Many people forget that kids CAN work for a company — while also sometimes obtaining a pretty good amount of money! The notion of kids contributing to their own IRA, especially a Roth IRA, surprises lots of people and is not normally seen as a worthwhile tradition. But it should…

Yep, why not? In today’s world it is tougher and tougher to find money to start businesses. One way you could do so in 2022 is to use your retirement assets. Yes, you can fund a business with your IRA dough. While most people are aware of the option of…

Are you tired of being restricted to plain-vanilla investments in your IRA such as stocks, bonds, and mutual funds? If you want to walk on the wild side and invest your retirement money in assets such as real estate or cryptocurrency, a crypto/self-directed IRA could be for you. What Is a Crypto/self-directed IRA? As far…

As with any other fringe product or service, there are many myths surrounding cryptocurrencies. Cryptocurrencies aren’t just for computer geeks and drug dealers trying to avoid the government. Relieving yourself of these myths will permit the formulation of a more accurate opinion. It’s easier to make informed decisions when your…

If you do some work at home, you’re probably using your home internet connection. Are your monthly internet expenses deductible? Maybe. The deduction rules depend on your choice of business entity (proprietorship, corporation, or partnership). Deduction on Schedule C If you operate your business as a sole proprietorship or as…

Want to do a smart thing? Max out your retirement account. Yep. It’s smart and very beneficial to strive to put the maximum amount into your retirement account(s) every year. When you do so, you can greatly reduce your taxable income and tax burden as well as boost your retirement…

by R. Kenner French Yes, that is deductible. Are you thinking about starting a new business? If so, congratulations. It can, and probably will, be an exciting ride. But like many other exciting rides starting or buying your own business can be fraught with dangers, not the least of which…

Hire your spouse. Yes, hiring a spouse can save a ton of money for a business owner though few advisors think about employing such a technique. It is sophisticated and takes a keen knowledge of the tax code to accomplish such a measure. If you own your own business and operate as a…

And saving tax dough Hiring your spouse to work as an employee in your business can save you big on taxes. The savings can be particularly great if you are a sole proprietor or have a single-member LLC taxed as a sole proprietorship or as a partnership (as long as…