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11 Tax Strategies for Business Owners That Ought Not Be Ignored
Brian Skrobonja breaks down 11 small business tax tips that could help you keep more of what you earn. He explains how the wealthy leverage these strategies, ways to apply them to your own business, and how being proactive now can save you thousands down the road. Tune in to discover practical steps you can take today to reduce your tax burden, boost your bottom line, and build long-term financial security.
- Brian starts by revealing how the tax code can be used as a tool to build wealth.
- According to Brian, the difference between the wealthy and the average American is that the wealthy are more informed about tax-saving strategies.
- Unfortunately, many business owners treat taxes like a once-a-year nuisance. They write a check and move on.
- For Brian, taxes are a bigger expense than rent and payroll--and being informed can mean hundreds of thousands of dollars in your pocket over time.
- #1 The R&D Tax Credit. Brian explains how this overlooked credit isn’t just for tech businesses in Silicon Valley — if you’re improving a product, process, or even internal software, you might qualify.
- #2 The Augusta Rule. Brian reveals how you can rent your own home to your business for up to 14 days a year and not pay a dime in taxes on that income.
- #3 De Minimis Safe Harbor. Brian shares how to write off things like laptops, chairs, and tools right now instead of dragging those deductions out for years.
- #4 Qualified Business Income Deduction (QBI). Brian highlights how small business owners operating through a pass-through entity like an S-Corp or LLC can deduct up to 20% of their qualified business income.
- #5 Bonus Depreciation. Brian explains how business owners can immediately deduct a significant percentage of the cost of qualifying property like machinery, vehicles, furniture, and computer equipment, in the year it's placed into service, rather than spreading the deduction over years through traditional depreciation.
- #6 Intangible Drilling Costs (IDCs). Business owners in oil and gas can deduct up to 100% of certain drilling expenses upfront, regardless of whether the well is productive.
- #7 Cost Segregation for Real Estate. Brian breaks down how, for commercial property owners, this strategy is a highly effective tool to accelerate depreciation and create early tax savings.
- Instead of depreciating an entire building over the standard 39-year life for commercial real estate, a cost segregation study identifies and reclassifies specific building components, such as HVAC systems, that could be depreciated over a five to 15-year period.
- #8 Market Value Adjustments for Roth Conversion. Brian explains how doing a Roth conversion when asset values are low can lock in long-term tax-free growth, especially if it’s inside a traditional IRA.
- #9 Build Banking. Brian shares ways to use specially designed whole life policies to create your own private banking system so you can grow wealth tax-deferred and access it tax-free.
- #10 1031 Like-Kind Exchange. Brian shows how real estate investors can defer capital gains by rolling proceeds into another similar investment without paying taxes.
- #11 Opportunity Zones. Reinvesting gains into a qualified opportunity fund can help you defer, and possibly erase, capital gains taxes altogether.
- Brian believes business owners should act fast to take advantage of the tax code. The tax code doesn't reward procrastination. Every day you wait is money left on the table.
- Before implementing any of these strategies, always consult your CPA to make sure the structure is appropriate for your business situation.
Mentioned in this episode:
BrianSkrobonja.com
SkrobonjaFinancial.com
SkrobonjaWealth.com
BUILDbanking.com
Common Sense Financial Podcast on YouTube
Common Sense Financial Podcast on Spotify
Alternative investments may be subject to less regulation than other types of pooled investment vehicles. Alternative Investments may impose significant fees, including incentive fees that are based upon a percentage of the realized and unrealized gains and an individual’s net returns may differ significantly from actual returns. Such fees may offset all or a significant portion of such Alternative Investment’s trading profits.
Incorporating alternative investments into a portfolio presents the opportunity for significant losses including in some cases, losses which exceed the principal amount invested.
Also, some alternative investments have experienced periods of extreme volatility and in general, are not suitable for all investors. Asset allocation and diversification strategies do not ensure profit or protect against loss in declining markets.
----
BUILD Banking™ is a DBA of Skrobonja Insurance Services, LLC. Benefits and guarantees are based on the claims paying ability of the insurance company. Not FDIC insured. Results may vary.
Any descriptions involving life insurance policies and its use as an alternative form of financing or risk management techniques are provided for illustration purposes only, will not apply in all situations, may not be fully indicative of any present or future investments, and may be changed at the discretion of the insurance carrier, General Partner and/or Manager and are not intended to reflect guarantees on securities performance.
The term BUILD Banking™, private banking alternatives or specially designed life insurance contracts (SDLIC) are not meant to insinuate that the issuer is creating a real bank for its clients or communicating that life insurance companies are the same as traditional banking institutions. This material is educational in nature and should not be deemed as a solicitation of any specific product or service. BUILD Banking™ is offered by Skrobonja Insurance Services, LLC only and is not offered by Madison Avenue Securities, LLC. nor Skrobonja Wealth Management, LLC.
----
This content is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation.
Skrobonja Financial Group, LLC, Skrobonja Insurance Services, LLC, Skrobonja Wealth Management, LLC are not permitted to offer and no statement made during this presentation shall constitute tax or legal advice. Our firms are not affiliated with or endorsed by the U.S. Government or any governmental agency. The information and opinions contained herein provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by Skrobonja Financial Group, LLC, Skrobonja Insurance Services, LLC, Skrobonja Wealth Management, LLC.
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By Brian SkrobonjaBrian Skrobonja breaks down 11 small business tax tips that could help you keep more of what you earn. He explains how the wealthy leverage these strategies, ways to apply them to your own business, and how being proactive now can save you thousands down the road. Tune in to discover practical steps you can take today to reduce your tax burden, boost your bottom line, and build long-term financial security.
- Brian starts by revealing how the tax code can be used as a tool to build wealth.
- According to Brian, the difference between the wealthy and the average American is that the wealthy are more informed about tax-saving strategies.
- Unfortunately, many business owners treat taxes like a once-a-year nuisance. They write a check and move on.
- For Brian, taxes are a bigger expense than rent and payroll--and being informed can mean hundreds of thousands of dollars in your pocket over time.
- #1 The R&D Tax Credit. Brian explains how this overlooked credit isn’t just for tech businesses in Silicon Valley — if you’re improving a product, process, or even internal software, you might qualify.
- #2 The Augusta Rule. Brian reveals how you can rent your own home to your business for up to 14 days a year and not pay a dime in taxes on that income.
- #3 De Minimis Safe Harbor. Brian shares how to write off things like laptops, chairs, and tools right now instead of dragging those deductions out for years.
- #4 Qualified Business Income Deduction (QBI). Brian highlights how small business owners operating through a pass-through entity like an S-Corp or LLC can deduct up to 20% of their qualified business income.
- #5 Bonus Depreciation. Brian explains how business owners can immediately deduct a significant percentage of the cost of qualifying property like machinery, vehicles, furniture, and computer equipment, in the year it's placed into service, rather than spreading the deduction over years through traditional depreciation.
- #6 Intangible Drilling Costs (IDCs). Business owners in oil and gas can deduct up to 100% of certain drilling expenses upfront, regardless of whether the well is productive.
- #7 Cost Segregation for Real Estate. Brian breaks down how, for commercial property owners, this strategy is a highly effective tool to accelerate depreciation and create early tax savings.
- Instead of depreciating an entire building over the standard 39-year life for commercial real estate, a cost segregation study identifies and reclassifies specific building components, such as HVAC systems, that could be depreciated over a five to 15-year period.
- #8 Market Value Adjustments for Roth Conversion. Brian explains how doing a Roth conversion when asset values are low can lock in long-term tax-free growth, especially if it’s inside a traditional IRA.
- #9 Build Banking. Brian shares ways to use specially designed whole life policies to create your own private banking system so you can grow wealth tax-deferred and access it tax-free.
- #10 1031 Like-Kind Exchange. Brian shows how real estate investors can defer capital gains by rolling proceeds into another similar investment without paying taxes.
- #11 Opportunity Zones. Reinvesting gains into a qualified opportunity fund can help you defer, and possibly erase, capital gains taxes altogether.
- Brian believes business owners should act fast to take advantage of the tax code. The tax code doesn't reward procrastination. Every day you wait is money left on the table.
- Before implementing any of these strategies, always consult your CPA to make sure the structure is appropriate for your business situation.
Mentioned in this episode:
BrianSkrobonja.com
SkrobonjaFinancial.com
SkrobonjaWealth.com
BUILDbanking.com
Common Sense Financial Podcast on YouTube
Common Sense Financial Podcast on Spotify
Alternative investments may be subject to less regulation than other types of pooled investment vehicles. Alternative Investments may impose significant fees, including incentive fees that are based upon a percentage of the realized and unrealized gains and an individual’s net returns may differ significantly from actual returns. Such fees may offset all or a significant portion of such Alternative Investment’s trading profits.
Incorporating alternative investments into a portfolio presents the opportunity for significant losses including in some cases, losses which exceed the principal amount invested.
Also, some alternative investments have experienced periods of extreme volatility and in general, are not suitable for all investors. Asset allocation and diversification strategies do not ensure profit or protect against loss in declining markets.
----
BUILD Banking™ is a DBA of Skrobonja Insurance Services, LLC. Benefits and guarantees are based on the claims paying ability of the insurance company. Not FDIC insured. Results may vary.
Any descriptions involving life insurance policies and its use as an alternative form of financing or risk management techniques are provided for illustration purposes only, will not apply in all situations, may not be fully indicative of any present or future investments, and may be changed at the discretion of the insurance carrier, General Partner and/or Manager and are not intended to reflect guarantees on securities performance.
The term BUILD Banking™, private banking alternatives or specially designed life insurance contracts (SDLIC) are not meant to insinuate that the issuer is creating a real bank for its clients or communicating that life insurance companies are the same as traditional banking institutions. This material is educational in nature and should not be deemed as a solicitation of any specific product or service. BUILD Banking™ is offered by Skrobonja Insurance Services, LLC only and is not offered by Madison Avenue Securities, LLC. nor Skrobonja Wealth Management, LLC.
----
This content is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation.
Skrobonja Financial Group, LLC, Skrobonja Insurance Services, LLC, Skrobonja Wealth Management, LLC are not permitted to offer and no statement made during this presentation shall constitute tax or legal advice. Our firms are not affiliated with or endorsed by the U.S. Government or any governmental agency. The information and opinions contained herein provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by Skrobonja Financial Group, LLC, Skrobonja Insurance Services, LLC, Skrobonja Wealth Management, LLC.