tax planning strategies: Get A Deduction Paying Your Children! - 06/16/22 02:54 PM

As a small business owner, have you considered hiring your children?  If not, perhaps that is something you should consider.  Hiring your children can help in a number of ways, including helping you to free your time for more important activities, giving your children an opportunity to gain valuable experience, AND can be an excellent way to reduce your taxes by converting non tax deductible allowances to tax deductible wages.  This opportunity is available to sole proprietors, independent contractors, as well as S-Corp and C-Corp businesses.

Tax Benefits of Employing Children

As mentioned above, hiring your children can be an excellent strategy to … (2 comments)

tax planning strategies: Cut Taxes Using Home Costs Incurred Personally! - 06/16/22 02:38 PM
Has your friend, neighbor or colleague told you that if you take the home office deduction, it will be a “red flag” to the IRS that will trigger an audit? Well, that is just not true!  In order to claim the home office deduction, you MUST QUALIFY, but if you do qualify, there is no reason not to take it. To qualify, you are required to meet 2 tests: regularly used and exclusively used for business.
Regular Use: this test is clear – you use the area on a continuing basis. This doesn’t mean every day, but it is used consistently. … (4 comments)