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Effective Tax Management
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It has been our
experience that most business owners pay more tax than the law requires. The
impact of effective tax management can be enormous, and most businesses fail
miserably.
Consider GE, which paid zero tax on $5 billion of domestic income in 2010. That added $2 billion to GE's bottom line. Just like every other business, GE is feeling the effect of the recession. GE's sales have dropped from $182 billion in 2008 to $147 billion in 2011. But their profit margin has increased from 10% to 14% because domestic income tax has made up the difference on the bottom line.
GE made up for $40 billion in lost sales by spending a few dollars on effective tax management. The only alternative was to wait years until sales increased $40 billion. Let's see. What would you do?
This is an example of how effective tax management can save your business from the financial crisis that’s raging all around us. This is what effective tax management can do and why you should be paying more attention to it, particularly in this environment. GE's numbers are available here.
http://finapps.forbes.com/finapps/jsp/finance/compinfo/IncomeStatement.jsp?tkr=GE
Effective tax strategy improves a business in all facets of operations.
Ellis' intellectual, analytical, methodical off-the-shelf tax strategies are designed to cut income tax to the legal minimum using well established law, selecting, mixing and matching tax preferences and tax savings devices from the hundreds embedded in the tax code, combining them with entity selection, economic substance, profit motive, business like manner and valid business purpose, and tie it all up in ordinary, necessary and reasonable.
Investors like Buffet and Munger at Berkshire Hathaway consider tax load and the way a business manages it taxes before considering an investment. If you were their target, what would they think of the way you manage your taxes?
Shaving a few per cent off your tax bill, it could well provide the competitive edge to pull away from the pack.
An important additional point. You will notice GE's numbers show income tax, but that tax is paid to foreign governments. U.S. taxes still have the protection of the constitution and we can still effectively manage our income tax in the U.S.. But in foreign governments that opportunity is not available. That could change at any time with a simple constitutional amendment. And right now, I would guess people would vote away their rights. Now is the time to take advantage because our current laws may not last forever.
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