 |
Pratt and LeFevre Corporation |
| A monthly newsletter brought to you by your Pratt and LeFevre Corporation Team |
| VOL. 2, ISSUE 7 | July 2023 |
| | ||
From cost segregation studies to home office deductions, there are a variety of ways you can reduce your tax burden. Make sure to review the IRS guidelines and consult with a trained Pratt & LeFevre Account Executive in order to maximize your savings. Contact Daniel McCraine, our National Sales Director, at danielm@prattandlefevre.com or 833-772-8848. By utilizing the right mix of tax strategies, you can keep more of your money and help make your business more profitable! |
July is a great time for small business owners – July 1st is National Financial Freedom Day! That means it's time to start thinking about how you can save on taxes. The IRS has all sorts of tax-saving strategies available, but many business owners don't take advantage of them. By using the right combination of deductions and credits, you can significantly reduce your taxes and make your business more profitable. So this July, don't miss out on this opportunity to save money – let's explore some of the options that will help you get the most out of National Financial Freedom Day!| THE IRONY OF JULY 4TH: TAX FREEDOM DAY |
Several factors influence the date of Tax Freedom Day. One of the primary factors is the overall tax burden placed on citizens, which includes tax rates and the types of taxes levied. Higher tax rates and a broader tax base can lead to a later Tax Freedom Day, as individuals need to work longer to cover their tax obligations. Additionally, the level of income plays a crucial role. Higher-income earners generally have a later Tax Freedom Day compared to those with lower incomes. Government policies and economic conditions also impact Tax Freedom Day, as changes in tax laws or economic growth can shift the date forward or backward. It is worth noting that Tax Freedom Day can vary significantly between different regions within a country, depending on local tax policies and economic disparities. Business owners who implement Pratt & LeFevre’s O.N.C.E. (Own Nothing, Control Everything) tax strategy see a Tax Freedom Day that occurs MUCH earlier in the year! That means their tax burden is lower, and they spend more time in the year working for themselves, not for the government! |
Tax Freedom Day is a concept that measures the number of days an average citizen must work in a year to pay their total tax burden. It represents the hypothetical point in time when individuals have earned enough income to cover their annual tax obligations. The calculation takes into account federal, state, and local taxes, including income tax, payroll tax, sales tax, property tax, and more. While the specific date varies from year to year, Tax Freedom Day serves as a reminder of the financial impact of taxation on individuals and the economy as a whole. Ironically, the average Tax Freedom Day calculation tends to fall on July 4th! Indpendence Day!UNLOCKING FINANCIAL FREEDOM FROM YOUR BUSINESS |
|
One of the significant challenges faced by small business owners is having their total net worth tied up in their business. While running a successful business is a rewarding endeavor, this situation can hinder their ability to achieve financial freedom. When a substantial portion of personal wealth is invested in the business, it limits liquidity, diversification, and financial flexibility. For many small business owners, their personal net worth is heavily reliant on the success and profitability of their business. While this demonstrates their commitment and dedication to their entrepreneurial venture, it also poses certain risks and limitations. Having the majority of their wealth tied up in the business leaves them vulnerable to economic downturns, industry-specific risks, and unexpected challenges. This lack of liquidity can restrict their financial options, making it difficult to seize new opportunities, weather financial setbacks, or plan for retirement. Pratt & LeFevre’s O.N.C.E. (Own Nothing, Control Everything) tax reduction and asset protection strategy is an important step toward creating liquidity from your business when the time comes to leave your business. Contact Daniel McCraine, our National Sales Director, at danielm@prattandlefevre.com or 833-772-8848 to learn how to take more wealth with you when you are ready to exit your business. |
|
Unleashing the (Hidden) Tax Advantages of Real Estate Investment |
|
Are you ready to unlock the power of real estate investment and maximize your financial growth? Don't miss out on this incredible opportunity to gain valuable insights into the tax advantages of real estate. Join us for a captivating event that will transform the way you approach wealth creation. Why Attend? Discover the Untapped Potential: Learn how to leverage the tax advantages offered by real estate investments to build substantial wealth and secure your financial future. Insider Knowledge: Gain exclusive access to industry experts who will share their expertise, tips, and strategies on maximizing tax benefits. Wednesday, July 19 · 12 - 1:30pm CDT Who Should Attend?
|
|
Join us for an Exclusive Event: Unleashing the (Hidden) Tax Advantages of Real Estate Investment!Have you been to our website lately? |
|
Each of our specialists follow the O.N.C.E. (Own Nothing, Control Everything) Process in their own business. Our team has their own successful business and contracts with Pratt and LeFevre Corporation to work with clients, bringing their expertise in business, accounting, taxes, financing, marketing and more. Visit our website today to learn more about Pratt and LeFevre Corporation team of specialists ready to work with you. In addition, you can read all of the back issues at www.prattandlefevre.com/newsletters-2/ |
|
Meet our team specialists at | DISCLAIMER: Pratt and LeFevre Corporation has several attorneys on retainer. Any information contained herein should not be considered legal advice. The above is only an explanation of instructions given to Pratt and LeFevre Corporation by our attorneys which we have been given permission to explain from a lay-person’s point of view only. Any clarification or questions must be answered directly by an appropriate attorney. |
Pratt and LeFevre Corporation |
Memberships & Affiliations
NATIONAL SOCIETY OF ACCOUNTANTS
AMERICAN COLLEGE OF FORENSIC EXAMINERS, INTERNATIONAL
UNIVERSAL ACCOUNTING
