Don’t underestimate the power of the S Corp and get a second opinion if anyone says an S Corp isn’t the best fit.
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.
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.
The CRT is a very powerful estate planning tool that may enable you to reduce your liability for income and estate taxes, protect your assets AND diversify your assets in a tax-advantaged manner.
Many taxpayers may think a Cruise ship is a great place to have their next “annual company meeting” or attend a conference. They may also think they can take a tax write-off for some education. Don’t get your hopes up. Have you noticed there aren’t many conventions and courses offered on Cruise ships anymore? In […]
You may have thought the only time you may need to worry about the so-called “Nanny Tax” ( also known as the household employee tax) is if you decide to run for public office and facing a pesky reporter at a political rally. However, it’s a concern everyone needs to take seriously. If you have […]
If completed properly, the end result is that you will accomplish 5 amazing financial benefits when your grandchildren legitimately work with their parents helping you in your business!
This has to be one of the most under utilized tax strategies by small business owners with families today. Many don’t realize that paying their children under age 18 is an excellent strategy to minimize their tax liability, not to mention it creates a host of other ancillary benefits.