T GAR AFFINITY PARTNER SPOTLIGHT:
Earlier this year, GAR partnered with Taxbot to bring tax record keeping solutions to our members. Taxbot is a user-friendly
Taxbot
tracking app that utilizes a one-touch system to capture your expenses and mileage in real time. The information is then
stored securely in a dynamic web portal cloud. You can then download custom business reports that integrate with your current accounting tools as well as edit records , add new information, and create dynamic budgets. GAR members receive a 50 percent discount for their service. Learn more by visiting https://
taxbot.com/z/gar/ today!
may not be. This reduces the risk your portfolio will suffer if your industry experiences a prolonged period of slow growth. For agents and their spouses who have their business
set up as an S-corp, you could take the extra step to es- tablish a Solo 401(k), which is a traditional 401(k) plan covering a business ownerwith no employees, or that per- son and his or her spouse. The elective deferral for 2014 is 100 percent of compensation up to $17,500, or $23,000 if age 50 and older. The employer contribution is up to 25 percent of compensation. Again, total contributions cannot exceed $52,000. While a Solo 401(k) requires more administrative attention, you may be able to borrow money from the plan during down years.
www.garealtor.com
number two EMPLOY YOUR
FAMILY MEMBERS. You may be able to employ your spouse or your de-
pendents and shift income into a lower tax bracket. By providing your spouse or child the opportunity to earn wages, they too can fund a traditional IRA or Roth IRA. For children under the age of 18, consider hiring your
child and paying him through payroll. This could provide the extra help your business needs, while saving on em- ployment taxes because children are exempt from Social Security tax, Medicare tax, and state and federal unem-
GEORGIA REALTOR® I 13
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42