Tax Saving Strategies For Sole Proprietors

Put Your Children on Your Payroll If your kids are under 18, you can hire them to take care of business chores and save on federal self-employment taxes of up to 15.3%. As long as the total wages you’re paying your child are less than $12,400 for the year, the child doesn’t have to pay […]

Last Minute Year-End Strategies To Reduce Taxes On Capital Gains

Here is a list of strategies to reduce taxes on capital gains. Sell stocks that will give you short term gains (up to 40%) to mitigate the gain against any long-term losses (up to 23.8%) In other words, make the high taxes wash out by netting them against low-taxed losses, and keep the difference. Sell […]

6 Year-End Tax Saving Strategies

Year-end is approaching, so let’s do some tax planning. Check out some tax-saving strategies below that can save you $$$: Put your retirement plan in place by December 31st and make sure you make a tax-deductible contribution. Converting traditional IRA to a Roth IRA can provide huge tax savings in the long-term. Make sure you […]