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If you're a small business owner operating under an LLC (Limited Liability Company), you've probably wondered, "How do I pay myself?" Whether you're just starting or have been in business for a while, understanding how to pay yourself properly is critical...
Managing your business finances should feel like running your own little bank. Your business brings in deposits (revenue), and you strategically move those funds into various “buckets” based on specific needs. This method ensures you’re prepared for anyth...
A Buy-Sell Agreement (BSA) is a vital tool for closely held business owners, providing a clear, structured process for handling business interests in various scenarios, such as death, retirement, divorce, or disability. A well-crafted BSA not only ensures...
Hiring independent contractors has long been a favored strategy for businesses looking to reduce costs and maintain flexibility. Unlike employees, independent contractors are not protected by most federal and state labor laws, including the Fair Labor Sta...
When it comes to owning a business with multiple partners, trust is essential but not always enough. The story of James Maggard, a minority shareholder in an S corporation, serves as a powerful warning about the risks of placing too much trust in business...
Imagine buying a luxury yacht and thinking it's a savvy business move—until the IRS comes knocking. This is exactly what happened to Damon R. Bansal, an entrepreneur who tried to turn a $2 million yacht purchase into a tax write-off, only to face the hars...
While a child must be at least 18 years old to legally own a business outright, there are ways to prepare them for future ownership through trusts, custodial accounts, and strategic tax planning. By carefully considering the legal, financial, and tax impl...
Running an online health coaching business offers tremendous flexibility and access to a wide audience, but it also comes with specific responsibilities, including tax compliance and various legal requirements. Understanding how your income is taxed, stay...
Each of these strategies can be powerful tools for business owners to manage and reduce their taxable income through legitimate medical expense reimbursements. The choice of strategy depends on the business structure, the owner's tax bracket, and the leve...