By paying your kids from your business with the right process, you might be able to save around $2,000 in taxes per child.
Tag: Tax Savings
The Ultimate Guide To S-Corp Retirement Plans In 2022
Deferring taxes with retirement plans allows you to save on taxes and reinvest those savings and build a much larger portfolio when compared to traditional investment accounts. Knowing the most common plans will help lower your tax bill annually.
How To Maximize Your Business Vehicle Deduction In 2022
Buying a Tesla at the end of the year to lower your tax liability will probably be the worst dinner party tax advice for an unsuspecting online business owner.
How The S-corporation Saves You Thousands In Taxes Every Year
CleverProfits’ agency, coaching, and consulting clients. They retain a single layer of tax on all business profits generated while eliminating self-employment taxes for owner-operators.
Optimize Your S-corp Payroll, Save Big on Taxes
One of the most important elements of tax planning for S-corporation owners is to consider the amount of W-2 salary paid to the owner of the business.
The Ultimate Guide to Tax Planning For Your Online Business in 2022
It’s 7:00 PM on April 15 you’ve just written a check to the Internal Revenue Service for $23,450. You’re scratching your head wondering why Uncle Sam is getting his, and if there’s anything you could’ve done to save on taxes. The scary thought is that without working with a professional on proper tax planning, you…
How to Claim The “Augusta Rule” Deduction in 2021
One of the most significant expenses a business owner will pay throughout their lifetime is taxes.
The reality is that 95% of business owners are overpaying the IRS every year without knowing it!
When you compound overpaid taxes over decades, the difference could result in you retiring an entire decade earlier.
How to Lower Your Tax Bill By Accelerating Deductions
Do you know when you can claim a deduction and when you have to defer it? Claiming a deduction on a business return sounds pretty simple, right? All you need to do is look at your practice’s income statement and just enter it into TurboTax as a deduction… no questions asked. It’s a little more…
2022 Tax Break for Small Business Owners: The Qualified Business Income Deduction
Did you know that 2018 was the HUGE tax savings year for business owners when the President signed into law a shiny new deduction – the Qualified Business Income Deduction under Section 199A? The Tax Cuts and Jobs Act was a huge boon for agencies, coaches, and creators in the US, especially when the Qualified…
How to Deduct Your Home Office in 2021
The number of business owners that have built their companies working from their home office has gone through the roof. Access to cloud-based software allows businesses to run seamlessly entirely online. As a result, working from your home office has become the new normal in a post-COVID world in 2021. We’ve been bringing up hidden…