Paying Taxes Can Tax The Best Of Us: Difference between revisions
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Revision as of 03:35, 5 October 2024
Many small internet marketers start with a sole proprietorship evade the costs of forming a corporation or LLC. This is a wise decision as statistics show that a majority of small businesses lose money for the first several years.
In our software company there are two approaches to build wealth and in the area through intellectual property and maintenance agreements. These two things used together will build a moving company that can be sold for 2-4X net income. Now to foster that investment with leverage, I take advantage of the "Infinite Banking Concept" to lend money for the business through "my own bank." The money enterprise pays me comes back as investment income for that reason lower tax returns. The new revenue extra maintenance contracts bring foster new contracts. The next step in order to use "good debt" to leverage our coverage and get more maintenance contract revenue with our software basis.
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In 2003 the JGTRRA, or Jobs and Growth Tax Relief Reconciliation Act, was passed, expanding the 10% tax bracket and accelerating some within the changes passed in the 2001 EGTRRA.