Dear ,
Business profit is total revenue minus costs. And your costs involve taxes paid. So, what if you can reduce your total tax bill by thousands of dollars? It means your profits can grow with the same amounts. Once you have more profits, you can reinvest them in
your business and build generational wealth.
Given the above, it would help you to implement these two tax strategies:
- Hire your children
- Hire your family members
Hiring your children helps you pay them tax-free, deduct their salary and save more on taxes while keeping the money in the family. You can pay your child, tax-free, up to that standard deduction amount ($12,950 for 2022 single
filers).
Hiring family members may help you keep more money in the family, but also take advantage of work trips or meals by conducting meetings over a meal (for the family) and deducting it as a business expense. You only need to have an agenda for the meeting, send
invites, and actually discuss business during the meals.
Do you want to know more benefits of hiring your children? Get my “5 Reasons to Hire your Child.”
You can also hire me to plan your taxes and know how to maximize hiring your family. Call my office at (202)618-1297.
