This conversation discusses six simple ways to lower tax liability for entrepreneurs. The main themes include income splitting, shifting income, shifting deductions, deferring tax, tax deductible expenditures, and tax-exempt investments.
Each theme is explained in a simple and legal manner, emphasizing the importance of consulting with a tax professional. The conversation provides practical strategies that can help entrepreneurs save money and have more time with their families.
Takeaways
• Income splitting can reduce taxes for the entire family unit by shifting income among family members.
• Shifting income from one year to another can help income fall where it will be taxed at lower rates.
• Deductible expenses can be paid in one year or the next to maximize tax benefits.
• Deferring tax through investments or pension contributions allows for tax payment in future years.
• Tax deductible expenditures can be structured to obtain tax deductions for things you enjoy.
• Investing in tax-exempt investments can save money by reducing federal or state income tax.
If you have any questions in general you can reach our office at:
VastSolutionsGroup.com
Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)
Thank you for listening!
