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As a home-based business owner, you’re happy with some of the tax advantages your home office provides you with. You’re deducting for the office square footage. Check. You’re able to deduct for mileage. Check. You can hire your children to do some of the clerical work and then deduct their allowance. Check. You’ve made sure that most of your expenses specific to operating your business can be deducted. Check. You have chosen the best business type for your business: LLC, S-Corp, C-Corp, etc. Check.
Smart. You’re probably a 9 on a scale of 1-10 as far as taking advantage of your home- based business tax advantages, right? Congratulations.
But what if the scale actually went to 100? What if, to paraphrase John Paul Jones, “I have not yet begun to deduct!” The real question is not, “Which business entity is best for my business?”
The real question is “which combination of integrated business entities allows me to take the greatest advantage of all the pros, and covers all the cons?
Because each entity has both tax and legal pros and cons. No one entity offers all the advantages with no disadvantages. That’s why the ultra-wealthy have use a combined, integrated approach, many of them before they were ultra-wealthy. In fact, many of them became ultra-wealthy sooner and more surely because of it.
Even if you think you are too small to structure big, you too can enjoy all the tax and legal advantages of the ultra-wealthy now.
By integrating LLCs, C-Corps, and Trusts, etc., securing personal assets, including your home, within the corporate/trust structure, and with appropriate contracts, agreements, invoicing, and payments made between each entity at the right times, you can eliminate most if not all of your business and personal tax liability, especially if you also have W-2 personal income involved. This can be done in full compliance with tax law, if done correctly, completely, accurately, and precisely.
Imagine being able to deduct the depreciation of your home, cars, and other assets against your business and personal income. Imagine being able to deduct your mortgage, your car payments, your home and auto maintenance expenses, home and car insurance, and many other expenses that you currently cannot deduct. Imagine your most valuable assets secured from legal liability behind multiple legal walls of separation between you and your wealth - between your business dealings and your wealth. John Rockefeller, who knew a thing or two about protecting wealth, expressed it, “Own nothing, but control everything.”
Whether you want to expand your business empire or stay small, you can enjoy the same benefits of the ultra-wealthy and reinvest your tax dollars back into your business, your home, and your family, to grow your business, your income, and the lifestyle you got into business to achieve.
Let’s explore how this can apply to you. CLICK HERE to schedule a free session with me.
Neves
Pratt & LeFevre Corporation
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Management Accountants
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