May 15, 2019
Hiring Your Special Needs Child Unique Employee and Benefits

Hiring Your Special Needs Child – A Unique Employee with Unique Benefits

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
IRC 280A(g) - Earn Tax Free Income Beyond the Home Office Deduction

IRC 280A(g) – Earn Tax Free Income Beyond the Home Office Deduction

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
Investing Apps - This Financial Planner's Favorites

3 Investing Apps – This Financial Planner’s Favorites

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
Hiring Your Child in Your Business

Hiring Your Child in Your Business – More Than Just Tax Advantages

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.
May 3, 2019
Benefits of Hiring a Spouse As An Employee

Hiring A Spouse as An Employee… A Smart Option with Many Benefits

If you’ve already created your ideal budget, then you know how much money you need coming into your family. Essentially, you (personally) could bring all of that money home from your business. However, what if your spouse brought home some of that money? What if hiring your spouse offered your family and your spouse benefits you wouldn’t have otherwise? Although many of my business owner clients ask me, “Should I hire my spouse as an employee?”, what they are really asking is, “What benefit does putting my spouse on payroll provide?”.
May 1, 2019
How Much Should I Pay Myself from My Business

“How Much Should I Pay Myself from My Business?”

In this post, I’m going to tackle one of the most difficult areas of financial planning. This single area – this one single thing – will make or break your financial future. Today’s topic is how much should you pay yourself as a small business owner.