Home > Tag Archives: tax refund

Tag Archives: tax refund

Help Me Spend $1100!

We had a pretty good year at work in 2012, which is great. When you have a business, you want to make money. However, that also means a bigger tax bill.  Because I’m not a fan of handing over money, I’m always on the lookout for legal ways to minimize taxes. I’d already maxed out my employer retirement plan. I put quite a bit into my HSA. It seems like I’ve already done several of the great suggestions Krantcents recently recommended. What else could I do? My accountant, who has an LL.M. in tax law,  suggested that we hire my daughter. Legally, you can hire kids when they are 7 years old to do basic tasks like filing or cleaning up. My daughter was only five. He told me to set up a photo shoot and use her pictures for advertising purposes. I could then pay her as a model. He said to think of child actors and models in Hollywood and how much they were paid for services. It was perfectly legal, and he said he would go to bat on that any day. Good enough for me.

Read More »