Personal, Small Business, and Real Estate Taxes

Greetings all, 

April is here and taxes are at the top of most people’s minds. For this newsletter, we are going to keep things on the light side with some info and tips for optimizing your tax situation for 2022. Before we get into that, we would like to give you a heads up on a new development on the student loan front. Recently announced by the Biden administration, the pause on federal student loan repayments will be extended through August 31. This means the soonest a person would have to make a payment would be late September/early October. This can change the calculus on a number of planning opportunities, so be sure to reach out if you have any questions. If you are a client and this affects you, we will be in touch with you to advise on what to do.  

Read –
Have you heard of Tax Freedom Day? It was conceived in the 1940s to help people understand how long they have to work each year until their tax burden is met and their money becomes their own, AKA Tax Freedom. This year, on average, Tax Freedom Day is on Monday, April 18th which coincides with the regular tax filing deadline. That means, most taxpayers need to work for about four and a half months just to cover their taxes for the year. Now, with this out of the way, what are some ways to optimize your taxes for the year?

Watch – 
One of the best ways to reduce your tax burden is to claim expenses as a self-employed individual. This video by Lyfe Accounting details some of the most common and effective tax reduction write-offs available to small business owners. These include the home office deduction, using your personal vehicle for business driving and writing off the mileage, and writing off $5,000 in startup costs in the year you start a business. All of these can really add up to reduce your taxable income if you are self-employed. If you are a business owner or aspire to be one, make sure to reach out if you have any questions about your situation. If you are a W2 worker, check out this video which goes into some of the ways to lower your taxes by taking advantage of all the employer-sponsored tax benefits available to you. The biggest switches you can hit are using your retirement plans, HSA, and FSA plans available to you. 

Listen – 
These days, it seems like everyone is interested in or already owns a rental property. The problem is, most people have no idea have to deal with this in a tax-compliant and efficient way! We are in the thick of tax season and the number one most common mistake is rental owners not taking depreciation on their property from day one. This can be an extremely expensive mistake down the road, so make sure to reach out if you are unsure if you are in this group. For a really great listen, check out this episode of The Rental Income Podcast with CPA Sean McNamara who goes over some higher-level tax planning tips for rental owners. There is a lot of good advice here to get you started on how to handle your rental property. 

Taxes can be daunting whether you are a small business owner, a wage employee, or an aspiring rental property tycoon. The most important thing is to have good information at your disposal and advisors you can rely on to have your best interests at heart. We pride ourselves on being able to advise across all of these situations. Through careful planning, we make sure our clients don’t leave any of their hard-earned money in Uncle Sam’s pockets and are able to celebrate their Tax Freedom Day as early as possible each year. 

Best wishes, 
The Bona Fide Family 

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Bonnie Martinek

Administrative Assistant
Bonnie (Ben’s mom!) is a mother of 9 and a grandmother of 17. She has lived in rural Indiana her whole life and has a master’s degree in Special Education. In her own words, she’s done a little bit of everything but is a master of none (teaching, construction, manager of a corn maze, CNA, farm work, cashier, auto bodywork, and the list goes on!). Widowed in 2019, she is reinventing herself through her work in the day-to-day operations of Bona Fide Finance and client relations. Bonnie loves getting to know our clients and is happy to serve them well!

Deb Martinek

Relationships Specialist

Deb has been with Bona Fide Finance since its inception in 2015 and long before that with her support of Ben studying for the CFP designation and the dream of starting the business of helping individuals and families meet their financial goals.

She fills the Relationships Specialist role – Deb is typically the first encounter our new clients have as she walks them through our service offerings and introduces them to the map of financial literacy.

She has a bachelor’s degree from Ball State University and a master’s degree from the Franciscan University of Steubenville. Deb lives in Bismarck with Ben and their two young daughters, is a card-carrying member of the CDL club (read more about those adventures here) and is happiest reading an epic novel, solving a 1000-piece jigsaw puzzle, or working in her kitchen where she can serve love to the people in her life through quality food (clients enjoy her holiday shipment of homemade goodies each December!).

Ben Martinek

CFP®, EA, CSLP®, RICP®, Founder and Advisor

Ben Martinek, CFP®, EA, CSLP®, RICP®, is the founder and lead advisor at Bona Fide Finance, an independent, fee-only firm dedicated to helping doctors, young professionals, and growing families take control of their financial future. With a deep understanding of student loan debt—having tackled his own—Ben specializes in guiding clients through debt repayment strategies, smart investing, and comprehensive financial planning so they can build wealth with confidence. Ben’s passion for financial planning comes from his desire to provide honest, objective advice tailored to each client’s unique situation. He loves seeing the impact of his work, whether it’s helping a family pay off student loans years ahead of schedule, setting up an early retiree for financial freedom, or giving clients the peace that comes from knowing their finances are in order. His clients appreciate his thoughtful, high-touch approach, often saying that working with him has changed their lives.

Before launching Bona Fide Finance in 2015, Ben’s career path was anything but conventional. The fourth of nine children, he grew up in rural Indiana and initially pursued a path in academia, earning a B.A. in philosophy and classical languages, followed by a master’s degree in philosophy. Along the way, he explored careers in construction and truck driving—logging over 600,000 miles across the U.S. with his wife, Deb—before finding his true calling in financial planning.

Now based in Bismarck, North Dakota, Ben and Deb stay busy raising their two daughters, Edith and Virginia. Since their truck-driving days, Ben is happiest on a long road trip—preferably behind the wheel of his TDI Volkswagen Jetta. He enjoys sailing on Lake Sakakawea, camping in their vintage ’90s pop-up camper, and smoking a pipe by the grill. A lover of strategy board games, he favors Clans of Caledonia (mostly because Deb refuses to play Risk with him). When he’s not working with clients, he can be found smoking meat, gardening, hiking, or diving into The Lord of the Rings or Dune. Ben also serves on the school board for his daughters’ Montessori school and is actively involved in pre-marriage ministry in the Bismarck Diocese.