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What Is the Tax Blueprint and Why Should I Care?

It’s safe to assume that most business owners and individuals are overpaying their taxes without even realizing it. Without a clear tax plan to guide you through the year, you’re probably one of them. That’s why Financial Gravity created its unique tool known as the Tax Blueprint in order to help its clients navigate the complex maze of the tax code. Read more

Financial Gravity’s 3-step Process To Help You Save Big And Increase Your Business Revenue

You are almost certainly losing more money than you should to taxes. In fact, you could say that like as not, your business finances are needing a trip to the emergency room. Chances are, you’re losing more revenue than you should. How can you stop overpaying taxes and increase your business revenue? Fortunately, the doctor is in, and Financial Gravity has the 3-step solution to your financial ills.

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Maybe you graduated with honors with a major in Communications and a minor in Business Management only to start a few side hustles in order to pay your student loans, or maybe you’re more of a self-learner, skipping college to jump straight into the workforce only to realize that you were more of a leader and less of a follower. Regardless of how you ended up in your entrepreneurial role, it’s safe to say, you probably aren’t investing much time, money, or energy in yourself anymore. And why not? Self-investment is not only a great way to expand your skill set, but according to this article on LifeHack.com, it’s the surest way to achieve a better quality of life.

Here are some ways you can make a self-investment:

1/ Learn a new skill. You can either take an online class at your local community college, go to a relevant Meetup, or attend a nearby conference related to your industry.

2/ Read a leadership book or a motivational book. Here’s a list to get you started.

3/ Join a gym, running club, or Zumba class. According to this article on IRS.com, you may even be able to deduct your fitness costs as a medical expense, but make sure you get a doctor’s note first!

Ok, I know what you’re thinking: Invest in myself? I barely have enough time to finish the tasks on my todo list, have dinner with my family, and nurture my partner every day, let alone take time to invest in myself. Besides that, all your “suggestions” require expendable income, money is tight as it is.

That’s the glorious part about getting in touch with Financial Gravity. We find you ways to keep more of your hard-earned income BEFORE you ever have to schlep it away to the IRS. Paying taxes is an inevitable part of being a small business owner, but there are literally thousands of legal, moral and ethical ways to pay less tax located in the tax code. After a 15-30 minute assessment, we will determine if we can substantially decrease your tax liability. If so, we will then develop and implement a Tax Blueprint, a clear tax reduction plan customized to you and your business. Oh, and you will always save more than what the service costs you, backed by our 2x guarantee.

So what will you do with all that extra money? Invest in yourself, of course!

Photo by Tamarcus Brown on Unsplash

Photo by Allef Vinicius on Unsplash

As a small business owner, you probably don’t have enough time to think about what you’re having for dinner let alone what your New Year’s resolution might be. That’s why we’ve created this list of resolutions for busy small business owners like you and then provided you with Financial Gravity-tailored solutions!

New Year’s Resolutions for Small Business Owners

1. Spend more time with my family.

“I am working 12 hours a day. I leave one hour before my kids wake up and usually make it home an hour before they drift off to sleep. Every day, I am torn between providing for my family with a comfortable life and spending quality time with them.”

Financial Gravity Solution: Having a good work/life balance is not only important, it’s imperative. While we can’t flip your flapjacks for you in the morning, we can customize a clear tax reduction plan (better known as our Tax Blueprint®) for you. Paying less in taxes means you’ll have more money to hire a middle manager, thus relieving you of your long work days and allowing you more time to build blanket forts with your kids.

2. Take more vacations.

“I thought being an owner meant I’d have more freedom, time, and money, but I am currently experiencing some growing pangs, aka chaos. Stepping away from my business at this time, even for a few days, isn’t really an option for me, everything would fall apart!”

Financial Gravity Solution: We get it. You built your business with your own two hands. The success you’ve achieved up until now is entirely due to your hard work, can-do attitude, and resilience. But even heroes need a break sometimes. According to this article in Time magazine, 94% of research respondents had MORE energy after coming back from vacation. And in this Inc.com article, vacations have been proven to reduce stress, prevent heart disease, improve productivity and improve sleep patterns. Implement our Tax Blueprint®, and you’ll be able to ship less money off to the IRS and sink more money into your cruise fund.

3. Hire more employees and maybe open up another location.

“My business is experiencing rapid success and I am a bit uncertain about my next step. I don’t really have a lot of time to think about big picture stuff because I am too busy keeping up with the daily ins and outs. I also get discouraged because it feels like the more successful I become, the more taxes I owe. Sometimes I wish I could just go back to my 9-5, when life was much simpler.”

Financial Gravity Solution: You shouldn’t be punished for having a successful business and the tax code (all 70,000+ pages of it) is there to make sure you aren’t! There are plenty of legal, moral, and ethical ways to reduce your tax liability located in that thing, you just need to know where to look! If you choose to implement our Tax Blueprint®, we will develop a strategic tax plan that will reduce your tax liability for years to come. Our experts know and understand the complex rules attached to the laws located within the tax code. Because we let the tax code call the shots, you can be sure that you’re getting unbiased financial advice. You can read more about our “product agnostic” approach to financial advice on this blog post.

Financial Gravity exists so that we can help small business owners (legally) pay less in taxes, increase their profit, and attain greater wealth. If these sound like resolutions your willing to commit to in the coming year, give us a call today. After a simple 15-30 minute no obligation assessment, we’ll determine if we can substantially reduce your tax burden.

Photo by Allef Vinicius on Unsplash

Many people have the dream of becoming wealthy but have no idea how to get started or who to turn to for help. It’s no wonder when there is so much conflicting information out there. On this episode of New to the Street, host Jane King and Financial Gravity CEO, John Pollock, discuss how Financial Gravity is helping small business owners grow their wealth with the help of the tax code and strategic tax planning.

 

Unless you’ve won the lottery, balancing what you earn vs. what you spend can be a daunting task. But just because something is daunting doesn’t mean it’s impossible. Instead of being paralyzed by phrases like wealth management or tax preparation, we want to give small business owners more time to devote to their craft and themselves. Simply put, Financial Gravity exists so that small business owners can be better versions of themselves. By implementing tools like our Tax Blueprint®, a wealth management plan designed entirely around the tax code, we save small business owners, on average, $20,000 per year on their taxes.

Paying less tax will not increase your chance of being audited. Sure, tax evasion is illegal but tax avoidance is absolutely not. All of the 130+ tax saving strategies we implement are actual laws written into the tax code, which means using them does not increase your risk of being audited. In fact, it decreases the chance. Just like stopping at a red light won’t increase your chances of getting a ticket, lowering your tax liability won’t increase your chances of being audited.

Lower Your Taxes, Grow Your Wealth.

Financial Gravity wants everyone to benefit from integrated financial advice, something that is currently only accessible to the uber-wealthy. We are currently working on digitizing the tax code in order to combine the best of both professions; an accountant (who loves to put numbers into boxes) and a financial services person (who is mostly product focused.) Aside from Financial Gravity, there is no one-stop-shop for all your financial matters. Hence why your head feels like it’s exploding when tax season looms or you have to make a big purchase for the company. Financial Gravity is disrupting the financial services industry as you know it by letting the tax code determine your wealth plan. The result? Legal, moral, and ethical results (and less tax, of course.)

Don’t want to read all 70,000 pages of the tax code to reduce your tax liability? Download this free eBook: http://www.johnpollockinc.com/taxbook

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One of our company-wide goals is to help small and medium business owners retain their hard-earned capital through Strategic Tax Planning. If you think you may need a strategic tax plan, but you still aren’t sure, take this quick tax quiz below to find out.

Financial Gravity Tax Quiz


1/ Are you an SME or SMB owner?

If yes, proceed to question 2.

If you’re not sure, here’s a definition of a Small or Medium Sized Enterprise (SME) or Business (SMB) according to this article on SMBResearch.com. A small business or enterprise has fewer than 100 employees (startups and self-employed peoples fall into this category) while a medium sized business or enterprise can have between 100 and 10,0000 employees. Anything more than 10,000 and you’re jumping into the large enterprise category, aka The Big Dogs.

If not, don’t fret. You can still follow our blog, Twitter, and podcast for tax saving strategies and entrepreneurial inspiration. When you finally open up shop, let us know, we also help with business strategy!

2/ Do you pay more than $20,000 in taxes per year?

If yes, proceed to question 3.

If not, perhaps you’d benefit from our Business Blueprint. The Business Blueprint™ provides a “jumpstart” for clients struggling to obtain traction with operations to support the owner’s vision. It provides the basic foundations to operate a healthy and happy team and is the beginning of realizing a company’s true potential. 

3/ Do you think you’re paying too much in taxes?

If yes, proceed to question 4, if not sure, proceed to question 4 anyway.

If not, are you sure you filed taxes this year? If you are a small business owner, it’s highly likely you’re paying too much in taxes.

4/ Has your accountant, tax preparer, CPA, or financial advisor provided you with a strategic tax plan that saves you more than $1000 per year?

If yes, then congratulations! Call him or her right this minute and invite them out for a drink. You’ve found yourself a rare gem. Most accountants don’t offer strategic tax planning. Here’s why.

If no, it’s time to ditch the zero and get with the hero.

Financial Gravity exists so that we can help small and medium-sized business owners reduce their tax liability, increase their profit, and attain greater wealth. We do that by providing Strategic Tax Planning which is derived from over 70,000 legal tax laws located in the tax code. Our Tax Blueprint™ (a clear tax reduction plan) will never cost more money than it saves you, backed by our 2x guarantee. Without a Tax Blueprint, you don’t have a Strategic Tax Plan.

Here are your next steps:

1/ Get in touch with us today. After a 15-30 minute no obligation assessment, we will determine if we can lower your tax liability.

2/ Do your happy dance! 

*Photo by rawpixel.com on Unsplash

Financial Gravity isn’t just your average run of the mill financial services company whose sole purpose is to create a transaction or sell you a strategy or product. We exist so that we can help small business owners like you lower their personal income taxes, increase their profits, and attain greater wealth. So, how does Financial Gravity help small business owners recapture the hope of financial freedom AND retain more of their hard-earned capital? Strategic Tax Planning.

Strategic Tax Planning is something you most likely aren’t receiving from your CPA. There are a few reasons why this is true.

1/ Accountants only understand a small portion of the tax code. Instead of being future focused, they are more interested in historical record keeping. While some may provide reactive tax advice, they are unaware of how to proactively and strategically make the tax code work in your favor.

2/ Accountants are likely to have Type-A personalities. While that’s great for plugging numbers into boxes, it means they probably aren’t flexible or open to change. A strategic tax planner must take into account the small business owner’s lifestyle, short and long-term financial goals, and spending habits.

3/ Accountants err on the side of caution. Though there are over 70,000 pages of green lights in the tax code, accountants tend to focus on the five pages of red lights to avoid being flagged by the IRS. It’s important to understand, however, that a green light is not the same as a “loophole.” It’s not a “red flag” to go through the intersection and it does not increase your risk of getting a ticket because you “used” this particular law to get through the intersection. Remember, the tax code was meant to be used, not feared.

What does Strategic Tax Planning at Financial Gravity look like? Designed and implemented by our insanely smart tax and wealth professionals, the following two products seek to give small business owners proactive fiduciary-type advice that serves their best interest:

Tax Blueprint

Without a Tax Blueprint®, you don’t have a Tax Plan. After a free 15-30 minute no obligation assessment, Financial Gravity will determine if we can substantially reduce your tax burden. If so, we take 200+ proactive tax strategies and create a personalized Tax Blueprint® just for you. All of our strategies come directly from the IRS Tax Code and are legal, ethical, and moral. The best part is that we guarantee to deliver a tax savings of at least 2x the cost of the Tax Blueprint®, or it’s free. That means you have nothing to lose except overpaying taxes. Your Tax Blueprint® has the potential to return tens or even hundreds-of-thousands of dollars annually to your bottom line.

Tax Operating System

Designed to fit any budget and circumstance, the Tax Operating System® works in coordination with the Tax Blueprint by providing a suite of solutions to save you money. Regardless of which solution you select, you can count on access to our advisors, annual tax planning assistance, ongoing newsletter, and educational materials. Some of the solutions you can choose from including Advisory, Tax Preparation, and Bookkeeping with Purpose®.

Financial Gravity has a national partner network of financial advisors and accounting professionals that help small business owners, like you, attain business and personal goals, reduce their tax burden, and keep more of their hard-earned capital through Strategic Tax Planning. If you are a small business owner who is tired of paying too much in taxes, get in touch today. 

Photo by Maarten van den Heuvel on Unsplash

We talk a lot about how we save small and medium-sized business owners money on their personal income taxes, but did you know that we also offer a LOT more than that? Whether you are a Rare, Medium, or Well-done business owner, Financial Gravity exists so that we can help small and medium-sized business owners lower their taxes, increase their profits, and attain greater wealth.Which level of doneness describes your status as a business owner? Are you:

1/ Rare – You’re a complete newb. Before you jump into the frying pan you want to make sure you are perfectly seasoned and marinated. 

What we recommend: Business Blueprint™

Think of the Business Blueprint™ as a recipe for the perfect marinade, an operation manual or roadmap that will help guide you on your entrepreneurial journey. The Business Blueprint™ will help you define a clear vision for your company that you can then share with your employees and “steak”holders. In addition, the Business Blueprint will  answer the following questions:

How do I increase the profitability of my company?

Which of my team members should be held accountable for what?

Is this team member the right person for this task?

2/ Medium – You’re just starting to sizzle. Your business is so hot that you can hardly keep up with demand. Unfortunately, the more money you make, the more taxes you owe.

What we recommend: TaxBlueprint™

You shouldn’t be penalized for being more successful. Though anyone can learn how to make the tax code work in their favor, the tax code is over 70,000 pages long (i.e. boring read.). If you’ve got better things to do than reading that thing (we don’t blame you), you can download John Pollock’s ebook where he busts 10 of the most common tax myths. Or…you can hire a professional to develop a customized tax reduction plan (TaxBlueprint™) for you that will deliver a tax savings of at least 2x the cost (or it’s free).

3/ Well Done– You’ve spent the last few decades building a successful company, but now you’re ready to scale down, cash in some assets, and work on your tan. Before you order a round of margaritas at the golf resort pool, you’ll need to sell your company.

What we recommend: Exit Planning

We help you avoid costly mistakes and keep more of what you’ve earned. Not only will we provide a set of customised strategies for you to use, we also help you implement the recommended strategies. This service is free for Financial Gravity clients who are currently using our Bookkeeping with Purpose™ or enrolled in our Tax Operating System™. 

In addition to helping small and medium-sized business owners lower their taxes, increase their profits, and attain greater wealth, Financial Gravity also provides services such as bookkeeping, estate planning, and tax preparation. 

We saved these customers thousands on their taxes, which means we can do the same for you. 

*Photo by Lukas Budimaier on Unsplash

 

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.

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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.