If you watch the debates, you might think the Democrats are going to increase your taxes. But, nope… that is not the American way.
In a recent Congressional report, 2/3rd’s of U.S. corporation paid no income taxes. The average tax rate for all of the of the corporations is 14%. I have an abridge version of the report on this link. The Government report includes many, but not all, of the business tax planning strategies.
Tax planners for the Wealthy have more than 100 business tax strategies that you never find on the internet.
Here is an example of business tax planning that you will never find on the internet.
Let me tell you about Antonio. His family has owned Italian Clothiers in New York. They have been making suits the same way for sixty years. They are getting killed with imports and labor costs and payroll taxes. So, they want to manufacturers some suits in the Philippines and use the “Cloud” to cut costs.
Antonio’s son had his dad buy a 3d camera that measures 18 body points. Customers love it. No tailor is feeling you. It is fast and accurate. The customer picks the fabric. Italian Clothiers email the 3d file to their outsourcing tailor in the Philippines. Within a week the suit is in their store. Eighty percent of the suites need not alterations. When they do, it is a minor job.
Antonio laid off two of his three tailors. It was hard, but it was either that or everyone losing their job if business closed.
Now, they could do no tax planning and pay taxes at about 44%. Or they could use the special outsourcing tax law and pay no taxes until they repatriate the money. (By the way, this strategy is in my new tax planning product).
Italian Clothiers will save $50,000 a year in taxes with the special outsourcing corporation. The setup cost of this new infrastructure for of the contracting manufacturer was $75,000 tax deductible dollars.
In ten years, that is $500,000 in savings.
If you want to save taxes with legitimate tax strategies, then send me an email ([email protected]), and we will set up a time to talk.