People often ask me what I do personally when it comes to tax planning. In this video, I walk you through how I save taxes — not hypothetically, but in real life. I’ll share a peek at the the actual strategies I use for my own family and business. It’s not one magic tactic, but a layered approach that includes real estate corporations, trusts, life insurance, and more. If you’re curious what it looks like to build a plan from the inside out, let’s talk and I can walk you through what these strategies can look like in your situation.
Video Transcript: How I save taxes: The layered strategies I actually use
A question that I’m asked, what tax strategies do I personally use in terms of running, for the lack of a better word, our family empire?
Can’t emphasize enough that there’s not a strategy, but rather there’s several strategies that are used, in fact forming layers, if you will, of a plan. As compared to something in isolation, unquestionably, I practice what I preach.
So amongst those strategies, I do use a family trust.
I have different tax planning strategies, if you will, with life insurance.
I have an abundant number of corporations for my real estate, for my stock market-based investments and the alternative investments that I get into.
I’m mentoring or trying with my wife to mentor our next generation, our kids, in terms of using the strategies, the investment techniques, et cetera. So something doesn’t become undone when we’re no longer able to provide guidance.
I use cash damning.
Organization of materials, information. In fairness, most of that’s done by my wife, but still it’s being used.
I’m not afraid to pay for some education, some learning opportunities to get information.
I’m not afraid to pay professionals for advice. I would much rather learn from the mistakes that they
see or may have experienced. I can make enough all by myself. I don’t need the extra help.
And last, at least for this list for now, is I do use an automobile log and try to reasonably carefully log the
kilometers that are driven for business and investment purposes. I miss some, no question, but those that are there are solid and help again save more taxes.
So it’s not one thing, it’s several.
I’m George Dube, saving the world from tax, one bow tie at a time®.
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Check out the next video in the series.
I want to help you do wonderful things®.
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Resources
For additional resources related to how to maximize tax deductions, see:
- Family trusts: Ultimate FAQ for real estate investors
- Family trusts for medical professionals: Saving taxes
- Using OPM to Pay Your Taxes
- Making your home interest tax deductible
- Buying real estate in a corporation: A guide for Canadian investors
More questions?
Still have questions? I want to help you Do wonderful things®, so please contact me today.
Remember – circumstances are unique! This information is summary in nature. Seek out advice from your tax advisor about your specific situation.
