For the last few days I’ve been giving you some advice on how to lower your tax bill…
Today I wanna get more specific…
And give you a list of deductions that you might not be taking advantage of.
Let’s start with…
– Using the “Augusta Rule” to rent your house out to your business 14 days a year (this income comes to you tax free). So you get the write off in your business, and you get the income tax free. I use this, and it makes me anywhere between $24k-$30k a year
– Getting R&D credits for any products or software you develop in your business (this is a big one in the supplement space. I know one company who got 7 figures worth of R&D credits for their supplements)
– Buying a 6000+ lb vehicle and writing it off under your business (this works well with nice SUV’s like Range Rovers)
– Using the QBI pass-through tax deduction to lower your business taxes by 20% (this is section 199A of the tax code and it applies to things like S-corps)
– Setting up a cash benefit plan where you can sock away $150k+ into index funds and write those investments off (this works really well if you have little or no employees)
-If you have a bunch of crypto that’s down since you bought it, you can sell it and immediately buy it back and realize the loss (you can’t do this with stocks, but you can do it with crypto – at least for now)
– setting up multiple corporations and shifting payments between them in order to maximize your tax efficiency (the details of how to do this are above my pay grade, but I know my CPA’s have done it for me and it saves me a nice chunk of change with taxes)
– getting the right entity structure setup for your business – if you’re still going the sole proprietor route, you’re probably getting smoked on taxes (something like an s-corp would be much smarter)
– recategorizing your international sales as capital gains vs ordinary income (this is another one where I don’t understand the specifics of, but if you’re doing serious volume internationally you should look into it)
– Using a c-corp to write off your medical expenses
– If you have kids, you can employ them in your business for things like photo shoots or videos and pay them $12,000 a year (which is a nice write off for you)
– If you take a vacation, you can find ways to incorporate your business into your vacations so that you can write off part of it (or even all of it)
All of these are deductions I just told you about are 100% legal.
However, most entrepreneurs don’t know about them.
I’d also say that most CPA’s don’t advise their clients on them either.
So you could easily be missing out.
This is one of the reasons I’ve been talking about taxes all week.
And also connecting my readers with my tax strategist (Jeff) who understands this stuff.
Unlike most CPA’s that are just order takers, Jeff actually understands tax strategy.
And he is constantly bringing me new ideas that will lower my tax bill.
Which I love.
I don’t have to bring him ideas…
Or do the research myself…
This is what you want with a tax strategist.
You want someone that understands the tax code inside and out.
And who also understands your business/financial situation inside and out.
That’s how you save 6 figures (or even 7 figures on your taxes) each year.
Now, I mentioned yesterday that I pay Jeff $60,000 each. year to help me with my taxes (and it’s worth every penny).
However in the month of August, he’s offering a few 1-on-1 tax strategy calls for just $995.
Basically he’ll go through your past tax returns and show you all the tax strategies you’re missing out on that you can implement now to save a bunch on this year’s tax bill.
So it’s a crazy deal.
For $1000 he’ll probably save you $50k-$200k in taxes (depending on the size of your business).
So if that floats your boat…
I suggest snapping up one of the remaining calls Jeff is doing this month.
He’s helped me save over $300k on my taxes in the last three years, so I’m betting he can probably save you a good chunk of change as well.
If you want to book one of the remaining calls with him, this is your last chance to do it.
You can get started with that right here.
– Justin
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