Companies Make Money, Individuals Get Taxed
One of my clients recently asked me if they need to get their business incorporated if they already have a DBA (Doing Business As) business account...
I literally said, “Oh, darling. You are in so much trouble.”
A DBA is basically doing business off of your name and it's under your Social Security Number. And as I’ve said for decades now, “Companies make money, Individuals get taxed.”
When you make money as an individual, it's the highest taxed money you can make. When you make money as a company, you keep much more of it – especially in America.
So many people are losing thousands and thousands of dollars each year simply by not having the right legal entity set up and being taxed as a sole proprietor.
Before I get into this more, I want to tell you that this is one of the ways millionaires stay millionaires.
They have the right legal entities set up for their businesses to hold and protect their wealth.
That's it. it's not rocket science.
Having your business structured so that it’s distinct from you is one of the very first things you need to do.
One of the many things we do at Live Out Loud is helping clients get set up with the right entity. We set you up with an accountant who will review your last three years.
We've literally had hundred of clients get $20,000 back, $30,000 back. Our highest amount of cash back from the Feds and State was a gentleman in Chicago and we got $172,000 back for him by doing the review of overpaid taxes.
It’s amazing what can happen once you’re properly set up to keep more of what you make.
Setting up my legal entity was one of the first things I did when I went into business on my own more than 20 years ago.
It maximizes my yearly tax savings, protects me, protects my assets and keeps my financial dealings private.
If you’re operating a business and you haven’t gotten the right legal entity set up yet – and you’re still paying big during tax season – you’re already behind the 8-ball.
Get on it & keep more of what you make!
PS: Want to learn which tax & entity setup is best for you? Connect with my team for a complimentary strategic assessment here »
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