Deferring taxes with retirement plans allows you to save on taxes and reinvest those savings and build a much larger portfolio when compared to traditional investment accounts. Knowing the most common plans will help lower your tax bill annually.
Buying a Tesla at the end of the year to lower your tax liability will probably be the worst dinner party tax advice for an unsuspecting online business owner.
One very confusing concept for new business owners is determining how to pay yourself from your business. This article covers the ideal breakdown between S-corp salary or distributions for business owners.
One of the most frequently asked questions I get from CleverProfits clients is if they can set up their business in a different country to avoid taxes.
CleverProfits’ agency, coaching, and consulting clients. They retain a single layer of tax on all business profits generated while eliminating self-employment taxes for owner-operators.
Failure to file the requisite forms and pay your payroll taxes significantly increases your exposure to an audit by the IRS and your state’s unemployment division which could result in back taxes, penalties, and interest. This is why year-end planning around your compensation is critical.
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