Business Tax Advantages You Probably Never Heard Of
As a business owner you dream of the day your business begins to grow but once it does you find out you will have a ridiculous tax bill at the end of every year.
So, what do you do? You find expenses that can be used to lower the amount owed each year, basically a tax right off.
What big options do you have?
The Usual Path
At this point most people would try to make a large, tax-deductible purchase like a car, or a building for a new location and invest in real estate or buy new equipment. These avenues solve an immediate financial dilemma; pay a high tax bill or make a big (deductible) purchase.
What do any of these things do for your future financial wealth?
Sadly, most business owners forget to protect their future financial health.
It sometimes seems easier to be an employee and pay into a 401k and know you’re putting something away for retirement. Business owners get so wrapped up in running and growing their business that they don’t even realize the time going by. Their 5-year goal has turned into 10 and their 10-year goal is turning into 20 years.
They suddenly find themselves in their 40’s with a growing business, surrounded by debt and a business that depends on them to thrive. They have hope that they’ll reach a point in their business that they’re financially well off, but the truth is that many find themselves in a growing phase well into their 50’s and 60’s.
Then what? They wake up one day in the back half of their life and realize that they don’t have any real income or financial stability without the company.
Tax Free Payout
One option to consider is getting a life insurance policy. It has great living benefits that most people have not considered, but getting a policy normally comes out of the salary of the business owner and if you’re not technically paying yourself enough it becomes expensive for the actual business owner.
But what if the COMPANY could pay for it and it ends up giving the company a tax deduction that it strongly needs? That’s a win-win situation for the company and the business owner.
This will allow you to build a financial portfolio that will pay you in tax-free money at the end of the term that you select, all while giving your business the tax write-off that it’s looking for.
What’s the catch?
I know what you’re thinking, “What’s the catch, Ken? This sounds too good to be true.” The truth of the matter is that it’s true, financial products like this exist, but only 3% of Americans even use these strategies because they’re not skeptical like most Americans and are financially wealthy. They’re raised around the wealthy and know how beneficial these financial products are to help maintain and build wealth.
I want to continue to help business owners not just work hard at growing their business but also make sure that they build a protective financial barrier around themselves and their families. I’m ready to meet with you and discuss how we can make this possible. Feel free to schedule the time and we’ll sit down and review your options for your specific situation.
My name is Ken LaMantia. I’ve been helping families for over 20 years have true peace of mind. I hope that this information was useful to you. I also hope that you get your questions answered and immediately protect your family. Please feel free to email me or DM me in your favorite social media platform. Also, don’t forget to sign up for my newsletter where I continue to share valuable financial information that can benefit you and your family.