This conversation discusses six simple ways to lower tax liability for entrepreneurs. The main themes include income splitting, shifting income, shifting deductions, deferring tax, tax deductible expenditures, and tax-exempt investments.

Each theme is explained in a simple and legal manner, emphasizing the importance of consulting with a tax professional. The conversation provides practical strategies that can help entrepreneurs save money and have more time with their families.

Takeaways

• Income splitting can reduce taxes for the entire family unit by shifting income among family members.

• Shifting income from one year to another can help income fall where it will be taxed at lower rates.

• Deductible expenses can be paid in one year or the next to maximize tax benefits.

• Deferring tax through investments or pension contributions allows for tax payment in future years.

• Tax deductible expenditures can be structured to obtain tax deductions for things you enjoy.

• Investing in tax-exempt investments can save money by reducing federal or state income tax.

If you have any questions in general you can reach our office at:

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Thank you for listening!