If you’re a real estate agent, a small business owner, or self-employed contractor, you have two ways to put
cash in your pocket.
It’s a lot like football. You can focus on offensive strategy, or you can rely on defensive strengths to win games. To win enough to get to the championship, ultimately you need both.
Financial offense is making more. More income, more sales, more commissions, more cash coming in.
Financial defense is spending less. And for most of us, taxes are our biggest expense. Bigger than food or rent. Bigger than payroll or inventory. So it makes sense to focus our financial defense where we spend the most.
Sure, you can save 15% on car insurance by switching to GEICO. (Everybody knows that!) But how much will that really save in the long run?
What if you structure your business to save 15% on taxes (we call it the “S Corp strategy”), and you’re making $40,000, that’s over $5,000 saved in taxes you don’t have to pay. $5,000 per year. Every year.
Now Lou Saban or Bill Belichick can’t guarantee that what they’ve drawn up in the playbook will work out exactly that way on the field this season. But I can tell you with confidence that tax coaching generates guaranteed results.
You can spend all sorts of time, effort, and money promoting your business. But that can’t guarantee results. Or you can set up a medical expense reimbursement plan, deduct your daughter’s or son’s braces, and guaranteed savings on your 2016 Form 1040.
I have no idea whether you’re looking for ideas or options regarding the taxes you’re currently paying, but if you are, I’d like the opportunity to meet and share some of our tax coaching strategies other clients have used to protect their bottom line.
Want more info? Click here to connect, by phone or in person, this week or next.