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How do I get tax cuts in this situation

Discussion in 'Business & Tax Advice' started by ttub44, Jun 9, 2016.

  1. ttub44

    ttub44 Registered Member

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    I created a program that teaches people how to make money online, I was about to begin selling it and then I remembered how much of the potential earnings I'd have to give up for taxes!

    I know there are tax deductions for businss expenses, but the expenses of creating this program, are no where near the amount I'm going to have to pay for taxes.

    With that being said, I figured since this program is in relation to education, and I own a company that is registered as an LLC. and Is also in the educational industry, I could use the taxes I earned from the sales of my program, to purchase needed essentials for my LLC then write them off, allowing me to use my tax money for furthering my LLC. instead of paying uncle sam.

    The problem I'm having, is that I'm not sure if I need to do anything special in order to be able to classify my training program as a product of my LLC. And if I need to do anything what is it I need to do? and can I do it after I start selling my program, or do I have to do it before
     
    Last edited: Jun 9, 2016
  2. kypso

    kypso Junior Member

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    You will have to pay taxes. You pay taxes on your income, and you can "lower" that only with expenses for the business (not for private things). Sell the program in the name of your business.

    K.
     
  3. RuthSam

    RuthSam Jr. VIP Jr. VIP Premium Member

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    start consulting a tax consulting firm.. or accountant they may help you with all your questions in regards to TAX if you can make so much money it should not be a problem to pay someone professional to help you with tax questions that may be important for your future business to be clarified.
     
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  4. ttub44

    ttub44 Registered Member

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    Of course, and we are putting the taxable income that we make, back into the business to receive deducations. We'll be able to avoid all taxes, I already know that, but I'm wondering if there is anything more I need to do,
    in order to classify this program as a product
    of my business. As of now, all the terms and conditions for signing up are in my business's name, but does that legally classify it as a product of the busienss
     
  5. Capo Dei Capi

    Capo Dei Capi BANNED BANNED

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    Even at 50% leftover of $100,000 it is much greater than $0.
     
  6. blogzandstuff

    blogzandstuff Elite Member

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    set up a company in a lower rate country like Ireland and transfer the assets to that company, your takes will be lower then. good enough for Facebook and Google
     
  7. ttub44

    ttub44 Registered Member

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    ?!?!?!? Are you serious! I already have a company! And I know how to get deductions. But in this situation in order to get deductions on taxes that are due from the profits I earn from selling this program, it needs to be associated to my company which It initially wasn't intended for, so now I'm trying to figure out how to associate the program to my business in order to use the tax money for growing my company