Wealthy Way 5 Tax Hacks Every Entrepreneur Should Know
Jun 3, 2025
Discover clever tax strategies that can significantly reduce your liabilities! Learn how paying your kids as legitimate employees can yield tax benefits. Explore innovative ways to write off travel expenses and even grocery deductions. Gain insights on utilizing retirement accounts and maintaining crucial documentation for maximum savings. Plus, hear about the importance of objective thinking and emotional intelligence in navigating business challenges and decision-making.
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Pay Your Kids Tax-Free
- You can pay your kids for work in your business as a tax-saving strategy.
- Their income up to the standard deduction amount is tax-free and helps teach them money management.
Leverage Self-Directed Retirement Accounts
- Use self-directed retirement accounts to invest in familiar areas like real estate or crypto.
- Maximize contributions to multiple retirement accounts to shelter excess income from taxes.
Deduct Travel and Special Diet Groceries
- Deduct travel expenses including meals and specific groceries if traveling for diet needs.
- Obtain a medical note for diet-related grocery deductions as medical expenses.