On this episode Eric and Melissa answer questions from real prospective clients who called Busy Bee for tax advice (names and scenarios have been changed.) They break down two different scenarios and how they advise a client could reduce their tax liability.
Some of the highlights from the show include:
- Set up a corporation! If you are filing as a sole proprietor you are paying self employment taxes and losing 15.3% of your profits to taxes you shouldn’t have to pay.
- If you run your business from home you are likely paying for personal expenses that are actually business expenses.
- Make sure you take inventory of your assets so they can be accounted for properly. Computers, tablets, phones, and storage equipment, all these can be accounted for to reduce your tax liability.
- Pay your children! They can do something for you, and you can pay them and they save money for college while reducing your taxes.
Listen to this episode to hear more tips.
For more information and to find resources from the show, visit www.busybeeadvisors.com.