June 18, 2019

Minimize Capital Gains Taxes to Get a 0% Tax Rate

Business owners pay their fair share of taxes. Among all the hundreds of taxes they pay, today we’re going to focus on capital gains tax. This tax is levied on the net gains you make when you sell capital assets like stocks, businesses, land, works of art, etc. However, there are ways to minimize capital gains taxes allowing you to work toward that elusive 0% tax rate.
June 13, 2019

20 Ways to Reduce Taxable Income: A Business Owner’s Guide

There’s perhaps no expense more frustrating to business owners than income taxes – the amount of money you pay to the IRS. I receive more calls from business owners asking me how to minimize their tax bills than anything else. Therefore, I want to go over 20 different strategies, or ways, to reduce taxable income for the business owner.
June 7, 2019

How to Make Extra Income on the Side While You Grow Your Business

Owning a business is hard work. Budgeting your personal cash flow around your business’s expected revenue can be even harder. Oftentimes, entrepreneurs forfeit their owner’s draw or their paychecks to make sure the business has enough cash in its budget. Sure, you can employ your spouse or hire your children from your business. However, if your business is struggling or if you need to keep your resources in your business instead of in your pocket for a time, you may need fast cash. Thus, I want to give you four ways to make extra income on the side while you’re growing your business.
May 21, 2019

Tax Issues (and Solutions) When Your Spouse Receives a Bonus

Recently, a business owner client reached out to me and said, “Hey, Justin, I need some help. My wife is getting a bonus. What should I do with it?” Additional income, especially in the form of large, unexpected bonuses from a spouse’s employer, could wreak havoc on business owners’ tax planning and wealth management. So what should business owners do?
May 15, 2019

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 kids as long as you follow certain guidelines. Yet, what if your child has disabilities? Yes, hiring your special needs child is possible, but there are a few unique considerations that need to be addressed.
May 9, 2019

IRC 280A(g) – How You Could Use Your Home to Create Tax-Free Income

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 the IRC 280A tax code. Let me explain how the “14-day rental rule” can work for you.
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