Archives for September 2023

Hiring your spouse can mean big tax savings but not if you don’t do it correctly. Here’s what you need to know. Compensate Your Spouse Primarily in Tax-Free Employee Benefits, Not Taxable Wages.  Cash wages are fully taxable so concentrate your spouse’s compensation entirely or mostly with tax-free benefits (such as health insurance), which are a deductible expense for you as your spouse’s employer. This results in real tax savings… Read More

Real estate, currency trades, and market timing  are the common denominators of how ultra-high net worth individuals grew their net worth last year. More than 500 private bankers, industry experts in real estate, wealth advisors, and family offices who were surveyed showed that during the turbulent past year, grew their wealth last year in the following ways: The top investment opportunity, according to 46% of the survey respondents was real… Read More

The way by which your tenants pay your rent bills can make a difference in how much profit you make month to month. Instead of focusing on simply ensuring all outstanding rent is paid, consider your monthly processing costs for rent: postage costs, paper, the cost of employees to process rents, bank fees, and the cost of errors and follow up for delinquent accounts.  It’s a costly and lengthy process…. Read More

Are you getting the most out of your home-office deduction? If you’ve got a cleaning woman (or man) who keeps your house and office spic and span,  do you need to pay a “Nanny Tax” on this service or can you classify this expense as a Independent Contractor? The cleaning person is an independent contractor or an employee if: The cleaner clean as he or she sees fit, with little… Read More

Since the release of ChatGPT in November of last year, headlines about AI in business have been incessant.  One of the biggest controversies is whether or not AI is a threat to the job market. Lots of differing opinions on this one, and time will soon reveal its lasting effects. I’ve personally observed a whole gamut of responses from Atlanta business owners: mild interest, full adoption, growing irritation, all-out worry, and… Read More