How to Save Thousands on Taxes Using Incorporation Strategies.

The Picture of Wealth

In this episode, Dustin discusses tax strategies for individuals and small business owners. He talks about the pros and cons of incorporation and the importance of cash flow management. He then emphasizes the benefits of incorporating for individuals making over $150,000 per year and saving more than $20,000 annually, cautioning those with student loans to prioritize paying them off first. He introduces the concept of cash flow management, emphasizing the importance of paying oneself a regular paycheck and being prudent with personal spending. Finally, Dustin stresses the importance of consulting with an accountant for personalized advice.The 3 POWS of this epsiode: Consult with an accountant to determine the best strategy for your unique situation. Individuals with student loans may want to prioritize paying off their loans before incorporating. In addition to incorporation, think about cash flow management. Timestamps[00:00:00] Dustin discusses reasons to incorporate, including making income higher than $150k and saving more than $20k a year. [00:00:50] Dustin talks about the costs of incorporation, including annual filing fees and the need for financial statements, and how saving $20k a year can help cover these costs.[00:02:26] Dustin discusses cash flow management for small business owners, including paying yourself a paycheck and being prudent with spending to avoid taking too much out of the corporation. If you found this episode helpful share it with a friend and leave a review. For more information visit servissweath.com