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Save Taxes by Employing Family Members Employing family members (usually children or grandchildren) who are in a lower tax bracket than the business owner can shift taxable income to those individuals, thus reducing the family's overall tax burden. Not only is income shifted from the parent to the child, if the child is a minor, payroll taxes can quite often be avoided. In addition, the child's compensation is earned income, which allows the child to contribute to an IRA.

The New Health Savings Account The President recently signed legislation authorizing Health Savings Accounts (HSAs), which are targeted mainly at self-employees, small business owners, and employees of small to medium size firms. It is important to understand that, while this new tax break was included in the recent Medicare Act, you don't have to be a senior citizen to benefit.

Use the Installment Method to Defer Taxes on Property Sales When at least one payment is received after the tax year in which the sale occurs, you can use the installment method to defer a portion of the income tax due on a gain from the sale of property such as an apartment or office building. Under the installment method, the seller recognizes a portion of each payment as gain when received.