I just wanted to write to everyone including the Dean Graziosi's Team to not only thank them but to compliment them on an outstanding job. The reason I felt the need to write out to everyone is not only to encourage everyone and let them know that if you chose Dean and his team of experts to help you with your financial destiny, not only are you blessed by our great Lord, but you are in great hands! I have found that they are personable, friendly, very helpful, as well as truly the real deal in wanting to make us the next big success, so I share why. Here is my story.
Yesturday, a person from The Tax Club contacted me about a free 30 minute consultation about starting my business the right way and taxes. First let me start by saying that as I got to know the person I was talking too, I found out through him that what The Tax Club loves about PMI (Professional Marketing International - Deans Team) is that they went through every step necessary to research, find, and set up the best strategies to ensure our success! In fact they even went as far showing us how to structure our business the correct way, starting with corporate structure and taxes! The Tax Club said they work with a lot of other educational businesses and they have found that Dean's is the best client they have! So kudos to you PMI! PMI has set up business with The Tax Club so that when you sign up for The Success Academy you get a free 30-45 min consultation on corporate structure. "What is the point of being IN business and making money, if you can't control the money coming in?" is the question my tax advisor asked me. He said a good business has a sound foundation, from the people they do business with, to the marketing, to the products and services, as well as how the business is structured. If you are making a ton of money, and spending a lot on advertising but could only write off 30% of your expenses and not to mention have uncle Sam take anywhere btw 30-60% on taxes, due to capital gains taxes, self-employment taxes, & personal taxes, you mind as well stay in a job! Now what does all this mean?
Simple, why I loved my phone call is that my rep was able to explain all the different kinds of corporate structures and their benefits. He explained, LLC's, S-Corps, C-Corps, etc. As I said before, PMI's goal is to set us up for success, and I can see they are willing to go the extra mile by putting us in good hands with people who know business structure and tax laws, because I was able to understand it all. I asked what the difference btw an LLC and S-Corp, and trust me guys, the difference is so staggering that it makes me wonder why anyone would ever use an LLC with out an S-Corp. W/O being too technical, an LLC according to the IRS will not be recognized as separate business entity. It will in terms of protecting you, by separating you from your assests, however it would still be subjected to taxes based on a sole proprietership. And so "BOOM" here comes the capital gains taxes, self-employment taxes, personal taxes, etc. BEFORE expenses are paid out. In an S-Corp, it acts as an umbrella company in which it is a managing company where you can have mulitple LLCs. In this situation, each LLC that generates money is managed by the S-Corp and there for you are qualified for 330 tax deductions, but the most important part is you get to control where the money is going first, BEFORE taxes. So let me give you an example:
Suppose your S-Corp makes $250,000 this year. In this type of structure, you are allowed to have budgets in which you are allowed to put money back in to the business w/o paying taxes on that money. So lets say you have: A Salary Budget, A Promotional Budget, and An Equipment Budget.
- pay yourself a fair and reasonable salary
(Marketing, Advertising, hotels, airfare, rentals, etc.)
(computer, fax machine, internet, phone, company car, etc.)
$250,000-$50,000-$75,000-$75,000 = $50,000 as company profit! After it is all said and done, THIS is WHERE the IRS takes their taxes from!!!!!! Capital Gains, any other taxes, etc. are taken from here and whats left over is profit. BUT notice you spent all the money first and kept it in your company! There increasing the value of your company and helping you pay less taxes!
Now if it were an LLC, you would have to pay taxes on the WHOLE $250,000 profit!
There are so many benefits from the distinction of the two, but thats not the point. The point that I am trying to make is that by trusting in Dean and doing what he trains us to do and listening to the advisors and taking action you are guaranteed to be successful. I STRONGLY recommend Registering for Deans Success Academy and STRONGLy recommend using the free 30-45 consultation that comes with it. Like I said, Dean and PMI wants us to succeed and they have gone to every length to make sure EVERY aspect of starting business for ourselves has a strong foundation and succesful. Again whats the point of making money if we don't know how to save it as well right? Anyways, hope this is inspirational and imformative. What I have shared is not expert advise so don't take it as such. Get in contact with a rep from The Tax Club immediately for more info!! Thanks PMI, and thank you Dean!
- The Copy Ninja
Cash Flow Financial Solutions, LLC
a subsidiary of Halo Enterprise Inc.
"Make a distinction between being interested and being committed. When you are interested in doing something, you do it only when it’s convenient. When you are committed you follow through – no matter what – no excuses. – Mike Krzyzewski , Duke Blue Devils