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#116 with Kelly Erb - Tax Expert Breaks Down Trump Taxes and Big Businesses Ran by Few People

My First Million

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Navigating Business Structures and Tax Strategies

This chapter explores the differences between LLCs and corporations, focusing on how these structures impact tax filings and personal risk for small business owners. It emphasizes the importance of recognizing potential deductions and the benefits of maintaining financial separation, particularly in the context of remote work. The conversation also encourages ongoing engagement with tax professionals to uncover missed opportunities for tax savings and strategically utilize resources like Qualified Small Business Stock (QSBS) and self-directed IRAs.

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