If you’ve been in business for yourself for any length of time, you already know that growing a successful online business doesn’t just happen. It requires a lot of learning, planning, and trial-and-error to find out what works. However, there’s one not-so-secret step that can cut down on a lot of that trial-and-error. That step is the first phase of The Profit Path™: the PREP Phase.
Paula Burton is the Founder of Monkey Mind LLC, a successful e-Commerce company she launched in 2015 and operates while working full-time for an international non-profit organization. We interviewed Paula to share how she shifted her financial worries from a state of constant fear and dread to a state of ease.
The tax savings of hiring your child in your online business are a considerable benefit, but there are other benefits to hiring your child that you can’t put a price on.
Specifically, teaching your child or grandchild the value of money, as well as the importance of working hard and the reward of doing a good job.
Tax benefits aren’t the only advantage to being an S-Corp. Another little-known benefit is that you can set up health insurance under the S-Corp and deduct your insurance premiums as “self-employed health insurance.” Nice, right? But you can only do this if your ”self-employed health insurance” is included in your W2 wages. In other words, it’s important to get a tax professional’s advice in setting it up right.