The focus has been on individuals and retirement planning in the previous videos. In this video, we wanted to shift focus and talk about business owners and how we can help them. There are some unique strategies that, as businesses grow, we can implement, from helping mitigate taxes, succession planning, and to the point of selling their business. Everyone is familiar with the saying, "It's not how much you make, it's how much you keep." Unfortunately, the largest source of money that we lose goes to taxes. There is a form of arbitrage in-laws. The government created laws and put systems in place for those laws, then laws change, and the systems don't change. And that presents a unique opportunity. When it comes to money, we have money that we receive in the form of income that is taxed as income tax. Income tax is one of the worst ways to be taxed and can be up to 45%, depending on your state. Tax deferral is excellent because you get to keep your money that would have otherwise gone to the government and let it grow in the meantime. But when it comes out, it is taxed as income tax. Then there is a tax deduction, but what is even better than that? An exemption. 

As a W2 employee, you cannot receive tax exemptions, but you certainly can as a business owner. OWLFI has found that we gain a deeper and more robust understanding of the tax code by bringing the different industries and professions together. Many people tell us we are creative, but being creative means taking something and creating something new, which is not possible with the tax code. That leaves you to become an expert and highly familiar with the tax code. And as a financial advisor, you may have one understanding, but as a CPA, they might read it and have another. But when all these professionals read it together, there might be an additional level. There are sections of the tax code that most people are very unfamiliar with, and when followed correctly, they create significant benefits.