Now I know what you’re thinking. “Tax Planning”? Boring. Yuck… Who cares?” But trust me, you should care. Because let’s face it- nobody wants to pay more than they legally have to in taxes and more than 9 out of 10 business owners OVERPAY on their taxes each and every year. But they don’t have too..
They say paying taxes is voluntary, you volunteer to pay your taxes or you volunteer to go to jail. But no matter how you look at it, everyone knows that the wealthy don’t really pay taxes. The real question is HOW do they do it?
So what is tax planning besides the #4 thing the wealthy do? Well think of it like a game of chess. You’re trying to outsmart the IRS by legally reducing your tax liabilities down to ZERO using their own rules and codes against them. And just like Chess, you need a solid game plan and strategy to come out on top.
“Regardless of Taxes, the cost of living or the rate of unemployment, my financial income can and does increase richly now through the direct action of god and the universe.”
– Dynamic Laws Of Prosperity
What Would It Look Like For You, If…..
What would it look like for you if you legally paid ZERO dollars in taxes for this next year. What if you were guided on how to do that, shared in some of the savings and reinvested those savings into building your cash flow and growing your overall networth? Doesn’t sound so bad does it. Well that’s the reality of when you work with us here and where we come into play.
As an out of the box family office and wealth management firm, here at DoWhatTheWealthyDo.com, we are all about doing what the wealthy do and helping YOU implement the Legacy Wealth Blueprint: The 5 Shifts The Wealthy Take To Creating Long Lasting Legacy Wealth. To learn more about those exact 5 shifts, then Click that button below to join in and watch our free educational DoWhatTheWealthyDo webinar.
YOU CAN LEGALLY PAY NO TAXES!
Most people don’t realize that you can LEGALLY pay ZERO Taxes every year by doing a few key things
Now each business is different based on their Gross Revenues and overall tax liabilities, however it is possible to legally pay ZERO TAXES. We develop customized strategies to help you take advantage of all the tax breaks, deductions, and credits available to you all while building your wealth and growing your cash flow and retirement.
Now I know you’re thinking: “Why do I need a Tax Planning advisor or expert?” Can’t I just do this on my own or my CPA do it and the answer is sure you or your accountant can try, but if your accountant knew how to do it they would already be doing it for you. And you can try it yourself, however let’s be 100% real with one another, tax laws can be pretty darn complicated. So, unless you want to be a tax planning expert yourself, then you are probably missing out on some major tax saving opportunities. Not to mention 90% of the CPAs out there don’t know how to do this or other aspects such as proper asset protection. Fortunately we do and CPA’s/Accountants will partner with us and have us do that for their clients.
By understanding the IRS Tax laws and regulations that apply to your business, you can make informed decisions that will benefit your bottom line (the money that stays in your pocket.) Here at Obsidian Wealth Management dba DoWhatTheWealthyDo.com we provide proper tax planning & advising for business owners who are sick and tired of paying high taxes and want to take the shifts and steps the wealthy take to create long lasting legacy wealth.
Below we will dive into the reasons why you should make tax advising-planning a priority for advancing your overall wealth.
Minimize Tax Liabilities:
Tax Planning helps you understand your tax obligations and take steps to minimize your tax liabilities. This can include making strategic decisions about when to recognize income or expenses, structuring your business in a tax-efficent manner, and taking advantage of tax deferred investments.
Tax Planning can help you make decisions that maximize profits by reducing your tax liabilities and increasing your cash flow. For example, you may choose to invest in equipment or property that will provide tax benefits, or you may structure your business to take advantage of tax incentives for certain types of businesses.
Tax planning helps you identify tax-saving opportunities, such as taking advantage of deductions and credits that are available to your business. By doing so, you can reduce your tax liability and keep more money in your business.
Tax laws and regulations can be complex and ever-changing, and it can be difficult to keep up with the latest developments. Tax planning helps you stay compliant with tax laws and regulations, which can help you avoid penalties and fines.
Plan for the Future:
Tax planning also helps you plan for the future by considering the long-term tax implications of your decisions. It also helps you plan to save for funds to pay taxes in the event you must pay taxes so you are not blind-sided by a unknown tax bill. For example, you may want to plan for tax implications of a potential business sale, retirement, or passing the business on to your children.
PUT MORE OF OUR OWN MONEY BACK INTO YOUR POCKETS!
With our help, you can rest easy knowing that your taxes are in good hands, will be very low and you will be prepared to pay any federal taxes that you do owe at the end of the year. So what kind of tax-saving strategies can you expect with us on your side? Well not to give our secret sauces away but here are some strategies (not including our superhero super savings tax strategies) that you can expect…
So what are you specifically waiting for? If you fail to plan, then you plan on failing so let’s get you started on your tax planning game plan today! And remember with DoWhatTheWealthyDo.com on your side, tax planning doesn’t have to be boring.
Let’s make it fun and profitable helping you protect your assets, and legally pay zero taxes, while growing your own legacy leveraged wealth account and building long lasting legacy wealth like the wealthy do!
However, some of our special secret weapon strategies we don’t put out to the public to disclose because we created them and we want to keep them exclusively for our clients and their referrals benefits. So, once you become a client of ours, we will get you setup with the other strategies that make sense for you and your business and get you to legally pay ZERO dollars with the IRS
One of the main elements to the Dynamic Laws of Prosperity is giving and if you give so shall you receive. We help our clients setup their own Charity where they can donate up to 60% of their own profits to their own charity and write it off. We setup this up in such as way that allows the donation to grow in a tax-free environment that you still have control over and is also part of your asset protection plan. Again this one is sort of like a tool on Batman’s belt we use to fight the IRS taxes and is a secret sauce or at least the way we do it
A living trust is often used to avoid the probate process, which can be costly and time-consuming. Did you know that Revocable Living Trusts are there to help eliminate probate, but you are still super exposed to lawsuits and creditors? In superhero terms that means “NO ASSET PROTECTION” or no real superpowers.
Not to mention it’s tied to your Social Security Number and it’s 100% public knowledge. So when you pass, that all becomes public knowledge which now informs on every asset you have and whom it’s going to which now exposes your beneficiaries to be attacked. However, Revocable Living Trusts do have their place, but holding your big assets isn’t one of them
Yet again another Batman tool belt tool for you. Real Estate investment strategies offer various tax benefits such as depreciation or itemization deductions and the ability to defer capital gains (unless in the right structure then there is no capital gains) through 1031 exchanges. We help provide real estate properties to our clients through our Real Estate Acquisitions program.
You could contribute the maximum allowable amount to tax advantaged retirement accounts such as Self-Directed IRAS, Self-Directed 401k profit sharing plan, which reduces your taxable income and grows tax-free until withdrawl.
Did you know that you can legally RENT your personal home to your business? You can do this for 14 days per year. Yes, you can let’s say rent your home for $1,000 a day for 14 business days a year or $14,000 where your business pays YOU personally $14,000 which is tax free income to yourself personally and you can deduct the $14,000. Now there is a process to do this legally and if not done properly can cause issues with the IRS. So please be sure to do it correctly if you do it on your own.
Did you know that you should NEVER EVER take a vacation? Why because its not tax deductible whereas a WORKCATION is. We help our clients plan specific workcations where there is a little work involved, however, the entire trip can be written off legally based on the 24 hour rule. Another reason why we help our clients become Real Estate Investors so they can look at Real Estate everywhere they travel and make it 100% tax deductible.
Health Savings Accounts
Did you know that you can create a HSA (Health Savings Account) if you have a high deductible health plan? You can consider putting in $3,850 for a single person or up to $7,750 for a family which can be used to pay deductibles and co-pays for all your medical expenses and yes it is a tax deduction to the business. Now this can only be utilized on medical things and continues to grow every year that you don’t use it. Not to mention this can be considered an investing tool. You’ll save money on the taxes when you contribute to your HSA account and can use it to invest with triple tax benefits. More on this topic can be discovered o our Retirement Page.
CLICK BELOW TO DISCOVER THE 5 SHIFTS THE WEALTHY TAKE TO CREATE LONG LASTING LEGACY WEALTH!
To get a better sense of how we help all our clients and to learn more about what the wealthy do, please click the LEGACY WEALTH BLUEPRINT button below where you will discover the 5 shifts the wealthy take to create, build and generate long lasting legacy wealth. Here’s a little superhero secret… It’s the same things we do for our clients!