Imagine going down the road at 70 MPH and you see a sign, “Toll Booth Ahead”. You have some options to consider. You could stop and pay the toll, which is what the government wants you to do. You can run the booth, and evade the toll and soon you will see blue lights in your rear view mirror. You also know in the back of your mind that three miles down the road, there is yet another toll booth, and then another! Would it make sense to get off that road?
There is usually another road going to the same place. It was even built by the same government that built the toll booth! You just have to know it’s there and get off at the exit! Guess what? Business taxes are exactly the same!
Taxes are one of the biggest expenses your business has. Deductions are nice, but ultimately the business structure you choose determines how and at what rates you will be taxed. Your business structure is the road you are driving on. If its the wrong one, then TAKE THE EXIT!
Often, when new clients come to me, they have already set up there own LLC or they have been set up based on someone else’s “cookie cutter”. Structure Strategy is the backbone of tax avoidance. If you think that your structure may not be the best for your business, lets talk! You can set up a consultation or better yet, come to our next seminar!