“The 10 Overlooked LLC
Issues People Screw UP!”
Issue No. 7
Shifting Income for
More Money
We’ve gone over some important tricks to take advantage of and traps to avoid, but we’re just getting started.
There are dozens of little legal and tax tips you need. Your CPA and attorney won’t tell you. They know them and they use them, but they won’t tell you. They don’t tell you, because they don’t want the liability of telling you new ideas.
They don’t want to get involved and be a Good Samaritan. Some times Good Samaritans get burnt.
If you bring them the ideas, they will fully support you and tell you how smart you are.
The 7th “Overlooked LLC Issue People Screw UP!” is Shifting Income for More Money.
Section 704 of the IRS Code basically allows you to shift the income tax burden through a partnership, corporation or LLC down to someone else. That someone else is usually one of your dependents who is in a lower tax bracket than you are.
By shifting the tax burden into a lower tax bracket, the family is saving money. Note that you can’t do this with the money you make on a W2 wage.
An LLC gives you lots of tax advantages you can’t get if you are only working for someone else and getting a W2.
The IRS knows that shifting income is a very powerful tool, so they have tried to plug the loss in their revenue, but you can still use it.
If you have rental income or a small business it’s easy to shift income if you understand the LLC rules.
The IRS has restricted how much money you can shift to your children. There aren’t any restrictions on parents. If you are helping your parents financially, you’d better be shifting. You’ll get twice the bang for your buck.
Let’s say you have 4 children and you shift income to them from your company. You can get about $3,000 extra dollars into the family’s spendable income, without even touching the IRS rules.
You can shift as much money as you want to the kids, but above the amount the IRS has set for the lower limit, the kids will pay the “kiddie tax” which means they will pay tax at your rate. If you hit the kiddie tax limits, you’re not violating any tax laws, you’re just losing the income advantage on the money you shift above the limit.
By shifting, you can lower your adjusted gross income (AGI), which may put you in a lower tax bracket, and you’ll save taxes on every dime you make. That’s a big deal.
In addition to possibly getting double asset protection, your LLC is the best chance you’ve got of lowering your AGI. You attorney never mentioned “AGI” when he set up your LLC, and it’s for sure no website ever told you the AGI tricks.
LLC Wizard has almost an hour of CD instructions going through techniques you can use with your LLC to lower your AGI.
Tomorrow: Tax Deductibility of Your LLC Formation
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Tomorrow : LLC Overlooked Issue No. 8, “Tax Deductibility of your LLC Formation”
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