One of the fastest and easiest ways most business owners can save money on taxes is choosing the correct entity, but hundreds of clients come to me who have wasted their hard-earned dollars on taxes just because they are in the wrong entity. In this new episode of the Wealthy CEO Accelerator podcast, glean lessons learned by other business owners the hard way and be able to ask pertinent questions to ensure you are not making a mistake with your chosen entity.

KEY TAKEAWAYS: 

✔️ NEVER rely on Google for entity selection and tax advice. What industry are you in, in which state are you, how much money will you be making, and what are your goals? These are a few crucial questions that professionals need to ask a person or a business owner to be given the proper advice. You would never want to take the chance on Googling things on your own.

✔️ Understand why Sole Proprietorship may not be the best entity for legal reasons and tax purposes.  Many business owners start by default as sole proprietors but don't have any protection moving forward and overpay by 15.3 percent in taxes. 

✔️ Single-member LLCs, Sole Proprietors, and Multi-Member LLCs usually overpay in taxes. Learn legal ways for you to reduce tax liability by making sure you are the right entity.

✔️ Ensure that you are legally protected and can save the most money in taxes. So many attorneys don't understand tax rules because they only understand legal protection. It would be best to speak to a tax expert who would tell you to reduce tax liability by making sure you are the right entity. 

✔️ Proper entity bookkeeping is crucial to ensure that you have a lesser chance of getting audited. 

Did you ever imagine spending this much time on your financials?

IT'S OKAY. LET US HELP YOU GET IT OFF YOUR PLATE. Contact us today: https://empiretaxusa.com/​ 📚 👓 PM or email us at [email protected] to book a FREE strategy session with an Enrolled Agent on our team.