Mike Milligan went from selling sandwiches with his grandmother at 11 years old to building a nationwide financial firm taking on Charles Schwab, Fidelity, and the big banks. In this episode, he breaks down the top three legal ways business owners can decrease their taxes, explains the buy-borrow-die strategy the ultra wealthy use to pay single-digit tax rates, and lays out specific loopholes like the Augusta Rule and the family management company that most contractors are leaving on the table. It's a tongue-in-cheek conversation (including how to pay more taxes if you really want to) packed with real, actionable tax strategy for home service owners.
You'll learn:
- The top 3 legal ways to decrease your taxes as a business owner
- Why structure and loopholes are how the wealthiest people pay single-digit tax rates
- The Augusta Rule: how to rent your home to your business 14 days a year tax-free
- The family management company: how to pay your kids up to ~$19K tax-free
- How to get money out of your business tax-free and still fund your household
- Why getting payroll right saves you on Social Security and Medicare tax
- Section 179, the 6,000-pound vehicle deduction, and data center solar deductions
- The buy-borrow-die strategy explained (and how regular owners can use the principle)
- How a $100K investment became $600K with zero tax paid using a line of credit
- The real difference between a CPA (records the past) and a tax strategist (plans now)
- Why the big firms call themselves financial planners but only do investments
- The coming Social Security shortfall and why tax planning matters more than ever