Dawn talks with John Briggs, owner of an accounting firm in Salt Lake City, Utah. Dawn and John discuss business taxes. You don’t want to miss this one. You will get some really helpful tax tips from John that will make a real difference for your business.
In this episode…
Who is John and whom does he serve? (0:53).
Business structures, there are quite a few. Some good and some not so good. John gives insight into how the IRS treats business structures. (1:33).
Given what we have just learned, is there an income level for a business where being an LLC makes sense, if just for a few years? (7:25).
It comes down to this. It’s not how much revenue your business makes, it’s how much of that revenue your business keeps. If you are not structured correctly, you are unnecessarily giving more money than you have to the government that we all know has proven that they don’t have the slightest clue about managing our money. The world is a better place when we manage money, not the government. (11:00).
You are not trying to get out of paying your taxes, you are just structuring your business in a perfectly legal way that benefits you. (12:30).
Retirement strategies for the self-employed. (13:49).
Other important tips from John to keep more money in your business’s pocket. (17:15).
You should not feel bad about implementing tax strategies that benefit your business. It is your right to set up your situation to pay the least amount of taxes as possible. (23:23).
These are the big ones. (23:50).
Corporate rent or the Augusta Rule. This is important. Pay attention. (25:30).
Blog: Corporate Rent - Incite Tax
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