Six Simple Tax-Saving Tips

This conversation discusses six simple ways to lower tax liability for entrepreneurs. The main themes include income splitting, shifting income, shifting deductions, deferring tax, tax deductible expenditures, and tax-exempt investments. Each theme is explained in a simple and legal manner, emphasizing the importance of consulting with a tax professional. The conversation provides practical strategies that can help entrepreneurs save money and have more time with their families.Takeaways• Income splitting can reduce taxes for the entire family unit by shifting income among family members.• Shifting income from one year to another can help income fall where it will be taxed at lower rates.• Deductible expenses can be paid in one year or the next to maximize tax benefits.• Deferring tax through investments or pension contributions allows for tax payment in future years.• Tax deductible expenditures can be structured to obtain tax deductions for things you enjoy.• Investing in tax-exempt investments can save money by reducing federal or state income tax.If you have any questions in general you can reach our office at:VastSolutionsGroup.comPhone: (888) 808-8278Email: [email protected] 8:00 AM – 5:00 PM (Pacific)Thank you for listening!