You can hire your spouse or other family members to work in your business provided that they provide a bona fide business related service. A reasonable tax deductible salary may be paid to them. While your spouse will have to pay taxes on their own salary, they may be in a lower tax bracket than […]
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Your First Steps after Deciding to Run a Business
Prepare a formal business plan, including marketing and cash flow analysis plan and a formal budget. Identify your unique product/service and income-earning process, your distribution channels, payment methods, pricing policies and gross margins. Decide which business organization structure better suits your needs. In most cases a sole proprietorship would be the best option for a […]
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