12th January 2007

I didn’t know that…

posted in General Finance |
            

I know that in “Rich Dad, Poor Dad”, Kiyosaki talked about taxes and the power of corporations, and the advantages in taxes with the setting up of company.

But what I didn’t know is that the tax advantages can be that extensive as what was mentioned here.


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    1. 1 On January 12th, 2007, Jennifer Koretsky said:

      Actually, when I made that post I had a slight misunderstanding about one thing…

      You can deduct a lot of medical expenses with a self-insured medical reimbursement plan, but you can’t institute a plan if you are a single member LLC.

      If you are a single member LLC, then apparently you can institute a self-insured medical reimbursement plan, (legitimately) hire your spouse, and your spouse can elect family coverage.

      I’m no accountant, just passing along some tips as I understand them from Read Sandy Botkin’s book. My suggestion is 1) read the book 2) get a good accountant! :)