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Hire Your Family
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If you provide support to your parents, children, grandchildren or any other relative, consider hiring them to work in your business. This allows you to receive a tax deduction for the amount of support you provide.
If you were to send your kids to college, would the college tuition be deductible? The answer is no. You may get a small tax credit, but that’s it. If you pay for the room and board and provide a car, will that be deductible? The answer would be no. If you were to pay for your daughter’s wedding, would that be deductible? No. How about private school tuition, summer camps and music lessons? Unfortunately, kids come with expensive needs and desires. How would you like to be able to deduct the equivalent of all these expenses? The answer is to hire your children in your business. Wages paid to an employee are deductible. If your kids use this money to pay for college, room and board, weddings, private school tuition, summer camps, and hobbies, aren’t you getting the equivalent of a deduction for all these? Yes!
To get your deductions for wages, you must be able to prove several key items. Be sure to watch this lesson to learn more!
If you were to send your kids to college, would the college tuition be deductible? The answer is no. You may get a small tax credit, but that’s it. If you pay for the room and board and provide a car, will that be deductible? The answer would be no. If you were to pay for your daughter’s wedding, would that be deductible? No. How about private school tuition, summer camps and music lessons? Unfortunately, kids come with expensive needs and desires. How would you like to be able to deduct the equivalent of all these expenses? The answer is to hire your children in your business. Wages paid to an employee are deductible. If your kids use this money to pay for college, room and board, weddings, private school tuition, summer camps, and hobbies, aren’t you getting the equivalent of a deduction for all these? Yes!
To get your deductions for wages, you must be able to prove several key items. Be sure to watch this lesson to learn more!
Home Office Deductions
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Homeownership provides unique financial benefits and even rent can become a business deduction when your business rents your home office.
Don’t miss out on the home office deduction or avoid it out of fear of an audit. If you fail to claim this deduction, you may miss out on thousands in savings every year!
To claim your savings worry free learn how to do this legally in a few easy steps. Watch these lessons to learn more.
Don’t miss out on the home office deduction or avoid it out of fear of an audit. If you fail to claim this deduction, you may miss out on thousands in savings every year!
To claim your savings worry free learn how to do this legally in a few easy steps. Watch these lessons to learn more.
Medical Deductions
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An attractive benefit you should consider for your business is providing employees (and yourself) with tax free fringe benefits.
Tax free fringe benefits allow your business to deduct things like all of your out of pocket medical expenses, orthodonture, special schools and even clarinet lessons - while you receive these benefits tax free!
Special accounts allow employees to dedicate pre-tax dollars to a variety of fringe benefits, including purchase of health and disability insurance as well as reimbursement for medical costs and dependent care. By using premium-only plans, employees receive savings through both FICA and income taxes. Additional savings can be realized for your business with tax free fringe benefits by reducing the amount of employment taxes owed.
Don’t miss out on this important and lucrative tax savings strategy! Watch these lessons to learn more!
Tax free fringe benefits allow your business to deduct things like all of your out of pocket medical expenses, orthodonture, special schools and even clarinet lessons - while you receive these benefits tax free!
Special accounts allow employees to dedicate pre-tax dollars to a variety of fringe benefits, including purchase of health and disability insurance as well as reimbursement for medical costs and dependent care. By using premium-only plans, employees receive savings through both FICA and income taxes. Additional savings can be realized for your business with tax free fringe benefits by reducing the amount of employment taxes owed.
Don’t miss out on this important and lucrative tax savings strategy! Watch these lessons to learn more!
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Special Bonus:
Estate Planning
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There are many reasons why people want to avoid legal probate or distribution of their assets after death.
Probate irrevocably distributes assets, but minors and legally incompetent heirs might not be ready to manage complex estates, investments, businesses and trusts. You can avoid probate by titling assets to trusts or beneficiaries outside your name.
Although revocable living trusts weren’t designed to minimize taxes, you can incorporate tax-planning provisions to benefit your estate. Learn about the 5 essential documents to save your assets, your heirs and your own sanity! Watch these lessons to learn more.
Probate irrevocably distributes assets, but minors and legally incompetent heirs might not be ready to manage complex estates, investments, businesses and trusts. You can avoid probate by titling assets to trusts or beneficiaries outside your name.
Although revocable living trusts weren’t designed to minimize taxes, you can incorporate tax-planning provisions to benefit your estate. Learn about the 5 essential documents to save your assets, your heirs and your own sanity! Watch these lessons to learn more.