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Tax Savings Strategies
- Converting from Schedule C to S Corporation (S‑Corp Election)
- Income Shifting to S-Corp
- Augusta Rule (Tax‑Free Home Rental Strategy)
- Accountable Plan(Tax‑Free Owner Reimbursements)
- Board of Directors
- Business Travel Expenses
- Family Management Company
- Hiring Your Kids
- Solo 401k
- Employer Retirement Match
- Health Expenses Through the Business (Pre‑Tax)
- Reasonable Owner Compensation Strategy
- Depreciation of Equipment & Assets
- Proper Contractor (1099) vs Employee (W‑2) Classification
- Hiring Children in the Business
- Education Credits & Student Planning
- Long‑Term Asset Sale & Trust Strategies (Advance Planning)
- Integrating All Strategies Into a System
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Tax Terms
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Tax Terms
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Category 4
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Category 6
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What this is
Education tax credits such as the American Opportunity Credit can provide up to $2,500 per student per year.
Why it matters
Lower taxable income can:
- Qualify children for Pell Grants
- Increase tax credits
- Reduce overall family tax burden
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