It’s no secret that Tax experts have been calling a small privately-owned corporation ” the ultimate tax shelter.”
Since the government has recognized the important role of small businesses in our country, there are many laws that benefit and favor corporation owners. Did you know that If you take vacations and or travel, you may be able to take advantages of these tax shelters?
— Parker Evans, CFA (@HParkerEvans) January 1, 2016
ANYONE CAN INCORPORATE
— incorporate (@_incorporate) November 14, 2016
Small unincorporated businesses, entrepreneurs, part time businesses, and even enjoyable hobbies like vacationing and traveling can be set up as a full fledged corporation. Assuming you take vacations and travel, I have something you may want to consider. If you are intrigued with how you can take vacations and travel, even on a part time basis, and by doing so receive the benefits of incorporating, then I have an incredible recommendation.
First, for the record, Tax shelters are any legal method whereby an individual or corporation uses to reduce taxable income. When this is done legally you are reducing the taxes you owe. Keep in mind, this is recognized and allowed by the government and should not be confused with the attempt of avoiding taxes.
Secondly, did you know these 3 out of 16 astonishing facts published by Forbes:
- 52% of all small business are home based.
- Approximately 75% of US businesses are non-employee based.
- Over 50 % of the population(120 million) works in a small business.
- You can discover the other 13 small business facts here.
HOW YOU CAN BENEFIT FROM TAX SHELTERING
Travel is the only thing you buy that makes you richer, but to have good friends to share these moments with is priceless pic.twitter.com/B8yf4yh0vn
— The Wineteller (@TheWineTeller) January 7, 2017
Keep in mind you can benefit from our current taxes laws with any business. For the purposes of this article, I am recommending something all most everyone loves to do, and that is take vacations and travel.
Your Initial investment can very from $199-$365. That is what I did. Since then, I have saved tens of thousands of dollars. You too can save money. The amount of your savings is all relative to your income and your deductions.
For specific savings and or estimates, I would recommend seeing a CPA – however not a necessity. Furthermore, when you incorporate all your expenses become an investment in your business. Your home, furniture, car and all your assets become protected.You can allocate up to 25 percent of your income tax free into retirement , pension and profit sharing plans. More so, many other fringe benefits can be set up such as deductibles for medical, dental and life insurance for you and your family. These expenses all can become tax deductible.
PAY YOURSELF OR PAY THE GOVERNMENT
— Daniel L. Grote, CFP (@mypersonalcfp) April 8, 2016
In summary, all the tax experts are right. Tax sheltering is the only implementation strategy that is necessary to keep more money in your pocket, to invest in yourself, your business and in America. Secondly, truly anyone can incorporate and own their own business. and receive all the benefits the government provides for small businesses via Tax sheltering. Lastly and naturally, it comes down to ether paying the Government or paying yourself.
Yes, you can pay the government what your tax liability is, or you can take advantage of the government tax laws to invest in your business, invest in your life, and invest in America. The choice is yours.
Question ? Why would you not want to pay yourself ? You can turn almost any idea and or passion into a business. Just believe in yourself. You Can Do It !
— Naquan R. Williams (@naquanrwilliams) January 6, 2017