In this information-packed episode, host Jeff Trapp dives into tax strategies and planning for high income earners making over $500,000 per year. He shares alarming stats about how few Fortune 500 companies pay income tax and explains what the ultra-wealthy are doing differently.
Jeff outlines major upcoming tax law changes that will significantly impact those making over $500K, including the expiration of Trump tax cuts in 2025 and Biden's tax proposals. He then provides solutions, like implementing the right trusts and estate planning to protect generational wealth.
Using a client example, Jeff demonstrates how proper planning saved $1.8 million in taxes from the sale of a business. He emphasizes the importance of aligning with the right tax strategists and other financial professionals to create a legacy for your heirs.
Whether you're exiting a business, investing in real estate, or building long-term wealth, this episode will give you a roadmap. Be sure to like, subscribe and share this podcast. Then be sure to grab up your free copy of our Tax Playbook to start saving on taxes like the ultra-wealthy do by visiting us at go.thetaxplanningpros.com.