How to Legally Pay the Smallest Amount of Tax Possible?
What is Your Pet Peeve?
I got this thing about drivers in the left lane of a 3-lane highway that clearly don’t belong there.
It’s kind of rude, right?
Do you know what I REALLY don’t like, more than anything?
My taxpayers coughing up more than they have to.
After all, and let’s be perfectly clear here…
No matter what ideology you follow we can agree that our government spends an awful lot of money without asking us if it’s okay first.
Right?
So…why on earth do you want to give them one red cent more than you have to?
My solemn and sacred mission in life is
To make damn sure you don’t.
One of my fun things I do is to ensure that all the money you deposited is actually income.
Sometimes you dropped a C-note in there to make sure a check doesn’t bounce.
That ain’t income, that’s owner investment.
You already paid tax on that once!
Another very popular strategy is to ensure that you’re writing off everything you’re allowed to.
Since the category of Expenses is the one with the most individual choices it’s also the one a lot of folks wrestle with.
Free tip, because I care:
If you look at it through the filter of, “Is this an ordinary and necessary expense of my business?”
And the answer comes back, “Oh hell yeah it is…”
Write that shit off!
There are still some other cool things you can write off, even after these fairly obvious strategies.
There’s a category of items I call “Listed Assets.”
You use stuff all the time in both your personal and business lives. Right?
Your cell phone.
Your computer.
Home office? How about that high-speed internet service?
But wait, there’s more!
What about that car?
Cars are fun for me, even though it’s a little complicated, because you have two different methods to reduce your net income with this one, after your first year.
So, any of those four things that you use at least 50% for business purposes? Yup.
That’s legit.
If you’ve read this far you’re probably thinking…
“Well, yeah I knew most (or all) of this.”
Great!
First of all, thanks for reading this far.
I’ve got a reward for you.
The really good one.
The juicy bomb dot com money saver.
Are you one of the millions of hard-working Americans filing a Schedule C with your Form 1040 every year?
Did you ever notice that your software, or your preparer’s forms add another evil ugly form into your filing package called…
Schedule SE?
Boo! Hiss!
That thing obnoxiously adds thousands of extra dollars to your
“Amount You Owe” line on Page 2 of the 1040?
What the hell?
How would you like it if that went away?
For good?
For as long as you own your business?
This, ladies and gentlemen, is what I live for.
THE S-CORP ELECTION.
Extra added bonus: your business also generates a regular wage to you.
I know a LOT of people that like that level of organization and routine in their lives.
Save money on taxes. Regular paychecks.
And on the part that isn’t in your check? Well, you only pay the ordinary income tax on that.
No obnoxious second tax!
To find out why I call it an election,
…to ask how you get you some of this yummy juicy tax savings
Get a hold of me.
Let’s do this!