How To Reduce Taxes For High Income Earners

How to reduce taxes for high income earners. I love this conversation because it's what I specialize in and our team specialize in. It's resetting your entire foundation so you are in a lower tax bracket. And here we are at the beginning of 2024 as we're recording this, and there are some new tax laws. And it's going to get a little more creative for those of you that are higher net worth earners, and we can handle it. Totally handle it. So the things I want to talk about is understanding corporate income versus employee income, number one. You have to understand the structures of that. And how do you get there? And how do we help you get there? Number two, once you live in corporate life, how do you maximize, maximize, maximize all the deductions that you can do? Then the last point is how do you start some integration around your personal and professional life? So you just have a life, right? I want you to have one life. And as you do that, you're also going to look towards investing. See, there's a trifecta of taking your taxes down is how you make it a corporate structure with deductions. The piece everyone misses or don't talk enough about, which includes most of your accounts and CPAs, is how you invest. How you invest creates a depreciation schedule. It is a huge piece of the tax basis. So there's really what I call a trifecta when you look at how do you lower taxes. It's how you make the money, how you do your deductions, and it's how you invest it. And a lot of people blow through that and they'll say, I put my money in my 401k, I throw it in the stock market, and I just park and pray. I park my money and pray to God somebody's going to manage it. And then you end up still with high capital gains because you're only in a stock portfolio. It doesn't work that way. Not for the wealthy and not for the smart wealthy. So if you're one of those going, how do I overpay taxes? God, call our office. We will help you take them down. The benefit of corporate life. As you make money as an employee, Kiyosaki had as a grid and the rich dad poured out, it says there's two ways you're going to be taxed. You're either going to make it, taxes is coming out, you're going to make it as a W-2, like an income earner, right? A job. Then taxes come out immediately and that's all over the world. That's not an American thing, that's all over the world. Taxes go out immediately and then you live on what's left. Or you make the money in a company, you get all the deductions and America is still the best country because it's 81,000 pages of tax code. Then you get to then pay tax on what's left. And if you have multiple companies doing multiple businesses, we even take that down further. You add a smart investing portfolio, voila, living smart corporate life. That is what we teach. We actually don't have a program. We have a process to put you into living corporate life, especially you high income earners. And then you say, well, what about my income? We're going to get you back to a job. You're going to have a job, but it's working for one of your companies. Now, those of you who are diehard employees, you're going to keep your job and you're going to have something else on the side. So we'll work that out as you get closer and want to learn more. Now, the next part is how do you maximize all these deductions? You're going to go for 81,000 pages of code. And if you're somewhere else in the world and fairly high net worth, a lot of international folks come to through our office, use our office and create a formal office lease and actually do business in the United States. Again, 81,000 pages of tax code. Canada's the closest, 3,400. Australia's right behind it around 3,200. I can check those exact statistics, but you get my point. It's a huge range of difference of what you can deduct and what you can't. For example, in America, you can hire your kids the minute they're born. And once you give them a paycheck, they can go get a Roth IRA. And again, my Make Your Kids Millionaires book, I talk about 87 things you're going to do between zero and 20 to those kids. If you're out there listening in your 30s, 40s or 50s or 60s or 70s or even older, you still go get the Make Your Kids Millionaires book and go through the checklist. It's what you should have, could have and would have done. And you got to get caught up. So it's still an amazing checklist at any age, just to go back through. And most of it will apply to you and getting reset in your foundation. So how do you do deductions? Let's just go the other way. Let me give you a few lines that I teach from. Companies make money, individuals get taxed. So with most of your money, you want to come into a corporate structure, right? Depending on what, you know, me, your experts, our team agrees or decides for you. Then you're going to activate the tax code, hugely. So that's what I call forecasting. So my millionaire maker, I talk about forecasting. So you have your social security number. We'll say you have company one, company two, company three. This one's your entrepreneurial venture. This one's some real estate and this one's a management company. Which company pays for your phone? Which one takes you on business trips? Which one of these are you and your kids employed by? And you're going to have a job. You have four sources of credit, one personal and three corporate credits. So your access to money, when you start making it and spending it appropriately through the companies allows you huge access and reduces your taxes considerably. Now, before I talk about the investing formula, I want you to subscribe to my channel. I want you to hear five days a week. Check that notification button and be here. Listen to the videos. Listen to one thing. What's one thing you're going to learn every day and then start implementing into your life so you can start living an integrated wealth life. Meaning you have a personal life, you have a professional life, have a life. And if you don't know how to do it, you can visit my website and click on the link integrated life challenge. And I do a 21 day challenge to help you start living an integrated life. Some of you, you're such beginners at this. That's kind of might be a good way to start. It's just saying, how do I integrate my life more? Then come in further to us. And then we're going to put you into corporate life. Start you really understanding deductions. See when I'm done with you, when our tax teams are done with you, I'll say it that way, who are all licensed professionals, you're only going to be paying about six, eight, 10 things personally and everything else will be corporate write-offs. And you say, yeah, but I'm a doctor. I know I have a ton of doctors. I have a ton of lawyers. I have a ton of military. They all come here because they want help because they're overpaying taxes. Now let's go to that third point, which is critical that most people forget is how you invest. You got to look at depreciation schedules. Gas and oil is still the king of the kingdom. It gives you 85%, sometimes a hundred, depending on the ways you've made your money of depreciation against your highest income. So you make a hundred, you put a hundred to work. You might get 85,000 as a deduction schedule against for your highest income for depreciation. Real estate's behind it. Aviation's behind it. Water, mineral rights. There's a set of asset classes that most of you were never introduced to, right? Because what you're introduced to is the stock market and typical real estate. There's a whole structure to putting a very tax beneficial investment strategy to your, how you make your money. So again, it's how you make it. It's how you deduct it. And it's how you invest it. It's all three. It's how we're going to take you high income earners down to a lower tax bracket. You just got to lean in and let us help. So I'm giving you two tickets to I'm a Millionaire Intensive. It teaches you about corporate life. The first two hours will blow your mind and what you are going to go, oh my gosh, how come I was never taught this? Okay, now we're onto the next thing. Do you want help? We are here to help. If you have any questions at any time, go to asklaurel.com. A-S-K-L-O-R-A-L. Ask a question, make a request. We'll be back tomorrow.