Last fall I attended a financial seminar and learned about ways to lower your taxes. Here are some of my notes.

1. Own a business: business owners get majority of taxes, deductions
– Tax deductions are a way to not pay taxes.
– You can buy a vehicle for your business and can get 25,000 reductions.
– You could win in it unless you’re in it.
– C Corporation is the best business structure, to save taxes.
– DBA: doing business as
– A. corporations lower your taxes, more than any other type of business.
– B. Corporations give you liability protection
– c. Corporations get a lower audit risk.
2. C Corporation is recommended for most businesses.
– S corporation is when you pay lower taxes at your personal income tax rate
– Flow-through entity: losses flow-through, can offset other income.
– Start a business with the loss.
– When you begin to make a profit change the S corporation to C Corporation
– C Corporation: use deductions when you make a profit.
– LLC: limited liability company is a new type of business and was created in 1977
– There are three types of courts in the United States to distill system: Supreme Court, district court and trial court. Because the LLC is so new as an organization, how it will be tax is still under study by the judicial system.
– Single-member LLCs – has no liability
– LLCs can be tax for different ways.
– A. S Corp.,
– B. See court.
– C. sole proprietorship
– D. partnership.
3. If you start your business as a LLC.
You can switch to see only one time. To do a successful C Corporation that will protect you. You need to use certain keywords to your application process. A C Corporation provides fringe benefits.

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