Here’s some good news from Uncle Sam… As you’ll learn in my new article, if you give your child a part-time job, he or she can become eligible for a tax-saving IRA. Over time this account can generate thousands or even millions of dollars for them… money they can use for college, retirement, or a first home. More good news… You can hire even very young children in your … [Read more...]
Children as employees
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Save on taxes by putting your kids to work
If your children work in your business you can benefit in two important ways. You’ll get to have extra family time and help them develop a strong work ethic. You can create some nice tax savings for yourself. Want to learn how you and your kids can both benefit thanks to Uncle Sam? Don’t miss my new article titled Tax Tips: Hire Your Kids to Work in Your LLC or Sole … [Read more...]
How to throw a party and get a 100% deduction
Allow me to rewrite the lyrics of a famous song in order to help you cut your tax bill… The party's over, It's time to call it a day And if you’re up on the law, Deduct all expenses away. That’s right. Thanks to Uncle Sam, you can deduct 100% of the cost of your company parties if you follow a few simple rules. The bottom line? Before you crank up the music and the … [Read more...]
How your family can earn you a tax deduction
The family is a great institution for many reasons. But don’t forget this one… You can use your family to slash your tax bill! That’s right. Your family can also be extremely useful from a tax standpoint. In fact, as we head towards 2015, it’s possible that some big family-related deductions are ripe for the picking – if you act by year’s end! Of course, if you want to … [Read more...]
How to protect your kids from the “Kiddie Tax”
Lawmakers created the “kiddie tax” to prevent you from slashing your tax bill by shifting income to your children (who usually are in much lower tax brackets). IMPORTANT: The tax once applied only to kids under the age of 14. But this odious tax can now apply to investment income of children under 24! Want to learn how to avoid kiddie tax problems and actually make the tax … [Read more...]