I’ve mentioned hiring your spouse as a great tax strategy, but let’s not forget the amazing benefits of hiring your kids in your business! 🙌 (Get the entire, step by step strategy here) Here’s why more parent entrepreneurs are jumping on this strategy: 1️⃣ Tax Savings – When you pay your kids, you can deduct
If you’re running your own business, one of the best tax-saving strategies is to bring your spouse on board as an employee. But to truly benefit, you’ll want to make sure you’re handling it correctly, or you could risk losing out on savings or attracting IRS scrutiny. Here’s what you need to know: Curious about
One of my bookkeeping clients recently asked if she could categorize her haircut as a marketing expense because she discussed business with her hairstylist. Sigh… NOPE! Unfortunately, that’s not how it works! If you want to stay on the IRS’s good side, here are some essential tax tips to keep in mind. Tax Code 101:
