What if your tax strategy is costing you more than it should? This episode challenges the norm and asks: Are you keeping as much of your hard-earned money as possible? Join Jerome Myers and tax attorney Todd Villarrubia as they reveal strategies that could transform your understanding of taxes. From selecting the correct business entity to advanced tax plans, Todd shares insights that could protect and grow your wealth.

If you're ready to rethink your approach and maximize your financial freedom, this podcast is for you. Tune in to discover the key strategies that could change your financial future.

[00:00 - 09:51] Misconceptions About CPAs and Tax Planning

• CPA vs. Tax Strategist: CPAs often focus on tax preparation rather than proactive tax reduction strategies
• Proactive Planning: Effective tax planning can yield a 10-to-1 ROI, significantly reducing tax burdens
• Customized Solutions: Importance of personalized tax strategies tailored to individual needs

[09:52 - 17:59] Tax Strategies for Business Owners

• Cost Segregation: Utilizing cost segregation to maximize tax deductions on commercial real estate
• Retirement Plans: Advanced options like the 412(e)(3) allow substantial tax-deductible contributions
• Strategic Deductions: Methods to optimize deductions and minimize taxable income.

[18:00 - 24:31] Preparing for a Business Exit

• Entity Structure: The impact of business entity choice on tax liabilities during an exit.
• Deferred Sales Trusts: Deferring taxes for up to 20 years to maintain financial flexibility post-exit
• Capital Gains Optimization: Strategies to maximize favorable tax treatment on capital gains

[24:32 - 29:43] Protecting Wealth Through Trusts

• Asset Protection Trusts: Safeguarding assets from lawsuits while retaining control
• Dynasty Trusts: Preserving wealth across generations, tripling net worth by avoiding estate taxes
• Trust Planning: Early planning is necessary to ensure long-term wealth protection

[29:44 - 37:00] Future Tax Legislation and Its Impact

• Upcoming Changes: Potential reductions in estate tax exemptions and increases in income tax rates
• Strategic Planning: Staying ahead of tax law changes to protect assets and minimize taxes
• Charitable Planning: Prioritizing tax incentives before leveraging philanthropic contributions for tax reduction

Key Quotes:

"Double your take-home pay by changing how you manage taxes. It’s not a fantasy; it’s a strategy." - Todd Villarrubia

"Paying more in taxes than you need to is a sin. There's so much more good that can be done with those dollars in the hands of the people who earned them." - Jerome Myers

Connect with Todd!

Website: https://lawealthplan.com/

LinkedIn: https://www.linkedin.com/in/todd-villarrubia/

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Dreamcatchers is a welcoming group focused on personal growth rather than fitting into a specific demographic. It attracts a diverse crowd from various backgrounds and ages, united by the desire to achieve more. Learn more at https://exittoexcellence.com/

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