If you’re paying a nanny at least $1,900 this year, you have to pay the nanny tax. But don’t worry. If you know how to play the game, you can offset most (if not all) of the tax expense. How? By taking advantage of some nice tax breaks. In fact, you can come out ahead as you’ll learn when you read my new article titled Tax Tips: Pay the Nanny Tax and Make Money Doing … [Read more...]
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How to make your child a millionaire!
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...]
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 to turn your vacation into a fat tax deduction
QUESTION: What beats taking a dream vacation? ANSWER: Charging it all off as a business expense! That’s right. If you create a solid business reason for taking your trip, and you can throw in enough business hours while you’re away, you can write off your entire vacation as a deductible business expense. Want to fly first class? No problem. Want to stay in the … [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...]