Self Employment: The quick and dirty guide

Over the past few months, I’ve worked really hard to make some improvements to the firm, to ensure that I can continue doing the best possible job for you.

I’ve realized that taxes are a really big component of your income being lost. Whether or not you are retired, you can lose up to 40% of your income and investment savings to taxes. If you are self-employed, it may feel like it’s more!!!! And it is IF you don’t know what you can deduct!!!

The biggest part of my practice is helping business owners and their accountants write off expenses that can save owners up to 40% of their earnings!!! This is not a trick. It’s just simple tax planning. For example, if you have a child.. say a teenager where you give them an allowance, that is not tax deductible. Instead put them on payroll and now that allowance is tax deductible – PLUS you pay no social security tax if they are under 21!! This one strategy can save you hundreds or thousands of dollars depending on how generous you are to your children. Of course they would have to perform some type of work like filing or simple task, but the point here is re-thinking how you position your expenses.

That said, we are working on posting weekly money tips that will help you increase your savings through LEGAL and everyday tax strategies. For example, you may want to travel to the Bahamas this year. Try holding an employee event in the Bahamas and then attach your personal vacation to the end of the business meeting. In doing so, you may be able to write off the airfare, some of the hotel and meal expenses, and some or all of your car rental!!! That is HUGE!!!!!

Bottomline, the market may not be giving you the performance that you want, but there are other ways to create and save wealth. Let iPlan show you!!!

DISCLOSURE: iPlan nor any of its employees are licensed tax professionals. Thus any content discussing tax strategies will need to be discussed with a tax professional prior to implementation.