owners to build retirement outside the business while also improving the business as an asset.

That can mean retirement contributions, tax efficient investing, cash reserves, succession planning, cleaner books, better entity structure, and a realistic valuation conversation before they are ready to exit.

Your business can help fund retirement. But ideally, it should not be the only door you can walk through.

If your retirement plan is tied to your business and you want a more sophisticated strategy, reach out to me or LIC Tax and Accounting.

06/04/2026

I have always believed that hard work and consistency are much easier to respect from the outside than they are to actually live with every day.

It is easy to admire someone who has stayed committed to something for years. It is easy to look at a successful business, a strong career, a healthy financial life, or a person who seems steady and assume that there was some clear turning point where everything started working. In reality, I think most progress is much quieter than that.

A lot of the meaningful work happens in the ordinary parts of life. It happens when you keep the appointment, return the phone call, review the numbers, follow up on the thing you said you would follow up on, and make the small adjustment before it becomes a bigger issue. It happens when you continue to take the work seriously even after the initial excitement has worn off.

That is not always exciting, but it matters.

In my line of work, I get to see how this plays out in people’s financial lives and businesses. The people who usually make the best long term progress are not always the people who make the flashiest decisions. A lot of the time, they are the people who are willing to stay consistent with the basics long enough for those basics to actually start working.

They are willing to keep looking at the numbers. They are willing to ask questions. They are willing to plan ahead instead of only reacting when something becomes urgent. They are willing to make decisions that may not feel dramatic in the moment, but create more stability over time.

I think that is an underrated part of success.

Hard work is not always about doing more than everyone else. Sometimes it is about being willing to stay engaged with the things that matter, even when they are repetitive, imperfect, or not immediately rewarding.

Consistency gives you something to build on. It gives you a clearer sense of where you stand. It gives you a better chance of catching problems early and recognizing opportunities when they show up.

I do not think anyone gets it right all the time. I certainly do not expect that from the people I work with. But I do believe that when you are willing to keep showing up, keep learning, and keep making thoughtful decisions, you give yourself a much better chance of building something that lasts.

06/03/2026

Money Fluency is a quick class led by Giovanni Inga on the financial language every business owner, investor, and high earner should understand.

Cap Rate: Cap rate is a way to estimate the return a property produces compared to its value.

Equity: Equity is the portion of a property you own after debt is subtracted.

Leverage: Leverage means using borrowed money to buy or control a larger asset.

NOI: NOI is the income a property produces after operating expenses but before debt payments.

Debt Service: Debt service is the money required to pay the loan on a property.

Appraisal: An appraisal is a professional estimate of what a property is worth.

Refinance: A refinance replaces an existing loan with a new one, often to change the rate, payment, or loan terms.

1031 Exchange: A 1031 exchange lets certain real estate investors delay taxes by reinvesting into another qualifying property.

Cost Segregation: Cost segregation is a tax strategy that may allow property owners to accelerate depreciation.

06/03/2026

The IRS sends you a notice! What to do? This month's letter walks you through the process, plus much more!

As summer settles in and schedules fill up, a few smart decisions now can help you avoid costly surprises later. In this issue, there are strategies to strengthen your financial footing – from midyear tax planning opportunities to knowing when to call for help with an IRS notice. There is also...

06/02/2026

NIL money can be an incredible opportunity, but it can also be a young athlete’s first real introduction to financial responsibility.⁠
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For a lot of college athletes, this may be the first time they are receiving a meaningful amount of money tied to their name, image, likeness, talent, and personal brand.⁠
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That is exciting.⁠
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It is also something that needs structure.⁠
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Because the check is only one part of the equation.⁠
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The moment money starts coming in, there are tax responsibilities, record keeping responsibilities, spending decisions, and long term planning decisions that come with it.⁠
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This is where many young earners can get caught off guard.⁠
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They see the money come in, but they do not always realize how much should be set aside. They start spending before there is a plan. They mix personal money with business related income. They forget to keep records. They wait until tax season to figure out what should have been handled months earlier.⁠
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That is not a character issue.⁠
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It is a preparation issue.⁠
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Most college athletes were never taught how to handle income like this, especially while balancing school, practice, travel, pressure, and expectations from everyone around them.⁠
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That is why NIL athletes need to start thinking like young business owners.⁠
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They need to understand what is coming in, what needs to be saved, what should be tracked, and who should be advising them.⁠
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The goal is not to make NIL money feel scary.⁠
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The goal is to make sure the opportunity is handled the right way.⁠
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Because getting paid is one thing.⁠
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Being prepared to manage the money is what protects the athlete long term.⁠
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If you are a college athlete, parent, coach, or advisor helping someone navigate NIL income, reach out to LIC Tax and Accounting. We can help put the right structure around the opportunity before the money becomes overwhelming.

06/01/2026

June 1st is not just the start of summer. It is the point in the year where your numbers start telling the truth.⁠
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If revenue is up, you should already be thinking about estimated taxes, entity structure, retirement contributions, and cash flow.⁠
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If revenue is down, you should still be planning. Waiting until tax season does not make the problem smaller. It usually makes it more expensive.⁠
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This is the part of the year where smart business owners stop guessing and start adjusting.⁠
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If you need help looking at where your business stands before the year gets away from you, reach out to me and my team at LIC Tax & Accounting.

05/29/2026

Underreported income and math errors are key mistakes that can trigger an audit from the IRS. Having your taxes prepared by a professional can significantly reduce this risk.

The IRS is constantly looking for a reason to audit you. There are several red flags that can identify your tax return as one that needs additional attention. Knowing these indicators can help you avoid the unwanted scrutiny.

05/29/2026

Most people spend years thinking about how to put money into retirement accounts.

Far fewer people think seriously about how that money will come out.

That is where a lot of mistakes happen.

Withdraw too much from the wrong account and you may create unnecessary taxes. Ignore required minimum distributions and you may lose flexibility later. Sell investments in a down market and you may damage the longevity of the portfolio. Take Social Security too early without understanding the broader picture and you may reduce lifetime income.

A retirement plan should not only answer how much you need to save.

It should answer:

Which accounts do we draw from first?
When do we convert pre tax money to Roth?
How do we manage taxable income year by year?
How do we protect against sequence of returns risk?
How do we coordinate investment income, Social Security, pensions, real estate, and business income?

Retirement is not just about reaching the finish line. It is about knowing how to spend the money once you get there.

To build a smarter retirement income strategy, reach out to LIC Tax and Accounting or contact me directly.

05/27/2026

Money Fluency is a quick class led by Giovanni Inga on the financial language every business owner, investor, and high earner should understand.

Alpha: Alpha is the extra return an investment earns compared to what was expected.

Beta: Beta measures how much an investment tends to move compared to the overall market.

Hedge: A hedge is an investment used to reduce risk from another investment.

Arbitrage: Arbitrage is making money from price differences between similar assets or markets.

Drawdown: Drawdown is how much an investment falls from its highest point before recovering.

Rebalancing: Rebalancing means adjusting your portfolio back to its intended mix.

Duration: Duration measures how sensitive a bond is to changes in interest rates.

Expense Ratio: An expense ratio is the annual fee charged by a fund.

Tax Drag: Tax drag is the way taxes reduce your investment returns over time.