How Much Do Entrepreneurs Pay in Taxes

How much do entrepreneurs pay in taxes? It's less than you think you're going to be stunned. And by the end of this video, you're going to want to be one if you're not one already. And if you are one, I can guarantee you probably overpaying taxes and I have a solution. Specifically, I want to talk about three things. How do you navigate tax, the landscape, being an entrepreneur? How do you actually do that? I have some great easy systems for that. Number two, how do you actually maximize your tax strategy for the best result, meaning single digit taxes or less, get some back actually. And number three, a deep dive into the misunderstanding that most people believe about being an entrepreneur in taxes. And a lot of people avoid being an entrepreneur because they don't want to pay their own taxes. You're not. So let's begin. How do you navigate the tax structure as an entrepreneur? Number one, you got to be incorporated. So whenever I start a company, I do two things. I get incorporated and I start a database. So to do that, I have two links below. So you can actually talk to our team about what kind of company should set. And another link is called ask RMS, which stands for rapid marketing systems, which for 297 bucks a month, we will actually do all of that for you. Please let us. Now you have the engines, you have the tax structure and you have the database to monetize. So how do you navigate once you have your company? So there's you, social security number and your company, right? Whether that's an LLC, S corp, C corp, limited partnership, our team will tell you as well as probably get you a trust that is held by it. LLCs are not disregarded entities done right. What does that mean? You got to activate the tax code completely. Meaning you want to deduct your home office. You want to deduct any office that you have. You want to deduct any equipment it takes to get the company going. You want to deduct any software, your URLs, your database. All of these are tax deductions. See the benefit in the way the taxes work with an entrepreneur is you make money. You activate 81,000 pages of tax code. Then you pay tax. If you're just an employee, you're employed. Taxes come out right when you're paid and then you get to live on what's left. So you pick how you want to pay taxes. So when people say, well, I'm broke, it's because you choose to be. This isn't just like something that's available and you qualify for an entity. You just talk to our team. We'll tell you which one to get. You pay for the company and now you activate the tax code. You should not be doing taxes on your own. You don't know how you're not an expert. And this isn't just a check the box, file it with the IRS activity. This is about not overpaying taxes by choice, because you're going to make money and do all the deductions. So that is the benefit, the number one benefit. So how much do entrepreneurs pay in taxes? Depends how good your tax strategist is. I have assembled an enormous team. So let us be your team to reduce them and set you properly. And as you have higher net worth, you should be meeting minimum twice a year, if not three or four times a year, sometimes weekly, because the other piece of an entrepreneur that's rarely talked about is how they're investing. And how you invest is a huge part of your tax deductions and tax process as you actually add it together. It's how you make it and how you invest it will end up with what your tax basis is. So entrepreneurs just don't overpay taxes. We actually pay tax in September for the company and October for ourselves. You're not going to pay in April anymore. That's like for broke people. I don't know why you're doing that. And you could share that all over the internet with people. You drive me crazy when you file taxes in April. Stop it. That's just a bad choice. Number two is you really think about maximizing your tax strategies. Get QuickBooks, get Xero. We use QuickBooks. It's like the reason you'll have the most bookkeepers in the country know how to use QuickBooks. If you go into more like Xero or Peachtree or a few other isolated kind of softwares, they're still fine, but they're not going to give you the benefit. You also can pay yourself. You can do a payroll service out of QuickBooks to pay yourself. Why do you need to pay yourself? Because if you don't have a job and you just have a business, how you pay yourself and the little that you pay yourself will determine how good your healthcare is. So again, a lot of you, you stay employed because you need benefits. No, you don't. Get your own benefits, but do it right. And done properly, your company with you being very, very small employment can get great healthcare as well. Employ your children. Now their deductions. If you don't have you should get them. They're tax deductible and you want to get Roth IRAs across all of this. So how much entrepreneurs pay in taxes is completely up to how do you play the system. And the system is not broke. It's designed this way. So play it. Now, before I go to the third point, I want you to subscribe to this channel. I want you to click the notification button. I want you to be here five days a week. Share this with other people that are in your world. You all don't have to overpay taxes. When you move all the way into the big table, which is my mentoring mastermind, we'll actually do an offer you a free three-year tax return review. Just imagine if you could get back 10 to 15,000 per year. So if you haven't filed 2022, we'll redo 1920 and 21, and then 22 should be filed September and October. So you still have time right now to call our office. So it's in the link below, call the office. And actually before you do that, it'd be kind of fun for you to take my financial personality quiz. So I'm going to give you that first and see if you're in that category of paying taxes. And you for sure, when you call the office, say, I just took the quiz. This is my biggest problem. How can your team help me solve this problem and activate Laurel's team to support you as an entrepreneur paying the least amount of taxes, which again, we're going to be moving over to that investing side. How are you invested for better depreciation against it? And a lot of you have no idea how to deal with debt, bad loans, good loans. How do you use all of this to your benefit as an entrepreneur and a wealth builder? So some of the misunderstood aspects of being an entrepreneur is number one, not being incorporated, saying a sole proprietor, and then not getting the right bank accounts. And then not having the right accounting system and database system because you can't commingle. Like that is your biggest mistake. And people do it all the time. Here's why most people commingle because you're used to using living on your paycheck. All of a sudden you start a company, but your company's not quite making the money that it needs to pay all the bills that it could for deductions. So what do you do? You keep paying bills over here. You can't, they're not deductible here. They're deductible here. You have got to change how you pay the bill to the company. So what do you do in the meantime, when you wrap up your sales? Well, first of all, come to my Millionaire Intensive, come make money in my marketplace. So you should always be making money. But what you have to do in the meantime is you actually loan the company some money, which is the better angle, or you can just contribute capital. So in contributing capital, it's over. The game's over. In doing a loan, you have a lot of other tax options by doing the loan to fund the company. But now the company has the money to pay your cell phone, to pay for your vehicle, to pay for your home office, to pay for your wardrobe, to pay for your equipment, to pay for any tuition that you spend with us. So huge benefits, but don't commingle. The other thing is make sure you get a corporate credit card. So again, go to corporate, you know, small business, American Express, go to Discover, but go to the business side, not your personal. You're not getting yourself another credit card. You're in your company, your credit cards, you get corporate credit. So lots of benefits. In fact, I don't see any other choice. When you know the difference between employee life and corporate life, you've got to live corporate life and pay the least amount of taxes in September and October, the year after you close your business. Actually, the year after your business transactions close, which is December 31st, for most people in the United States, some countries are in June, some countries are in March. If you have any questions about any of this, want to talk to one of our team, one-on-one, call our office and ask for a strategy session, or just go to askloral.com and start asking some questions. We're there 24 hours a day and responding to you, sending you answers to your questions. Better become a client, hang out with us. If you want to be a millionaire, you got to spend some time with us. Talk to you tomorrow.