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Wealth Breakdown 1: Vistage Chair Saves $30,000 on His Tax Bill
Welcome to The Wealth Breakdown Podcast, where financial insights meet practical case studies! Join host Billy Amberg as he explores real-life tax-saving strategies that boost after-tax income and build wealth. Each episode features a deep dive into strategies that you can apply with your financial and legal advisors to transform your financial picture.
In this episode, meet "Fred," a Vistage Chair from Georgia with a $350,000 annual income, who faces quarterly tax shocks and is eager for better tax efficiency. Follow along as Billy and his team help Fred optimize his tax strategy through actionable steps, including:
-
S-Corp Election: How restructuring his LLC with an S-Corp election saved Fred $23,000 per year in payroll taxes, adding up to a potential $600,000 by retirement.
-
Solo 401(k) & Backdoor Roth IRA: Learn how Fred's retirement planning now saves him $7,000 per year and could grow to over $800,000 by age 70.
-
Smart Business Spending: Tips like switching from a debit to a credit card for business expenses, offering rewards and fraud protection.
-
Hiring Family Members & Tax Credits: How paying his kids for business-related tasks and buying state tax credits at a discount can save Fred an additional $5,000+ yearly.
After implementing these strategies, Fred not only saves on taxes but also achieves long-term financial growth, building wealth for his family's future. If you're ready to explore strategies to optimize your own financial plan, tune in to The Wealth Breakdown Podcast and discover how small changes can make a big impact on your wealth journey!
Listen now and take your first step toward financial freedom!
Contact Us to Unlock Your Wealth - If you found this valuable or applicable, please click the Contact Us button answer a few simple questions and get scheduled with a Bloomwood advisor to discuss your unique situation.
Transcript: https://www.bloomwoodcapital.com/post/how-a-vistage-chair-can-save-30-000-per-year-in-taxes-and-generate-millions-more-in-wealth-over-tim
Disclosures: https://www.bloomwoodcapital.com/smdisclosures
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By John William "Billy" Amberg, IIWelcome to The Wealth Breakdown Podcast, where financial insights meet practical case studies! Join host Billy Amberg as he explores real-life tax-saving strategies that boost after-tax income and build wealth. Each episode features a deep dive into strategies that you can apply with your financial and legal advisors to transform your financial picture.
In this episode, meet "Fred," a Vistage Chair from Georgia with a $350,000 annual income, who faces quarterly tax shocks and is eager for better tax efficiency. Follow along as Billy and his team help Fred optimize his tax strategy through actionable steps, including:
-
S-Corp Election: How restructuring his LLC with an S-Corp election saved Fred $23,000 per year in payroll taxes, adding up to a potential $600,000 by retirement.
-
Solo 401(k) & Backdoor Roth IRA: Learn how Fred's retirement planning now saves him $7,000 per year and could grow to over $800,000 by age 70.
-
Smart Business Spending: Tips like switching from a debit to a credit card for business expenses, offering rewards and fraud protection.
-
Hiring Family Members & Tax Credits: How paying his kids for business-related tasks and buying state tax credits at a discount can save Fred an additional $5,000+ yearly.
After implementing these strategies, Fred not only saves on taxes but also achieves long-term financial growth, building wealth for his family's future. If you're ready to explore strategies to optimize your own financial plan, tune in to The Wealth Breakdown Podcast and discover how small changes can make a big impact on your wealth journey!
Listen now and take your first step toward financial freedom!
Contact Us to Unlock Your Wealth - If you found this valuable or applicable, please click the Contact Us button answer a few simple questions and get scheduled with a Bloomwood advisor to discuss your unique situation.
Transcript: https://www.bloomwoodcapital.com/post/how-a-vistage-chair-can-save-30-000-per-year-in-taxes-and-generate-millions-more-in-wealth-over-tim
Disclosures: https://www.bloomwoodcapital.com/smdisclosures