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Today I sit down with my good friend Tommy Thornburgh, a tax and business expert from Prime Corporate Services, to dive deep into critical tax strategies and asset protection tactics for entrepreneurs. Tommy shares key insights on how business owners can avoid hefty $500/day fines by staying compliant with new government regulations and highlights the importance of proactive tax planning throughout the year. He explains how leveraging tools like Health Savings Accounts (HSAs), real estate depreciation, and business deductions can help entrepreneurs save thousands in taxes.
The conversation also covers the significance of properly structuring business entities to maximize tax benefits and safeguard personal assets, as well as the often-overlooked importance of setting up trusts for estate planning. Tommy provides real-life examples, from using the Augusta Rule to avoid claiming rental income to navigating complex tax deductions, all aimed at helping entrepreneurs protect their wealth while growing their businesses. Whether you're a new or seasoned business owner, this episode offers a comprehensive guide to optimizing your tax strategy and ensuring long-term financial security.
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Connect with Tommy!
Instagram - @tommythornburgh
LinkedIn - linkedin.com/in/tommy-thornburgh-9495a3b9
Website - https://www.primecorporateservices.com
Tommy Thornburgh, President of Prime Corporate Services, is an incredibly accomplished and highly sought-after business advisor with more than 15 years of industry experience in entity formation and tax strategy. On top of helping entrepreneurs establish their own businesses, Tommy maintains a diverse set of entrepreneurial ventures of his own in real estate, stocks, and more.