Keep More of Your Money With a Business Tax Strategy

[00:00:04] Hello. Hello, how are you? Good, how are you? I'm good. So how do you say your first name? Andre? Andre. It's spelled with a U. Just think of A and C. All right, and where do you live in? You're in Maine? No, we're in Virginia.

[00:00:25] Yeah. Okay, I have that wrong here. All right, and your question, you're working with Sandy. You're both in your 50s, self-employed with an LLC, meaning it's being taxed as a sole proprietor, not taxed? Yes. So the sole proprietor doesn't own an LLC, an LLC is taxed like a sole proprietor. And then you work for the government. You're thinking about doing an LLC in Wyoming. Why?

[00:00:52] Because of the tax structure. And here in Virginia, we're paying so many taxes on the revenue. What's going into it? What's the... Well, we have a trucking business, actually, one man, one truck. Well, let's grow that up. I have a trucking company in South Georgia, my daughter-in-law's family, and they add a couple zeros to what you're making.

[00:01:17] So more men, more people, more trucks is how to grow that. And again, I wouldn't just set it up in Wyoming. I mean, there's a lot of marketing around that. Nevada is a better structure. But if this is to offset taxes you want to have, and it would not be an LLC in Nevada. It would be a totally different company given the money you make. And if you really want to grow that trucking company, it would be a Nevada asset company that we would set up, and it would be the manager of your Georgia.

[00:01:43] And then, like, I have some truckers who literally, depending on what the truck can produce, especially if it's refrigerated, will put a truck in an entity to keep the liability super separate. Sometimes you'll do two trucks. You can do it that way. So we would set it, because you have to have your operating company in Georgia. That's where you live. But you're the man... I was in Virginia. We're right outside. I was in Virginia. Sorry. Oh, yeah. Okay. Sorry. So, yeah, you are getting killed in Georgia. Right outside of the DC.

[00:02:10] Yeah, we're getting clobbered. The thing is, Laurel, what we're doing is she's getting ready to retire here in a couple of months. No, she's going to retire. She's just going to quit and have a new transfer. She's just gone. Exactly. Exactly. But me, I'm, you know, trying to transition into the investment thing, buy REITs.

[00:02:34] Like, we wanted to buy just her income is going to be... No, you're not going to REITs. Not on my watch, my friends. We're going to... We're not... Well, that's what I want to do. I want to join the team and become corporate. You live a corporate life. Yep. Good. Whatever we have to do to set it up. And you're saying don't buy REITs?

[00:03:03] Why? This is stock market problems. You're going to have more tax problems. Well, what I was trying to do is... Buy the real estate. Like I was just explaining to Diane, the last woman. I would actually own the actual property. So, I mean, we'll get into that as you decide what you're doing. The first thing we have to do, though, is fix your tax problem, which is get you the Nevada company. Then look at other income streams. And then look at just what I call your lazy assets and then put those to work.

[00:03:30] But if you put all the work in the stock market, you're not getting any tax benefits. So, you know, it's not to say you can't do some, but you're going to need more assets that have more depreciation schedules and cost segregation schedules and things like that. Right. The other part of your question, though, is you have a trust, but you haven't done anything with it, which is fine, because we would reset the assets. So all the assets are going to be held in trust. I mean, in companies. Companies are held in trust. That's when we look at life insurance and IRAs and all the other things that are around it.

[00:03:59] And how we help guide is we put all of these all these people, all these experts are on a call for you. I mean, I help sequence who goes first, second, third, and then you have access to them. We'll give you a new tax team who will actually. Well, the first thing they'll do is they're going to do a three year tax return review on that trucking company. And if we can do a three year review because you've been in business for so long. I mean, think if we can get five or ten thousand per year, that's fifteen to thirty thousand.

[00:04:26] There's your tuition. I mean, a lot of it just by us doing a three year review of the prior teams not being aggressive enough. OK. Right. That's how we start. We start for you guys. We start with a three year review. Then we would go into what are you going to do to make more money, which then informs how we set the companies up. Then while that's all getting set up, you're going to move over to the trust team and like they'll wait for the entities and the tax teams to say go. Then they'll review your trust and make sure everything's funded in trust.

[00:04:54] So there's a whole sequence how you guys would play through this. OK. Now, what we're what we're really. Really what we're trying to do is once we're invested in a lot of we have leverage in a lot of companies, startups. And once they IPO, we were we want to know what to do with that money.

[00:05:23] And I'm sorry, it can't go to you personally. Exactly. Exactly. We got to move that. We have to move that into some different tax, more tax advantaged vehicles. And the one that the cool one, if you have stock. Is you can open a Roth and you can transfer and assign the stock to the Roth. And when it comes when it cashes out tax free, tax deferred, not all of it. You can't do all of it because there's a lot of rules, but you can move a lot of stock that way.

[00:05:52] And that way you pay capital gains on those stock sales once they go public. OK. Now, that is that the same with the crypto? I mean, when that. Absolutely. I put my Bitcoin. I bought Bitcoin at 4000 Ethereum. I mean, and I've had a runaway asset. It's yeah, it's all tax free. OK. We we we have a lot of crypto.

[00:06:19] And and we're thinking about we're actually filling out the form now for I trust capital. I don't know them. So we would do that's a cold wallet. That's a cold wallet. I would give you to our blockchain and those folks to give you some insight whether they're good, because those those I whether I don't care what kind of like any of those blockchains. You got to do a deeper dive and due diligence of who's behind it and who runs the project. Exactly. Exactly.

[00:06:50] Yeah. We're new to this. I bought your book about 20 years ago. This book. Yeah. Well, it was it was. It's the one that you getting the people to buy to fix. I think go karts or buy trailers. Millionaire maker. That was a million. Yes. And that made me leave Capitol Hill.

[00:07:15] I was working, doing pulling wire through the Rotonda from the Rayburn all the way around. And I said, I read your book. And I was like. I need. We got texts and we became our own telecom company. But we went under during 2008 when mobile phones came in and we were here before 2008. No, no, no.

[00:07:46] The inside wiring went away. OK. And people around here started getting the crooked wireless and stuff like that. We we pretty much went under. But my wife is hitting me. When are you guys talking with Sandy immediately after this call? Tomorrow. Tomorrow. Do it right now. You're all excited. Yeah. Yeah. I think we already had tomorrow scheduled. I leave out at 11 o'clock. And I get home at 4 o'clock. All right. Day and it starts all over again.

[00:08:15] So just hustle, hustle, hustle. All right. You know, but you have more questions. She has my cell phone and this one. I have a Georgia Southern thing on it. It fell off. So this is the same back one. Some people say, where's that Georgia Southern thing? I say it fell off. It lost its stickiness. Yeah. Anyway, we're good. OK. So. We'll get on the team. We'll be on the team. Let us know what we need to do to. Yep. We'll talk tomorrow night. OK.

[00:08:45] You all, Laurel, he might be the longest stalker on record. I can't believe it. Yeah. I always tease my stalkers. It's like, really? Just think what happened 20 years ago if you would have said go. First of all, our tuition wasn't where it is today. And we're still like ridiculously affordable. So you better say yes or I'm just going to raise the rate for you just because. Yeah. Well, we just want to be on somebody's team that's not trying to, you know, move down through there.

[00:09:15] I've been doing this just for a minute, if you can tell. And one thing to know is I'm the only one who has done the same thing the whole time, which is, by the way, we have a new version. There's 40 more stories in the back of this one. So he has a free copy. We can download this. But you got to like, you got to get going. He's got to be one of the stories. You could be one of the stories. Next book. OK. I hope so. All right. Thanks, you guys.

[00:09:45] Thank you. OK. Thank you. All right. See you tomorrow. All right. Bye-bye. Hey, this is Laurel. And if you're enjoying this content and especially the content where I'm talking about corporate life, becoming a millionaire, reducing your taxes, I'd like to invite you to a monthly event. I do an intensive once a month. It's only five hours, the first Thursday of every month. I'd like to give you two tickets for free. If you want more, you can have them. Go to asklaurel.com forward slash podcast to get your two tickets.

[00:10:13] Thanks for listening to the Real Money Talks podcast. For some special wealth building gifts only for Laurel's podcast listeners, visit asklaurel.com slash podcast. Do you have a burning question for Laurel? Visit asklaurel.com to submit your question. And it just may be covered on a future podcast episode. Until next time.