The other time that I see people use is right before the end of the year, November, December, they’ll come in and we’ll put together some tax numbers and depending on the type of structures and things that people have, sometimes it’s critical. Sometimes it’s not. Some tax planning is as simple as somebody sending me an email, I’m doing a 32nd calculation and I’m sending out an answerback and we know 100% where they’re at for taxes and others when you reach out for Trust Attorney Las Vegas.
They need a couple of hours to put something together, but it’s not very time intensive and a lot of estimates can be used and that’s where my experience for making it easy can be used. Tax planning is critical. If you want to save the most money, you really should be doing some level of planning or at least asking your trusted CPA, should I be doing the planning? Do I have the type of return where I need to be doing something? Granted, if all you are is a w two, but it might be that you have none, but maybe your withholding’s off or maybe the withholding tables the IRS has said aren’t correct and maybe there is, you might owe some potential tax with your scenario and you don’t know about it. You should go to your trusted advisor and ask, Hey, should I be wanting to do in tax planning? If you know that answer then you’re fine. But if you haven’t asked you should do to get great Trust Attorney Las Vegas today.
I like what you said, you know, really ideally, always cause are you making money just at the end of the year? No, you’re making money throughout the year. And so there should be something that you’re doing to minimize those taxes you’re going on cause it’s getting taken out of your paycheck along the way with the top Trust Attorney Las Vegas today. So what things can you do now to avoid that? Can you, you know, maybe make an S Corp election lower the amount that’s taken out of your W2 stuff and then um, you know, then you, then you take out more as, um, you know, the bonus at the end of the year or whatever you want to do with that. But that can help give you more flexibility and more control over things instead of just having it automatically taken out. If my personal opinion is if you’re getting a tax refund, you gave the government alone and you didn’t make any money on that. I’d much rather have that money in my pocket, making a return for me and then owe money at the end of the year and then pay them and say, okay, yeah, I had my money for the time now I’ll pay you when it’s due. So, um, you know, is that that’s my pension.
I never want to do the government in your favor. They don’t need any free loans. They don’t need my money. Anyone to have tea. I guess that brings up another point. I’ve heard not very many people, especially nowadays, but there are a few people out there say, you know, and maybe it’s our patriotic duty to pay taxes with you and learn solid Trust Attorney Las Vegas services. Um, but you, my opinion on that is that really if it wasn’t the case of the, of them wanting us to find every reason not to pay taxes, they wouldn’t provide so much in the tax code because ideally 30 I think 30 pages or less is on how to pay taxes. And the other 5,000 pages are on ways to not pay tax. And it’s really, they’re incentivizing us to do different things, whether it’s to build affordable housing, to build businesses, to give people jobs and that kind of stuff. Would you agree with that?
100% I have a lot of people that haven’t had a good tax structure in the beginning. When they come in and we educate them and them, let’s say it’s a drastic change for them, it’s, it’s almost like they’re talking to me like they feel guilty. Like, is this legal? Am I doing the right thing? No, you’re 100% entitled to. This is what you should have been doing the whole time. You just didn’t have the trusted advisor before advising properly. But once they get into that and they realize it’s normal, 100% you’re going to an audit with some of these positions they’ll feel is aggressive with solid Trust Attorney Las Vegas. The IRS is like, well, what’s the code? What do you, why are you deducting? It will show me exactly what that, what it is. And they’ll say, yep, that’s fine, and we move onto the next deduction. So you’re 100% entitled to use the code to your benefit. It’s making sure you have a trusted advisor that has your best interest in mind. It’s educating you on how to use it.
All right. So with that, we’ve already mentioned businesses a couple of times. So let’s talk about business taxes. What are the mistakes? There are things people should be doing that they don’t do as far as maximizing their, their benefits there. And this is one where I’m going to talk about Blake directly. Um, my first one is not having a proper entity structure. I can’t tell you how many people start a business. And I get it when you’re first starting, you don’t know if it’s going to make very much. Maybe you don’t want to spend money to have an attorney incorporate instead of your business, right? Or you think there’s a bunch of other costs that are incurred. But at some point, these people transition into making some significant money and they’ve just kept it in the basic format. And why? Because it’s convenient and it’s easy to earn this with what we can do Trust Attorney Las Vegas. It’s easier just to keep it like it is. And I know I have to pay some tax and it’s fine. I look at the tax and I’m like, man, you’re paying an extra 15% tax. You shouldn’t pay or you’re paying 25% more taxes than once you should be paying because your structure’s wrong. Um, 100%. Uh, if you’re working any type of service, advising, consulting, management type work, you shouldn’t be assault, proper partnership. You should be an escort.