The best tax loopholes!

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The first loophole is paying your kids. This is considered a standard deduction. The money has to go to an account in their name, and they have to be doing some actual work for the company.

The second loophole is cash vs accrual. This depends on your specific business and situation, so listen to what Matt says in regards to that.

The third one is capital gains tax. We go more in depth than simply short vs long term capital gains, so make sure to tune into what Matt mentions about that.

The fourth loophole is bonus depreciation. This is important whether you’re a business owner or a rental property owner. With bonus depreciation, you can deduct the whole expense in the first year as opposed to deducting little by little each year.

The fifth is the Augusta Rule. This states that you can rent out your house for 14 days per year. Under this rule, you do not have to report the income for those 14 days. In a nutshell, your business can rent your hike from you for a fee. That is deductible to your business and tax free income to you!
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