Tax Reduction Overview

Are you paying to much in taxes?

PROBLEM: Billions of dollars are overpaid each year in taxes as a result of people not using all the deductions and tax laws available. According to the IRS Commissioner, millions of taxpayers are overpaying their taxes each year.

SOLUTION: Setting up a Corporation(s)

You can use a corporation to structure your assets and income in such a way to reduce your taxes to the legal minimum—saving you thousands of dollars each year. Corporation(s) allow you to reduce your taxes by enabling you to maximize deductions, create non-taxable income, spread income across multiple entities, and defer income to a new tax year. For some, charitable entities (Charitable Remainder Trust, Non-Profit Corporations, and Family Foundations) can also be used to reduce taxes. Judge Learned Hand said, "Anyone may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the treasury; there is not even a patriotic duty to increase one's taxes."

Are you paying to much in Capital Gain Taxes?

PROBLEM: Many Americans are paying too much in Capital Gains Taxes.

SOLUTION: Creating a Charitable Remainder Trust (CRT)

The Charitable Remainder Trust is not a strategy that will work for everyone, but it can be a very powerful tool for some. If you have a highly-appreciated asset (real estate, stocks, business) that you do not want to pay capital gains tax on, you first need to transfer the asset to a CRT. Next you have the CRT sell the asset. The CRT is recognized by the IRS as a charitable organization so the CRT is not required to pay capital gains tax on the sale of the asset. You will receive a charitable tax deduction for your contribution of the asset to the CRT, which will reduce your income taxes; and you can receive income from the CRT each month for the rest of your life. The assets in the CRT are designated to go to a charity upon your death—or if married, upon the death of you and your spouse. If you wish to still have the assets go to your family to manage upon your death, you can set up a Family Foundation and designate this family charity as the beneficiary of your CRT.

Related Topic: "Limited Liability Company"
Related Topic: "Professional Limited Liability Company"