New Tax and CPA Laws Changing in 2024: What Business Owners Need to Know with Sally Gimon

"If you don't do the paperwork, you could be fined $10,000 or two years in jail or both if you do the paperwork incorrectly." - Sally Gimon

Episode Summary:

Don't get caught unprepared in 2024! Business owners, LLCs and Partners, don't miss this important episode with Sally Gimon, a tax expert, who shares with us the upcoming changes in tax laws and the new Corporate Transparency Act. 

Starting in 2024, businesses will be required to provide detailed information to the Department of Treasury. Failure to comply can result in fines or jail time. Sally also explains the benefits of the Spendthrift Trust, a legal tool that can help individuals save on taxes and protect their assets. Get insights into  tax strategies and start planning for next year!

About Sally Gimon:

Sally was motivated to become a real estate investor when her mom became sick in October 2018. Sally was 53 and needed to make a change in her life quickly. She has been an insurance agent for 20 years and has used her experience to make positive changes. Now she shares her information weekly in her real estate group and Win, Win Women TV. In July 2020, she bought a Bank Owned Property for $20,000 that would go to auction for $50,000 when Covid restrictions lifted. She knew her Capital Gains would be $7,140 and researched how the rich paid so little in taxes. This led her to find the Business and Beneficial Spendthrift Trusts. Currently, Capital Gains are 23.8% on any profit. There is passed legislation to raise this to 40% for some tax levels. The IRS is hiring 87,000 new agents. The Spendthrift Trust defers Capital Gains, Interest Income, Dividend Income, Rental Income and Royalties year after year legally! The Trust keeps people judgment proof, and their information private.
 

In this episode:

• What is the Corporate Transparency Act starting in 2024.
• What is required of business owners in the Corporate Transparency Act.
• Who does the Corporate Transparency Act effect.
• Deadline for the  Corporate Transparency Act.
• What is the Spendthrift Trust.
• How can the Spendthrift Trust help business owners save money on taxes.
• How can the Spendthrift Trust help business owners protect their assets.
• The difference between an LLC and a trust for asset protection.
• The changing landscape of tax laws.
• Using Nerd Wallet as a free resource.
   

Key Takeaways:

• The Corporate Transparency Act will require all LLCs and corporations to submit detailed information to the Department of Treasury.
• Failure to comply with the new law can result in fines or jail time.
• The Spendthrift Trust is a legal and effective way to save on taxes and protect assets.

Are you ready to take charge of your financial freedom?

Check out Joel’s new course! https://joel-farrell-be35.mykajabi.com/offers/yLCu5bFC/checkout

Connect with Sally Gimon:

• https://thetrustisyou.com
• To make an appointment: www.thetrustisyou.com/scheduling 
• [email protected]

 Connect with Joel Farrell:

• https://www.strivefor25.com/
• joel@strivefor25
• https://www.linkedin.com/in/joelfarrellvaloans/
• https://www.youtube.com/channel/UCISoNioAVR083iLErviv6pQ/featured
• https://www.instagram.com/strivefor25_/

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Skool Guide: https://www.skool.com/strive-for-25-1965/classroom

Youtube Episode: https://youtu.be/AstrTNZMEec?si=payTCkaKFRv29Znv