HACKER Q&A
📣 silexia

Best Ways to Save on Taxes?


I am a business owner so I have a number of ways to expense things and reduce my taxes already. I am looking for methods I have not heard of to reduce my taxes further. Some ideas I have heard of:

-Keep your salary low if you own the business. Bezos paid himself $80k a year. -Expense personal stuff that touches on business. -Max out your retirement accounts -Hire your kids to do legitimate work, zero tax on the first $14k. -Living and working in a state with zero income tax if you can work remotely saves a huge amount of money

What other ideas do you have to save on taxes?

  👤 asdefghyk Accepted Answer ✓
RE "....Hire your kids to do legitimate work, zero tax on the first $14k....."

What is the benefit of that? That is unless you control / influence the spending of the child's earned income which would make claiming a tax deduction not legal ....

👤 johng
Hire a great accountant that is versed in not only your state laws but also your particular business type. Their advice should save you much more than they cost you.