Taxes ranked second as the single most important problem for small businesses in the US, only lower than Quality of Labor. In this episode of Build Value By Choice, find out what business owners need to stop doing now to prevent you from paying up to 45% in taxes. Guest Ryan Gardner is an attorney and joins Nana to discuss these topics as well as minimizing tax expenses to maximize profits.
Gardner Firm PLLC assists in all phases of tax litigation including the audit, appeals, litigation, and into courts of appeals.
A lot of business owners think that they don’t need to worry about taxes, you can go out on the last day of the tax period and spend money on equipment or payout some bonuses, but what all businesses should be looking at is your payroll tax. This will come up when you’re looking to sell your business.
54 percent of the 2021 New York City business owners were organized as Family Limited Partnerships. This is unprecedented. The highest we have seen in previous surveys was 18 percent and the average of all past surveys is eight percent. This could reflect increased estate and tax strategies at work, a key tool of exit planning. 23 percent of companies were organized as LLC’s, nine percent S-Corps, and 14 percent as C-Corps.
When moving your business on, you need to remember the current value of the assets you own, for example land, because the IRS will definitely ask why an asset you bought in the past has not appreciated in value since.
Treat your business like your buyer will treat your business.
‘You’re greatly lowering you purchase price because you’re sucking in value’
‘They’ve been a C-Corp for 30 years and that makes me want to puke’
‘We create LLCs because they’re flexible’
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Learn more about Ryan on his website: https://www.gardnerfirmpllc.com/practice-areas/tax-litigation/
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ABOUT THE GUEST
“After spending ten years working in massive law firms, I wanted out and needed something (anything) that made my drives and heart come back alive. I was either going to stop practicing law altogether, or see if I could develop a different law practice. Thank God, He guided me to develop a law practice dependent on Him and love for people. I truly enjoy my practice of law and love helping my clients. In the ten years at the massive law firms, I only knew a billable hour quota; now I know my clients and some of their families, and take pride in serving their interests.”
Hosted by Nana Bonsu of Infinite Horizons, this show aims to serve small business owners who want to grow their businesses while reducing their own personal involvement. We do this through a combination of interviews with industry leaders, and host presentations. We are a certified value builder advisors and leverage a statistically proven methodology to help clients such as you scale or transition their business to the next chapter.
We care for our listeners and see their dreams as our own. We aim to foster a community that embraces freedom, generosity, and integrity. This is a show by entrepreneurs and business owners for entrepreneurs and business owners.
ABOUT THE HOST
“I am an entrepreneur and ex-Corporate Executive who’s applying his experience and knowledge from working in various to pursue my passion of helping small business owners increase their choices in life by leveraging my knowledge and experience, their employees, systems and money. I help small business owners transform their business and increase value through action-oriented education and implementation of strategies and tactics to make their business sellable even if they are not planning on selling. Known for establishing an environment for personal growth and development. My multicultural background equips me with the intuitive understanding of different cultures and how they impact business owners.”
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