How do I get tax cuts in this situation

ttub44 · Jun 9, 2016

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

kypso · Jun 9, 2016

ttub44 said:
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

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.

RuthSam · Jun 9, 2016

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.

ttub44 · Jun 10, 2016

kypso said:
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.

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

Capo Dei Capi · Jun 10, 2016

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

blogzandstuff · Jun 10, 2016

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

ttub44 · Jun 12, 2016

?!?!?!? 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

How do I get tax cuts in this situation

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