Are you looking for effective ways to lower your  tax liability ? Dive into the world of Oil & Gas investments. Not only can these investments provide financial returns, but they also offer significant tax benefits. The question is, should you hold these investments through a  corporation or LLC ? Let’s explore the advantages of each. 1. Tax Benefits of Oil & Gas Investments:    – Intangible Drilling Costs (IDCs): When you invest in Oil & Gas, a significant portion of your in

Are you striving to create lasting  generational wealth  but feel like you’re hitting a ceiling? If you’re operating as a sole proprietor, you might be unintentionally limiting your potential for financial success. Here are five compelling reasons why this business structure could be holding you back. No Legal Separation: As a sole proprietor, there is no legal distinction between you and your business. This means that your personal assets are at risk if your business faces f

Making the right choice when it comes to setting up a Corporation or LLC is crucial. What is even more critical is giving these entities substance. I hear from a lot of people that I talk to that they were told to setup an LLC, but they are not really sure  why , or the benefits they are supposed to receive.  Setting up the right entity  is imperative because the last thing you want to find out is that you are in the wrong entity and must go back and  cleanup/restructure  the

In the fast-paced world of entrepreneurship, small businesses often find themselves immersed in the daily grind of operations, leaving little time to contemplate the future. Yet, amidst the hustle and bustle, one crucial aspect that can often be overlooked is succession planning. Whether your business is structured as a  corporation or a limited liability company (LLC) , having a robust succession plan is not just a contingency but a strategic imperative for long-term success

In a world where financial planning often revolves around saving for retirement, investing wisely, and building wealth, there’s a vital component that many individuals overlook – estate planning. While a last will and testament is a common tool for distributing assets upon one’s passing, it may not be enough to protect your family’s wealth for generations to come. In this article, we’ll explore the reasons why everyone, regardless of their financial status, needs a living tru

Imagine playing a round of golf and discovering a hidden treasure trove on the 13th hole. The Augusta Rule is the entrepreneur’s equivalent—a little-known gem that can revolutionize your tax strategy. Entrepreneurs are always on the lookout for ways to minimize their tax burden without skirting the law. One lesser known but incredibly powerful strategy is the Augusta Rule, named after the Masters Golf Tournament’s famed location, Augusta National Golf Club. The Augusta Rule a

Starting a business can be a daunting but exciting task. There are countless things to consider before taking the plunge; from  creating a plan  and budget, to finding the right investors, vendors and employees. One of the most important aspects of starting a business is building your credit, which is often one of the biggest hurdles entrepreneurs face. Fortunately, corporations and Limited Liability Companies (LLCs) have the ability to build their own credit in order to acce

As the new year begins, the first quarter presents an opportunity to lay the groundwork for a successful 2026. Whether you’re looking to expand your business, streamline  operations , or achieve new financial goals, the decisions you make in Q1 can set the tone for the entire year. Here are key areas to focus on during the first quarter to position your business for growth and resilience. Review and Refine Your Goals Start by reflecting on your 2025 performance. Which goals d

Are you currently a W2 wage earner or 1099/Sole Proprietor? W2 wages are the highest taxed. The taxes come right off the top, leaving you with only about 3-4 deductions such as a 401k or IRA, Mortgage Interest Deduction, and HSAs. Sole Proprietors have access to 15-30 different deductions that can be claimed on a Schedule C. However, they are also subject to Self-Employment taxes. Understanding the Tax Code Did you know there is a vast tax code consisting of 81,000 pages? You

Imagine this: A natural disaster hits your region. Your office is flooded. Systems are down. Employees are unreachable. Customers are calling, and you have no answer. Now what? This nightmare scenario is more common than you think—and it’s exactly why every business, regardless of size or industry, needs a  Business Continuity Plan (BCP) . What Is a Business Continuity Plan? A Business Continuity Plan is a proactive strategy that outlines how your business will continue to op

People ask  me  all the time, should my  Corporation or LLC  own or lease a vehicle? There are a lot of great benefits for having your entity own or lease a vehicle, such as being able to deduct all vehicle payments, insurance, and maintenance costs. You can additionally take advantage of the Section 179 deduction which allows for accelerated depreciation on vehicles weighing over 6,000 pounds. That is why you see people buying G Wagons and other large SUVs to capture that wr

As the year draws to a close, savvy business owners are strategically positioning themselves for success in the upcoming tax season. For those utilizing  Corporations and Limited Liability Companies  (LLCs), there’s a wealth of opportunities to optimize tax outcomes. In this article, we’ll explore some year-end tax strategies that can not only minimize your tax liability but also set the stage for financial prosperity in the coming year. Picture this: You’ve worked diligently

As the IRS website states: “One of the advantages of operating  your own business  is hiring family members.” That family member can be a spouse, sibling, parent, or even a child (between the ages of 3-18). In fact, while hiring a child may not seem like a top- of-mind move for many businesses owners, if you play by the rules there can be a surprisingly broad array of  tax benefits  to doing so! With the Tax Cuts and Jobs Act increasing the Standard Deduction up to $12,200.00

When people go into business for themselves as a Sole Proprietor, they usually comingle the business’ funds. Meaning they are using Business funds for personal items and  personal funds  for business items. Sole Prop is the easiest way to start doing business, however, if you choose to setup a Corporation or an LLC, these habits need to change. You and the company are no longer the same. The two of you become 2 separate individuals. The company’s money is not your money, and

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