There are a whole lot of lines on your tax return.
Have you researched every last one, making sure you’re taking advantage of all the legal ways you can cut your tax bill? Few people do, and most tax professionals miss opportunities to reduce a taxpayer’s tab.
Every dollar you save in taxes is a dollar you can invest or use to pay down debt. For example, if you earn over $200,000, a $10,000 tax deduction on your federal return would save you $3,300. That’s a 33% savings.
An LLC taxed as an S-Corporation coupled with a self-directed pension plan. It’s simple and the IRS tax code has made it even more attractive. Only through an S-Corporation can you realize a loss due to a pension contribution in your business and its subtracted from your personal return.