105 episodes

Our podcast is engineered by entrepreneurs for entrepreneurs helping them to pay the RIGHT amount of taxes using proprietary artificial intelligence technology.

Vast Voice produced by VastSolutionsGroup.com VastSolutionsGroup.com

    • Business

Our podcast is engineered by entrepreneurs for entrepreneurs helping them to pay the RIGHT amount of taxes using proprietary artificial intelligence technology.

    Employing your spouse WILL save you MONEY!

    Employing your spouse WILL save you MONEY!

    Hiring your spouse to work as an employee in your business can save you big on taxes. The savings can be particularly great if you are a sole proprietor or have a single-member LLC taxed as a sole proprietorship or as a partnership (as long as your spouse is not a partner).

    But this arrangement can backfire if you don’t do it the right way. Here are five key things to know about employing your spouse.

    1. Pay Your Spouse Tax-Free Employee Benefits, Not Taxable Wages

    2. Establish a Medical Reimbursement Arrangement

    3. Take Advantage of Certain Other Fringe Benefits

    4. Beware of Certain Tax-Free Benefits

    5. Make Sure Your Spouse Is Your Bona Fide Employee

    Takeaways
    Hiring your spouse can result in substantial tax savings, but only if you pay your spouse solely, or mainly, with tax-free employee fringe benefits instead of taxable wages. The IRS doesn’t require you to pay your spouse any W-2 wages.

    The most valuable fringe benefit you can provide your spouse-employee is reimbursement for health insurance and uninsured medical expenses. You can accomplish this through a 105-HRA plan if your spouse is your sole employee, or through an ICHRA if you have multiple employees.

    Tax-free employee fringe benefits are not limited to health benefits — for example, you can provide certain education, life insurance, and working condition fringe benefits.

    For your spouse-employee deductions to withstand attack by the IRS, you must be able to show that your spouse is a bona fide employee. To do so, your spouse should

    use a time sheet to keep track of the work performed and submit that time sheet to you on a regular basis;

    be regularly paid a reasonable amount;

    work under your direction and control; and

    not be a co-owner of your business.

    Few people realize that employing a spouse can save a ton of tax dough — but it can. Doing so is complicated, as you can see, but in most instances it can be quite beneficial to an entrepreneur. A few resources can be found at VastSolutionsGroup.com or at the IRS website. Either way, good luck and have fun saving some money as a result of this article.

    • 8 min
    Roth IRAs: A Tax-Free Strategy to Increase Wealth!

    Roth IRAs: A Tax-Free Strategy to Increase Wealth!

    Roth IRAs are an excellent investment vehicle for most folks. The contributions are not tax-deductible, but your capital gains are tax-free. You can also withdraw your contributions at any point, without penalty, since you’ve already paid the taxes on that money. Those are two great advantages of Roth IRAs.

    Here a few more interesting tidbits you might not know about:

    1.You can use a Roth IRA to buy a house. You can take up to $10,000 of your earnings from your Roth IRA to put toward your home. The only catch is that you have to be a first-time homebuyer.

    Be aware of how much it might cost you in the long-term to take money out of your Roth IRA. At 10.5% interest, that $10,000 is worth over $155k in 25 years. It might be best to find another source of funds, if possible. Consider your retirement.

    2. Not everyone can get a Roth IRA. There are income limits and some people simply don’t qualify. The numbers can change from year to year, but for 2012, if you’re single and make more than $125,000, you cannot contribute to a Roth IRA. Likewise, if you’re married and filing jointly, the income limit is $183,000.

    3. Dividends are free from taxes. Dividends on investments in your Roth IRA are not taxed. That might not seem like a big deal, but if you own a lot of dividend-paying stock, the amount can really add up over the decades.

    4. You can contribute this year and claim it was contributed last year. Any time before tax day (usually April 15th), you can make a contribution and claim it for last year. That means if you were a little short on funds last year, you can still make your contribution and have the option of making another contribution for this year.

    5. It can outlast you. If you or your spouse happens to die, the two accounts can be combined without any penalty. Whoever ever said the government never did anything nice for you didn’t know everything there was to know about IRAs.

    6. It’s inheritable. Your IRA can be passed to your heirs without any penalty. With some planning, it’s a great way to pass money along after your death. Roth IRAs are very probate friendly, but see your attorney for more details.

    7. Even if your spouse doesn’t work, they can still have a Roth IRA. Many people believe that you have to be working to contribute to a Roth IRA, but that simply isn’t true. Contribute to your spouse’s retirement, as well as your own. It’s beneficial to you both.

    • 4 min
    Time to Max Out Your Retirement!

    Time to Max Out Your Retirement!

    Here is some info that will help increase retirement savings and also decrease your tax liability!

    • 5 min
    SEP IRA vs Solo 401(k): Which Makes You Rich?

    SEP IRA vs Solo 401(k): Which Makes You Rich?

    SEP IRA vs Solo 401(k): Which Makes You Rich?
    The answer is…it depends!

    One nice thing, the government does help you in both types of plans. Uncle Sam, with both the SEP IRA and the solo 401(k) retirement plans, allows your investment in your tax-favored retirement:


    to be deductible when you invest the money in the plan,

    2. grows tax-deferred inside the plan, and

    3. suffers taxes only when you take the money from the plan.

    Example. You invest $1,000 a month in your retirement. You are in the 40 percent tax bracket (combined federal and state), and you earn 10 percent on your investments. At the end of 30 years, you have $1.58 million in after-tax spendable cash, which comes from (in round numbers):


    $1.2 million in after-tax cash from the retirement plan ($2 million gross less 40 percent in taxes — we’re taking the entire amount out of the plan in this example)
    $380,000 in the side fund (created by investing the $400 of monthly tax savings — $1,000 deduction x 40 percent)

    If you had no government help on the taxes and invested $1,000 a month in an investment that earned 10 percent (6 percent after taxes), you would have a little more than $950,000.

    Winner. The retirement plan wins by $630,000 — after taxes ($1.58 million vs $950,000).

    Okay, that’s the big picture. It tells you that tax-advantaged investing multiplies profits. So, do it.

    Which Plan Is Best for You?
    When it comes to picking a retirement plan, you have many choices. If you have no employees in your business, none of the choices are bad. Let’s start there and say you have no employees.

    And let’s say further that you are going to choose between the

    SEP IRA and the solo 401(k).

    Planning point. As a one-person business, you can operate as a C or S corporation, single member-LLC, or proprietorship and have either the SEP IRA or the solo 401(k).

    • 10 min
    Roth IRAs (especially Crypto ones) are Brilliant - and Tax Free

    Roth IRAs (especially Crypto ones) are Brilliant - and Tax Free

    Roth IRAs are an excellent investment vehicle for most folks. The contributions are not tax-deductible, but your capital gains are tax-free. You can also withdraw your contributions at any point, without penalty, since you’ve already paid the taxes on that money. Those are two great advantages of Roth IRAs.
    Here a few more interesting tidbits you might not know about:

    1.You can use a Roth IRA to buy a house. You can take up to $10,000 of your earnings from your Roth IRA to put toward your home. The only catch is that you have to be a first-time homebuyer.

    Be aware of how much it might cost you in the long-term to take money out of your Roth IRA. At 10.5% interest, that $10,000 is worth over $155k in 25 years. It might be best to find another source of funds, if possible. Consider your retirement.

    2. Not everyone can get a Roth IRA. There are income limits and some people simply don’t qualify. The numbers can change from year to year, but for 2012, if you’re single and make more than $125,000, you cannot contribute to a Roth IRA. Likewise, if you’re married and filing jointly, the income limit is $183,000.

    3. Dividends are free from taxes. Dividends on investments in your Roth IRA are not taxed. That might not seem like a big deal, but if you own a lot of dividend-paying stock, the amount can really add up over the decades.

    4. You can contribute this year and claim it was contributed last year. Any time before tax day (usually April 15th), you can make a contribution and claim it for last year. That means if you were a little short on funds last year, you can still make your contribution and have the option of making another contribution for this year.

    • 4 min
    75 Expenses the Government may allow you to Deduct!

    75 Expenses the Government may allow you to Deduct!

    Accounting fees
    Advertising
    Amortization
    Auto expenses
    Banking fees
    Board meetings
    Building repairs and maintenance
    Business travel
    Business association membership dues
    Charitable deductions made for a business purpose
    Children on payroll (Models?)
    Cleaning/janitorial services
    Cameras (Yes, people have them still)
    Collection expenses
    Commissions to affiliates
    Computers and tech supplies
    Consulting fees
    Continuing education (conventions and trade shows also)
    Costs of goods sold
    Credit card convenience fees
    Depreciation
    Dining and office food
    Drones
    Education and training for employees
    Equipment
    Exhibits for publicity
    Franchise fees
    Freight or shipping costs
    Furniture or fixtures
    Gifts for customers ($25 deduction limit for each)
    Group insurance (if qualifying)
    Health insurance
    Equipment repairs
    Health Reimbursement Arrangement (HRA)
    Health Savings Account (HSA)
    Home office (280a)
    Interest
    Internet hosting and services
    Investment advice and fees
    Legal fees
    Leased vehicle or equipment
    License fees
    Losses due to theft
    Materials
    Maintenance and janitorial
    Mortgage interest on business property
    Moving
    Newspapers and magazines
    Office supplies and expenses
    Outside services
    Payroll taxes for employees (Social Security, Medicare taxes and unemployment taxes)
    Parking and tolls
    Pass-Through 199A Deduction
    Pension plans
    Postage
    Prizes for contests
    Real estate-related expenses (rent included)
    Rebates on sales
    Research and development
    Rental (Investment) property
    Retirement plans
    Royalties
    Safe-deposit box
    Safe
    Spouse on payroll (oh, employees also)
    Social media advertising
    Software and online services
    Storage rental (rental lockers)
    Subcontractors
    Taxes (personal and real property)
    Telephone
    Travel that is business oriented
    Utilities
    Website design/consulting
    Workers’ compensation insurance

    • 8 min

Top Podcasts In Business

Foreign Policy
Her First $100K
iHeartPodcasts
Ramsey Network
NPR
Jocko DEFCOR Network