By: Iron Bull Tax Pros
Have you worked toward losing weight in the past because you want to look more attractive, or fit into an expensive wardrobe you already own? When you lose weight you often also lower your blood pressure and/or cholesterol as a bonus. It might not be the primary motivation, but the extra benefit is of course welcome! If you are a business owner, then we pose this question. Some time ago you had an idea. Over the years your turned that idea into a successful and profitable business. Have you properly protected what you worked so hard to build? An unexpected turn of events could put your biggest asset at risk.
Did you know that moving business earnings into a qualified plan could protect your assets as well as provide a current tax deduction? Money in a qualified plan is generally protected from creditors, or at least better than other ways you can store capital. That means no one can take away what you have earned. You repositioned the money to save on taxes, but ended up also protecting things much better from a legal perspective.
There are many examples like this where proper tax planning can also provide other benefits to you, if keeping more of your own hard earned money isn’t enough of a reason! The side benefits of tax planning are like the icing on the cake. So stop putting it off. Go see a tax planner today!
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