Five *Superb* Tax Shelters For The Long-Term

Written by Roger Staubus CPA


Continued from page 1

If you already have a profitable business, start another one to diversify, and to shield taxes fromrepparttar profitable one.

If you don't have a Home-Based Business, start one today.

4. Employ Your Children

For a taxpayer who has a business, he or she can hire their children to work in their business. As an example, you put your daughter onrepparttar 106109 payroll for 12 hours a week and pay her $7.00 hour. This would equal about $4,300 per year. She has to have real duties to perform and a record should be kept of her activities.

The advantage isrepparttar 106110 salary would be deductible from your business, in effect eliminating $4,300 of income from taxation. And ifrepparttar 106111 business is unincorporated, no social security taxes would have to be withheld and paid for your daughter's earnngs. In addition, you don't loserepparttar 106112 exemption for your daughter ($3,000) if you continue to provide over half of her support, and it is assumed that your daughter has no unearned income.

If your daughter can be claimed as a dependent, no tax will be due on her income, as it is under $4,700,repparttar 106113 standard deduction.

5. Pension Plan Contributions (HR 10 Plans & 401(k) Plans)

Whether you are self-employed business owner or employed, pension plan contributions are a good long-term tax shelter.

You can contribute a lot more to HR 10 Plans than to IRAs. Money Purchase Plans permit larger annual deductible contributions-up to 20% of self-employment earnings, up to a maximun deposit of $35,000. Profit-Sharing Plans provide a limit of 13%, up to a maximum of $25,000. Contributsions grow tax-deferred until retirement.

For employees, 401(k) Plans have becomerepparttar 106114 most important source of retirement savings and one ofrepparttar 106115 largest sources of tax savings.

For 2002,repparttar 106116 employee contribution limit is $11,000 andrepparttar 106117 catch-up provision for employees age 50 and above is $1,000.

Many companies match a portion ofrepparttar 106118 employee contribution and employees should take advantage of these matching amounts and contribute amounts above such levels if they can do so.

Above you have five ‘Superb’ long-term tax shelters.

(c) 2003

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Roger Staubus CPA isrepparttar 106119 editor of "Tax Tips For You e-Zine" andrepparttar 106120 author of "77 Strategies For Slashing Your Income Taxes." To Subscribe to “Tax Tips For You e-Zine,” send an email message to roger@taxtipsfy.com, and put Subscribe inrepparttar 106121 subject line.

http://www.taxtipsfy.com/index.html

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Roger Staubus CPA is the editor of "Tax Tips For You e-Zine" and the author of "77 Strategies For Slashing Your Income Taxes." To Subscribe to "Tax Tips For You e-Zine," send an email message to roger@taxtipsfy.com, and put Subscribe in the subject line. http://www.taxtipsfy.com/index.html


NLN - Where Everybody Knows Your Name

Written by Ron McCluskey


Continued from page 1

So, how are we,repparttar little guys, supposed to succeed whererepparttar 106108 giants failed? Name recognition. Yep, it's back to that.

BUT,repparttar 106109 name recognition you need online is very different from that which you get in 'the real world'. Online you need 'niche name recognition'. You don't need to be a big name in general. However, you DO need to be a big name in your niche.

Here are a few suggestions for getting name recognition:

---> Decide what product or group of products you want your name to be associated with. You can start with just your name and appendrepparttar 106110 products later.

---> Use your name as one ofrepparttar 106111 keywords on each of your webpages and each ofrepparttar 106112 articles that you submit to other websites.

---> Make frequent posts to appropriate forums. Include your name and product.

Don't think that you have to do all this at once. Start where you can, but make sure that you have a plan of action. Continue to get your name in front of your target audience. Don't just rely on your website.

Once people start to associate your name with your product and your niche, much of your marketing battle has been won.

Until next time, Ron McCluskey http://www.netloot.com

Ron McCluskey has been writing online for over 20 years, starting out with a BBS on an old Apple IIe. He now provides beginning entrepreneurs the tools to get started, and the experienced marketer gets the latest updates.


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