+ https://www.youtube.com/watch?v=3B9xJUH0v1Y
  How to Avoid Taxes Legally as a Business Owner - Pay Less Taxes!
  19Jun21
  
  IRS
  Income Reduction Service

  Legally avoid 
  A few strategies
  
  2 Very Important things
  
  2:10
  1. Tax Deductible Gifts

  IRS any gift that you give in the course of your trade or business is actually tax-deductible
  
  Any item that could be considered either a gift or entertainment
  will generally be decided by IRS to be entertainment and the 

  but entertainment expenses are no longer tax-deductible 

  person max on any gift you give is $25 and 
  
  3:14 Screenshot
  if gift $50 max upto $25

  Apply for per person
  no limit on how many people you can actually give a business gift to 

  Can deduct upto $25 per gift per individual =======================================>

  6% deductible
  
  Create personalized relationship with your customers
  
  2. Business Meals

  Have business meals with current customers / consultant / potential customers

  Use this to build business relationship with someone or acquire a new customers ====================>

  11:00 -------- rule for tax deductibel, invoice separate -------------

  3. Electing your LLC as an S-Corp

  Fill out 2553 form
  
  Save money on self-employment taxes
  
  FICA TAX
  Social security
  Medicare Program
  
  7.3% for the FICA tax Personal
  7.3% Employer part
  
  15.3% to FICA tax 
  
  If self-employ u need to pay whole 15.3%

  S corp u will be seleted to be employee of that S Corp

  you start paying yourself a reasonable salary or wage

  Profit after a reasonable salary and wage
  
  called a distribution or referred to as a dividend
  
  This dividend may be 

  e.g. 
  elected to be an S Corp agreed to pay yourself a reasonable salary 
  e.g. 

  $50,000 Profit
  $30,000 Salary

  $20,000 as distribution  ( No self employment Tax )

  So only pay tax for $30,000 

  15.3% = $4590
  
  Done