Even experienced business owners can benefit from using a Strategic Plan as an integral part of their business. It is so difficult to manage all of the loose ends and chaos that can occur when running a small business. A Strategic Plan sets forth a timeline of specific tasks that need to be completed in order to make your Business Plan a reality.
The general rule is that business owners must issue a Form 1099-MISC to each person they have paid at least $600, but from there it gets tricky. Entrepreneurs need to know the rules for 1099s and here is what you need to know!!
Here are important year-end healthcare savings and tax strategies to implement for every small business owner to consider. They could help you save thousands of dollars when you build your health-care plan of attack.
Go into debt. That’s right…but “Good debt”. I want you to use good debt to buy rental real estate, start or expand your business, and build additional cash flow. You may even enter into debt for a modest home if you are renting. Many consider a modest auto loan or home loan profitable debt, IF it helps you make money by driving to a job and NOT paying rent to someone else.
This lesson is for you and me!! Farming is just the example that drives the point home. Take a little bit of profit out of your business each year, and tuck it away in a self-directed solo 401k (or group) and protect from yourself.
Anyone that has owned their own business knows that success can often turn on one simple principle: self-discipline. When you own your own business, there is usually no one leaning over your shoulder making sure you are putting in the hours you need and focusing your energy on the right tasks. A strategic plan can give you a regular road map to keep you focused and help you set goals, and then follow a strategy for achieving them.
I truly believe that an LLC for every rental property isn’t needed for the far majority of real estate investors. It’s expensive, cumbersome and provides nominal benefit when there’s not a lot of equity in their rentals….yet!!
Now although there are reasons not to put your spouse on payroll, I would argue there are two (2) GOOD REASONS to put a spouse on payroll before year-end. Both of these strategies create great excellent tax deductions and good use of money
Let me set the record straight and share what I think to be one of the most incredible ways to save for college education.