If you know anyone that’s an entrepreneur, they need to hear this information! These are things that you should be implementing at least by the end of the year, if not sooner! If your business is just starting out, then this is of even more importance to you! Let’s face it; if you’re an entrepreneur making money, you pay taxes! If we’re really being honest, your tax expenses are probably much larger than what you’d pay a team! I have 3 things that you can do that will help you save big on taxes at the end of the year!
1. Set up a Roth or IRA account!
Having a Roth or IRA account (and contributing to it!) comes in handy immensely when your business isn’t profitable at the moment.
You’ll have to pay taxes; however, your tax payments can be delayed to another tax year! Keep in mind that you have until April 15th, 2019 to set this up and contribute! If you get into this routine now, particularly during the inception of the business, you’re setting yourself up for success early!
2. Hire your children in your business!
There are huge tax benefits to hiring your children within your business, so long as it’s done properly! This isn’t something you can just look up via YouTube or Google; your best bet is to get with a licensed accountant so that you can do this easily and QUICKLY!
In fact, I actually have a Masterclass on how to do it properly (and have your children on your payroll within a week!)! This is something that a majority of entrepreneurs don’t utilize enough; it’s a legal tax loophole, you don’t want to miss out! Last, but not least….
3. Do your charitable donations!
This is more of a personal thing versus business, but it’s still just as important. This can be towards any company that has a 501C3 tax exemption certification!
Churches are extremely good for this.
However, it’s not limited to that. Anyone that has a nonprofit organization with a legitimate 501C3 certification will work just as well! If you have friends that have nonprofits and legitimate 501C3’s, you can donate to them!
In fact, you can contribute up to 50% of your AGI to charitable donations, and as a corporation, you can contribute 10%. The important thing is that you should think outside the box!
The bottom line is that April 15th is approaching fast. You don’t have much time to implement these things in order to get these big tax deductions! Start taking advantage of these tax tips today!