The book of inside information: Money， health， shopping， taxes， marriage， home， investments， fitness， car， travel， colle

ISBN: 9780887230561

定价: 75.00

内容简介

.I
Everyday
Money Management
Run Personal Finances and hired their three children??? aged 7??? 11 and
12??? to work there. The children cleaned the
Like A Business grounds??? did landscaping work??? maintained
the swimming pool??? answered phones and did
Most executives neglect their personal minor repair work. The taxpayers deducted
finances because they are too busy with their over $17???000 that they paid to the children
jobs or businesses. That s a serious mistake??? during a three-year period. But tile IRS
Stay alert for opportunities to save and profit: objected??? and the case went to trial. Court s
Pension plans. Business owners and the self- dec/sion: Over $15???000 of deductions were
employed can take advantage of special pen- approved. Most of the deductions that were
sion options open to them. If you are making disallowed were attributable to the 7-year-old.
$100???000 a year??? you could easily put away But even $4???000 of his earnings were
$30???000 pre-tax into a defined benefit pension approved by the court.
plan. Greater earnings may justify even larger Key: The children actually performed the
contributions. Compounding tax-free dollars work for which they were paid. And the work
gives an enormous investment edge. was necessary for the business. The taxpayers
A favorite tax-planning tactic is to have a demonstrated that if their children had not
minor child work for the family-owned busi- done the work??? they would have had to hire
ness. Over three thousand dollars earned by someone else to do it.
the child is tax-free??? and further income is Types of jobs children could do: Write
taxed at low rates. In addition??? the company checks or send out bills for your business??? do
gets a deduction for the child s salar): Now??? a simple maintenance and painting for invest-
dramatic taxpayer victory shows just how ef- merit real estate you own??? etc.
fcctive this tactic can be.
Set a spouse up in business. Most male
Tht- taxpayers owned a mobile home park executives don t realize the tax benefits the)???