By: Scott | June 04, 2019
Do you know you can pay your kids to work in your small business, then deduct it from your taxes???
How you ask??? First, everyone in the U.S. didn’t pay taxes on the first $12,000 of income in 2018. Second, when you pay your children under 18, you don’t have to withhold any income taxes or payroll taxes. Best of all, you can still claim your children on your tax return as a dependent and even take the child tax credit, however, they don’t pay taxes on their earned income on the first $12,000!
So, where do the kids get earned income? You take a tax deduction in your business for paying your kids a legitimate wage for legitimate work and services. Thus, you generate an excellent tax deductib...
Category: Business Development
Tags: Taxes
By: Scott | March 05, 2019
1. Auto Expenses
2. Business association membership dues
3. Children on Payroll
4. Computers and tech supplies
5. Continuing education for yourself to maintain licensing and improve skills
6. Conventions and trade shows
7. Dining and Office food
8. Education and training for employees
9. Exhibits for publicity
10. Furniture or fixtures
11. Gifts for customers ($25 deduction limit for each)
12. Health Savings Account
13. Home office
14. Internet hosting and services
15. Investment advice and fees
16. License fees
17. Mortgage interest on business property
18. Pension plans
19. Prizes for contests
20. Real estate-related ex...
Category: Business Development
Tags: Taxes
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