888-260-0017

 

Call us on
888-260-0017

Search Result For : Tax

Total Result: 10

How a $2 Million Yacht Led to an IRS Audit: Lessons for Business Owners on Avoiding Costly Tax Mistakes

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...

How to Transfer a Business to Your Child: Age Requirements and Tax Strategies

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...

How to Handle Taxes for Your Online Health Coaching Business ?

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...

The HRA (Health Reimbursement Arrangement) Strategy: Deducting Medical Expenses in 2024

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...

Hiring Spouse - Effective Tax Strategy or Additional Cost?

Have you ever wondered whether putting your spouse on the payroll of your small business is a good idea? It’s a question many small business owners ask, and it’s not always straightforward. Imagine this decision as a double-edged sword: it can be a fantas...

How to Avoid Paying Taxes on Cryptocurrency Legally ?

Cryptocurrency has become a popular investment vehicle, with substantial gains to be made for those who entered the market early. However, along with the potential for profits comes the question of taxes. Many people wonder how they can legally minimize t...

The S-Corp Advantage: How to Reduce Your Tax Burden Legally

Are you paying too much in taxes? Learn how switching to an S-Corp can help you keep more of your hard-earned money. This post covers the basics, benefits, and key steps to get started, along with a call to action for a free discovery call with our tax ex...

How to Buy & Structure Your First Rental Property and Reduce Taxes

Unlock the secrets to successfully structuring your first rental property for maximum asset protection and tax efficiency! In this comprehensive guide, you'll learn about different types of investment properties, choosing the right legal entities, and nav...

Capital Gains Tax on Inherited Stocks Explained: Maximize Your Inheritance

Understanding capital gains tax on inherited stocks is crucial for maximizing your inheritance. This post covers essential information on step-up in basis, avoiding unnecessary taxes, and optimizing your inherited assets for better financial outcomes....

Hire Your Kids to Save Thousands in Taxes: Here's How

Hiring your children to work in your business is a powerful strategy that can lead to significant tax savings while teaching them valuable life skills. This approach not only allows you to shift income to a lower tax bracket but also provides an opportuni...