June 21, 2019
49 Surprising Small Business Tax Write Offs

49 Surprising Small Business Tax Write Offs You Might Be Able to Take

For many people, especially business owners, taxes are the primary erosion of your wealth. Taxes are a significant expense you pay from your income. However, the IRS has written an unbelievable book that gives you thousands of ways to reduce your tax liabilities. In fact, Chris Mahan, one of the principals at Mahan and Associates Tax Firm, says that “the Internal Revenue Code is the greatest wealth creation tool currently in the United States.” Sure, the Internal Revenue Code outlines what taxes you must pay. Yet, most of its content shows you ways to avoid paying taxes. So today, I want to dive into the IRC. I want to give you 49 surprising and possible tax write-offs for small business owners.
June 18, 2019
Minimize Capital Gains Taxes

Minimize Capital Gains Taxes to Get a 0% Tax Rate

In my last article, I talked about ways to reduce your taxable income. Income taxes are one of the costliest expenses business owners must pay, so obviously, you want to reduce them. Well, another tax that affects business owners (or anyone else for that matter) is 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 to get a 0% tax rate.
June 13, 2019
19 Ways to Reduce Taxable Income

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 bill than anything else. Therefore, I want to go over 20 different strategies, or ways, to reduce taxable income for the business owner.
June 11, 2019
How to Avoid the 10% Early Retirement Penalty

Can You Avoid the 10% Early Retirement Penalty? 10 Possible Ways

Not surprisingly, people want to make sure they have the income to last throughout their lifetimes. If you plan well, you could theoretically retire at age 55, 50, 45 or sooner. Maybe you’ve sold your business for profit, you’ve maximized your retirement account contributions for years, you’ve invested in non-qualified accounts, and you own multiple rental properties. At that point, you could take a blended distribution from various accounts and investments so that your money continues to grow tax-sensitive to you. However, if you take distributions from your retirement accounts before age 59 ½, many times, you will owe the IRS a 10% early distribution penalty. Sometimes, though, the government will waive that 10% early retirement penalty if certain conditions are met.
May 21, 2019
Problems When A Spouse Receives a Bonus Business Owner

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 6, 2019
Hiring Your Child in Your Business

Ideas for Hiring Your Children in Your Business – 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! As of 2018, each of your children can earn up to $12,000 in tax-free income! Your kids can work, bring home tax-free money, and pay for their own expenses. It’s a great way to teach work ethic, and for the business, benefits like tax strategies. So, I’ll give you the hiring rules and 51 job ideas that allow you to hire your children in your business.