Chapter 1
Get Help From a Trusted Expert
“The first mistake business owners and investors make when it comes to minimizing their taxes is the biggest mistake of all. It’s failing to plan with a trusted tax advisor who helps them optimize their situation actively and pro-actively.”
In this chapter, we take a look how this system works, before outlining tactics you can use.
Chapter 2
Get out of Audit Paranoia
The second biggest mistake is nearly as important as the first, and that’s fearing - rather than respecting - the IRS. Many business owners are simply afraid to take deductions they deserve, for fear of raising the proverbial “red flag.
But what does the kind of tax planning we’re talking about really do to your odds of being audited?
Chapter 3
Business Entity Selection
Intelligent Business Owners take time to evaluate different options and choose the right one for themselves. The next expensive mistake is choosing the wrong business entity.
Most business owners start as sole proprietors, then, as they grow, establish a limited liability company or corporation to help protect them from business liability. But choosing the right business entity involves all sorts of tax considerations as well and many business owners are operating with entities that may have been appropriate when they were established - but just don’t work as effectively now.
Chapter 4
Profit From ‘Qualified Business Income’
Intelligent Business Owners all over the country are already asking, so let’s talk about the biggest change the Tax Cuts and Jobs Act of 2017 makes for most business owners: a new kind of income from pass-through businesses.
Chapter 5
Pick the Retirement Plan That Fits
Now let’s talk about the fifth easily made mistake: choosing the wrong retirement plan. As an Intelligent Business Owner, this is your own retirement on the line, pay attention! I’m not here to make you an expert on retirement plans. But I can help you decide pretty quickly if the plan you have is right for you - or if you should be looking for something more suited for your specific needs. So bear with me, even if the next few pages look intimidating - these are some very powerful strategies.
Chapter 6
Leverage Family Employment
Now let’s talk about how Intelligent Business Owners take advantage of family employment. Hiring your children and grandchildren can be a great way to cut taxes on your income by shifting it to someone who pays less.