How do you guys deal with taxes? I don't want to end up like last time and get raped with the upper bracket taxes, how did someone you met reduce taxes? I have an LLC i haven't used and I'm thinking about switching over from being an SP.
Tax strategy
- Thread starter wicked1234
- Start date
get deductions and pay yourself a salary under the tax bracket. let the company hold the additional funds
^^ What he said. Plus get a real tax advisor rather than ask on a online forum. Taxes are a really funny thing because there are SO many loopholes and situation of one person is usually never the same as the other person.
Exactly what I was going to say. Also, keep ALL receipts and make the company reimburse you for the expenses weekly.
like Lord B said, also get the advisor.
I would actually take it a step further and break it down like this.
1. Get a CPA and have them do all the leg work and accounting shit. Do not take their advice on tax law and loopholes. Every CPA thinks their a damn tax attorney/IRS agent best friend/financial guru. Just have them do the filings, accounting, etc...
2. Get an experienced tax attorney. Most people think this is just for when you get hit by the IRS, however if you spend some time with one upfront about your business and how you want it set up, you will save yourself a ton of headaches. Most tax attorneys think they are also financial guru's so don't take finance advice from them. Just get your business set up and learn the shit you need to know to hand off to your CPA.
3. Talk to an Estate planning attorney. Might sound kinda out there, but I have one and their advice has been very beneficial. Most of the times your tax attorney can hook you up with an estate planning attorney ( diff then an estate planner, don't mix the 2 ). Mine has experience going after people and protecting people. These guys know how to protect your shit when your CPA or tax attorney can't help you. Things like Family Trust, irrecvo. trusts, wills, offshore shit, life insurance, tax laws ( big plus here ), etc.
Don't skimp out. Talk to all 3 and spend the dough.
Each one is important upfront to protect you and help you with taxes, no joke. Most skip out on the tax attorney and estate planning attorney and then they get fucked with the IRS agent comes a knocking or when Oprah wants to shut you down and go after your monies. Get set up right and avoid the headache.
Dont just rely on the CPA to do everything for you and give you advice outside their realm. That would be like hiring a plumber to fix your sink, but also tell you how to do drywall and landscaping for your yard.
I would actually take it a step further and break it down like this.
1. Get a CPA and have them do all the leg work and accounting shit. Do not take their advice on tax law and loopholes. Every CPA thinks their a damn tax attorney/IRS agent best friend/financial guru. Just have them do the filings, accounting, etc...
2. Get an experienced tax attorney. Most people think this is just for when you get hit by the IRS, however if you spend some time with one upfront about your business and how you want it set up, you will save yourself a ton of headaches. Most tax attorneys think they are also financial guru's so don't take finance advice from them. Just get your business set up and learn the shit you need to know to hand off to your CPA.
3. Talk to an Estate planning attorney. Might sound kinda out there, but I have one and their advice has been very beneficial. Most of the times your tax attorney can hook you up with an estate planning attorney ( diff then an estate planner, don't mix the 2 ). Mine has experience going after people and protecting people. These guys know how to protect your shit when your CPA or tax attorney can't help you. Things like Family Trust, irrecvo. trusts, wills, offshore shit, life insurance, tax laws ( big plus here ), etc.
Don't skimp out. Talk to all 3 and spend the dough.
Each one is important upfront to protect you and help you with taxes, no joke. Most skip out on the tax attorney and estate planning attorney and then they get fucked with the IRS agent comes a knocking or when Oprah wants to shut you down and go after your monies. Get set up right and avoid the headache.
Dont just rely on the CPA to do everything for you and give you advice outside their realm. That would be like hiring a plumber to fix your sink, but also tell you how to do drywall and landscaping for your yard.
One little nice thing I found out about recently...
You can have a self directed IRA that invests in your own business. With that you can effectively make a portion of your income 100% tax free - but of course it's going to the IRA - which has it's pros and cons.
You can have a self directed IRA that invests in your own business. With that you can effectively make a portion of your income 100% tax free - but of course it's going to the IRA - which has it's pros and cons.
