Somebody else mentioned making donations to a charity that you control. That is one of many “loopholes” what wealthy people take advantage of to not pay taxes. In a nutshell, you create a non-profit organization like “SpiritedEngineering Foundation” where you manage the fund. Your LLC then “donates” to that charity, which becomes a deduction and in turn minimizes your pass-through income. You then can use the funds in the foundation to pay for certain expenses like meals, traveling, cars, etc. Another loophole is to buy art or other investments from your LLC. I used to work for millionaires and they would share these tidbits with me once in a while. Obviously nothing you should do without the use of experts such as tax advisors, wealth management, tax attorneys, CPA, etc
Somebody else mentioned making donations to a charity that you control. That is one of many “loopholes” what wealthy people take advantage of to not pay taxes. In a nutshell, you create a non-profit organization like “SpiritedEngineering Foundation” where you manage the fund. Your LLC then “donates” to that charity, which becomes a deduction and in turn minimizes your pass-through income. You then can use the funds in the foundation to pay for certain expenses like meals, traveling, cars, etc. Another loophole is to buy art or other investments from your LLC. I used to work for millionaires and they would share these tidbits with me once in a while. Obviously nothing you should do without the use of experts such as tax advisors, wealth management, tax attorneys, CPA, etc