Should I Pay My Child With A W-2 or 1099?

Should I Pay My Child With A W-2 or 1099?

Understanding W-2 and 1099: A Parent’s Guide It’s a great strategy to hire your children as legitimate employees in your business. In fact, the higher the taxes you have to pay, the more you can save when you hire your children. When your children work for...
Taking Money Out of a Business & QBI

Taking Money Out of a Business & QBI

https://youtu.be/nMfyfhqciis The Impact of QBI on Your Business Withdrawal Strategy We get a lot of questions about the best ways to take money out of a business and how this money is taxed. Essentially, for S-Corporation owners, there are two main ways to do this:...
No Taxation Without Representation!

No Taxation Without Representation!

The Impact of No Taxation Without Representation Today Early American colonists adopted what is commonly considered their first slogan of “No taxation without representation”.  While this slogan specifically regarded their requirement to pay taxes to Britain without...
How is my Bonus Taxed?

How is my Bonus Taxed?

The Impact of Bonus Taxes on Your Financial Planning Are you bringing in a bonus this year? Fantastic! You should be proud of your hard work. I teach my three kids the same fundamental principle every week. Hard work pays off. It’s completely ingrained in them now....
Where’s My Tax Refund?

Where’s My Tax Refund?

A Step-by-Step Guide to Finding Your Tax Refund We’re in the last quarter of 2021 and the IRS is struggling with a huge stockpile of tax returns and refunds waiting to be processed which creates stress for filers. Although the IRS guaranteed taxpayers at the...