A guide for saving taxes? .
There so many ways to save tax. Are you using the right entity? Do you need more than one entity? Do you need a MERP, medical expense reimbursement plan? Do you need a CHIC, closely held insurance company? Which retirement is right for you? How can you set money aside and pay less tax and use that money to invest in your biz?
You get the picture. I design a lot of tax savings plan. If I can’t show a business owner how to save at least $25,000 over five years they don’t need a plan just a few hints and don’t need a BMW. We are implementing a plan for a real estate investor that will save about $250,000 over the next five years. That’s a fellow driving a free BMW.
I’ve never purchased a BMW, I did buy my wife a new Lexus a few years back and I can tell you it was a lot different than when I went to an auction one time and bought an old truck because once in a while I need to haul stuff. LOL. Buying a BMW tax plan is not like getting a self-help plan.
If you are looking for a BMW tax plan here’s the process. We can talk a little on the phone if needed for you to get comfortable but before I can do anything for you. You are going to have to show me your cards. In this case your tax returns. I have been doing tax returns for most last of the 45 years. Reading your tax returns is how I get to know you. Once I read your return we can set up a phone conference and I can tell you what I can do to help you quit wasting tax dollars. I wil also tell you what your BMW will cost. Don’t be too worried the cost of a tax plan BMW is far short of the cost of a BMW can drive.
If your up for savings taxes let me know and I will get my assistant to coordinate getting your returns for review and setting up a conference. I am copying her so you can respond to me or to her directly.
Look forward to hearing from you
This blog is a collection of questions from clients and the answers. The goal of the blog is not to answer the questions you might have. Most times the answers are based on each client’s personal situation. Please do not rely on thisinformation to make important financial and tax decisions. The advice presented here is presented to give examples of the type ofinformation you get as a client of a true tax professional, like Ray Simmons and the preparers he employs. Advice regarding similar issues for you should be based on your personal situation.
Treasury Department Circular 230 Notice. “To ensure compliance with Treasury Department Circular 230, prospective clients are hereby notified that: any discussion of Federal Tax Issues contained or referenced to in this communication is not intended or written to be used and cannot be used by the prospective client or investor for the purpose of avoiding penalties that may be imposed on them under the Code.” Such discussion is written in connection with the promotion or marketing by Ray Simmons Corporation of the transactions or matters addressed in this correspondence.
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