4 Tips For Saving Money On Your Taxes



I recently had a chance to listen to a webinar with lawyer Alexis Neely about saving money on your taxes. She shares great tips on what business owners can do right now at the end of the year to save on their taxes.

I took a page of notes of what stood out for me and my business. I also made a few notes on what I thought any business owner could take away from her expertise.

Here is the shortened version. Take a look at your projected tax payment. Make choices now to spend more on your business and pay less on taxes.

Make sure you build your business with a strong foundation. If you set your business up right it is a separate entity than you. 

1. Set up a retirement account. Solo K, Sep or Simple in the US. She covers other options for people living in Canada. Check out self directed IRA plans at Pensco.com or similar company. You are in charge of this type of plan. You can put money into your choice of Real-estate, friends businesses, stocks, bonds, gold and silver.

2. Create a HSA – High deductible plan. Set up a HSA account and fund it as much as you can. This is pretaxed. If you don’t use the money it rolls over year to year. This provides you and your family a way to pay for your favorite alternative health care such as massages, natural path, chiropractor and more.

– You can set up one at a Credit Union. Fund it to the max as soon as you can.

3. Live the entrepreneur life. Hire Your team now. Don’t wait. Why pay more on your taxes when you could be paying for help! Hire a social media manager, virtual assistant, book keeper, tax preparer, etc. Start building your team. You can even hire other family members (even over 18) who are in a lower tax bracket than you.

4. Deductions: Needing a new laptop, iPad, iPhone? Now’s the time to upgrade. Travel 1st class, get great insurance, entertain your clients and gift year end gifts and bonuses. Gift amount allowed $25.00 per person.

I take care of my money and my money takes care of me!

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