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The Latest Articles:
May 15, 2019
Recently, I wrote an article about hiring your children in your business. In that post, I showed business owners that you can hire and pay your children (ages 0 to 18) as long as you follow certain guidelines. Yet, what if YOUR child has special needs? What if they have disabilities? Yes, hiring your special needs child is possible, but there are a few unique considerations that need to be addressed.
May 8, 2019
Can you imagine taking money out of one of your pockets, deducting it as a business expense, and then putting it back in your other pocket tax-free? That’s pretty crazy, right? What if it were legal? Actually, this tax strategy is so common that the IRS issued a private letter ruling on the matter. So what is this tax gem I’m talking about? You can rent your home to your business for business meetings! This even goes beyond the standard home office deduction found in IRC 280A. Let me explain how this works.
May 7, 2019
As a CERTIFIED FINANCIAL PLANNER™, I’m always looking for ways to increase the overall net worth of my clients as well as myself. Investing in your retirement accounts is obviously one of the easiest strategies to employ when working toward that goal. Additionally, I’m not really a fan of investing in individual stocks, however, with the various apps available, you can often play a little without ruffling your nest egg too much. Which is why today I’m sharing three investing apps I personally utilize to play (learn) and grow my wealth.
May 6, 2019
Did you know that you can legitimately hire your kids, no matter what age they are, to work in your business? The IRS Code says you can! Yet, I’m not talking about hiring your children into your business as “slave labor.” No, you’re going to put your kids to work to teach them about entrepreneurship and to help them develop a strong work ethic. However, you’re going to pay your kids for the work they’re doing. As of 2018, each of your children can earn up to $12,000 in tax-free income! So, your kids (under the age of 18) can work, bring home tax-free money, and pay for their own expenses. What a great chance to teach them about budgeting… Let me walk you through how this concept works. Then, I’ll give you 51 jobs your children can do for your business.