Who are these secrets for? Entrepreneurial business owners who care about their business and want to increase cash flow by implementing and leveraging tax strategies.
The IRS is a silent partner in your business that demands 20-37% of your profits every year.
Why the heck wouldn’t you do more to keep more in your pocket?
Secret #1 – You can change the way you’re taxed
Every business owner has options when it comes to how they are going to operate their business and they are not all treated the same for tax purposes. The choice you go with can significantly have dramatic consequences on you and your business.
When I say dramatic… I really mean life changing.
I went through a case study here – where I talked all about the differences in taxation based on a business owner’s legal entity set-up.
Specifically, we looked at a business that was doing $500,000 profit and illustrated the differences in taxes.
You are going to be shocked when you see just how dramatic the results are.
Secret #2 – VIP Only – joining the 0% tax club
Have you ever heard of “LIRPS”?
If not, then you are missing out on joining the 0% tax club. There are plenty of people using this (many well-known, well-respected, people that use LIRPS.
The tax-free party is an exclusive party (or used to be) reserved only for the most informed and sophisticated of people.
That said utilizing LIRPS are just one method of paying yourself and generating some impressive tax results.
I can go, on and on about this – Section 451 deferral methods, RPTs, 1031
Once you go down this rabbit hole, it will be very easy for you to understand why I have a job.
Secret #3 – Did you deduct that?
You don’t need to spend more to save more in taxes. That’s not smart at all. Your tax benefit is always equal to your tax rate multiplied by the deduction. Therefore, you should never spend $1.00 to save 30 cents. Of course, if you NEED something, there are unique ways to plan for this and get the maximum tax benefit available for you… but buying a non-operating, non-profit, non-income producing JOY RIDE for “tax benefits” is not a good strategy.
Instead, scrubbing your expenses for items that can be deducted for business purposes is a better solution.
I know you might think you are taking advantage of everything, but here are some expenses that are often missed:
Amounts paid to children/family members
Travel (even if you think it’s “commuting”) PS: The tax law has some very obscure provisions that people often miss… what do you expense when it is 70,000+ pages long!
Vehicles/Furniture and Fixtures
Of course, this is a non-inclusive list, but just wanted to point out some of the frequent deductions that I see people miss.
If you are open-minded enough, I want to encourage you to book a meeting with us by emailing firstname.lastname@example.org or calling us directly at 713-234-5112 to see how you can leverage any of our 69+ tax savings strategies that we developed since 2012.
Unfortunately, the time to do tax planning was yesterday, but the next best time is today.
Ask our office about our one time offer to have a Tax Planning Strategy Session. This usually has a value of $500, but for a limited time will be FREE… Just make sure to mention this.