If you own your business you’ve probably discovered that the IRS tax code is a complicated thing. Or perhaps you’re one of the lucky ones who turns over your tax and accounting responsibilities to an accounting professional with the hope that you are maximizing your tax savings.
Our hope is that you fall into the latter group, but experience tells us that your accountant most likely is leaving some of your hard earned income on the table and that you are quite likely paying more than your fair share of taxes (especially if you own a business).
Below are five questions that could lead to substantial savings using proven, proactive tax planning strategies taken right from the IRS tax code.
1. Do you lease your home to your business for the maximum time the IRS allows?
The IRS allows you to do this every year and pocket the income tax-free. It is surprisingly easy to meet this requirement and use the formula prescribed by the IRS to do it.
2. Do you hire your children to work in your business as spelled out in the IRS code?
There’s nothing new about this idea, many businesses have employed this tactic for years, but few know how to take the full advantage allowed by the IRS. This tactic creates savings in several ways.
3. Have you changed your health plan to a qualified HSA plan to save the most taxes possible?
This tactic is growing in popularity as it is the only tax vehicle where you can save on both deposit and withdrawal. If you are over 55 there are catch-up provisions as well.
4. Are you maximizing retirement savings to the fullest? (If you’re over 50 chances are you are not)
If you haven’t been maximizing your retirement savings to date, the good news is that there are several vehicles available to both your business and personal accounts in this tactic and plenty of ways to use catch-up provisions to reduce your taxes substantially.
5. Have you considered starting a private foundation?
This benefit has been used by the ultra-wealthy for generations, but the same, simple strategy can save anyone thousands in taxable income that can outlive the taxpayer and create the potential for the maximum retirement income.
Want to learn more about how our Tax Blueprint® could potentially save you ten of thousands of dollars in taxes you are currently overpaying?
Is it time for you to get a Tax Blueprint?
After a simple 15-30 minute no obligation assessment, we’ll determine if we can substantially reduce your tax burden. If so, we will develop a tax savings plan utilizing our exclusive Tax Blueprint®. The Tax Blueprint® provides a clear tax reduction plan that is customized specifically to you and your business.
Sources of tax savings, along with implementation plans, are highlighted and summarized so you can be confident that the savings are real. You can expect that the total reduction of your taxes will be substantially higher than the cost of the service itself. This is backed up by our 2X savings guarantee. That means you’ll never pay more than half of what we save you in tax savings. It doesn’t get easier than that.
To schedule your no obligation evaluation call us at (469)342-9100 option 1 and ask for your Tax Blueprint® information.