The battlelines have been draw and feelings are strong on each side of the issue. Some say renting is the lower cost route; and some say owning. The right answer will have a significant effect on your personal finances.
I am of the firm belief you can learn something from every situation, from every event you attend. With this in mind, I decided, after years of avoidance, it was time again to check out what happens behind the closed doors of the free dinner invitations.
Our modern world could not exist without money. Understanding the history of money, where it was first used, and how it evolved, is the best way to control money in your life today.
The good news is that there was a solution. Often times while consulting with a new client fixes can be made that improve the client’s finances on the spot. Here is what I did.
Hiring your children is a great way to teach work ethics, skills, and good money management habits. It is also a great tax deduction for the parent, too, when handled properly.
Congress has been getting better at hiding tax increases on the middle class the past decade or so. The Secure Act, and to a lesser extent Secure Act 2.0, are prime examples of how Congress saddled the middle class with higher taxes under the guise of providing better opportunities in retirement planning.
The right entity can reduce taxes for small business owners while reducing legal liability. Careful consideration between organizing as an LLC or an S-corp lays a solid foundation.
Behind every “Thou shalt not deduct” is a hint of deductibility. In taxes nothing is an absolute. The cookie-cutter response to a question is the easiest answer to save time and is usually right. But a bit of planning can turn those “no deduction” answers into, “Yes, you may deduct that.”