Carlotta Thompson
Origin and mission:
You will hear more about my origin story along the way. In summary, I started studying tax law at 14, went to work at a big box tax company at 18 while in college, decided there that I really needed to be an IRS agent to help business owners that were getting advice from this place. Before graduating college, I applied to be an IRS agent. The IRS hadn’t hired in years so I went to work for one of the largest 10 firms in the country. After 2 years of working there, I received the call that I thought would be my last job. It was the IRS. I went to work there for 7 and a half years. I went to the IRS thinking I would be able to change the IRS to educate business owners more and, if I am honest, change the way this big-box retailer along with other accountants educated clients. Wel,l I was naive and that didn’t happen. What really happened…..the same people I was trying to save are the people I had to destroy with massive tax bills. It wasn’t because they were intentionally doing wrong. They just didn’t understand the tax law. They relied on accountants that didn’t have the time and were not paid to educate them. Since I spent my days ruining lives, I started a ministry helping business owners pay less tax. I thought if I could save them tax dollars then they would be able to give more to their mission. This ministry became my business when I left the IRS.
So What Exactly is Tax Strategy?
99% of the tax law is devoted to Government deductions and credits for business owners and investors.
Tax Strategy is simply finding the deductions that you qualify for and taking the necessary steps to deduct the expense or take the credit on your return.
Tax Strategy is also being proactive about purchases, investments, etc so that you can take advantage of the maximum deductions or credits available to you.
Who Can Benefit from Tax Strategy?
The tax code is written to benefit everyone but employees making over $30,000.
So, here’s the deal. You need to be one of the following:
Real Estate Owner with Multiple Properties (more than 2)
AirBNB Owner
Business Owner - Yes, MLM is a business. Yes, a side hustle is a business.
Farm Owner
Self-Employed Contractor
WAIT 😳 - The IRS WANTS Us to use Tax Strategy? 🤯
Here’s the hard truth: As a business owner or real estate investor, the IRS uses tax incentives to direct your moves.
If they want you spending on physical goods, then they give a depreciation incentive. If they want you to hire more employees, they come out with an incentive. Our tax system is used to guide business owners and real estate investors down the path they need to go to provide housing, jobs, and other opportunities for the employees.
The rich, like Amazon and Donald Trump, have ENTIRE teams of tax strategists ensuring that they use these incentives and that is why many people believe that the government is to blame. BUT LISTEN, you can use these same incentives and the government wants you to!!
You already qualify for the credits and deductions but sadly, the IRS isn’t in the business of notifying you!
Sadly, they don’t care if you OVERpay as long as you don’t underpay.
$10k in Tax Savings = $70k in Gross Income
Did you know that you have to make $7 in gross income in your business to equal every $1 in tax savings?
Think about it....If you make $7 you have to pay overhead, production cost, employment taxes, payroll, etc. Normally you will have about $2 left. Then you have to pay taxes which can take up to half of that!!!!
Congratulations, you have that much more profit!