If your kids work in your business, you might already appreciate the extra help (and the built-in trust factor). But here’s something you might not know: You can also give them education benefits and structure it so it’s a win-win
So, you’re thinking about taking the leap ditching the 9-to-5, becoming your own boss, and joining the growing wave of self-employed go-getters. Sounds empowering, right? It can be. But before you order those “CEO of Me” business cards, let’s have
If you formed an S corporation to save on self-employment taxes, you probably know that getting your S corporation salary right is critical. But, is your salary: Nonexistent? Too low? Too high? Just right? Let’s dive into why getting your
When you think about your worst tax nightmare, what comes to mind? Is it identity theft? Running out of money to pay your taxes? Or maybe this: finding out that your CPA, enrolled agent, or tax preparer hasn’t filed your
The tax law has long been harsh on hobbies, but recent tax reforms have made things even worse. If you’re running a hobby or an activity that could be classified as a hobby by the IRS, you might want to
Ponzi schemes are unfortunately still a threat to investors. In 2024 alone, authorities uncovered 60 alleged Ponzi schemes involving $3.25 billion in investor funds—the highest amount since the Great Recession. If you’ve fallen victim to a Ponzi scheme, there’s some
If you’ve made a depreciation error in the past, there’s no need to worry, good news is on the way. Here’s what you need to know about fixing this mistake and how it could actually benefit you. Good News: No
In the U.S., we have a “pay-as-you-go” tax system, which means you must pay your taxes throughout the year as you earn income whether through withholding, estimated tax payments, or a combination of both. If you don’t pay enough tax
If you’re thinking about upgrading your own home and helping your child secure theirs, there are several options to consider. Here are three ways to help your child without taking on excessive tax burdens. Option 1: Make an Outright Gift
It’s hard to predict the future especially when it comes to finances. But there’s one thing we know with near certainty: health care will be one of your biggest expenses in retirement. According to financial experts, the average 65-year-old couple
