Tag Archives: Tax Strategy

Feature Image

Selling Your Business & Paying Zero Taxes (Ep. 41)

Finance, Financial, Retirement, Taxes, , , , , , , ,

Starting a business is hard work. If you eventually sell that business, you likely want to maximize your pay day. 

We’ve never met anyone who wants to pay more in tax, but yet, a lot of people do. One of those areas that often gets overlooked is capital gains on the sale of stock in a small business.

In this episode, J Barry Watts discusses section 1202 of the internal revenue code. The section is all about tax exclusions on eligible gains when you sell a small business. For some, this could mean $10 million of gains are excluded from taxes. 

Barry discusses:

  • What section 1202 is and how you can use it to your benefit
  • The key difference between tax accountants and tax strategists 
  • How planning ahead of selling your business is essential to save you taxes 
  • The legality of using internal revenue code loopholes 
  • And more

Connect With Barry Watts:

 

Podcast: Play in new window | Download

Subscribe: Spotify | iHeartRadio | TuneIn | RSS | More

Feature Image

31. How the TRULY-WEALTHY & the WORKING-WEALTHY DIFFER: Family Endowment Plans

Finance, Financial, Retirement, Taxes, Uncategorized, , , , , , , ,

Are you truly wealthy or working wealthy? What’s the difference between the two? For moderately wealthy people who don’t believe they have any tax strategy opportunities, this episode is for you.

In this episode, J Barry Watts introduces a tax strategy and draws the line between the truly-wealthy and the working-wealthy. Barry also emphasizes the point that control of assets is more important than ownership, and how a family endowment plan allows for control over assets.

Barry discusses:

  • The difference between truly-wealthy and working-wealthy people
  • Why financial control is more important than ownership
  • How you can control something you don’t own
  • How a family endowment plan allows you to maintain control over a gift to charity
  • And more

Connect With Barry Watts:

 

Podcast: Play in new window | Download

Subscribe: Spotify | iHeartRadio | TuneIn | RSS | More