Brian Maro and Stoy Hall discuss some tax strategies for business owners. They start by discussing how kids can be involved in a business and the tax benefits that come with it. According to Brian, most people don't know that their kids can help in the business and be paid a reasonable amount per hour for the work they do. This can serve as a tax write-off for the business owner and also provide a good opportunity for parents to teach their kids about the importance of work.
Stoy Hall then provides a personal example of how he involves his boys in the business by having them stack boxes or fill orders. He also mentions that the money earned from their work can be put into an investment account, which serves as a teaching moment for the kids on how to work, save, and understand the ups and downs of the stock market.
The video then moves on to discussing board retreats, where Brian and Stoy dispel the myth that a board meeting has to be in a stuffy boardroom with 12 people. According to Brian, there are other things that can be done, and the concept of a board can be approached in a different way.
Overall, the video provides some valuable insights and strategies for business owners to consider when it comes to tax planning. It highlights the importance of involving kids in the business and taking advantage of board retreats to create new opportunities for growth and success.
Check out Brian, emdsm.com
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DISCLOSURE: Awards and rankings by third parties are not indicative of future performance or client investment success. Past performance does not guarantee future results. All investment strategies carry profit/loss potential and cannot eliminate investment risks. Information discussed may not reflect current positions/recommendations. While believed accurate, Black Mammoth does not guarantee information accuracy. This broadcast is not a solicitation for securities transactions or personalized investment advice. Tax/estate planning information is general - consult professionals for specific situations. Full disclosures at www.blackmammoth.com.
