How To Save or Eliminate Taxes As An Entrepreneur
By Establishing Your Own Blockchain Trust?
It is the desire of every entrepreneur, to make a profit, grow or expand their businesses and live life on their terms. This implies that you get to set your working hours, decide to work from home or not, connect with countless people all over the world and make a profit while doing what you love. However, if you are used to a 9-5 hustle, you might be faced with an unexpected twist; taxes. Interestingly, this might work as an advantage and give you more reasons to consider being an entrepreneur over being an employee. Taxes have never been a fair concept, particularly in countries such as the United States and Germany. This is due to the uneven distribution of taxes and different tax exemptions for the wealthy. This has led to the wealthy getting richer and the collapse of small businesses. However, we at Blockchain International Corporate Registry Authority, intend to even the odds in your favor, particularly as a business owner. Let me explain further!
While you were an employee, you had received paychecks without having to bother about taxes. However, before receiving these checks, about 20% of your income must have been deducted and paid to the government. On the contrary, when you are an entrepreneur, you make all of your money first and then pay your taxes to the government. The advantage that this gives you as an entrepreneur, is that you can save your taxes and earn more in the process, unlike paying your taxes without having any say or choice over it. This can be achieved through different tax benefits which are accessible to only business owners. However, your decentralized Blockchain Trust is to channel through, which all of this can be achieved.
What is a decentralized Blockchain Trust?
Each Blockchain Trust is legally constituted, registered and established on the Blockchain NetworkS and abides to the Laws and Regulations of the United Nations Commission on International Trade Law (UNCITRAL) regarding the international sale of goods; international commercial dispute resolution, including both arbitration and conciliation; electronic commerce; insolvency, including cross-border insolvency; international transport of goods; international payments; procurement and infrastructure development; and security interests.
The Convention has been signed by 169 Nations, which can be verified on the United Nations website by clicking here...
We combine the benefits of insurance, offshore/onshore asset protection, privacy, and verifiable ownership by relying on the most secure platform—the blockchain— as formidable tactics to protect the assets of our clients from threats that could lead to the loss of all digitally and physically accrued wealth and valuables.
It is the desire of all businessmen, asset owners and investors to have the strongest protection for every asset. These groups also want limited expenses for maintenance, low or zero tax, as well as absolute control for all valuables.
Therefore a decentralized Blockchain Trust is helping companies and startups to earn more and achieve their full potential. Creating a Blockchain Trust should be available and affordable for any type of entrepreneur across the world, therefore we offer you the tools to create your own Blockchain Trust in 30 minutes for only $299.00!
Which entrepreneur wouldn't want to reduce taxes, mitigate risks, make more profit, and protect their physical or digital corporate assets? However, until today, several factors have limited entrepreneurs from getting their own Blockchain Trusts. This is where Blockchain International Corporate Registry Authority, comes into play. We have pioneered the concept of decentralized Blockchain Trust registrations as a legal strategy to save taxes for entrepreneurs across the world.
Here are a few ways how to save taxes as a "normal entrepreneur" with your domestic company registered in your home country:
Make Use of Your Start-Up Costs As Deduction: starting up a new business can be exciting, yet challenging. New businesses demand a lot of time, money, and resources which can be very expensive. Luckily, the internal revenue service (IRS) offers a tax break that allows you to remove as much as five thousand dollars from your start-up cost within your first year of business. This allows you to reduce your taxable income through your income tax and self-employment tax. These taxes also cover your social security and Medicare taxes. An example of such start-up costs might be purchasing equipment operational offices and supplies. However, the rest of your start-up cost is likely to reduce drastically over the next 15 years, since you would have been in existence for quite a long time. If you are ever in doubt or confused about how to go ahead with this, we can help you achieve this.
Use the depreciation rules to make large deductions: naturally when large purchases are made, expected to be in use for more than a year. As a result, the deduction process should take more than a year. Therefore, it is important to depreciate the item and deduct a portion of the cost on your tax every year. For you to understand this, you must adopt a large portion within the year of purchase to utilize the special depreciation allowance. The alliance also allows you to take as much as 50% of the cost of the item as a deduction within the first year of purchase. In some cases, you might be allowed to tick the total value of the item as a deduction during the year of purchase through the section 179 deduction. This law applies to properties that are worth as much as $500,000 of purchases within the year. You can consult us if it's a smart option to trigger this clause. However, rental properties cannot be used to access this depreciation opportunity.
Save up in your retirement account: After your business is successfully has been successfully set up and is up and running, the next step for you to take is to protect your income, away from income tax. Your own Blockchain Trust offers a lot of benefits in this regard. You can save up to $5500 per annum. Self-employed individuals can also save up their retirement through simple accounts such as SIMPLE (Savings Incentive Match Plan For Employees) and SEP (Simple Employee Pension) accounts. These problems allow you to contribute not only as an individual but also as an employer giving you more opportunities to conserve tax-free money under the retirement plan.
Deduct some of your Household Expenses from Your business expenses If You Have A Home Office: One of the most common taxes imposed by the IRS. If you have a home office, you would be able to deduct some of your living expenses from your business expenses. However, it's important to note that a home office space, must be used to conduct business within the home. Therefore, converting a guest room or a spare room into an office would not suffice. So, if you have a home office, you would be able to make mortgage interest, insurance, repairs, and depreciation deductions. You could also make use of utilities at home such as vehicles, electricity, phone bills amongst others.
Hire your friends or family members: if intend to cut your taxes as much as possible my friends and family members for labor within your business might be a viable option. This is because you'll be rid of paying payroll taxes. At www.bancorptrust.com, we have highlighted payroll tax, as one of the most financial draining taxes collected from small business owners. Hiring family members or friends is a wonderful way of getting rid of the payroll tax.
Medical Insurances: Medical insurance is another form of tax that consumes a lot of money. However, you can place your wife, children, friends, and relatives under your care, as an entrepreneur. However, if you are an employee who owns a business, this might not work, as you and your family might be under an insurance plan already.
Donations: Donations and gifts made towards charitable organizations not only give a feel of charity or good deeds but also help you save taxes. You can choose to donate to a political party or the PM relief fund to access tax breaks.
Housing Loans: If you're considering never getting a building or a property, particularly a house through a bank loan, then you must have a rethink, particularly if you want to reduce your taxes. Assets such as houses, appreciate over a long period and accrue a lot of estate taxes. You can access certain tax deductions when you have linked the PAN with your company.
Invest more in Marketing: In recent times, several companies have shifted to the digital form of marketing. Asides from the fact that it is fast and more efficient than the traditional means of marketing it also helps you save more in terms of taxes. Digital marketing also helps you with a lot of customers and target the audience likely to buy your product. You'll be able to get rid of sales taxes which might be accrued as a result of marketing expenses. Therefore, you might want to increase your digital budget, since it will bring productivity to your business without having to pay taxes for it.
Choosing the Right Legal Entity: Choosing the right legal entity might prove to be an invaluable asset for you to save or eliminate your taxes. However, use the right legal entity to get the best results, else end up paying more taxes than you bargained for.
Compare these "normal" tax saving strategies above to the totally tax-exempt Blockchain Trust, which is particularly handy when it comes to helping small businesses thrive.
The team at www.blockchaintrust.pro believes in opening up opportunities for global entrepreneurs and giving them the freedom to choose the best service provider in their area of interest. However, as with every other business, the Blockchain International Corporate Registry Authority also tries to make its presence felt in the business world, especially when it comes to reducing or eliminating your corporate tax.
The Blockchain International Corporate Registry Authority is a dedicated corporate registrar offering decentralized Blockchain Trust registrations for clients in multiple jurisdictions. We take pride in building a relationship of trust with our clients. Our management team has 30+ years' experience of serving our international clients with global investment banking, private banking, consulting, and corporate finance services in countries like the USA, Canada, Brazil, Peru, Switzerland, UK, Germany, The Netherlands, Belgium, Spain, Singapore, Malaysia, Hong Kong, China, South Africa, and 60 more countries across the world. This international mindset and expertise enables us to understand the complex business needs and goals of our global clientele.
“The best time to establish your own Blockchain Trust did not existed 20 years ago.
The second best is now.”
As a global corporate registrar we are specialized in Blockchain Trust registrations, and tax-exempt real estate developments through our sister company Blockchain DigitalCity Bank & Capital Trust.
Blockchain DigitalCity Bank & Capital Trust is a licensed Investment Bank & Statutory Trust specialized in intelligent business solutions, including tax exempt residency, land financing, and tax free business community developments for global entrepreneurs. Residency privileges in our Blockchain DigitalCity Community include your own Investment Bank formation and tax exemption for 30 years, as well as many more amazing residence benefit.
In the last 3 decades, our management team has been operating in the field of finance and investment banking, which enables the middle class and retailers with the opportunity to compete against the big corporations, services like establishing cryptocurrency exchanges, setting up Investment banks, offshore banks, Licensed Investment funds, etc., at a very competitive cost.
Our highly experienced management team has NEVER paid any income tax for the last 32 years to any Government across the world, legally! You can benefit from our expertise and achieve exactly the same business benefits for your lifetime by establishing your own Blockchain Trust!