The Definition of Tax Planning
What's the most tax advantaged group in the tax code? The answer may surprise you, especially if you're a business owner. But the answer is simple – you, the business owner are POTENTIALLY the most tax advantaged group in the tax code. Believe it or not, business owners get all the breaks. And no, the tax breaks are not just for the Fortune 500 companies, but the middle market, small business, or family owned business all the same. I would add a caveat to make it a little more believable and accurate. The most advantaged group in the tax code is the INFORMED business owner. If you feel encumbered by the tax code and business laws, and don't see too many breaks coming your way, it's because you fall into the unfortunate group called the UNINFORMED business owners!
Why do we hate attorneys? To really answer this and perhaps finally give you a reason not to hate attorneys, lets look at a few of the most common answers. First, if you do need one, it generally means something bad has happened. Second, just the involvement in a lawsuit, even if you prevail, is a very time consuming, frustrating, and most of all expensive process. And finally, you might be completely innocent, but still decide its better to write a check to settle, in order to avoid a lengthy, time consuming and expensive journey through today's legal system.
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