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...]
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How to turn your vehicles into huge deductions
Here’s good news for small-business owners! Because your cars, SUVs, trucks, and vans are large-ticket business expenses, they can generate enormous tax deductions for you! In fact, these deductions can add up to tens of thousands of dollars, if you act by the end of the year. Yes. Time is running out, but you can still create highly profitable year-end business tax … [Read more...]
A creative way to slash self-employment taxes
Do you operate your business as a sole proprietorship? If the answer is “yes,” you know that Uncle Sam takes a big share of your profits in the form of self-employment taxes. But there’s good news… With the help of your spouse, you can reduce your self-employment tax bill by using an innovative but simple rental strategy. You see, if you rent an office from your spouse, you … [Read more...]
To pay your spouse, or not to pay your spouse. That is the question.
If you operate your business as a proprietorship and hire your spouse as an employee… Should you pay W-2 wages to your spouse to make sure that she or he is a bona fide employee? Can you give your spouse a nice fringe benefit by establishing a Section 105 medical reimbursement plan? Can your Section 105 plan be the sole source of your spouse’s remuneration? These are … [Read more...]
Little known but easy ways to increase vehicle tax deductions
Do you own more than one vehicle? And do you use just one vehicle for business? Then I’ve got good news for you… If you play your cards right, you may be able to claim some hefty tax deductions using assets you already own! Whether you operate your business as a proprietorship or as a corporation, don’t miss the money-saving information we’ve got waiting for you. I … [Read more...]