
How to Use a Board of Directors
Having a Board of Directors or Advisors will be a ‘support team’ in many ways; giving encouragement, advice, and guidance regarding your vision and goals.
Having a Board of Directors or Advisors will be a ‘support team’ in many ways; giving encouragement, advice, and guidance regarding your vision and goals.
Making sure our travel has a ‘business purpose’ is critical and a perfect opportunity for business owners for a great tax write-off.
Also, it’s important to remember that a 1031 Exchange requires the taxpayer to purchase more real estate. Some people don’t want to buy more real estate and are ready to move on to another asset class. They have decided that paying the tax is worth it to free up the cash.
Don’t get me wrong, the Mega Roth is amazing, but I would suggest you don’t even think about it unless you’ve seriously considered the other strategies above AND have an extra 50k+ to set aside for savings without the need for a current tax deduction.
I’m not proposing setting up any sort of business to simply lose money for tax write-offs, but to build a business that allows you to make more money, and save taxes by writing things off you wouldn’t otherwise be able to.
The Health Savings Account is one of the most powerful pieces of a well designed health care strategy. It includes saving money, saving taxes, building a tax-free ‘bucket’ for health care and most importantly taking control of your own health care strategy.
The little-known fact that can transform your Coverdell ESA into a powerhouse for college savings is the fact you can self-direct the investments.
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
Single-Member LLC’s have their place in the spectrum of business entity choices, and whether such an entity is right for you will depend on the details of your own personal situation.
They’re typically formed to work in unison with your Will or Revocable Living Trust and not to replace your Estate Plan.
Many parents and grandparents don’t realize how creative they can be in distributing their assets to their children upon their passing. They think it’s only for rich people and it’s an expensive process with high-powered attorneys. That’s certainly not the case…anybody can control their kids from the grave with unique trust provisions. You’ll love it.
The Trust creates a structure so that the money is bestowed to the Guardian of your pet in a proper manner with rules and guidelines