Trivia Question❓
What is the best way for small business owners to invest in themselves while cutting taxes and securing their financial future?
Answer at the bottom of the newsletter
- Growing Business Cutting Taxes
- Posts
- Weekly Tax Tips October 21st
Weekly Tax Tips October 21st
Weekly Tax Tips
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Tax-Saving Benefits of Outsourcing: Growing Your Business While Reducing Payroll Costs |
Outsourcing can be a powerful strategy for business growth while offering significant tax-saving benefits. By outsourcing specific functions like marketing, IT, human resources, or customer service to freelancers or contractors, businesses can reduce payroll tax obligations, freeing up capital for expansion and reinvestment. When a company hires full-time employees, it is required to pay payroll taxes, which include Social Security, Medicare, and unemployment taxes. Additionally, there are costs associated with employee benefits such as health insurance, paid leave, and retirement plans. Outsourcing these roles to independent contractors helps avoid these costs because contractors are responsible for their own taxes and benefits. This not only reduces the business's overall tax liability but also provides flexibility in scaling the workforce. For example, during periods of growth, businesses can bring in contractors for short-term projects or ongoing support without the long-term commitment and overhead of hiring full-time staff. This allows companies to remain agile, adjusting labor needs based on demand while keeping fixed costs low. Outsourcing also grants access to specialized skills without the need for extensive training or long-term onboarding, which accelerates project timelines and increases productivity. Whether it’s marketing, IT, or HR, businesses can choose experts in the field, ensuring high-quality work and faster results. Outsourcing helps businesses cut payroll-related taxes while maintaining the flexibility to grow rapidly and efficiently. This combination of tax savings and scalability makes outsourcing a smart strategy for many growing businesses. |
You Are Invited! |
Make Your Funeral A Teaching Moment Stan Miller is a nationally recognized estate planning attorney, a #1 Amazon best-selling author, the co-host of the Your Life Your Legacy podcast, and one of the cofounders of Wealth Counsel, the largest estate planning software program used by estate attorneys. On this educational lunch and learn, Stan will share: Your death is an occasion to share your wisdom, life lessons and some of the stories of your life many people don’t know. This is an opportunity that should not be wasted. The people who are most important in your life will be there. Their children, and perhaps their grandchildren, will also be there. For a few hours, you will be the focus of their attention. You can make this a powerful teaching moment. Register now and learn how to Make Your Funeral A Teaching Moment Your lunch instructions will be in your confirmation email and text, so make sure to enter your correct email and cell phone numbers. Date: Thursday, October 24th, 2024 Time: 12-1PM Eastern Place: Zoom Register here |
Attention High Income Professionals & High Net Worth Business Owners: Are you tired of watching your hard-earned income vanish into taxes every year? If you’re a business owner or a high-earning professional you know the frustration of sending checks to the IRS. But what if I told you there’s a legal, proven strategy that could help you reduce your taxes by up to TEN times your investment while still earning a targeted 18% annual return on your money? It may sound too good to be true, but it’s a strategy that’s transforming how high-net-worth individuals like you approach their finances, and it’s backed by a little-known sections of the IRS tax code: Section 168k and Section 179. But here’s where it gets even better this isn’t just about tax savings. By using this strategy, you’re not only cutting your taxes but you’re also securing a targeted 18% annual return on your investment. That’s right—you save money, and your money works for you, growing year after year. And there’s more. You’ll get your principal investment back at the end of FIVE years all while continuing to enjoy those reduced taxes and annual returns. Business owners and professionals across the country are already benefiting from this strategy, and it’s completely legal and in compliance with all IRS regulations. This isn’t some loophole that will get you in trouble It's a smart, strategic financial tool that you can leverage to maximize your wealth. During this session, you’ll learn how to:
Date: Friday October 25th, 2024 Time: 12-1PM Eastern Place: Zoom Register here |
💡 Answer to Trivia Question: SEP IRA – A Simplified Employee Pension (SEP) IRA allows small business owners to contribute up to 25% of their income tax-deferred, which reduces current tax liabilities while growing retirement savings. |