How can Jeff be so sure that every small business owner who sees his ad is overpaying their tax bill by twenty-two grand or more a year? He quotes the Treasury Inspector General for Tax Administration (TIGTA) who found that ninety-three percent of business owners who were sampled had overpaid on their taxes.
Jeff’s experience working with thousands of clients echoes this finding. Twenty-two grand was the average he saw for last year.
For this to apply to you, you need to have an established business that’s making at least seventy-five grand a year in profit. You must have the authority to make decisions within the business.
And if you already have a CPA or attorney you’re happy with, you would still need to be open to a second opinion. Assuming that’s you, there are six key tax considerations Jeff would encourage you to look at.
First is legal entity structuring. Has the most efficient tax structure been chosen? Second is maximizing deductions. Have all legitimate deductions been taken advantage of? Including obscure incentives hidden deep in the tax code? Third is revenue stream separation.
Are you paying yourself in the smartest way possible? Fourth is tax deferment for decades. Do any of your transactions qualify for this?
Fifth is trusts. Do your long-term strategies and wealth preservation goals align with the advantages of using a trust? Sixth and final is capital gains planning and exit strategies. Are you making intentional and designed exits when you cash out your assets?
You may have one or two of the six optimized already, but Jeff can almost guarantee there’s substantial room for improvement. To the tune of tens or even hundreds of thousands of dollars.
Jeff says there’s a big difference between tax preparing (what most CPAs do) and tax planning (what he does). Tax planning is more proactive. It’s looking for legal ways throughout the year to chip away at your future tax burden.
And if you’re working with a seasoned pro like Jeff, it will only take a few hours a year to do your part. “The sad truth is that ninety percent of all CPAs have all of their training in tax compliance and not tax planning,” he says.
The difference could be an extra five- or six-figures a year that you get to keep. Will these strategies increase your risk of being audited? Negative, says Jeff. Everything he suggests is pre-approved by the IRS.
His methods are simple, sound, and supported by the rules and regulations set forth by the government. Jeff deals in black and white; nothing he does is in the gray area. Schedule a free consultation with Jeff at Sentry Law dot com if you’d like to learn more.
