Top 5 Strategies for Business Owners and Freelancers to Build Wealth (Ep. 10)
For business owners and freelancers in entertainment, this is an episode you won’t want to miss! CPAs look through the rearview mirror at where you have been. Good Financial Planners help you navigate the route ahead.
In this episode, Adam Scott, CFP®, provides 5 valuable wealth-building insights and practical tax-saving strategies that CPAs often don’t know or overlook. Listen in as Adam unpacks these strategies to help you achieve greater financial flexibility to pursue your dreams and enjoy your hard-earned money.
Adam discusses:
- Four tax-saving strategies for self-employed business people
- How self-employed individuals can minimize their self-employment tax by electing to be taxed as an S-Corp and paying themselves a lower salary
- Maximizing the 199 A deduction for business owners, which provides a 20% tax break on profit for S Corporation owners
- What is a Hollywood Loan Out Corporation
- What is and what are the benefits of defined benefit pension plans for high-earning individuals in the entertainment industry
- Examples of how clients were able to reduce their tax liability and achieve financial flexibility through the use of defined benefit plans
- The California Pass-through entity (PTE) elective tax allows individuals to pay their California taxes through their corporation and receive a federal tax deduction
- And more!
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