Albany Roots Run Deep
Davis Gill Jr. and Kelly Jenkins were both born and raised in Albany, GA. Both of their families have a long history of entrepreneurship in Albany.
Kelly’s father, Charlie Jenkins, co-founded Mauldin & Jenkins in 1918. M&J is a public accounting firm that has successfully grown into additional markets outside of Albany. Charlie founded The Jenkins Group in 1989 after he retired from M&J. The Jenkins Group specializes in financial and investment management and allowed Charlie to continue his professional relationships. Kelly Jenkins made the decision to join his father here at The Jenkins Group after working nearly five years at Mauldin and Jenkins and receiving his CPA certification in 1993.
The Gill family also has a long legacy in Albany. Davis Jr’s grandparents, Warren and Carolyn Gill, opened Gill’s Electronics on South Washington Street in the late 1940’s. The business started as a radio and television repair store. Several years later, they relocated to Brooks Plaza in mid-town for 30+ years and transitioned the business to rent to own furniture, appliances, electronics, etc. Gill’s was the first business in Albany to sell and repair color TV’s and rent appliances. The business is now located on Ledo Rd and is operated by Davis Sr. and his youngest son, Lawson.
Financial Plan Insight
A Financial Plan can make you smile!
Surgical sales rep with $400K+ of 1099 income
Before a plan:
- No tax estimates, underpayment penalties ($100K tax bill)
- Underutilizing 401(k) plan
- No strategy to maximize earnings/reduce tax
After a plan:
-Establish a solo 401K for 2024 tax year and get a $69K tax deduction. At a 32% Fed tax bracket and 5.39% GA rate…this saves $25,000+ on 2024 taxes.
-Retroactive IRA contribution, convert to Roth IRA (tax free growth/future income)
-Do the same for his wife and repeat for the 2025 tax year
-Open an LLC and elect to be taxed as an S-Corp
-Set up reasonable salary with the help of a CPA and maximize QBI tax deduction.
-$8K contribution to the 529 plan (max allowed MFJ). No clue if the kid(s) will go to college, but the $ can compound and worst-case scenario $35K can be rolled into a Roth IRA.
-Contribute to a brokerage account with distributions from the S-Corp. Distributions aren’t subject to FICA/payroll tax (15.3%). A brokerage account provides tax diversity in retirement and provides liquidity prior to retirement.
So much more to talk about, but this is a little insight into what we do for small businesses.
DO YOU WANT TO RETIRE EARLY?
❓You want to retire early, before turning on Social Security benefits. How do you fill the gap between retirement and Social Security?
➡️With some guidance and a plan.
😣It can be a tough transition to go from receiving steady paychecks to portfolio distributions.
Especially, if you're retiring early and self funding retirement for a few years before Social Security/Medicare.
😁We know how to do it. I've lost count of how many retirements we worked on with this exact situation.
It's arguably the most sensitive time in your retirement, the early years. That sensitivity is compounded by the fact that portfolio distributions will be higher in the early years.
⚠️Mistakes and missteps can be unforgiving.
🗺️The point is this: A goal (early retirement) without a plan (professional guidance) is just a wish.