Mark Myers 0:00
It literally is like riding a bike and it might take as far as hours per month to essentially make sure that your paper trail is correct because you have to have the paper trail and log and record and make sure that these benefits are, you know, in your bylaws and of course you’re you’re you’re keeping track of them because essentially, if you’re ever audited, you have to so this is my this is the tax code is the application of tax code. This is my records, and they say, Okay, great. I’d say that at the most it’s probably a couple hours a month that needs to be utilized. But if you’re saving anywhere between 25 and $50,000 per year, and it’s completely liquid because you’re getting $100,000 or so to yourself without taxation, it’s well worth it.
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J Darrin Gross 1:02
Welcome to Commercial Real Estate Pro Networks, CRE PN Radio. Thanks for joining us. My name is J Darrin Gross. This is the podcast focused on commercial real estate investment and risk management strategies. Weekly we have conversations with commercial real estate investors and professionals who provide their experience and insight to help you grow your real estate portfolio.
Today, my guest is Mark Meyers. Mark is a former Marine Corps Sergeant brings over 20 years of successful business operation ownership and high level consulting experience to the table for his clients and financial advisors that he works with his company peak profit solutions and its affiliate partners have helped 1000s of individuals increase profit and permanently reduce their annual tax bill to help them grow or better grow their business and accelerate their wealth. And in just a few minutes, we’re going to speak with Mark about how to reduce your active income tax bill without replacing your CPA or investment strategies. Also, we might talk a little bit about how to eliminate long term capital gains on the sale of appreciated assets.
But first, a quick reminder, if you like our show, CRE PN Radio, there’s a couple things you can do to help us you can like, share and subscribe. And as always, we encourage you to leave a comment, we’d love to hear from our listeners. Also, if you’d like to see how handsome our guests are, be sure to check out our YouTube channel. And you can find us on youtube at commercial real estate pro network. And while you’re there, please subscribe. With that I want to welcome my guest, Mark, welcome to CRE PN Radio.
Mark Myers 2:48
Hey, thank you so much, J. Darrin, I really appreciate the invite. And I’m excited about the conversation today.
J Darrin Gross 2:54
I’m looking forward to it as well. And before we get going, if you could take just a minute and share with the listeners a little bit about your background.
Mark Myers 3:02
Absolutely. I’d love to. You know, it’s an interesting background in that I didn’t start out and get my degree in finance and don’t have an MBA. I’m not an attorney. I’m not a CPA. So people ask me, how did you get into the tax efficiency space? Well, I went to a did my undergraduate Master’s work in exercise physiology and sports management. I moved to New York City in the early 2000s to start running a health club for a very high end health club company in New York. And they sent me to LA and I opened up a lots of clubs for them in New York City and LA and I realized because I was in a put in a position of owner operator, and I was when I ran those clubs for this company and open club over club because they were in a big expansion mode. I was compensated as an owner operator, I was I would drive EBITDA, it was all about EBITDA margins, it was about driving revenue managing dismisses managing the process. And I found that I was very efficient and and it well in running a business. And then I also realized this, as long as I work for someone else running their business, I’m not going to reach the goals that I want to reach. So I decided in about 2007 2008, which probably wasn’t the best timing in the world, to leave that industry and become a consultant to business owners, particularly for increasing profits, more advanced wealth preservation strategies, and then looking at taxes, you know, being more efficient with their taxation. So that’s really where I started. And of course, since that time, I’ve just been evolving my understanding of this space and I’ve been creating more relationships, I would say that the biggest thing that I can bring to the table for whether it’s an advisor of a high net worth individual or the high net worth individual themselves is like a broker. I’m like a Sherpa. Like a general contractor. For increased profits and tax efficiency and that I know, when I do an analysis, what the person could likely use that they’re not. And I have close to a dozen resources that each individual resource will is very good at that one skill set. And I helped that person go through their due diligence process, and maybe put together an architectural structure as to what they should add or what they should integrate in because they need additional tax defenses. So that’s kind of what I do. In a nutshell, I think that a lot of individuals rely way too heavily on their CPA, and even if their CPA is phenomenal, they just, it’s almost like, hey, if you only have a general medical practitioner, you have a family care practice practitioner, and you never want to see a specialist for anything, that would be a similar analogy. So we really bring in the additional resources, and we don’t replace the CPA, which is obviously really nice for some people to hear, because they’re not interested in changing their CPA and of course, the CPAs never want anybody competing for their business. So that’s really kind of how I’ve evolved in this, I work with a lot of advisors, in advising them with their clients, and I work with a lot of business owners and real estate owners directly that have just, you know, network with, on shows like this and in other places.
J Darrin Gross 6:25
So, it sounds like you, you kind of got baptized by fire a little bit from the standpoint of your experience, running fast opening up all these gems, and that was that kind of like where you I mean, you saw the the the challenges of small businesses face that really kind of opened your eyes to the issues.
Mark Myers 6:46
I did, you know, and I really felt like it was more of a language of love. For me, you know, I really, even though I had a basis in more of the sciences, you know, Exercise Science in sport management, where you, you know, learn in grad school to really run a program, whether it’s an athletic director, or you’re running, you know, a company, but it really was a language of love and understanding, p&l, understanding how to optimize profit. And of course, it’s not what you earn, it’s what you keep. So what I found is, Hey, if you’re EBITDA, your net profits are this number, and you’re consistently sending off 3537, if you’re in California, 45 50% of that net profit to a business partner that you didn’t ask for, and they don’t help you in your business. You know, there’s, it’s another business in itself, to understand the business of tax reduction. You know, so it’s a lot of business owners, I found that you don’t spend enough time keeping what they’ve worked so hard for. So that’s really where I found a niche.
J Darrin Gross 7:57
Yeah. Now, that’s it’s a huge issue. And, you know, just the, I find a lot of times the small business owners, they’re good at perhaps sales, you know, whatever it is, they do, but the back end, a little bit of leakage out there that, you know, they’re just not not aware of it and don’t know how to reduce it. So let’s talk a little bit about that. What are some of the biggest issues that you see that that small business owners face? Where Where can they focus to reduce some of their, their tax burden?
Mark Myers 8:34
Great question. I’ll start with the low hanging fruit. Darren, I believe that a lot of business owners are not optimizing the tax code to the to the fullest. And when I say low hanging fruit, there’s about 20 different tax code applications that have been in the 70,000 pages of tax code for decades. Yet, they’re not highly known. And of course, you have to be structured the right way to utilize them. So we usually start there. So any business owner that can control the way they pay themselves, ie they’re a sole proprietor, they’re a 1099. They are an S corp owner, an LLC and LLP or even a C Corp owner. We look at how are you moving the profit in your business to yourself, right, and most business owners are have passed or entities if they have entities at all, but if they have passed or entities after all, their business expenses are done, and they take in whatever deductions they can, and maybe they’ve got some qualified plans that they’re pushing money over to which I call that procrastination on the taxes. It’s a, you know, everything waterfalls down and hits their 1040. And they’re taxed at the federal level. And if they’re in a state that has state taxes or tax at the state level, so we’re always looking at, well, how can we create some more efficient pathways for you so the first path we look at as well, if you had a secondary company, and the secondary company was more of a marketing and management company, and they provided services for your main entity, so let’s just say you have an LLC and that that LLC does a property management or it does some type of, you know, obviously some business activity to earn profit, well, it could pay a marketing and management company, for services rendered in that space. So what we do is we just create this marketing and management company for the family, of the owners of the main entity and the entire purposes, to be invoiced over only the amount that can be extracted in a different category, other than profit, or salary, or dividend, or income. Because if it’s not categorized that way, and you can extract it from that company using tax code, and using tax law to your advantage is not taxable. So essentially, we look at Hey, there might be in these 20 different fringe benefits that are in the code, maybe there are 75,000, for this one individual that they could utilize. So we would only this, this marketing and management company would only invoice the main entity, $75,000 per year for marketing and management services, because we wouldn’t want to market it $1 more because we want that company to be net profit, net zero, and profit. Because that $75,000 is going to come out in the form of benefits that are not taxable. And a lot of those dollars don’t cost the business owner additional expenses. So it’s not like we’re saying, hey, save, spend $1, to save 35 cents or 40 cents, we’re saying no, we can create a deduction for you that has no expense, because of tax law. And we can also show you how to move that money out of the corporation to yourself as a benefit. So with that being said, if we can squeeze the all of and I see anywhere between 70 to $125,000 consists consistently with these codes, I always say hey, Well, the first thing we do is want to make sure that we can get 70 to $125,000 to you each and every year without paying taxes. So they kind of grasp that and they’re working off of their top bracket. So if they’re at the top brackets of the federal and state will work off the top. So if you can take $100,000 of dollars into your personal bank account and not have it be taxable. And you’re at the 37% federal bracket, that’s $37,000 of complete liquidity that didn’t have to go to the IRS that doesn’t have to be saved and paid the taxes later, it’s literally money that’s in your account that you can repurpose, however you’d like.
J Darrin Gross 12:42
No, no, he is that similar to me in the concept, I think a lot of times with clients of mine that that own the building in a separate entity, and then they charge rent to the operating company, the tenant. And you know, regardless of what the expenses of the landlord are, there’s an opportunity for them to extract some profits from the landlord company. You know, is it is that kind of the similar kind of a line of what you’re thinking there, we’re going to be talking about setting up a separate entity to to pay for services.
Mark Myers 13:20
There are similarities, obviously, what you’re speaking of Jay Darren is a little bit different in you know, a lot of times if you’re structuring that you need to have some type of agreement, some type of royalty structure or some type of, you know, to because the classification of the income needs to be act and there’s a lot of different ways to drive a rental, you know, a self rental or some type of rental agreement with your company versus the the building you own. But I guess going where the the question that you ask, it’s kind of similar in that, you know, we’re really looking at unique code options. Like for example, there is a code that basically says, if you are a director or an executive of the company, or some type of employee that’s eligible within the company, which is how we structure these companies. And this could be for the spouse and potentially even children in the family that are participating in the business. Well, if you work overtime, you can pay yourself an overtime stipend, just like a meal reimbursement stipend. So now the dollars that are received through the company as a meal reimbursement stipend, are not taxable to the recipient because of the way it’s categorized. It’s a benefit. So therefore, it’s not a taxable dollar amount, the expense for the company. There’s no receipt that is required because essentially looking at what did you have a meal during your overtime work and most every business owner executive works overtime. So if there’s in the tax code, there’s nothing that says you have to show receipt for this meal, then you can create a log, you can work overtime, which everyone does, you can have a meal, and you there’s a certain amount of dollars that you can associate with that overtime and push it through to the employee. So you create an expense deduction that has no expense for the company. And you’ve created a benefit for the person that works in the company that has no taxable expense. So those are the types of things we look for, there’s a lot of different things like that, that you just add up, you know, we don’t want you to do 20 different things and have to run them run circles to get a little bit of savings, but we look for the five or six biggest things that would you know, really create impact.
J Darrin Gross 15:43
I would think the overtime and and, you know, expenses with meals, etc. You like you said, I think every, every owner of a business works more than, you know, 40 hour a week and got eat. So that’s, that’s good. That’s good. So, you mentioned there’s, there’s 20, kind of a list of 22 that you’ve identified? Can you kind of frame some of that or share more with what you know, with the listeners as to kind of where you you focus? I mean, it sounds like you when you look at your your p&l, and you try and identify some major reoccurring expenses, and see if you can read recategorize is that kind of the starting point?
Mark Myers 16:30
Yeah, absolutely, absolutely. And I would say that the true deep analysis work in this space is done with one of the partner groups that I work with. So I just do a light front end kind of q&a to see if there’s an opportunity. And of course, I turn it over the p&l and the we just look at their tax returns and their p&l to see how their business is structured, what their expenses look like. And of course, how the money is moving from their business to the personals, we can understand their current, you know what they’re doing to currently mitigate taxes, and then we look for things they’re not doing. So obviously, this is that would be one or the other. There’s other things, you know, there’s, you know, some in some instances, we have clients that have out of pocket medical expenses that exceed their HSA, if they even have an HSA at all, it’s some of them are consistently high. And within the like, one of the solutions within a properly structured entity is that there is an unlimited deductions for out of pocket medical expenses. So if they have $20,000 of medical expenses, one year, that are out of pocket because of some issue issue that they’re having, or that hopefully doesn’t come back, you know, all the dollars stack that run through this can be structured as deductible. There’s though this it’s those things, we’re looking for all of these things that potentially they’re not deducting, that they could, or creating an expense that are deduction that literally has no expense like this meal reimbursement, you’d have to show a log that you worked overtime, you have to know how much you can, what’s the dollar amount of the stipend per overtime reimbursement, that’s allowable, right, because we have the saying, in especially in tax law, you know, pigs get fat and hogs get slaughtered. So the attorneys that I work with that, understand this have been employing this for years and years and years. They know the case precedent, they know the Treasury rulings, they know how many times you can do it, how much you can do it for and if you go over those lines, even though it says it in the tax code, you can do this, then you’re going to, you know, you’re going to run into some problems if there’s an audit, so they’re always keeping you in out of the gray and in in the black and white.
J Darrin Gross 18:43
And so, I’m curious, the the clients you work with? Do you find that any of their CPAs are kind of really looking for these types of opportunities, or more of them kind of tax? You know, accounting kind of thing or providing p&l, etc? Are they are they up to speed on this? Or is this more kind of like? Well, you can do that, but, you know, kind of a lack of knowledge or just kind of a really interested in doing?
Mark Myers 19:18
No, you know what I think that’s it’s very astute question in that, you know, out of every 10 CPAs that I speak to. And this is no knock on CPAs because they have their powerful skill set and they have to understand how to track record file and prepare taxes etc. And most of them have so much on their plate with managing their clients and all of that work, that they are not capable of being proactive in the tax mitigation side for their clients. So I’d say seven out of 10 CPAs are so ensconced in their day to day work, that they just don’t have the bandwidth to say, hey, let me look forward and see if there’s other areas that are more niche that we can integrate. And even if they did, sometimes it’s out of their scope, you know, because some of these things, you really need to have some legal training and licensing to do. So I’d say seven out of 10, it’s brand new to them, we bring it to them, and they’re like, Okay, this is great. If they’re not ultra conservative, they’re say, fantastic. If my business if my client wants to do it great. It only helps my client. And of course, if you’re helping me integrate this, and no, show me how to track file and record, that’s even better. But there’s three out of 10 CPAs, that may have heard of this already. And they don’t know exactly how to do it. Like I’ve heard of that before. But you know, how do you get through the control and consolidation rules, right? Because if you have another company, you know, isn’t it? It and there are rules against control and consult. I mean, there’s all these different questions they have. So there are, a lot of times, they’re the ones that are much more proactive and saying this is fantastic, because I’ve always wanted to understand how to integrate these things, but do it in a compliant way. And of course, they want to have the guidance, and they also want to have the leverage that we provide. So I think that’s the bit the win is when we do partner with the right CPAs. They realize that we’re a friend, a friendly partner, we’re not looking to extract their clients and do their accounting work and do their bookkeeping work and do their tax preparation and filing work, we’re looking to essentially just add an additional layer of defense. So but I’d say most of the people that were I speak to, I’m introduced to the business owner first and the CPA second. Because they’re always going to look to their CPA and say, Hey, what do you think about this, even if it’s, even if they might not know a lot about it, they’re always going to do that. So that’s really kind of the process.
J Darrin Gross 21:57
Yeah, I would think that if you have a CPA that gets it, that could be a real referral source for you for, you know, other clients in similar situations. 100% Yeah. So let me ask you, obviously, the there’s some setups, some cost, and some, you know, you know, if you’re doing these things, there’s cost to set up a new entity, maintenance, accounting, additional, you know, tax work from your accountant kind of thing. So, my guess my question is, what’s kind of a revenue size, where you see this starts to make sense for somebody?
Mark Myers 22:38
Well as for as the codes go, they can be applied at pretty much any revenue level. Now, I will have a caveat to this. And that, you know, the group that I work with there, actually, there’s one specific group that I work with that really does this well. And there’s a lot of groups out there that kind of understand how to integrate these solutions. But I look at it as if you have an all of which, which, you know, who knows how to squeeze the all of the most who could get the most oil out of that all of and, you know, I’ve vetted these, these groups, and a company that I work with really is good at this. And with that being said, they have a consulting fee, it’s a it’s a one time fee, that they charge to fully, you know, they do the annual analysis process at no cost, they do the recommendations at no cost. And then of course, once the client engages, they’ll roll out the red carpet, they’ll speak to the CPA, they’ll speak to their bookkeepers, they’ll help make sure everything is implemented correctly, and they’ll stand beside, you know, what they’ve helped implement. But they’re their consulting fees are generally started around 10 or $15,000. And that’s a one time fee. And of course, once it’s structured and set up, you know, your two and three and four and five, you don’t have that expensive anymore. So there’s it’s you think about real estate, you know, you’ve got your down payment, and then you’ve got your cash flow. So, with that being said, I’d say that once a business owner starts having a taxable income that’s consistently 200,000 or more. Well, now you’re looking at even if you’re in Florida or Nevada, you’re still looking at, you know, $40,000 in federal tax liability. And if you’re in a state that has state income tax, you’re adding to it so once you hit that $200,000 in taxable income, or you’re paying $40,000 or more in tax to the federal or state, well, the numbers start making sense because if we can usually find them 75 to $125,000 worth of you know dollars that can be not hit their 1040 and we subtract 250 in taxable income, and now they only have 150 in taxable income. What’s generally going to save them over 20,000 sums in Florida in California. Sometimes it saves them $50,000 or more because they’re in that high bracket. So it’s worth it for them to pay a consulting fee of 10 or $15,000. One time to put this in place. And even in the first year, they’re saving say 20 $5,000 in tax, so there’s a delta and then every year after that they’ve got the full amount to save. So,
J Darrin Gross 25:07
No, that makes complete sense as to to get some sort of a, you know, initial cost, right? I mean, I’ve heard sometimes, you know, different different strategies people have introduced or whatever. And in, you know, when you, if you run the the system out, and you find out all the maintenance involved in it kind of thing, it’s like what we have in here, guys you’re in? Or is this really more efficient, or just like, you know, it’s kind of the theory versus reality kind of thing. But this clearly, I mean, what you’re describing there, I mean, if a guy can save 40,000, and, you know, you got to upfront costs 15, or $20,000, or whatever, I mean, that pays for itself here, one and ongoing. That’s, that’s great.
Mark Myers 25:49
And it’s like riding a bike. Darren, it’s literally once you get the structure in place, and you got bookkeepers, doing what they need to do, or your CPA understanding how to, you know, track record and file if they’re doing that. It literally is like riding a bike. And it might take as far as hours per month to essentially make sure that your paper trail is correct, because you have to have the paper trail and log and record and make sure that these benefits are, you know, in your bylaws. And of course you’re you’re you’re keeping track of them. Because essentially, if you’re ever audited, you have to so this is my this is the tax code is the application of tax code. This is my records. And they say, Okay, great. I’d say that at the most is probably a couple hours a month that needs to be utilized. But if you’re saving anywhere between 25 and $50,000 per year, and it’s completely liquid, because you’re getting $100,000 or so to yourself without taxation. It’s well worth it.
J Darrin Gross 26:46
Yeah, yeah, that makes complete sense. So we’ve talked a little bit about how to reduce some of the the income tax issues. One of the other things that I wanted to ask you a little bit about is how your capital gains tax on on sale of assets is that under the same kind of a look, I mean, your starting point where you’re where you’re looking, or it’s just like, in addition to kind of looking how to reduce the income tax.
Mark Myers 27:20
There’s definitely different strategies for the capital gains tax, Darren, and and there’s, it’s really fun when you start getting into this arena, because I think most most real estate investors truly understand a 1031 exchange. And they’ve probably used it. It’s sometimes it’s a successful use. And sometimes it’s not. I mean, obviously, there’s some benefits. And there’s some drawbacks to the 1031. And, and I know that you know them, and your audience knows them quite well. So what we’re looking at is, let’s look at a couple of different main ways to reduce tax on the sale of an appreciated asset, the first thing you want to make sure you do, and this is what most owners of assets don’t do, because they don’t know until it’s too late or they never know. They don’t realize that the minute that they take constructive receipt of the proceeds, the IRS has their handout says well, you just sold that property and there was a gain on that property. And based on that gain, you owe us this long term cap gains rate at the federal and the state. And of course, the bigger the sale, the more the profit, the bigger the amount they have to pay. So if they knew that if they structured the sale appropriately prior to signing the contract and telling the seller where to send the money, then they could literally either defer the taxes or eliminate the taxes depending on the structure they choose. So that’s really the first step is saying, hey, if you have the wherewithal and understanding prior to the sale to say, hey, how can I structure the sale to make sure I can control the money, I can tell the buyer where to send the money, it doesn’t come to my bank account, but it goes into a an account that or an environment that I control, well, then the IRS can’t stick their hand out and say give me 23.8% or plus state if you’re in California give me 3533 34 35% they can’t do that because it never came to you. And now of course, you have the value of having all of that money or a big, considerable amount in this environment that can immediately be reinvested and for for real estate investors, it’s really exciting to know that, you know, they can reinvest in real estate and they don’t have to do take 45 days to find a light property. They can sit on it for a year or two until the markets right and find the right property or they can diversify. They want to take some of that money and put it into gold and silver or some type of stocks that they like or maybe private equity. I mean, it really is up to them. So that’s, I think,
J Darrin Gross 29:58
Are you utilizing a Deferred Sales Trust is that
Mark Myers 30:01
That’s one solution. I think that that one is a really highly recognized solution. It’s pretty costly. There’s there’s expenses involved, you got to do the math on that to make sure that you the numbers work out. But that’s a good one. I think that there’s another other solutions that are trust oriented, that either whether it’s a charitable remainder, right, so now you have to, you get a significant tax benefits there and you get, you know, significant reinvestment of the proceeds. So that’s more of a, creating more of an annuity, I think the charitable remainder is for when people are tired of real estate, they don’t want to reinvest in real estate, they just want income from their real estate for the rest of their lives. And they want to be able to mitigate that tax bill. So but there’s also trusts that are more generational in nature. And those trusts can essentially eliminate the tax not defer it. And those are really more unique. And I don’t recommend those unless the sale of the asset is, you know, the profit on the sale is at least 3 million. When you’re starting to get into those numbers, you want to look at the generational trusts, because they’re a little bit more complex. And a lot of times that are on the lower values. The least, you don’t want to go too complex with it. But the one thing and i’ll i’ll tee this up as potentially another con, if we want to talk about this, we have time but the solar business, renewable energy has become quite effective in mitigation of long term capital gains tax, even active income tax, and this can actually apply to people with high better high earning w two, because the federal government, as you know, made it quite nice offer to say if you invest in solar, or you place solar on your roof, we have a 30% tax credit. And of course, if you are you understand how to structure a business, you can get accelerated depreciation. So the way that we look at this is one of the groups that I work with is they help people launch solar businesses. And those solar businesses are active participation, businesses and real estate investors understand that right? Especially if they’re real estate professionals, they spend X amount of hours per year as a real estate professional, and they get benefits from that. So similar rules apply, but it crosses over. So you can actually put so own solar panels on the roofs of commercial buildings, and you can receive the tax credit for that. And you can also, you know, set up your business where you have accelerated appreciation so that the net result is do you want to send money to the IRS to pay your capital gains tax or your active income tax bill? Or do you want to start a solar company, we can essentially wash out the dollars and make them dollar for dollar equivalent. So instead of spending 300,000, to the IRS, you can put $300,000 into your solar business. Now you have to actively participate 100 hours or more per year, we can easily turnkey that for you. But what if that same, you know, whatever the number I said 200 or $300,000? Doesn’t matter can be a million? What if that same those same dollars, offset your taxes 100%. And now you’re going to get cash flow from that solar project for the next 25 to 30 years, and it’s highly secure cash flow. So now you’re essentially I always say, let the IRS give you a pension.
J Darrin Gross 33:19
Yeah, it’s the cost segregation. And you know, the magic of depreciation is pretty powerful. You know, when you, when you lay it out in your in, you have the opportunity to use depreciation as an expense against income, it’s, it’s really an eye opening experience, to see how those numbers work. That’s, that’s absolutely good. Hey, Mark, if we could like to shift gears here for a second by day, I’m an insurance broker. And I try and work with my clients to assess risk and determine what to do with risk. And there’s three strategies we typically look at, you know, try to apply. And the first one we look at is a can we avoid the risk? When that’s not an option, then we look to see if there’s a way to minimize the risk. And when we can’t avoid or minimize risks, and we look to see if we can transfer the risk. And that’s what an insurance policy is. And I like to ask my guests if they can look at their own situation. their clients, investors, tenants, the market, you know, however you want to frame the the question and the answer. But if they can identify what they considered it to be the biggest risk. And for clarification, I’m not necessarily looking for an insurance related answer, because risk is everywhere. But if you’re willing, I’d like to ask you, Mark Myers, what is the biggest risk?
Mark Myers 34:52
Thank you for that question. And it’s a good one. And I’m glad that you opened up the box to not make it have to be an insurance Specific because that’s a, as you know, very well. Risk is is huge and mitigation and transfer of risk is really important. But I would say in my context, in the in the way that I help business owners or the way that I help individuals that are, you know, transferring assets or selling appreciated assets, it’s the risk that you take for not slowing down. And looking at how to keep more of your profit is huge. Because if you think about every single year, you’re earning income as a business owner, if you’re overpaying your taxes, if you’re really if you’re paying retail, on your taxes, and you have no legal obligation to pay retail tax, you can pay wholesale tax, you know, Judge Learned Hand said it best he said, You know, there are two tax systems in America, one for the informed, one for the uninformed, both are legal. So I think the biggest risk is to not take the time to get help and understand the and the informed area of tax law, because every single day, every single week, every single year that you’re earning income, you could be paying 2030 40% more than you should to the IRS when you don’t have to. So I think that’s the biggest risk is overlooking profit that you you’re, you know, you don’t even realize is there money that you really should be keeping that you don’t realize it’s there, because you’re not taking the time to spin and focus on that risk. Right. So that’s really I think the most important risk that people that business owner should look at is where can they mitigate taxes? And where can they keep more of their profit in their in their pocket?
J Darrin Gross 36:49
No, that’s the definitely some words of wisdom there. If you don’t know, you don’t know. And, you know, just kind of pay and not take time to get to know your you’re gonna keep paying market, I meant to ask you before to also, are there any territory limitations on on where you can work with business owners?
Mark Myers 37:12
Absolutely not. We work with business owners in all 50 states, I just had a client in Tennessee and a client in Minnesota and a client in California. So this just wherever there is a tax hurdle that needs to be overcome, we can look at, you know, how to jump that hurdle and keep more of the money in your pocket. So
J Darrin Gross 37:34
Great. Mark, Where can the listeners go? If they’d like to learn more connect with you?
Mark Myers 37:39
Thank you so much. Yes, if they just go to my website, it’s https://peakprofitsolutions.com/. So peak profit solutions dot com and learn a little bit more about me, they can actually click on some things and take a look at some case studies. And of course, I have a brief q&a. They want to schedule some time with me, there’s no cost and I can generally identify within 15 to 20 minute conversation, if there are significant opportunities for them to save and then we can go from there.
J Darrin Gross 38:09
Awesome. Hey, Mark, I want to say thanks for taking the time to talk today. I’ve enjoyed our talk, learned a lot. And hope we can do it again soon.
Mark Myers 38:19
Thank you so much. Thanks for having me. It was a it was a pleasure.
J Darrin Gross 38:22
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