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
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!
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.
The financial planning planet is currently driven by products, commissions, and transactions. Financial Gravity, however, operates in an entirely different universe. Instead of selling products like most financial advisors, we are “product agnostic” –meaning we let the Tax Code determine the best product for you. If you don’t want the product. Fine! We will present the next option. By centering all of our financial advice around the tax code, we remove any chance that you’ll ever receive biased 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 trying to sell you something.
For example, I bet you weren’t aware that your 401k is the most expensive retirement plan you can implement. 401k users may be paying as much as 4% towards hidden fees covering everything from marketing expenses to transaction costs. YUCK. There are retirement plans, however, without Third Party Administrators, without confiscatory fees, and without discrimination rules. These plans have the ability to defer hundreds of thousands of dollars. Some even “self-complete” like a pension, meaning if you die your spouse is entitled to the benefit. If you want to maintain or increase your lifestyle upon retirement, then you need to hire someone who can help you avoid the conventional 401k, 403b, 457, SEP, SIMPLE, IRA in favor of a retirement plan that supports your unique vision of retirement
Maybe you’re thinking, well what about my accountant? They have my best interest in mind, don’t they?
Not so fast. Accountants can’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. See for yourself here. And furthermore, accountants don’t really care if a tax strategy saves you money. If it creates more work for them, they will likely advise you against it (and may even tell you that it will create a red flag and increase your chances of being audited.)
The tax code has over 70,000 pages of green lights for you to use, so use them!
Financial Gravity is creating a tax-centric universe that is moral, legal and ethical, and not driven by products, commissions, and transactions. We want entrepreneurs, high net worth individuals and small business owners to pay the least amount of taxes required by law (which will then allow them to pump more money back into their business and into the economy.)
Before we start, I want to define what strategic tax planning actually is. Strategic Tax Planning is a phrase coined by Financial Gravity, but it’s a pretty basic concept. Lowering taxes increases profitability and grows wealth. Unlike other tax-related services and solutions, at Financial Gravity we’re committed to working with you personally to proactively develop a plan to minimize your tax burden and maximize your success.
Our tax strategies aren’t just picked randomly out of a hat. We have partners all over the country who are trained, certified, and experienced tax planning advisors who help you keep capital in your business and pay less tax.
All of our financial advice starts with Taxes. Why? Because the Tax Code is FULL (more than 20,000 pages full) of legal ways you can pay less tax (such as structuring your business as an S-corp instead of a Sole Proprietor or even hiring your kid). The financial industry is broken. Advisors either want to make a transaction or commission while Accountants just want to put numbers into boxes (they aren’t trained to help you with taxes, say what?) Financial Gravity helps small and medium-sized business owners keep more of what they’ve earned — so they can pour money back into the economy and hire more people– by giving them advice based on what the tax code says, not what commission they’ll earn.
You wouldn’t start a business without a business plan, would you? You wouldn’t build a house without a blueprint, would you? You wouldn’t plan a dinner party without a grocery list, would you? Enough said.
At Financial Gravity, we firmly believe that accounting firms are not serving their clients the way they should be. We want to change the financial services industry from being transaction, commission, and product based, to more Tax Code based. By offering Strategic Tax Planning, Financial Gravity will help SMB owners lower their personal income tax liability, and give them numbers that help them run their business
Here are three examples of small business owners who didn’t receive Strategic Tax Planning:
1. You’ve structured your business as Sole Proprietor because your neighbor John told you it’s the easiest way to get started as an entrepreneur (and you are all about preventing headaches). What John didn’t tell you, however, was what would happen if you earned more than $100k as a sole proprietor. Earning more than $100k in gross revenue will increase your risk of being audited. Your headache prevention plan actually turned out to be your biggest nightmare. Not only did you end up paying far more in taxes, but now you have to hire a lawyer to help you sort out this scary audit.
Financial Gravity can help you identify the right filing status for your business.
2. My financial advisor told me to start with an IRA, Individual Retirement Account, and then jump to a 401k after I grew my business. Now that I’m retired, I realize how terrible this advice actually was. Not only have my taxes increased but I’ve had to decrease my lifestyle because my money doesn’t go as far. Not only have my taxes increased but my money is not able to sustain the lifestyle I wanted to live.
Financial Gravity can help you choose a retirement plan (without Third Party Administrators, confiscatory fees, or discrimination rules) that fully supports your unique vision of retirement.
3. My accountant told me to file the $50,000 I spent hosting educational seminars for potential clients and referral partners as a Meals and Entertainment expense. Therefore, I was only able to deduct 50% of the total instead of the entire amount. Little did I know that I could have filed it as a Marketing expense and deducted the full amount. This mistake cost me thousands of dollars.
Financial Gravity can provide you with our Tax Blueprint® (a tax reduction plan that is customized specifically for you and your business). The Tax Blueprint® is your strategic tax plan that when implemented will maximize your personal tax savings and give you numbers to run your business.
As a small business owner, finding legal and ethical ways to increase your tax savings shouldn’t be a full-time job in itself. Unfortunately, most accountants, attorneys, or business consultants aren’t taught to master the myths standing between you and your money. In fact, the financial industry benefits from small business owners not understanding tax myths.
Wait, my accountant can’t help me with tax planning and tax savings?
The CPA exam is focused on General Accepted Accounting Principles and has nothing (absolutely NOTHING) to do with taxes. Your accountant may be a lovely human being, but they aren’t the ones you should be consulting about tax savings.
So if I can’t turn to my CPA to help me find ways to pay less tax, who can I turn to?
Well, you have a couple of options. You could read all 70,000+ pages of the Tax Code. (Though this option will likely be zero fun for 99% of the people on the planet.)
Who is this option for?
People who have too much time on their hands and a passion for onerous, complicated, and bloated text.
No, thanks. I’ll pass. Any other options?
You could download the Tax Myth eBook, a book that our CEO, John Pollock, put together outlining 10 of the most damaging misconceptions about taxes — and then read it. This free eBook will help you prevent further loss (in taxes) or prevent you from losing money in the first place.
Who is this option for?
Do-It-Yourself-ers who want to lower their tax liability…quickly, legally and ethically, and who make under $100,000 gross income.
What if I make more than that, what should I do?
Get in touch with us. At Financial Gravity, we have expert tax planners and tax specialists who not only understand the tax code and the available “green lights” you can use to reduce your taxes but who will help you engage in proactive tax savings and tax planning.
Who is this option for?
Business owners who have a shortage of time, zero desire to learn about the Tax Code and either pay $20,000+ in personal income taxes or make $100,000+ gross income.
If you’re a small business owner, taxes are your single biggest expense and they will get bigger if you don’t have a sound strategy in place to mitigate them.
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