Ep 08 - Are you looking to save money this year, invest for the future, and stay ahead of the IRS? In this episode of the Share the Wealth Show, tax strategist Larry D. West III discusses ways to save on taxes, specifically with regard to the tax code. We also dive deep into estate planning, trusts, and entity structures. Listen in and increase your tax efficiency now! Larry D. West III is a managing partner of Precision Business Strategies where he leverages 8+ years of experience in the public accounting sector to help business owners maximize profits, minimize taxes, and build personal wealth. His specialized knowledge comes from his niched experience working as a tax and business strategist across different industries and platforms.   ________________________________ FREE Discovery call for The Microfamily Investing Accelerator  https://calendly.com/noirvest/microfamilymavericks  ________________________________   [00:01 - 02:05] Who is Larry D. West III?  Helping clients with creative tax strategies   [02:06 - 14:07] Tax Optimization Strategies Taking advantage of the Tax Code using a business Opportunities for deductions Strategically spending money Tax strategies for business owners with W-2s Consider your vehicle and mileage Your refund should come from a refundable tax credit Understand how to accurately and appropriately fill out tax forms You should be close to a breakeven Looking at what the government is incentivizing What drives the Tax Code? Contribute to a retirement account Which presents the most tax-efficient opportunity? Market real estate Cryptocurrency   [14:07 - 29:42] Passing Down Property, Inheritance Tax, and Estate Tax Knowing the entity structure When you pass away, your heirs receive a step-up in basis What are lifetime exemptions? Planning ahead of time and shifting things in the estate You should be below the exemption The four basic parts of an estate plan Using an ILIT How to move things in and out of the trust   [29:43 - 36:28] S Corps vs C Corps Explained Double taxation and C Corps S Corps are not necessarily tax-efficient for real estate Documentation is important   [36:29 - 41:52] Closing Segment Do you want to build wealth for yourself and your family? You need THE LAUNCHPAD. Click here to learn more!    The final 2 questions Larry on diversification: Don’t spread yourself too thin Connect with Larry! Key Quotes  “If you think about the value of our business, the value of our retirement accounts, the value of our life insurance, the value of our real estate that could easily reach that number pretty quickly.” - Larry D. West III“One of the things that you can do while you're still here, especially with these limits being so high, is that you can start to give things from yourself to your next generation. You can get your property to them and move it out from your estate. So that you can use that exemption while you're here, instead of losing it in the event that you pass away.” - Larry D. West III   Connect with Larry D. West lll! Visit pb-strategies.com and schedule a discovery call with his team. Follow them on

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