Aug 5, 2021
Do you want to minimize the amount you pay in taxes? Today, Mark Myers gives us the inside scoop on how we can do this legally and ethically. Mark highlights the distinction between the tax systems for the informed and the uninformed, and how we can equip ourselves with the resources to be on the informed side. Many small to medium business owners are not aware of some of the benefits they can take advantage of that are non-taxable and very attainable. Most importantly, it is critical to understand how we can stay within the black and white boundaries of the IRS while keeping more of our own money. Tune in to get direct insight from Mark on some of the up and coming potential tax strategies and some useful tips to ensure that you minimize your taxes.
-Business owners (small to medium, $150M revenue) most of these owners don’t know that there are benefits they can take advantage of that are non-taxable. This is by creating another entity with a separate service
-Low hanging fruit in the informed tax realm—needs to be structured right so it doesn’t fall under IRS rules in control and consolidation. This needs to be done under the right guidance
-Make sure you are in the black and white, and not stepping outside of the boundaries
-Highest tax break Mark has helped someone achieve was 7 figures
-What is the next largest potential tax strategy one can utilize?
-capital gains - selling appreciated assets
-How can you ensure you don’t trigger the capital gain tax event when selling an asset?
-Trust structure - when the buyer goes to buy the asset, they aren’t paying you but the trust which you have control over
-utilize family structure to minimize taxes - passive income can be offset by passive losses