Catrina Craft: Preview

It's all about the tax strategy because I believe the IRS code is not fair, but it is your opportunity as a business owner and an investor because the IRS code is designed for business owners and investors because they know that we spur the economy.

And if we get benefits, then we're going to hire more people.

we're going to be able to buy more products and provide more services or purchase more services.

So the code is really built for business owners and investors.

So if you understand that and you start to utilize that like the wealthiest you, then it really makes a difference on how your business is profitable.

The wealthiest, they have asset protection attorneys.

I work with asset protection attorneys because the last thing you want to do is to grow your wealth and then lose it all because someone is suing you or something happens in your business like a liability or something could happen.

And you want to make sure that's protected.

So that's another area that's very important in wealth creation and wealth preservation is asset protection, making sure you're protecting your wealth.

And they have a team of people.

And like I said, they've been at a table where they're hearing about this.

They're growing up around this.

these types of secrets and this knowledge that most business owners are not getting.

And it's time that we understand that tax code.

We understand the different loopholes that they have.

They have lobbyists and they have different interest, political interest that they're going and they're talking to people so that their agenda is pushed.

And so we need to understand that.

What I like to say is like all my customers is customized.

I look at a customized strategy for individuals because everybody's different.

Like everybody's goal is different.

Everyone's goal may not be to grow to a $20 million company.

Some people have a lifestyle that agenda.

And they say, I'm good with 200,000 if I could work two days a week.

So every strategy is going to be different for each person.

But some of the strategies that I definitely love to use are income shifting.

And income shifting means you may be in a higher tax bracket, but you can hire your children or maybe your family members who could be in a lower tax bracket And you're shifting the income from your higher bracket to the lower bracket and they pay a lower tax rate.

So you make sure that they have a job description.

They're doing work for you.

It has to be legal.

It has to be a reasonable wage.

And you're able to hire your children.

As far as your family members, they may be on your board of directors.

So if you have a board of directors, you can pay your board of directors.

Also, I love to say with the corporations, you have to have a board of directors meeting.

That meeting could be anywhere.

So why not plan it at a place that you all love? And when you have a board of director meeting, you just need to make sure any type of business travel, you need to spend four hours a day doing business.

That four hours can include travel time.

So let's just say you leave on a Thursday.

It takes you three hours to fly and an hour to get to your hotel.

That's four hours of business.

The rest of the day, you're free.

Then on Friday, you have a board meeting that takes four hours.

The rest of the day is free for you.

Then because you've spent Thursday and Friday, then all the meals are covered because it's business day.

Your travel, your air, your hotel is all covered.

And that could be for you.

Your children are employees.

Your family members could be your board of directors.

So that could be covered Saturday and Sunday.

Those are not business days, so you're free, but you're still deducting your hotel.

You can't deduct the meals because you're not doing business meals unless you have some type of business meal with maybe prospects or associates.

Then on Monday, you may do a one-hour meeting.

And then three hours of travel again.

That's your four business.

So that's a way to really utilize the code.

And that there was four different strategies.

It was income shifting.

It was hiring your children.

It was travel.

And it was also meals.

So four strategies in one.