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Member Workshop: Tax Tips for the Family eBay Business - June 27
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Last Post Jun 27, 2007 11:10 AM by: deirdre@ebay.com
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deirdre@ebay.com
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Member Workshop: Tax Tips for the Family eBay Business - June 27

May 30, 2007 3:18 PM
Topic: Member Workshop: Tax Tips for the Family eBay Business

Host: dkennedycpa
Date: Wednesday 06/27
Time: 10:00 am to 11:00 am Pacific time
Location: Workshop Board

Description: The family that works together can save taxes together. Please join best selling-author and CPA Diane Kennedy in this fun, interactive workshop to learn about the special tax deductions available for the family business.

Cheers,

Deirdre
eBay Community Development
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dkennedycpa
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Member Workshop: Tax Tips for the Family eBay Business - June 27

Jun 26, 2007 10:07 AM
Hello. My name is Diane Kennedy. I’ve been a CPA and Tax Strategist for over 25 years. My specialty is working with small business owners and real estate investors. My tax education company, Tax Loopholes, LLC, teaches people through books like Tax Loopholes for eBay Sellers, tapes and seminars on how to take advantage of the legal tax-reduction strategies that available to everyone. Please remember that laws and practices vary from state to state and if tax, accounting, legal and other specific expert advice is required, the services of a professional should be obtained.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Tax Tips for the Family eBay Business - June 27

Jun 26, 2007 10:08 AM
When the government wants to promote a specific public policy it often uses tax breaks to get the public interested. After all, who doesn't want to pay less taxes? There are two things that the government wants you to do: (1) Start a business and (2) Invest in real estate. So, to encourage you, the government offers all kinds of tax breaks. Because these tax breaks are sponsored and created by the government, they're safe, legal, and meant to be used.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Tax Tips for the Family eBay Business - June 27

Jun 26, 2007 10:08 AM
eBay has generously set aside time for us to present these business-related sessions designed to help you make more and keep more money. We have a new workshop every month. Mark your calendars!

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Tax Tips for the Family eBay Business - June 27

Jun 26, 2007 10:08 AM
Today we're talking about how getting your family involved in your business on eBay can minimize your overall taxes and even help you build for the future!

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Tax Tips for the Family eBay Business - June 27

Jun 26, 2007 10:08 AM
Let me take a moment to tell you about this month's free offer. The first 10 people who post on this workshop will be entitled to receive a free copy of my book, Loopholes of the Rich. We'll be tracking posts throughout the workshop and will announce the recipients at the end, together with instructions on how to get your free book.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Tax Tips for the Family eBay Business - June 27

Jun 26, 2007 10:09 AM
Now, on with the workshop!

There are plenty of benefits for including your family in your business, including, but not limited to, teaching your children about:

- Budgeting
- Starting and running a business
- Shipping
- Advertising copy
- Bookkeeping
- Customer service (i.e., feedback)

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Tax Tips for the Family eBay Business - June 27

Jun 26, 2007 10:09 AM
There’s a much more tangible benefit, though - one that can put immediate money in your pocket as you help your family. And let me be clear: family doesn't just mean your children. If you help support other family members, consider using the same strategies for them. Pay someone with before-tax money instead of after-tax money, wherever possible. If you have a dependent, turn them into an employee!

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Tax Tips for the Family eBay Business - June 27

Jun 26, 2007 10:09 AM
How does having extra income, medical and dental coverage, retirement savings benefits, family vacations, paid college tuition, helping elders with their expenses and covering your kids’ cell phone bills sound? Every one of these things is possible through a successful home-based business.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Tax Tips for the Family eBay Business - June 27

Jun 26, 2007 10:10 AM
Employing Your Kids and Other Dependents
There is nothing illegal or immoral about employing your kids in your business. In fact, you can teach them valuable life lessons about business, selling, finances, responsibility, and commitment by involving them in your business. And you can save taxes doing so.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Tax Tips for the Family eBay Business - June 27

Jun 26, 2007 10:10 AM
You need to take note of three requirements for employing your children or other dependents in your business. First, you need to develop a job description for everyone working for you, including your kids or other family members. It’s a great idea to put it in writing, just in case the IRS asks to see it. It’s a great idea to put it in writing, just in case the IRS asks abilities.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Tax Tips for the Family eBay Business - June 27

Jun 26, 2007 10:10 AM
Your 8-year-old is completely unqualified to be the CEO of your business, but she might be perfectly capable of taping up boxes or wrapping sheets of bubble wrap around items in preparation for shipping (your Chief Shipping Officer?). Older children may be capable of much more – if your son or daughter is a business or accounting major in college, for example, you may have just found your new bookkeeper (your Chief Financial Officer!).

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Tax Tips for the Family eBay Business - June 27

Jun 26, 2007 10:10 AM
The second requirement is to make sure your dependents are tracking their hours. If the IRS ever asks, you need to prove that they were keeping track of the time and were paid for work they legitimately did. A simple time sheet here will work: note the date, brief description of work done and the time spent doing it.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Tax Tips for the Family eBay Business - June 27

Jun 26, 2007 10:10 AM
Finally, make sure you pay them a reasonable wage for work done. You can’t pay your 8 year-old son $100 an hour in order to move income to his tax bracket, no matter how creatively he takes out the trash.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Tax Tips for the Family eBay Business - June 27

Jun 26, 2007 10:12 AM
These same ideas can also be applied to other dependents. Again, the work they perform must be within their capabilities, and the wage paid must be a fair-market wage. With more and more research showing the benefits of keeping motivated and engaged with society through work and activities for the elderly, it seems a slam-dunk to get some help from your older relatives - and take a tax break in return.

Diane Kennedy, CPA
www.taxloopholes.com
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