Side Businesses and Tax Deferral

If you’re a small business owner who has a significant income, minimizing your taxes can do a lot to improve your income. There are a number of different shields people use – depreciation, and business expense deductions for example, we won’t go into these, instead in this article, we’ll talk about setting up other companies and some of the things this can do for your tax liability.

First of all – you can’t set up dozens of 401ks and contribute the maximum (currently $18,000) to each of them. The caps on defined contribution plans and deferrals are set at the personal level not the employer level. However, it may not work with the structure of your current business, but if have a stable and profitable new business with yourself as the sole employee, you could set up a pension plan for yourself and fund that. Depending on your age, you may be able to set aside considerable amount of money. Read more…

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Richmond’s top prosecutor asks for Herring’s opinion on Stoney’s authority to rush monument removals

RICHMOND, Va. (WRIC) — Richmond’s top prosecutor is asking one of the state’s senior officials if Ma […]

Hampton City Schools outlines 4-phase approach to reopening schools

HAMPTON, Va. (WAVY) — Hampton City Schools is putting everything on the table when it comes to how t […]

22-year-old arrested in connection with Newport News shooting that injured 2

NEWPORT NEWS, Va. (WAVY) — Newport News Police have arrested a 22-year-old man in connection with a […]

State police: 9 deaths and 44 DUI arrests made over Independence Day weekend

RICHMOND, Va. (WAVY) — The Virginia State Police said in a news release on Wednesday that thousands […]

VB Public Library will begin phased reopening July 20

VIRGINIA BEACH, Va. (WAVY) – The Virginia Beach Public Library announced on Wednesday it will reopen […]

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