Are you considering buying an existing business? I have good news for you… Tax deductions start the moment you begin thinking about the business you want to buy. This may sound too good to be true, but it is true. That’s because the law that governs tax-deductible expenses is (for once!) stacked in your favor. Want to find out more? Don’t miss my new article titled Tax … [Read more...]
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How to get more from your Roth IRA
A Roth IRA is a powerful, tax-advantaged retirement plan that can save you a lot of money. So is a Foreign Sales Corporation (FSC). In my new article, I’ll show you how to put a tax-advantaged FSC inside a tax-advantaged Roth IRA. The result? More money in your pocket! If you want to find out how to turbo charge your retirement plan, I urge you to check out my new article … [Read more...]
Don’t use your corporation as a piggy bank
Do you give money to your corporation, or take money from it, without leaving a detailed audit trail? Be careful! If you operate without the formal paperwork, and without the proper logging of entries, you can expect big trouble from the IRS and the courts. What can you do to prevent problems? For starters, I strongly suggest you read my latest article titled Tax Tips: Don’t … [Read more...]
How your Roth IRA can own a tax-advantaged DISC
The Domestic International Sales Corporation (or DISC) was created by the U.S. Congress to encourage the export of U.S.-made goods through the tax law. Shareholders of a DISC receive reduced income tax rates on qualifying income from such exports. One of the nice features of a Roth IRA is that it can have an interest in a DISC and, as a result, reap some substantial … [Read more...]
How to audit-proof your S corporation salary
If you’re the owner of an S corporation, you can save a lot of money on self-employment taxes. How? By paying yourself a low salary and taking the remaining profits as distributions which are not subject to the self-employment tax. But as is often the case with the tax code, the devil is in the details. Which is why I urge you to read my must-read new article titled Tax … [Read more...]