education

If you have a business and you have kids, have you discovered how many benefits there are to putting them to work in the business? Pay them for work they legitimately do and you have a tax deduction. Up to $5,450 per year won’t be taxable to them.

There are three rules to this: 1 - Have a written job description. 2 - Make sure you (or rather your child) keeps track of the hours they work. 3 - Pay a reasonable wage for the work done.

All my life I’ve been told that I’m lucky. It’s actually ironic because I’m sure I’ve had more near death experiences than the average person (I’ve been in a hurricane, tornado, 2 forest fires, deadly mud slide and flood - and lost a kidney in an accident when I was 12.) But maybe surviving when others didn’t is the part that’s luck.

While the government has created tax loopholes for us to use, and wants us to use them, they certainly don’t make it easy! Here’s a story about a tax deduction gone horribly wrong.

What is the difference between a Tax Strategist or a CPA? We hear that question all the time. I’m a CPA trained as a Tax Strategist and I’ve been doing that for over 15 years now.