KEEPING IT IN THE FAMILY
If you’re a business owner, the choice whether to employ a family member might be a difficult one. Maybe you’re worried other employees will treat them differently or that the new professional dynamic will change your home life. But, when it comes to saving money on taxes, hiring your loved ones is a no-brainer. GAINS AT HOME Whether you run your business as a corporation, partnership, or sole proprietorship, there are many great benefits to having family on the payroll. On the homefront, it reduces both your family’s aggregated income subject to taxation as well as the rate at which that income is taxed. This means you and your family members-turned-coworkers will save a little more money when tax season rolls around. GAINS FORTHE BUSINESS But it’s not just personal income taxes that can be positively affected by this strategy. Having a family member on the team means you both get to take advantage of employee and employer benefits. For example, the wages you pay your loved one also count as tax-deductible business expenses. The same is true for expenses like child care and 401(k) contributions.
IN SICKNESS AND IN HEALTH
If you have a companywide insurance policy, having family members covered is a huge plus. In fact, accident and health coverage and even tuition assistance can be extended to them while being counted as a deductible business expense, so long as these costs are reasonable. There are many great perks to working with your family, though you should know many retirement accounts and other savings vehicles do have very strict guidelines governing this kind of employment situation. To make sure you and your loved ones are meeting these requirements, contact your financial advisor to discuss your situation.
BASIL BERRY SORBET
Inspired by Good Housekeeping
Unlike standard ice cream recipes, this delicious sorbet doesn’t require fancy equipment or difficult prep. It’s also entirely dairy-free, making it the perfect vegan treat for the end of summer.
• • • •
1 cup sugar
1 cup fresh basil leaves 6 cups frozen mixed berries 3/4 cup fresh lemon juice
1. In a saucepan over high heat, combine sugar with 1 cup of water, stirring occasionally until sugar dissolves, creating a syrup-like consistency. 2. Remove syrup from heat, add basil, cover, and let stand for 15 minutes. Strain syrup into bowl and refrigerate until cold. 3. In a blender, combine syrup with frozen berries and lemon juice. Purée until smooth. 4. Transfer to a square baking pan, cover in plastic wrap, and freeze until set, about 2 hours. 5. Scoop and serve.
Wealth Solutions www.DuPontWealth.com | Law Office www.DandBLaw.com | 3www.dupontwealth.com
Made with FlippingBook Annual report