[Editors Note: From time to time, Vital News publishes articles and information on issues not directly related to practicing naturopathic medicine, but which are relevant for running a successful business and being successful financially. We’re grateful to Sandy Voit for offering us a number of topics in this area. As the former Dean of Students […]
If you are in business for yourself, and file a Schedule C, you should seriously consider hiring your spouse and/or children to maximize your bona fide business deductions. There are many tax savings reasons to consider this, assuming that your spouse and children can do bona fide work for you and are paid prevailing wages.
There are several ways to increase your business’ net profit. You can increase your income by seeing more patients, increasing your fees, or taking on other paying gigs such as teaching, writing, consulting, etc.
Maximizing Your Business Deductions – Part 1: Establishing a Home Office; If you are in business for yourself (such as a partnership, sole proprietor, LLC, or a subchapter “S” corporation), and you run your practice in a location other than your house, you should seriously consider setting up an office in your home to maximize […]