In this episode, Loral Langemeier explains why the right business tax strategy begins with your business structure, not your tax return.
She discusses how multiple business entities, trusts, R&D credits, cost segregation, and strategic tax planning can significantly reduce taxes while protecting your assets. Loral also explains why many entrepreneurs overpay simply because they rely on traditional tax preparation instead of proactive planning.
If you're looking to improve your business tax strategy, lower your taxes legally, and build long-term wealth, this episode provides practical strategies every business owner should understand before the next tax season arrives.
Loral's Takeaways:
- Discussion on Business Tax Strategy That Builds Wealth (00:46)
- Tax Strategies and Specialists (02:11)
- Trusts and Investment Strategies (03:40)
- Conclusion and Next Steps (05:28)
Meet Loral Langemeier:
Loral Langemeier is a money expert, sought-after speaker, entrepreneurial thought leader, and best-selling author of five books.
Her goal: to change the conversations people have about money worldwide and empower people to become millionaires.
The CEO and Founder of Live Out Loud, Inc. – a multinational organization — Loral relentlessly and candidly shares her best advice without hesitation or apology. What sets her apart from other wealth experts is her innate ability to recognize and acknowledge the skills & talents of people, inspiring them to generate wealth.
She has created, nurtured, and perfected a 3-5 year strategy to make millions for the “Average Jill and Joe.” To date, she and her team have served thousands of individuals worldwide and created hundreds of millionaires through wealth-building education keynotes, workshops, products, events, programs, and coaching services.
Loral is truly dedicated to helping men and women, from all walks of life, to become millionaires AND be able to enjoy time with their families.
She is living proof that anyone can have the life of their dreams through hard work, persistence, and getting things done in the face of opposition. As a single mother of two children, she is redefining the possibility for women to have it all and raise their children in an entrepreneurial and financially literate environment.
Links and Resources:
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Hello,
Loral Langemeier:hey. How are you
Unknown:doing? Well, how are you?
Loral Langemeier:I'm good. And where are you guys from Vermont?
Loral Langemeier:Yes, we're in Cabot, Vermont. All right. Your question, are
Loral Langemeier:you working with Sandy? You've already met with her.
Unknown:Yes, all
Loral Langemeier:right. You, so this is from Matt. He says, 'My
Loral Langemeier:wife and I started a business two years ago and formed an LLC.
Loral Langemeier:We've been profitable since day one. What do you guys do?
Unknown:Cannabis seeds,
Loral Langemeier:awesome.
Unknown:Yes,
Loral Langemeier:think if you don't know, I own. I own that
Loral Langemeier:vertical in one of the counties here in Nevada, and we just
Loral Langemeier:bought a whole bunch of seeds a couple months ago,
Unknown:very good.
Loral Langemeier:Yep, and they're up popping and looking
Loral Langemeier:amazing. So, you want to make sure you're set up for long,
Loral Langemeier:long term financial freedom and success. We want our business
Loral Langemeier:properly structured to get the best tax advantages, you want to
Loral Langemeier:start investing, get your lazy assets working. Where do you
Loral Langemeier:start? I think you've heard, I don't need to go back through
Loral Langemeier:all the questions. The answers get a little shorter, because
Loral Langemeier:I've got out laid it all out. You, what, like an LLC is not
Loral Langemeier:enough? If you're doing, you're doing more. What are you doing?
Loral Langemeier:Quarter million, half million. We
Unknown:did about a quarter million last year, and we're
Unknown:going to be exceeding that for this year,
Loral Langemeier:and you only have one LLC to run all that
Loral Langemeier:through.
Unknown:Yes,
Loral Langemeier:yeah. So you're going to start with the
Loral Langemeier:tax, you're going to do a quick taxes. I will ask you another
Loral Langemeier:question. Have you filed 25 or are you on an extension?
Unknown:We did file,
Loral Langemeier:okay? And did you overpay? How much did you
Loral Langemeier:pay?
Unknown:About 30,000
Loral Langemeier:Yeah, so and then the year before that,
Unknown:the year before that was about 20,000 and that was
Unknown:our second, that was our first year from a tax perspective. So
Unknown:we've been at for two tax, two tax years.
Loral Langemeier:So then we would just go back as far as
Loral Langemeier:just those two years before that, where you w2 where you
Unknown:were
Loral Langemeier:okay. So, probably not a lot to do back
Loral Langemeier:there, but these two years there is, and you will have R and D
Loral Langemeier:credits on this one. This one, that's huge. If you have, and
Loral Langemeier:most, here's what's interesting about most tax folks, if they
Loral Langemeier:don't have a relationship to specialists who do that and
Loral Langemeier:specialists who do cost segregation, a traditional basic
Loral Langemeier:tax strategist won't do it, they don't even know to do it, they
Loral Langemeier:don't know how to do it. So we have specialists in those
Loral Langemeier:categories that will circle around the whole review and go
Loral Langemeier:forward. And then you need more, way more, you're going to need
Loral Langemeier:at least two more companies. Again, we're going to put you in
Loral Langemeier:one of our Nevada ones, and the reason we do Nevada over Wyoming
Loral Langemeier:is the history, the age of Nevada is older in his case law,
Loral Langemeier:and plus, especially in cannabis, we have, like, the
Loral Langemeier:most intense, you know, of all the states, because we've Nevada
Loral Langemeier:just did their cannabis right bias, but we locked the state,
Loral Langemeier:there's no more licenses, there'll never be more, it
Loral Langemeier:can't. I mean, what we have is what we get, which is what keeps
Loral Langemeier:you know things healthier here. Wyoming's not there yet, so they
Loral Langemeier:wouldn't even have a lot of this right, having that off off year
Loral Langemeier:tax year end and off different states. It changes your
Loral Langemeier:strategy, and so many tax strategists, who you know, were
Loral Langemeier:born and raised in their little state, they only do taxes in
Loral Langemeier:their state. It doesn't occur to them to go outside and do
Loral Langemeier:national tax, so we do national. We actually do all of the United
Loral Langemeier:States, so we have people, Canada, Mexico, all North
Loral Langemeier:America is run by similar teams and similar strategies, which is
Loral Langemeier:aggressive corporate structure. And the people who pooh-pooh
Loral Langemeier:will say, yeah, but it's more paperwork. Well, I've been.. I
Loral Langemeier:have T-shirt, I'll send you. It says, "Do paperwork or be poor,
Loral Langemeier:because it is a little bit more paperwork. Because now, instead
Loral Langemeier:of one company, you're gonna have three companies to take
Loral Langemeier:care of every year. I have had up to 70, and I'm in the 20s
Loral Langemeier:right now. It doesn't matter, people can handle that. And you
Loral Langemeier:say, "Well, I got to pay for it. Well, yeah, but you're doing
Loral Langemeier:this to make money, you're not doing this to shortcut cheap
Loral Langemeier:stuff. So you start in tax and corporate structure. Do you have
Loral Langemeier:a trust?
Unknown:Not yet.
Loral Langemeier:So we get you a trust in Vermont. Do you have
Loral Langemeier:kids?
Unknown:We do.
Loral Langemeier:And what's is interesting, because one of the
Loral Langemeier:companies that we're going to have them work for, it that
Loral Langemeier:can't be the cannabis company, as you know, they got to be 21
Loral Langemeier:kind of a 19 year old, so it's interesting how you're going to
Loral Langemeier:moderate around that, but we will,
Unknown:right,
Loral Langemeier:so that's that's where you start, and then
Loral Langemeier:similar to everyone else, is just it's a, it's a lifetime
Loral Langemeier:journey of learning investments, I mean, that's why people stay,
Loral Langemeier:is to increase income, new business opportunities, clearly
Loral Langemeier:our tax teams rock, and then the people say, well, why are you
Loral Langemeier:back five or six, seven years? You know, I mean, Sandy's been
Loral Langemeier:here 17 years, I think, because everyone's here to like stay
Loral Langemeier:caught up on number one on what's going on, and there's
Loral Langemeier:always new, interesting investment strategies, and you
Loral Langemeier:don't want to put all your investments in Vermont, they
Loral Langemeier:have an okay tax code, but it's not that great.
Unknown:Yeah, we agree.
Loral Langemeier:Yeah, I mean, I live in Northern Nevada. I
Loral Langemeier:only own one property here now, and I invest mostly in the
Loral Langemeier:Midwest, where I became a millionaire in real estate. I
Loral Langemeier:just love it. I love the Midwest. The rents stay high.
Loral Langemeier:We're in college towns, typically. It's just, you can
Loral Langemeier:adjust for more in some of those areas.
Unknown:Yeah, sounds
Loral Langemeier:like a good plan. So, we have all those
Loral Langemeier:people to do all those things, and if you ever want to go
Loral Langemeier:broader in cannabis, we've got extraordinary people to
Loral Langemeier:collaborate with this and that as well.
Unknown:Great. Well, thank you.
Loral Langemeier:Well, good. So, when you're, when are you
Loral Langemeier:talking to Sandy? Love to help you guys. This will be fun
Unknown:tomorrow at noon.
Loral Langemeier:Okay. All right. And again, if you have
Loral Langemeier:any questions, let her know, and she will leave me a message and
Loral Langemeier:I will get right back to you.
Unknown:Thank you so much. Thanks.
Loral Langemeier:Good to meet you guys. You too.
Unknown:Me too.
Loral Langemeier:Thank you.
Unknown:Thanks for listening to the Real Money Talks podcast.
Unknown:For some special wealth building gifts only for Laurel's podcast
Unknown:listeners, visit Ask laurel.com/podcast Do you have a
Unknown:burning question for Laurel? Visit askloral.com to submit
Unknown:your question, and it just may be covered on a future podcast
Unknown:episode. Until next time,
Unknown:you.