Self-Employed MISSING Tax Savings
Regardless of what service I am providing a client, the most often asked question is HOW CAN I REDUCE THE AMOUNT OF TAXES I PAY?
My answer 9.5 out of 10 times is, SAVE MORE MONEY.
The look on your face right now is the same puzzled look that I get from my clients. How can saving more money help me reduce my tax liablity?
There are little known rules that allow self-employed business owners with no employees (or just a spouse as an employee) to have a business checkning account setup as a retirement fund.
The business owner controls the checking account.
Contributions to the account are counted as income deductions, thus reducing your tax liabiltiy.
You can contribute up to $57,000 per year for 2021 (contributions can be made for the current tax year until the tax deadline of the following year).
My client's average a net savings of $20,000+ the first year that they employ this strategy.
No, it is not for the super rich. Some of my clients that employ this strategy gross less than $100k per year.
Every self-employeed business owner should call me to at least discuss this strategy. This is an example of the type of service ATIG client's receive.
Contact me at email@example.com
Scott Phillips, CPA/CFF/CGMA, CFE, CIA Copyright © 2019 All materials contained in this document are protected by U.S. and international copyright laws. | 05/11/2019