Kris Kopsaftis

Finance. Mets Fan. Dad. Kind of funny.

[Kris Kopsaftis @kriskopsaftis]

There are two(2) ways to havea great financial plan.

1. Invest thousands of hours learning taxes, vehicle types and proper usage, insurance, risk tolerance and every possible outcome in order to build and hold your wealth.

2. Hire someone (or multiple people) to do it for you.

[Kris Kopsaftis @kriskopsaftis]

Here’s some free advice. Open a High yield saving account. Most retail banks don’t even offer them anymore. And they wonder why everyone is baking online. Put your emergency fund there.

[Kris Kopsaftis @kriskopsaftis]

@gothburz Jesus Christ you are good at this.

[Kris Kopsaftis @kriskopsaftis]

- People often fight over money when someone dies; it is almost inevitable. Proper planning can lessen or eliminate unnecessary drama.

[Kris Kopsaftis @kriskopsaftis]

This week, I encountered two of the most challenging estate matters in my career, and I want to share some key takeaways.

- Get a will done today. Ensure it is legal and includes provisions for living directives as well as end-of-life decisions. This should be non-negotiable.

[Kris Kopsaftis @kriskopsaftis]

- If your estate is complex, having life insurance is crucial to cover expenses during probate for your family.

- If you own a business or real estate, ensure there are clear instructions on how to manage them, including any leases or contracts, all in writing.

[Kris Kopsaftis @kriskopsaftis]

Looking for a solid referral for a CPA in the Austin area to help a client with some complicated Equity compensation strategies. Who do you like?

[Thomas Kopelman 💵 @TKopelman]

23 tax moves business owners can make before the end of the year

1) Max out your 401k, Solo 401k, etc. on the employee side
2) Max out your 401k, Solo 401k, Sep IRA, etc. on the employer/profit sharing side
3) Max out Roth IRA/backdoor Roth IRA
4) Max out your HSA if possible
5) Max out 529 to the state tax benefit
6) Maximize QBI (this can be through W2 salaries or profit)
7) Evaluate entity structure
8) Review books and ensure everything is correct
9) Consider PTET (paying state taxes via the business which makes it a deduction)
10) Defer/accelerate income
11) Accelerate certain expenses
12) Use dependent care FSA funds
13) Use FSA funds as most are use it or lose it
14) Do tax loss harvesting on your taxable investment accounts
15) Do some tax gain harvesting with your taxable investment accounts
16) Do Roth conversions to maximize lower tax brackets or just the bracket you are in
17) Look through paycheck/business profit and make sure you have withheld enough for taxes or have saved enough for what you will owe
18) Donate cash to charity (maybe even consider bunching/donor advised fund to get even more in deductions)
19) Donate highly appreciated securities (before selling to avoid the capital gains tax)
20) Do a cost segregation study on an investments property and bonus depreciate it while bonus is still at 80%
21) Invest in a qualified opportunity zone if you have large capital gains to defer
22) Prepay property taxes to hit max deduction
23) Use the annual gifting limit to help move money to others in your family

[Kris Kopsaftis @kriskopsaftis]

I’m gonna go out in a limb and say you probably shouldn’t be investing on the same app your gambling on. Dear Lord Robinhood.

[Kris Kopsaftis @kriskopsaftis]

Never take financial advice from a realtor on social media. Not even on real estate. Caveat emptor.

[Kris Kopsaftis @kriskopsaftis]

There’s a big difference between “Letting the Tax Tail wag the Dog” and completely ignoring tax strategizing. Completely ignoring it is equally bad planning.

Extra work is a really bad excuse too.

[Kris Kopsaftis @kriskopsaftis]

My clients will never know my politics. I go through great lengths to make sure all our convos that involve “politics” focus only on how it affects their money and what we can do to work with it. That’s sometimes harder than others. Wild how many people on here feel different.

[Kris Kopsaftis @kriskopsaftis]

@dougboneparth This is actually very interesting….im in blue. But probably wouldn’t pick it. Leaning Yellow. And I haven’t considered living in any of those states. But they’re all pretty nice.

[Kris Kopsaftis @kriskopsaftis]

@markcecchini You need a burner! All those things get an old Hotmail account I check once a year.

[Sahil Bloom @SahilBloom]

I can't stop thinking about this...

Michael Caine on his defining philosophy on life:

Use the Difficulty

As a young actor, he was rehearsing a play scene when a chair got stuck in the door and blocked his path.

He told the other actor he couldn't get by the chair to enter the room in the scene.

The actor's response:

"Use the difficulty...if it's a comedy, fall over it, if it's a drama, pick it up and smash it."

This story offers a powerful reframe:

Every single difficulty you face is an opportunity in disguise.

The difficulty is a guarantee. The struggle. The obstacle. The frustration. The failure. The hurt. The setback.

They will come. You don’t get to choose whether they appear, or when, but you do get to choose how you handle them.

How can you use the difficulty you're currently facing?

- Can you embrace this struggle?
- Can you grow through it?
- Can you find flow through friction?

If you were reading a biography of your life, what would make this difficulty into an inflection point?

The moment when everything turned for the better. The unmistakable point where everything changed.

How would you have responded to this moment?

The difficulty is a guarantee. You can't control it.

But you can control how you react to it. You can control your response to it. You can control your attitude towards it.

You can use the difficulty.

[Thomas Kopelman 💵 @TKopelman]

Fewer than 50% of people review their tax return

Not because they don’t care

But because they don’t understand what they’re looking at...

Here's a cheat sheet for how to read & understand your tax return (Form 1040):

[Ryan Greiser, CFP® @Greiser]

I spent 6 hours running numbers on the new tax opportunities.

Found some genuine surprises.

Most of the headline-grabbing changes don't apply to high-earning millennials. But 3 opportunities could actually save you money.

Here's the breakdown:

↓

[Kris Kopsaftis @kriskopsaftis]

@FortWayneCPA I’ve found intermittent fasting to be the most effective as I age. I do “keto light” as I reduce my carbs but I do t cut them out completely because they’re delicious and I enjoy them. But I don’t eat until 11am and just have water and black coffee in the am. Stop eating by 7

[Thomas Kopelman 💵 @TKopelman]

If you believe no one needs permanent life insurance, you don’t understand personal finance

If you believe everyone needs permanent life insurance, you don’t understand personal finance