Importance Of Tax Saving Strategies

The greatest expense in your life will always be taxes in the long run. Developing and maintaining healthy tax saving strategies will create more opportunity for investing in cash flowing assets. When incorporating your business it is important to determine whether you want to form a sole proprietorship for the tax benefits and ease of access or create an llc for liability protection while taxing it as a sole prop. As an entrepreneur if you anticipate making more than $30,000 in income that's not passive it may be a good idea to form an S Corp. By having partners or investors you are increasing your liability by taking on the responsibility of your partner, in that case an LLC may be a better option. If branding and recognition is important having the association of an LLC or Inc may be a benefit. When operating a company that invests in real estate with partners and multiple properties, a good strategy is to create a series LLC which gives members the protection personally, from claims arising from multiple properties without incurring the costs of creating many separate LLCs