By Tom Wheelwright As a small business owner, hiring your children can be a win-win for everyone in the family. Here are the five top reasons why entrepreneurs should hire their children. 1. Tax Deduction for Your Company The most obvious reason to hire your children is to have their salary as a tax deduction. The…
To Avoid Hefty Taxes Try a 1031 Exchange
For those who want to avoid paying Uncle Sam his dues (taxes) in whatever legal and reasonable way possible, a 1031 exchange could be an attractive option. Should you also own investment properties, particularly ones likely to beget a hefty profit (and subsequent tax bill), a 1031 exchange could be an imperative tool in your…
Non-Qualified Deferred Compensation: Retirement Savior or Risky Strategy?
April 20, 2022
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When it comes to taxes, the higher your income, the more you pay. If you’re employed and you are provided with the option of deferred compensation, the best option is to weigh the pros and cons to decide if it will work for you or not. Qualified Versus Non-qualified Deferred Compensation A deferred compensation plan…
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