Your Kids Can Reduce Your Taxes and Get Rich
Business / Taxes
Aplus Legal Advice | 2022.09.03 00:35 |
741 views
One often-overlooked tax benefit for business owners is putting their kids to work in their business.
If you are self-employed, you can take advantage of this by paying your kids $4,000 each for performing services in your business. The business gets a tax deduction for the compensation and that saves taxes on the parent’s tax return. Also, there is no Social Security or Medicare Taxes due on the wages you pay to your child.
1031 Exchange Escaping the Certainty of Taxes
Business / Taxes
Aplus Legal Advice | 2022.09.03 00:23 |
714 views
In this world, said the great Benjamin Franklin, nothing is certain but death and taxes. While modern medicine continues to work on a cure for mortality, 1031 exchanges offer a valuable mechanism against the foibles of the taxman. Allowing the exchange of one property for another, this property market trend can help you hold on to money that might otherwise end up with the IRS. How do you know whether you are eligible to take advantage of this great property trend?
When Do You File a Tax Return?
Business / Taxes
Aplus Legal Advice | 2022.09.03 00:47 |
791 views
The first known income tax that Americans were legally required to pay was enacted during the 1860s, and the Presidency of Abraham Lincoln. The Civil War was proving very costly to fund, and the President and Congress created the Commissioner of Revenue and enacted a law requiring citizens to pay income tax.
Your Tip Earnings and Taxes
Business / Taxes
Aplus Legal Advice | 2022.09.03 00:32 |
751 views
If you work in a service where you get tips, guess what? The IRS expects you to report them and pay taxes on them.
Your Tip Earnings and Taxes