When you hear the words “proactive tax planning,” it’s tempting to think of a team of high-powered accountants, financial advisors and tax lawyers working for a large company in a high-rise building somewhere. These setups are known as a “Family Office,” generally utilized by wealthy individuals, families, and entrepreneurs with a net worth of at least $30 million. Read more
Financial Gravity wants to digitize the tax code in order to make sure that everyone (not just the uber wealthy) pays the lowest amount of taxes by law. But…we can’t do it alone, that’s why we’ve decided to crowdsource knowledge using Hero X (but more on that later.)
What’s the problem, exactly?
For years, the uber wealthy (those with $20-30 million or more in assets) have had exclusive access to the Family Office.
Hold up, I’m confused. What is a Family Office?
A Family Office integrates the following advice; wealth planning, risk management, insurance planning, tax planning, and legal planning. By integrating all of these “offices,” wealthy people receive financial advice that is streamlined and tailored to their particular financial needs and goals. Since operating a Family Office requires an entire team of connected individuals to maintain an understanding of ever-changing tax codes and financial products, this streamlined advice can be expensive, very expensive.
Isn’t there a software that can do that for me?
Despite the number of tax planning and wealth management services out there — ones that enable people to plan in advance of tax time have not yet been automated…yet. Financial Gravity wants to develop an automated strategic tax planning assistant software so that people like you and me have the same access the uber-wealthy do to financial planning through the Fractional Family Office™.
Why can’t I just ask my Financial Advisor for advice?
Financial Advisors can’t give nonbiased financial advice because they are either product-centric, strategy-centric, or transaction-centric. Bottom line: 99% of Financial Advisors are selling something.
But what about my Accountant?
Accountants don’t give financial advice because they aren’t trained to help entrepreneurs and small business owners lower their personal income taxes and then give them numbers to help them run their business. Bottom line: The CPA exam has nothing to do with tax planning.
And how are you going to fix this problem?
By digitizing the Tax Code and creating a tax centric advice platform that is moral, legal and ethical. That way entrepreneurs, high net worth individuals, and small business owners pay the least amount of taxes required by law (which will then allow them to pump more of their money back into their business and into the economy.)
Sounds great, but you said you needed my help…?
We do. We need your help building Odele’s Brain.
Um, what? Who is Odele™?
Odele™ is the name of the tax planning assistant software that will disrupt the financial services industry as we know it. Not only will Odele™ centralize all financial planning around tax savings and planning, she will make proactive tax planning, wealth-building, risk management, business strategy, and financial planning strategies both accessible and affordable to business owners at ALL wealth levels. Think of Odele™ as anyone’s access to a Fractional Family Office™… and in AI form.
Still a bit confused as to where I fit into all of this…
My bad. I was so excited that I must have gotten ahead of myself. Here’s the gist: Financial Gravity is already working on a Fractional Family Office™ for small and medium sized business owners by partnering with the different “offices” I mentioned before. However, there are still a lot of people who don’t have access to our services due to financial constraints (such as a mompreneur who sells monogrammed cloth diapers on Etsy as a side-hustle.) That’s why we want to build Odele — to allow tax payers from ALL income levels to benefit from the legal tax saving strategies provided in the tax code. This technology has the opportunity to save a LOT of people a LOT of money (once it’s built, of course.)
How can I help?
In order to help us build Odele™, we are crowdsourcing knowledge via Hero X (think of Hero X like Kickstarter…but instead of raising money, we are searching for an individual or team of individuals to help us map out Odele’s brain.) Brands such as Netflix and Coca Cola have already used Hero X to successfully recruit innovators to help them make breakthroughs in technology, health, education, and communities. In some cases, the chosen innovators have even won prize money.
Wait, there’s prize money involved?
Haha, yes. Glad I got your attention. Financial Gravity will award a total prize pool of up to $125,000. This prize may be split by up to 5 winners. The minimum prize is expected to be $20,000.
How are the winners chosen?
- To be eligible for an award, your proposal must, at a minimum:
- 1. Satisfy the Judging Scorecard requirements.
- 2. Thoughtfully address the Submission Form questions.
- 3. Be scored higher than your competitors!
Sounds exciting, where can I find out more information?
In the upcoming blog posts, we will address more specifically what we are looking for. If you can’t wait that long, however, you can head over to our Hero X page to learn more about Odele’s Brain and the Automated Tax Blueprint Challenge.
Taking a proactive approach to tax planning will not put your business at risk for an audit. I repeat, taking a proactive approach to tax planning will NOT put your business at risk for an audit. If your Tax Preparer or Accountant tells you that a tax-reducing strategy will create a red flag with the IRS, it might be time to get a new Accountant. In fact, if you pay more than $20,000 in personal income taxes (or make $100,000 or more gross income), it might be time to hire yourself a professional Tax Planner.
If your Tax Preparer or Accountant tells you that a tax-reducing strategy will create a red flag with the IRS, it might be time to get a new Accountant.
Implementing strategies that help you reduce your taxes will not raise your risk of audit. In fact, it’s why the Internal Revenue Code exists (all 70,000+ pages of it). Inside the IRC, there are plenty of legal ways that Small Business Owners like you, can learn to lower their tax liability and keep capital in your business. There are rules tied to their use, and most of the rules are surprisingly simple.
Common “Green Flag” Strategies (You’re Probably Already Using)
Less Common “Green Flag” Strategies (You’ve Probably Never Heard Of)
Use Your Swimming Pool As An On-Premises Employer Athletic Facility
14 Day Augusta Rule – Rent your house and earn tax free income
Implement an Enterprise Risk Management Plan
Though you’ve probably never heard of the less common strategies, they are legal to use and will, in no way, increase your chances of being audited (as long as you follow the rules tied to their use.) If you’re happy “playing it safe,” because you’re afraid of the big, bad red flag, then you must also be happy giving thousands of your hard earned dollars away. However, if you’d like to prevent further loss (or if you want to prevent losing money in the first place), this eBook is here to help. Inside, we’ve help to demystified the 70,000 pages of the IRC so you can start attaining greater wealth even faster.
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