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What is your tax strategy?
There are three legitimate tax strategies, 1) to cut taxes, 2 ) to just get the returns done and out of our hair, or 3) to avoid attention from the IRS. Those are all legitimate tax strategies. But which one are you following? Or do you even know what tax strategy your tax professional has plugged you into?
From our home in the cloud, our unique solutions to common business problems create competitive advantage out of thin air.
QUOTE – “Privately owned businesses pay tax at higher rates than the Global 500.” [SBA, GAO & Huffington Post]
Why all the concern over converting to a digital currency? It’s already digital. Nobody carries paper money. When was the last time you saw a wad of cash like this?
The last time I saw a wad of cash like this, a client came into my office to close the sale of several Caterpillar graders. After signing the contracts, the buyer reached down and pulled a wad of 100 dollar bills out of his boot and handed it to my client. Most cash money I ever saw at one time. Since the client never came back, I suspect the transaction never got reported.
QUOTE – “Most businesses don’t get the proactive advice they need from their CPA advisors.” [Elite Business Resources]
QUOTE – Small business owners are pressed with constantly changing competition and are looking for ways to get ahead and stay there, and they expect their accountant to help them meet this challenge. [The Sleeter Group]
Tax Strategy
This is a term we created because nothing else adequately described the pioneering work we were doing in tax avoidance.
We found there were some favorable tax treatments in the code that nobody was taking advantage. That made us think, if tax preparers were not taking advantage of favorable tax codes, what else were they missing? It turned out A LOT.
That was more than a decade ago. Since then we have found more favorable, seldom used, tax codes. But more important, we began combining different sections of the code, that had no obvious tax savings attributes, into tax cutting strategies. Hence the term we coined.
Today we have a collection of tax strategies that we customize to fit the specific circumstances of individual clients.
We have only one significant client that was already doing everything they could to save taxes. They came to us because of our world class service. Some tax professionals have terrible service.
If you want to know more about tax strategy, make an appointment here – https://calendly.com/elliscpa/60min.
Or call (970) 242-5040.
Biden’s Tax Plan vs Trump’s
We’ll never see anything like Trump’s tax plan again.
Can we escape reality?
Maybe.
In 2008 our national debt was $6 trillion. Today it’s $28 trillion. National debt is six times higher today.
In 2008 our GDP was $14 trillion in 2008. Today, it’s only $21 trillion. It grew by only 33%. Obviously something has to give.
It appears the government has decided to eliminate the difference with inflation. Not a bad idea, actually. Except for what creating hyper inflation will do to our standard of living, devaluing the dollar in the process and ruining the economy. Here’s a worse case scenario.
The country & the GDP won’t be the same as it is today, but for individual taxpayers, perhaps there’s a way to weather the storm, if you’re lucky. My recommendation is to get out of the stock market and put any idle cash into gold, silver or bitcoin. The stock market will probably crash sometime this year, but if you are in something that profits by inflation, you might be able to weather the storm. Gold, silver, copper & Bitcoin all fit that definition.
If their approach fails, we will be left holding the bag on the $28 trillion of national debt with a weakened economy that by then will have a GDP of only around $10 trillion, if that. But if it fails, we may end up with wheelbarrows full of hundred dollar bills trying to buy a loaf of bread. Which is reported to have happened under Germany & some South American countries under hyperinflation.
If it gets bad, the dollar will lose 50% of it’s buying power a week. It won’t take long for that to deteriorate into a barter system.
However, one of my favorite saying is this, “He who lives by the crystal ball, better learn to eat glass.”
So take everything, including my advice, with a grain of salt. I’m not even sure it would work. Maybe I’m missing something. Maybe it won’t be this bad. But i think drastic measures are called for. Who would have thought our country would turn into a banana republic overnight led by a senile president?
Crazier things have happened.
The 21st Century has been Hectic.
911
The 21st Century started off with an explosive bang on when the twin towers were were taken down by a couple of passenger planes causing $13 billion of damages & a loss of 3000 lives.
Subprime Crisis
Huffpo & the GAO reported that the Subprime Crisis cost the nation $22 trillion dollars, and the lingering effects are still being felt. in 2008 the national debt was $9 trillion. In 2012 it was $16 trillion. Today it’s over $28 trillion.
Covid
But by far the greatest impact came from the 2020 Covid crisis & the lockdowns & election shenanigans that Covid precipitated. Small businesses are dying by the thousands — and no one is tracking the carnage. Let’s pause for a moment and take stock.
Yelp Inc., the online revi
911
The 21st Century started off with an explosive bang on when the twin towers were were taken down by a couple of passenger planes causing $13 billion of damages & a loss of 3000 lives.
Subprime Crisis
Huffpo & the GAO reported that the Subprime Crisis cost the nation $22 trillion dollars, and the lingering effects are still being felt. in 2008 the national debt was $9 trillion. In 2012 it was $16 trillion. Today it’s over $28 trillion.
Covid
But by far the greatest impact came from the 2020 Covid crisis & the lockdowns & election shenanigans that Covid precipitated. Small businesses are dying by the thousands — and no one is tracking the carnage. Let’s pause for a moment and take stock.
Yelp Inc., the online reviewer, has data showing more than 80,000 permanently shuttered from March 1 to July 25. About 60,000 were local businesses, or firms with fewer than five locations. About 800 small businesses did indeed file for Chapter 11 bankruptcy from mid-February to July 31, according to the American Bankruptcy Institute, and the trade group expects the 2020 total could be up 36% from last year.
More than 20 million people have lost their jobs.
Businesses will need to be the best they can be to survive the turmoil. They will need better tax, accounting & advisory professionals than they have now. They will need someone like us.
ewer, has data showing more than 80,000 permanently shuttered from March 1 to July 25. About 60,000 were local businesses, or firms with fewer than five locations. About 800 small businesses did indeed file for Chapter 11 bankruptcy from mid-February to July 31, according to the American Bankruptcy Institute, and the trade group expects the 2020 total could be up 36% from last year.
More than 20 million people have lost their jobs.
Businesses will need to be the best they can be to survive the turmoil. They will need better tax, accounting & advisory professionals than they have now. They will need someone like Ellis CPA.
bizztrategy @ Ellis CPA 