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My Business is now profiting 7 figures, but I'm getting raped on the taxes. My business is an S-Corp and all the income flows down to my personal which puts me in the highest bracket. I don't mind paying some taxes, I just don't like paying 40% of my income (15% would be much more reasonable).
Any advice or what I can do to alleviate some of my tax burden?
What is the best entity for high profit businesses?
What do other 7 figure+ business do to offset some of their taxes?
Should I have the business purchase investments and things of value to lower the income (replacing the cash with investments)?
P.S. Before you tell me that I should be asking a professional (not a forum), I have spent a lot of money on "professional" accountants, attorneys, and even a tax strategist. I have yet to find one that really knows how to effectively reduce taxes at this level...so here I am...and hopefully someone here can help...
Any advice or what I can do to alleviate some of my tax burden?
What is the best entity for high profit businesses?
What do other 7 figure+ business do to offset some of their taxes?
Should I have the business purchase investments and things of value to lower the income (replacing the cash with investments)?
P.S. Before you tell me that I should be asking a professional (not a forum), I have spent a lot of money on "professional" accountants, attorneys, and even a tax strategist. I have yet to find one that really knows how to effectively reduce taxes at this level...so here I am...and hopefully someone here can help...
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