Last year I paid $221,000 in personal income taxes.
I was angry for a whole week.
It sucks to click the button & watch your hard earned money disappear from your bank account...
And then to feel like you're playing 'catch up' for the next couple of months.
I felt like I was working for Uncle Sam.
It stings even worse when you think about how the entrepreneurs who provide the most jobs, have the most happy customers, and make the biggest difference in the world...
Get penalized the most for it. 🙃
Maybe you can relate?
After awhile, I sucked it up & got back on my horse.
I realized that I wasn't going homeless... And that (hopefully) my money went toward paving a new road or giving shelter to someone who needs it...
Plus, I made over $1,000,000 profit for the first time in my life - so the effective tax rate was only about 20%...
Not too bad, right?
Well, this year Julia & I owe $0 in taxes.
How?
After paying taxes last year, I realized that I should have a deeper conversation with Carlotta & Laura (my tax team)... Especially since Julia & I got married last year, which comes with a TON of tax benefits.
Carlotta is an ex-IRS agent who knows the US tax code like the back of her hand. So we started to implement some new strategies that took my tax bill from $221,000 last year all the way down to $0 this year.
Here are a few of the tax strategies I currently use (at least the ones I can think of - Carlotta & Team do everything for me, so thankfully it's not my job to remember all the tax codes, deductions, write-offs, etc)...
✅ Contributing $77k into retirement accounts, completely tax free.
✅ Using the 'Augusta Rule' 14 times per year.
✅ Owning a 6,000lb vehicle that I can write off 80% of.
✅ Acquiring small companies & assets
✅ Buying real estate
✅ Maximizing the 'QBI' deduction
✅ Making sure my LLC is delegated as an S-Corp
✅ How to turn expenses into write-offs using creative thinking
✅ When to move money from your business to your personal account
✅ Stacking expenses in December
𝐀 𝐟𝐞𝐰 𝐢𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐭 𝐧𝐨𝐭𝐞𝐬 𝐡𝐞𝐫𝐞, 𝐭𝐡𝐨𝐮𝐠𝐡...
𝟏. This isn't about some magical tax loophole or trick that no one else knows about...
The biggest tax-saving strategy is to buy tax-advantaged assets... AKA invest in things with tax benefits. So you save on taxes AND grow your wealth. Double-whammy.
Carlotta is an ex-IRS agent, so she doesn't miss anything.
𝟐. When you save on taxes, you still don't "keep" all the money.
You might wonder why I didn't go buy a Lambo after saving so much on taxes...
Truth is, the money still left my bank account. But instead of going to the government, it went into investments like the stock market or real estate.
(things that the government wants you to invest in because it supports the economy and/or provides people with places to live)
On paper, I am very cash-poor, but I create LLC's that own lots of cash-flowing assets.
𝟑. I'm not a tax strategist. So I recommend you talk to mine. Info below:
The last thing I want to do is make you think you can just copy what I do. I'm not giving you tax advice. I'm just telling you what has worked for me & my situation.
If you want to learn some basic things you can do starting today to reduce your tax bill (whether it's by $1,000 or $1,000,000)...
I'm dropping a link below to a video Carlotta made with some simple strategies you can implement today to start saving on taxes from now on.
Highly recommend you click it: https://www.taxstrategiesnow.com/webi-regi61764476