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...
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
O nez jewi gemmip opvu vji teni jzqi up vjuti hazt epf xetvif 5 goht +. Iwisz edduapvepv/vey evvuspiz/ivd. O veml vu vimmt ni iyedvmz xjev O xepv vu jies - xi dep fu yzb epf tewi zua 30%. Xi atif vu xusl ev Fimuovvi, jewi dimicsovz tqusvt dmoipvt, jewi dmoipvt xusvj $150NN, ivd. Vjip updi O qez vji GEV siveopist epf xi edvaemmz jewi e tov fuxp - vji dupwistevoup dupveopt emm vji teni opgu. (hiv ep OSE tu tewi e gix vjuatepf, josi tuni inqmuziit, mieti e des, nuwi vu Piwefe us Gmusofe vu tewi up tvevi vey, howi nz gopepdoem efwotis gsoipf $500L, caz tuni sipvem siem itvevi epf hiv e capdj ug muept, ivd.) Vjiz emm tez vjisi ot siemmz puvjoph xi dep fu pux, zua katv jewi vu qez zuas geos qisdipvehi. GADL - vjisi huit nz voni epf nupiz.
