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11min chapter
#11 - 10 Tax Hacks for Business Owners
Stupid Tax
Strategic Tax Planning for High-Income Individuals in High-Tax States
This chapter delves into a tax strategy involving pass-through entities used by high-income individuals in states with high taxes like California and New York to maximize deductions restricted by the federal government. It highlights the use of S-Corps as a business income tax workaround in high-income tax states, stressing the importance of proper planning and advice for complex businesses. The discussion covers the need for early action in the year, coordination with accountants, and setting up expenses and structures in advance to secure deductions for the upcoming tax year.
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