Wisdom to Wealth: July 21, 2020
We would all like to save on our tax bill. In this Wisdom to Wealth segment sponsored by John Halterman of Beacon Wealth Management, John explains some strategies to do just that.
John: Are you a small business owner in a high tax bracket and have small children at home. Well, how would you like to save in taxes? I’ve got a great technique for you. Instead of paying yourself an enormous salary, where you’re going to pay taxes on twenty-five percent or more, why not consider shifting some of that income toyour children? Make them an employee of your business. Now you have to realize, they can earn up to a certain percentage every single year and not even pay any taxes at all. So now, basically, you’ve shifted that income from you to that’s at a high tax bracket, to them at a much lower tax bracket. So that’s going to save you money instantly on this year’s taxes. For more techniques and strategies on tax savings, call me or visit my website today.
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