The Book of Inside Information

I
Everyday
Money Managem
Run Personal Finances ~nd hired their three child~
12， to work therc. The chi
Like a Business grounds， did landscaping
the swimming pool， answer
Most executives neglect their personal minor repair work. The ta
finances because they arc too busy with their over $17，000 that they pa
iobs or busincsscs. That s a serious mistake， during a three-year pcri
Stay alert for opportunities to save and profit: objected， and the case wc
Pension plans. Business owners and the self- decision: Over $15，000 ()1
cmploycd can takc advantage of special pen- approved. Most of the de(
sion options open to them. If you are making disallowed were attributabl
$11)l)，000 a ycar， you could easily put away But even $4，000 of his
$30，000 prc-tax into a defined benefit pension proved by the court.
plan. Greater earnings may justify even larger Ke}~: The children actu:
contrihutions. Compounding tax-free dollars work for which they were 1
gives an enormous investment edge. was necessary for the busi~
A favorite tax-planning tactic is to have a demonstrated that if thole
min{~r -i-:ild work fl)r the family-owned busi- done the work， they woul