Reduce Tax Liability

Last Minute Tax Tips and a Free 8-Week Class to Boot!

The end of the year is closing fast and now is the time to get the tax deductions you deserve by knowing what information to share with your CPA. Here are a few year-end tax tips to consider right now.

Year-End Tax Solutions:
Read a few of these tax-saving, money making tips and I’ll give you a wonderful financial educational tool for absolutely free at the end of this post.

1.    If you might owe taxes…  review the list of potential deductions. Do you know what’s available? Diane Kennedy’s book, Tax Loopholes of the Rich has a great list.   Also, Jackson Hewitt Tax Service has a quick list of tax deductions for free that are often overlooked. Review these lists and look at where you spend money. Then bring this list to your CPA. I have a list of around 300 deductions that I use with my wealth coaching clients.

2.    Prepare for next year with a system… What is your wealth building strategy? What is your money management system? What is your process for building lifelong wealth? If you are shrugging your shoulders at these questions then you need a system. Our most popular workshop is called the Infinite Wealth System and it teaches you how to be your own banker, get paid like a banker and reduce risk like a banker. But first, you must start thinking like a banker. This workshop is quite powerful but don’t take my word for it, listen to some of the students.

3.    Create a Tax Advantaged Environment… What that means is that you should be doing everything legally available to maximize your tax advantages and minimize your tax liability. For example, There are four ways you can protect your income and your assets for a more joy filled retirement.

• Entity Structuring – set up an LLC, a C Corp, an S Corp or other legal business structure that will give you the greatest tax benefits and asset protection. You never want to hold real estate personally and LLCs are often great vehicles for protecting your investment and your family from legal hassles.

• Banking System – Utilize the proper life insurance products to establish a system of managing your cash flow and earning the interest on things you finance instead of paying interest to the bank or finance company.

• Self-Directed IRAs With Checkbook Control - A lot of peoples’ retirement accounts have taken a beating in the last year but there is a way to recover some and do better next year. Set up a checkbook controlled IRA and tie it into your banking system to maximize your earning power while reducing tax liability.

• Elite Family of Trusts – Trusts are powerful vehicles for creating long-term wealth and setting up a financial legacy.

4.    Tracking Software (Quicken, Quickbooks, etc.) There are many programs to choose from but the most important point I want to make is that if you don’t know where your money is going you won’t know where it went. Solid wealth building strategies require that you track your money well. If you’re not on a good financial management software program this is the ideal time to set it up so you can be ready for the new year and a fresh start.

Now… about that free gift. Sign up for our free eight week Wealth Building Secrets program that you can take from home. No cost, no obligation. Just 8 weeks of wealth building tips, money making ideas, tax saving strategies and new ways of thinking about wealth, money, and prosperity. There’s no obligation and you can start right now! 

To learn more about our wealth coaching programs, wealth building guides, or other financial education tools, drop me a note or give me a call!


Have a prosperous day!

Gabby Huguenin
Wealth Coach
CEO Wealth Classes Coaching, LLC
www.WealthClassesCoaching.com
888-888-3612

By the way, if you are facing some tax challenges, cash flow issues, or need a solid asset protection strategy, there is no charge to give me a call! We have a number of powerful wealth building programs to help you in the process of building financial freedom.

To continue a few more ideas from our Monday night’s Connector Coaching call, here are a few more thoughts on the best legal entities to consider. There’s a lot more to know about the tax advantages and asset protection features of each of these but this will give you an overview of the pros and cons of each legal entity (Check out yesterday's post for more).

Limited Partnerships – In this legal structure the partners cannot be actively involved in the management of the business. It’s important to be realistic with this. If you’re the kind of person that has to have your voice heard and you can’t avoid getting involved, this structure is not for you. Limited means limited.

If you do get involved you can lose your status as a limited partner and that opens a whole different set of issues and defeats the original intent. All income coming into limited partnerships flows through to the members, the partnership does not pay taxes.

Family limited partnerships where members are family members have some unique tax advantages.  Family limited partnerships can be used to pass tangible assets that wouldn’t normally be found in a business such as jewelry, art, heirlooms, etc. to the next generation. In limited partnerships it’s a good idea to have separate CPAs, bookkeepers and administrative functions. Downside – these can be tough to sell and costly to set up.

S Corps or Subchapter S – This is a standard corporation that has elected a special tax status with the IRS. The basic information requirements are the same as a C corporation wherein formation documents must be filed with the state agencies and necessary filing fees paid, of course. The S corp is different from the C corp in that it does not suffer double taxation like the C corp. With an S corp the profits and losses pass through to the shareholders and must be reported on their individual tax returns.

S corps also have unlimited life extending beyond the illness or the death of its owners. Stock can be sold, business expenses may still be deductible, and ownership is relatively easy to transfer. Downside – The number of owners must be fewer than 100, they cannot be non-resident aliens and all income tax obligations flow through to the individual owners.

This is just some of the material we covered in my last coaching call. Learn how you can participate in an ongoing wealth building program. Connector Coaching Program 

Limited Liability Companies or LLCs.  An LLC is a cross between a limited partnership and a corporation. You can have more than one owner. You file a 1055 tax form to do your return. From asset protection standpoint an LLC has many tax benefits. With single member LLCs you can add an S election that allows you to run it as an S corporation to get some additional advantages. An LLC limits your legal liability. Like a C corp you are only personally responsible when there is gross negligence or fraud involved. So, don’t do anything stupid and your LLC will protect you and your assets just fine!

You can have as many members as you want and you can have foreign investors. This is great when you are trying to come up with additional capital and you need flexibility in how you have structured the business. Income and losses flow to members so there is no double taxation. Great for holding real estate.

You don’t have to have formal meeting minutes like a C corporation. An LLC may protect assets better than any other structure. If you do get sued, you usually cannot lose stock to new members taking over because the current members decide who gets stock. If creditors put a lien on your interest in an effort to get paid, they may be liable for a tax on that debt. Bad for creditors, good for the LLC.

Rules vary by state so check your local laws although most states allow LLCs. Downside – Some states require LLCs to terminate at 30 years or at the death of a member but there are ways around that when structured properly.

Corporations  or C corps. A lot of accountants underestimate the tax advantages of C corporations. One big advantage of a C corp is you can control the income and you can pick the fiscal year end. Most other entities are based on the calendar. If you have a huge income influx, you can make adjustments to offset tax liabilities. You can also do what is called upstreaming income – legally shift income from your LLC to your C corp. The C corp is great to use as a financial planning tool.

Bottom line - You have time with c corps, lots of deductions and you can take advantage of many fringe benefits with minimal restrictions. The downside- lots of paperwork and double tax. You are going to be taxed on the income you draw and on the income created by the corporation.

C corp requires planning but if you are expecting higher income a C corp could be good. Use an attorney to set this up.  Again, these are just general and condensed points to consider when setting up your new business or looking for legal and safe ways to building financial freedom. Always use professional financial, legal, and tax advisors.

Andddddd... just as importantly, learn for yourself how to take charge of your wealth building strategy. Join one of our wealth coaching programs or take one of our online seminars or live seminars or workshops. Nobody cares about your financial well being as much as you do! Please feel free to leave a comment or ask a question. Just click the comment button below this post.

Have a prosperous day!


Gabby Huguenin
Wealth Coach
CEO Wealth Classes Coaching, LLC
Connector Coaching Program

888-888-3612

Learn more about our wealth building programs. Whether you make $1,000 a month or $100,000 a month, we have a financial education program you can use to start building lifelong wealth. Visit my coaching site at www.WealthClassesCoaching.com or just call me!

Legacy Solutions Now!

WealthClasses Coaching was founded early spring 2008 by Gabby Huguenin and George Antone. WealthClasses Coaching’s CEO and Director Gabby Huguenin has helped save entrepreneurs and W2 wage earners just under 14 million in income taxes over the past six years.

The intention behind Gabby's efforts is to help people in their process of building financial freedom and assist them in creating a legacy that will last for generations to come. The only way one can build lifelong wealth that will make a difference long after you are gone is to protect your assets and do everything legally possible to reduce your tax liability. That's where Gabby comes in!

WealthClasses Coaching has protected the assets of 38 students in 2009 and hundreds over the past 6 years. This is accomplished through an ongoing mentoring process. The significance of the smaller number is the individual support on a one on one basis.

Watch this video as Gabby describes various wealth coaching programs she offers.



WealthClasses Coaching breeds success for its students with the proven success systems and strategic alliance with WealthClasses Inc. founded in 2006 by George Antone and the famous “Infinite Wealth System”  Watch this video, with famous Entrepreneur Jeff Black to discover how wealth coaching can be a profitable part of your wealth building strategy.



To learn more about our wealth coaching programs, wealth building guides, or other financial education tools, drop me a note or give me a call!


Have a prosperous day!

Gabby Huguenin
Wealth Coach
CEO Wealth Classes Coaching, LLC
www.WealthClassesCoaching.com
888-888-3612

By the way, if you are facing some tax challenges, cash flow issues, or need a solid asset protection strategy, there is no charge to give me a call! We have a number of powerful wealth building programs to help you in the process of building financial freedom.

To continue a few more ideas from our Monday night’s Connector Coaching call, here are a few more thoughts on the best legal entities to consider. There’s a lot more to know about the tax advantages and asset protection features of each of these but this will give you an overview of the pros and cons of each legal entity (Check out yesterday's post for more).

Limited Partnerships – In this legal structure the partners cannot be actively involved in the management of the business. It’s important to be realistic with this. If you’re the kind of person that has to have your voice heard and you can’t avoid getting involved, this structure is not for you. Limited means limited.

If you do get involved you can lose your status as a limited partner and that opens a whole different set of issues and defeats the original intent. All income coming into limited partnerships flows through to the members, the partnership does not pay taxes.

Family limited partnerships where members are family members have some unique tax advantages.  Family limited partnerships can be used to pass tangible assets that wouldn’t normally be found in a business such as jewelry, art, heirlooms, etc. to the next generation. In limited partnerships it’s a good idea to have separate CPAs, bookkeepers and administrative functions. Downside – these can be tough to sell and costly to set up.

S Corps or Subchapter S – This is a standard corporation that has elected a special tax status with the IRS. The basic information requirements are the same as a C corporation wherein formation documents must be filed with the state agencies and necessary filing fees paid, of course. The S corp is different from the C corp in that it does not suffer double taxation like the C corp. With an S corp the profits and losses pass through to the shareholders and must be reported on their individual tax returns.

S corps also have unlimited life extending beyond the illness or the death of its owners. Stock can be sold, business expenses may still be deductible, and ownership is relatively easy to transfer. Downside – The number of owners must be fewer than 100, they cannot be non-resident aliens and all income tax obligations flow through to the individual owners.

This is just some of the material we covered in my last coaching call. Learn how you can participate in an ongoing wealth building program. Connector Coaching Program 

Limited Liability Companies or LLCs.  An LLC is a cross between a limited partnership and a corporation. You can have more than one owner. You file a 1055 tax form to do your return. From asset protection standpoint an LLC has many tax benefits. With single member LLCs you can add an S election that allows you to run it as an S corporation to get some additional advantages. An LLC limits your legal liability. Like a C corp you are only personally responsible when there is gross negligence or fraud involved. So, don’t do anything stupid and your LLC will protect you and your assets just fine!

You can have as many members as you want and you can have foreign investors. This is great when you are trying to come up with additional capital and you need flexibility in how you have structured the business. Income and losses flow to members so there is no double taxation. Great for holding real estate.

You don’t have to have formal meeting minutes like a C corporation. An LLC may protect assets better than any other structure. If you do get sued, you usually cannot lose stock to new members taking over because the current members decide who gets stock. If creditors put a lien on your interest in an effort to get paid, they may be liable for a tax on that debt. Bad for creditors, good for the LLC.

Rules vary by state so check your local laws although most states allow LLCs. Downside – Some states require LLCs to terminate at 30 years or at the death of a member but there are ways around that when structured properly.

Corporations  or C corps. A lot of accountants underestimate the tax advantages of C corporations. One big advantage of a C corp is you can control the income and you can pick the fiscal year end. Most other entities are based on the calendar. If you have a huge income influx, you can make adjustments to offset tax liabilities. You can also do what is called upstreaming income – legally shift income from your LLC to your C corp. The C corp is great to use as a financial planning tool.

Bottom line - You have time with c corps, lots of deductions and you can take advantage of many fringe benefits with minimal restrictions. The downside- lots of paperwork and double tax. You are going to be taxed on the income you draw and on the income created by the corporation.

C corp requires planning but if you are expecting higher income a C corp could be good. Use an attorney to set this up.  Again, these are just general and condensed points to consider when setting up your new business or looking for legal and safe ways to building financial freedom. Always use professional financial, legal, and tax advisors.

Andddddd... just as importantly, learn for yourself how to take charge of your wealth building strategy. Join one of our wealth coaching programs or take one of our online seminars or live seminars or workshops. Nobody cares about your financial well being as much as you do! Please feel free to leave a comment or ask a question. Just click the comment button below this post.

Have a prosperous day!


Gabby Huguenin
Wealth Coach
CEO Wealth Classes Coaching, LLC
Connector Coaching Program

888-888-3612

Learn more about our wealth building programs. Whether you make $1,000 a month or $100,000 a month, we have a financial education program you can use to start building lifelong wealth. Visit my coaching site at www.WealthClassesCoaching.com or just call me!

To: All Media
From: Wealth Classes Coaching, LLC
Re: Greatest Living Coaches Teleclass
Contact: Steve Dahl 760-804-6271 dahlmarketing@gmail.com


San Jose, CA (August 7, 2009) www.WealthBuildingDNA.com  “We’re at a very critical juncture in this economy,” says Gabby Huguenin, wealth coach, tax expert, and CEO of Wealth Classes Coaching, LLC. “If American entrepreneurs don’t start taking responsibility for their financial situation by learning the fundamentals, we will continue to have high business startup failure rates.”

Huguenin is known for her direct style of telling it like it is as she speaks to business owners of large and small scale. Huguenin is a big believer in maximizing tax benefits by properly utilizing entity structuring to help create a tax advantaged environment. Huguenin will be one of the featured speakers in the upcoming event “The Greatest Living Success Coaches” month long teleclass series.

According to Gabby Huguenin, children are no longer just bundles of joy and love when you start your own business. They are legitimate tax deductions and possible employees that can save any business owner a ton of money. In a recent Podcast on her blog www.WealthBuildingDNA.com, Huguenin explained how easy it is to save $5,700 in the 2009 tax year by putting those kids to work.

Her company Wealth Classes Coaching teaches small business owners as well as individuals, how to leverage life insurance assets into tax savings tools. “Too many people think of life insurance as a necessary evil but the reality is, certain types of dividend-paying life insurance policies can be very effective at legally reducing tax liability when properly structured,” says Huguenin.

This is an example of what the participants will hear in the upcoming “The Greatest Living Success Coaches” teleclass.
•    Les Brown shows you how to position yourself for automatic success by changing daily habits and eliminating what holds you back
•    Bill Bartmann former 25th wealthiest person in America reveals his single biggest secret that made him a Billionaire…and what he calls the ONLY success in life
•    Loral Langemeier shows you quick, easy ways she has helped average people become millionaires in 3-5 years with the least amount of time, effort, and risk
•    Alex Mandossian reveals how he turned his yearly income into his hourly income… while tripling his days off
•    Dr. John Demartini spills the beans and reveals the exact science behind building massive wealth that will endure for generations
•    Hale Dwoskin reveals how to get fast and permanent relief from any unwanted emotions forever with a simple 4-step process… allowing you to enjoy effortless success and happiness….
•    Joe Vitale gives you three easy ways to manifest or create more money in your life as well as helping you clear the financial blocks so that money flows effortlessly
•    Gabby Huguenin demonstrates how simple it is to start your own business on a shoe string and turn it into a tax cutting, money making opportunity without quitting your day job or changing your lifestyle.

There will be about 19 additional speakers. Participants in the teleclass will also learn some of the following wealth building tips and tactics from Huguenin, her business partner George Antone, and others:

•    Get rid of debt quickly without having to cut back lifestyle
•    Establish legal structures so that no one can threaten your wealth
•    Bounce back from a job loss with fresh money making strategies
•    End dependence on the economy and your employer
•    Establish an automatic passive income system
•    Utilize little-known tax-cutting strategies to save thousands

Wealth coaching programs are available at www.WealthClassesCoaching.com.
For interviews or more information contact Steve Dahl at 760-804-6271 or dahlmarketing@gmail.com.

My friend Lance Hood is putting together a large group of authors, speakers, and experts on everything related to creating wealth for a FREE online teleclass series. He asked me to produce a quick video overview of what I will be speaking on. After I finished the video for his promotional purposes I took the same wealth building ideas I talked about in that video and put them into this Podcast.

There are seven tax-saving, money making ideas in this Podcast and you'll even find ways to put your little ones on the payroll. In 2009 you can pay your children $5,700. That's one way to shift some income and lower your tax liability. Of course, I'm speaking in general terms so always check with your tax professional regarding your unique situation.




With 65% of you money flying out of your pocket in taxes and interest you need to learn to use dividend paying life insurance policies to create a tax advantaged environment. If you want to begin building lifelong wealth two of the most powerful tools to do so are real estate and specific types of insurance policies. The cash surrender value in the right type of policy is fundamental to the structure of the banking system that we teach our clients to set up. Check out this Podcast to hear seven wealth building ideas so you can start creating your own wealth building program.

Have a prosperous day!

Gabby Huguenin
Wealth Coach
CEO Wealth Classes Coaching, LLC
www.WealthClassesCoaching.com
888-888-3612

By the way, if you are facing some tax challenges, cash flow issues, or need a solid asset protection strategy, there is no charge to give me a call!

Can you see that future business man or women in your child's eyes? There are plenty of legitimate ways to bring your children into your wealth building strategy and give them a great business learning opportunity at the same time. With all of the wealth training and wealth coaching that I do one of the commonly overlooked tax savings tactics is to employ your children for the benefit of your family and your business.

Great Kids - Great Tax Deductions
In 2009 you can pay your child under 18 years of age up to $5700 which could be considered non-taxable income to you.  Hey, you were already going to give them the money anyway so why not pay them in a tax advantaged environment to keep a little more of that hard earned money in your pocket.

When structured properly, there are significant benefits to hiring your children through your company.

• Deduct what you pay them and turn it into nontaxable dollars
• Give them solid work experience
• Teach them respect for the money and how to manage it
• Teach children financial responsibility
• Teach the concept of building financial freedom early in life
• Once they qualify as employees they may receive additional benefits (which is more money you can deduct)

Here are some other benefits that can help you in building lifelong wealth:

•  Employee Gifts -You can give an employee $75 per year as a gift from the company whether it is for their birthday, Christmas or just to show them how much you appreciate the job they are doing. Children love these and it makes them work even harder. I mean who doesn't love a gift?
•  Snacks and Refreshments – Your employees need drinks and snacks to keep up their high levels of energy to get the work you need done. If your kids are employees this means them too! 
•  Supper Money – The IRS says that if your employees have to work later then usual on an occasional basis, your company can buy them dinner as an incentive to work those extra hours.
•  Travel – Now that they work for your company and you go on a business trip but want to take them, the company can pay for their travel too as long as you have some duties they need to help you with while on the trip.
•  Achievement Award – Need a way to write off those game stations that seem to need constant upgrading? Well the IRS lets your company give an Achievement award in the form of a tangible piece of property worth up to $400 per year for general achievements such as employee of the year, greatest team player etc… just one more incentive to keep those kids working harder.

Wealth Building Tips With a Family Twist
As with any tax saving plan or wealth building strategy, every individual is unique. Some of the ideas above may be perfect for you, some may not. The point is, when you know what to look for there are ample opportunities to reduce your tax liability and get more out of your business. The benefits of reducing your taxes are great but the benefits of seeing your children grow up with a clear sense of business and financial responsibility, is, oh, shall we use that great ad campaign motto again... PRICELESS!

Let me emphasize - every tax scenario is unique so the ideas I post here are just eye-openers! They may not work for everyone but everyone should know that these are legitimate ways to save on your taxes. There is no cost or obligation for you to call me and just chat about the various ways we can help you build wealth.

Learn more about creating a legacy of wealth in our upcoming online workshop - The Infinite Wealth System. Actually, you should bring your kids to the call!  It starts July 24th and you can participate from the comfort of your home!

Have a prosperous day!

Gabby Huguenin
Wealth Coach
CEO Wealth Classes Coaching, LLC
www.WealthClassesCoaching.com
888-888-3612

San Jose, CA (July 15, 2009) www.WealthBuildingDNA.com  “The urgency people feel to get a handle on their finances is at an all time high. Fortunately, we have immediate solutions for those wanting more cash flow, lower taxes, and long-term wealth building strategies they can start on today,” says Gabby Huguenin, wealth coach, tax expert, and CEO of Wealth Classes Coaching, LLC. Huguenin is known for her skill at helping clients create long-term wealth strategies while dramatically reducing their tax liabilities. Her strategies have saved her clients over 14 million dollars in taxes in the last few years.

There really are secrets to creating wealth. The banking industry has been using them for centuries and Gabby Huguenin and her business partner, George Antone have been studying them and teaching these skills to students for years. For the first time ever, the highlights of their Infinite Wealth Building system will be presented live, via the Internet for this ground breaking workshop.

Huguenin says, “People are anxious to get out of debt and start making extra money and they don’t want to compromise their lifestyle. By putting the Infinite Wealth System in a webinar format we can now reach more people, save students money on air fare and hotel costs and deliver a very powerful and inspiring program that everyone in America could use right now!”

Students of the Infinite Wealth System workshop walk away with a full set of new wealth-building tools and skills.

Participants will complete a personalized wealth-implementation plan that includes steps necessary to:

•    Get rid of debt quickly without having to cut back lifestyle
•    Establish legal structures so that no one can threaten your wealth
•    Bounce back from a job loss with fresh money making strategies
•    Eliminate fear of losing retirement funds
•    Increase net worth to seven figures
•    End dependence on the economy and your employer
•    Establish an automatic passive income system
•    Utilize little-known tax-cutting strategies to save thousands
•    Enjoy life, take vacations and don’t compromise lifestyle
•    Create a realistic and exciting retirement plan
•    Generate a wealth building plan for total financial freedom
•    Start thinking, acting, and profiting like a banker

WealthClasses.com in conjunction with WealthClassesCoaching.com is offering this workshop for the first time in an online format. The Infinite Wealth System workshop does not require real estate investment, a high net worth, or an extensive investment portfolio of stocks and bonds. It simply requires a willingness to let go of old financial thinking that doesn’t work. The Infinite Wealth system does not force one to change their lifestyle or live uncomfortably frugal to work.

This is the first time the complete program has ever been offered online and reservations are required. Wealth Classes is focused on financial education as the best way to create wealth. This workshop is designed to give students the knowledge, tools, and resources needed to create lasting wealth.

Who should attend this workshop?
•    Doctors
•    Lawyers
•    Medical professionals
•    Chiropractors
•    Dentists
•    Entrepreneurs
•    Fortune 500 Executives
•    People searching for work
•    People planning for retirement
•    Accountants/CPAs/Bookkeepers
•    Anyone desiring to create long-term wealth

Learn more about Gabby Huguenin, her wealth coaching, services, and what happens at this workshop at www.WealthBuildingDNA.com. The Infinite Wealth System Workshop begins July 24, 2009. Reservations are required. Call 888-888-3612 or visit www.InfiniteWealthSystem.com for reservations.