The Tax Secrets We Use to Save Our Clients Thousands (Shh... It's Confidential)

Ever feel like you're missing out on the tax breaks the wealthy enjoy?

Like there's a secret club with all the answers, and you weren't invited?

Well, consider this your invitation.

We're going to pull back the curtain and show you how we save our clients thousands – strategies the IRS probably doesn't want you to know.

At Checkmate Tax Advisors, we're not your typical accountants. We're tax strategists, on your side, and we're here to help you win. Think of us as your financial knights in shining armor (minus the clunky suits). We'll guide you through the tax code's complex maze, helping you outmaneuver obstacles and achieve your financial goals.

Ready to dive in? Let's explore three powerful tax secrets that can make a real difference in your bottom line.

Secret #1: Restructuring Your Business to Slash Self-Employment Tax

Self-employment tax can be a major burden for business owners. But what if you could significantly reduce this tax, legally and ethically? It's possible, often by restructuring your business entity.

For example, one of our clients, a consultant we’ll call S, was paying a hefty sum in self-employment taxes each year. We helped her transition from a sole proprietorship to an S corporation. This strategic move allowed her to pay herself a salary (subject to regular employment taxes) and receive the rest of her income as a dividend (not subject to self-employment tax). The result? Thousands of dollars saved each year and a much happier Sarah.

Secret #2: Strategic Investment Planning to Minimize Capital Gains

Capital gains taxes can take a big bite out of your investment profits. But with careful planning, you can keep more of your hard-earned money.

Take J, a successful entrepreneur who wanted to sell some of his company stock. He was facing a significant capital gains tax bill. We worked with J to implement a strategy that involved donating a portion of his stock to a donor-advised fund. This not only reduced his taxable income but also allowed him to support causes he cared about. A win-win situation!

Secret #3: Estate Planning to Shield Your Legacy from Estate Taxes

Estate taxes can significantly erode the wealth you've worked so hard to build.  But with proactive estate planning, you can protect your legacy and ensure your loved ones inherit as much as possible.

Consider the case of M, a widowed businesswoman with a substantial estate. She was concerned about the potential estate tax burden on her children. We helped M establish a trust, which allowed her to transfer assets while minimizing estate taxes. This provided peace of mind for M and a secure future for her family.

The Bottom Line

These are just a few examples of how we help our clients achieve their financial goals through strategic tax planning. We believe everyone deserves access to expert tax advice, regardless of their income level.

Tired of feeling like you're overpaying in taxes? Contact Checkmate Tax Advisors today for a free consultation. We'll analyze your situation, identify opportunities for savings, and develop a customized plan to help you achieve your financial checkmate.

About the Author

Danielle Michel, CPA is a serial entrepreneur and venturist whose expertise spans business consulting, specialized tax solutions at Manufacturing Tax Recovery Services and advisory at Checkmate Tax Advisory, podcasting at The Upside, Downside Podcast , and real estate investing. A passionate advocate for entrepreneurs, she's dedicated to empowering others with the tools at The Suppressed Entrepreneur and mindset to realize their business dreams. In her spare time, Danielle prioritizes health and wellness as a key foundation of her success and that of her businesses.