Thinking to myself, "Was parking $300k a year, now it could be $3M a year in exposure."

24 Nov 2023 · 0 min

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Short YouTube transcript excerpt of a conversation between two speakers about tax planning and business-owner personal liability. Speaker A compares prior ‘parking’ of $300k/year to a potential $3M/year exposure and expresses concern about filing/claiming; Speaker B highlights that business owners can face personal liability. The excerpt focuses on exposure magnitude and tax/fiduciary risk.

Me thinking, oh, I'm parking 300 grand a year here, blah, blah, blah. And now all of a sudden, this could be like 3 million a year in exposure. And by the way, if you don't file that or claim that, I think that now that's a whole other situation.
That is one of the things that can actually you, as the owner of a business would have personal liability. Some of the reasons for all the.
Tax Planning comments.
There'S 401ks, there's SEPs, there's different types of plans that you can use where there's different limits for what you can put into them. And it's another way to shift your own money into a different pocket rather than paying the irs.