Silly Money • by Ankur Nagpal

I came across a fascinating post on Twitter recently.

A solo business owner who makes over a million dollars a year broke down exactly what he spends money on.

What is the first thing you notice?

He’s paying more than $400,000 in taxes every single year!

I don’t know Brett personally but I know lots of Brett’s — incredibly successful independent business owners facing absolutely monstrous tax bills.

Between self-employment taxes, state taxes and federal taxes, without smart planning, I’ve seen effective tax rates of over 50% in states like New York and California.

This article is a guide on exactly what you should do in his situation to dramatically reduce your tax bill.

Results will vary by your personal situation, but if you are fully unoptimized, this guide should enable you to knock off at least 6 figures a year at those numbers.