Our new website is Here!

NexStep Innovations has a new look! Our new website is at long last up and active! Be sure to stop by and take a look at: www.nexstepinnovations.biz.

You can also sign up for our monthly newsletter with tips, articles, and links to all kinds of great business information.

Again, if you have any special topics of interest or questions you’ve always wondered about, drop us a line so we can address it in a blog post or in an upcoming newsletter. We also feature guests in both the newsletters and blogs, so if you have a particular area of expertise or article you’d like to share, let us know so that we can make plans to include you, as well as a commercial for your business.

Are you avoiding Estate Planning?

Estate Planning is a topic people, just like you, don’t like talking about and don’t make a priority. So what is it about Estate Planning that has people avoiding it like the plague?

Well let’s take a look…..

Estate planning’s primary focus is on death and taxes, and those are topics people aren’t dying to talk about…oh, come on, you know that was funny. The majority of people go through life ignoring the topics of death and taxes as if by doing so they can avoid both. No one has yet to say it better than Benjamin Franklin: “In this world nothing is certain but death and taxes.”

The few people taking the time to look into Estate planning are finding nothing but contradicting and bad advice from so-called “Estate Planning experts”. Financial Advisors are always able to find ways to spend your money; Attorneys make more money representing you in lawsuits, divorces, and probate court than helping you implement solid Estate Planning. Out of all the experts Accountants usually avoid the topic, as their advice is about the amount of money you’re going to give to greedy politicians, in the way of estate taxes. God Bless Accountants!

At NexStep Innovations we don’t do regular Estate Planning; our reasoning is really quite simple. We don’t like talking about death or taxes either. Talking about spending a quarter of your wealth implementing boring old cookie-cutter plans, losing three quarters of your money to greedy politicians who want to gift it to their beneficiaries and not yours, and the grand finale DEATH, isn’t really the most exciting or motivating conversation. Makes you want to go pick out coffins, doesn’t it?

We know what you’re thinking, so what is it that NexStep Innovations does? NexStep Innovations works with our clients to create Multi-Generational Legacy Strategies. We are changing the way people look at planning for the future. We don’t talk about death and taxes; we do talk about your future generations, and we do talk about wealth preservation. We work with you to create a family legacy that will get you excited about generating wealth and that gives you motivation to keep building your wealth. We put the twinkle of pure enjoyment back in your eye, helping you to take action to reduce or eliminate estate taxes. Multi-Generational Legacy Strategies are the beginning of future generations, not the end. We show you how to combine diverse entities to protect your wealth from devastating threats such as your toxic ex-spouses, your children’s future toxic ex-spouses, medical bills, current and future business partners, and frivolous legal actions. We show you multiple investment vehicles to grow your wealth without increasing estate taxes and while allowing you to keep all the control. Most importantly with our advanced strategies your wealth won’t be given away only to be squandered by some politician.

If you want to get excited about planning for the future, give us a call and schedule a consultation. We look forward to working with you.

Dissecting the Living Trust

The Living Trust is a set of instructions you create to list what assets you own, to advise who gets your assets when you die, and to advise how and when your assets should be distributed.

The Living Trust is a revocable grantor trust, which means it can be changed at anytime and the assets within the trust belong to the grantor. So if you put $10,000.00 into a bank account in the name of the trust you personally can withdraw money from the account. If you are sued personally the $10,000.00 you placed in the bank account belongs to you and can be used to settle a personal lawsuit. Yes, it is very true; your stuff can be taken from the Living Trust!

The Living Trust only avoids probate court; it does not avoid estate taxes. The trust is responsible for paying the correct amount of estate taxes owed.

There are three key players involved in a Living Trust: the Grantor is the person creating the trust to hold assets; the Trustee is in charge of distributing assets specific to the Grantor’s wishes and pay any estate taxes; and the Beneficiaries are the ones that get the goods.

The Living Trust should contain an appointment of guardian for minor children. We all have that relative whom we hope will never be a role model for our kids, so it’s important that we spell that out ahead of time. The Living Trust should contain a list of all the assets you own, including bank accounts, retirement accounts, insurance policies, heirlooms, vehicles, etc. The Living Trust should advise the Trustee who gets what, for example, your daughter gets your jewelry, your son gets the cars, etc. The Trustee should also be instructed as to when the assets should be given, for example, the kids should be age 25 and graduated from high school.

A good trust will also include a Medical Derivative. This informs medical professionals how you wish for them to treat you in life threatening conditions because loved ones are too emotionally involved in the moment to be able to follow your wishes. For a clear example of how this does happen in real life, research the Terry Schiavo case.

It is important for you to understand that the Living Trust is you, the assets are yours, the estate taxes are owed on the assets, and the assets can be taken in a legal action.

We do not believe that the Living Trust should be used as a land fill for all your stuff, as some legal persons may advise you to do. The Living Trust is a clear roadmap for the distribution of your estate and for your final wishes, so NexStep Innovations does encourage everyone to implement a Living Trust. And if you already have a Living Trust, NexStep Innovations encourages you to re-examine how you’re using it and to find out if you could be using it better.

If you wish to discuss your personal need for a Living Trust please feel free to contact us.

The Truth about Wills

We are sure everyone has heard about those little things called Wills. Wills have been around for years. You’re also all aware that smart legal people have been building people’s faith that Wills keep family heirlooms in the family. And of course everyone understands how gracious and kind-hearted those smart legal people are to make Wills affordable for everyone. We all buy into this right? WRONG, only those who have NOT been punched in the kisser by Probate Court still buy into this grand deception that Wills are the best tool to pass your assets on to your heirs.

We at NexStep Innovations have heard the stories of probate court told so many times; they are all devastatingly sad, riddled with family assets being liquidated to cover estate taxes, loved ones coming to blows over who got what or suing each other over dollars, families financially ruined due to the cost of having a smart legal person represent them in probate court.

The Secret Truth: A Will is a bunch of useless papers. It doesn’t prevent the estate’s assets from being frozen for months or years. It doesn’t provide clear direction for the distribution of assets. A Will can be contested by beneficiaries. A Will doesn’t give medical people directions in emergencies when loved ones are emotionally unable to make clear medical decisions. A Will doesn’t provide for additional beneficiaries. A Will doesn’t provide a roof, clothing or food for minor children. It doesn’t protect from divorces or future divorces, and estate assets are not protected from legal actions.

Wills are cheap for a reason; smart legal people make more money representing your beneficiaries in probate court than implementing strong legacy planning. So it may cost you $99.00 to have a legal person draft a Will; however, it can cost Thousands for that same legal person to represent your beneficiaries in court.

Many people out there don’t know what probate court is, so we want to briefly explain. Probate Court determines the total value of your assets after you are no long living. The Court will then determine the total amount of estate taxes the estate will pay and bill the estate for the service of determining the total value of your assets. The Court will then liquidate whatever assets are needed to cover the owed taxes, court fees and your family’s smart legal person’s fees.

NexStep Innovations LLC believes that the fundamental intentions of a Will are good; however, the implementation, protection and misrepresentation by the legal person of the Will are bad. In truth we do not promote one specific vehicle for everyone when it comes to building and protecting your assets. We believe in creating customized strategies that are specific to you, your beneficiaries and your assets.

If you wish to discover the best ways to protect you, please contact us.

Where do I put my home?

Question: Can I put my personal residence into my corporation or LLC?

Answer: Sure, there isn’t anything that says you can’t put your personal residence into a corporation or LLC.

But, there are a few things you should know before you do that. The first thing is we wouldn’t ever recommend you putting your personal residence into a corporation or LLC since we believe putting your personal house into your corporation or LLC is a very bad idea.

One of the main goals of setting up a corporation or LLC for your business is to separate your personal assets from the assets and liabilities of the business. When you put your personal residence your combining your personal and business assets which means if the business losses a lawsuit, then they could take your personal residence to settle the judgment. The possibility of your business being sued is great, so the possibility of losing your home is great. Not our idea of protection.

Another potential problem with putting your personal house into your business entity is that you can create some very real tax problems for your business. The entity would be required to pay taxes on the sale of the home; you get the luxury of paying long-term or short-term capital gains taxes on the sale of the home; then as the equity in the home increases, it must be claimed as profit on the tax return of the entity and the entity must pay taxes on the profit. Doesn’t sound like protection, it sounds like a great way to pay taxes, more taxes and even more taxes; but hay if you like paying taxes go for it.

Lastly, if there are mortgages on the property, since the incorporated entity is not you, the mortgage company or companies can ask you to pay the loan they gave to you in full immediately.You do have options for protecting your personal residence as well as any business properties or investments properties. You can contact NexStep Innovations LLC and we can discuss options to protect your home or investment properties.

Tax Due Date?

Question: When does a corporation file taxes?

Answer: A corporation must file a tax return every year. Even if it does no business, it still should file a return, called a non-activity return.

The due dates for the returns a determined by how the entity wishes to be taxed.

If a Corporation elects to be taxed as an S Corporation, the tax return is due on April 15th in conjunction with your personal 1040 return, which of course is also due on April 15th.

If the corporation has elected to file as a C-Corporation for tax purposes the due date can be a little more difficult to determine; however, rule of them is the taxes are due 2 ½ months from the closing of the financial records. Financial records are kept either on a Calendar or Fiscal year. Records kept on a Calendar year will close its records on December 31st and tax returns would be due by March 15th. If records are kept on a Fiscal year the directors can decide in what month to open the books and which month to close the book, then taxes would be due 2 ½ months after the closing of the books, for example purposes, let’s say we open the fiscal records on April 1st; we would close the books on March 31st, and the tax return would then be due on June 15th.

Question: What if my business entity is an LLC then when would my taxes be due?

Answer: The LLC will also file a tax return each year. Even if no business has been conducted a non-activity return should be filed.

The LLC is now being referred to as the “check the box” entity, since it can elect to be taxed a number of different ways.

By default the IRS views the LLC as a partnership or if the LLC elects to be taxed as an S Corporation. The tax return would be due on April 15th in conjunction with the partners’ personal 1040 return, also due on April 15th.

If the LLC elects to be taxed as a C-Corporation for tax purposes, then the above C Corporation explanation would apply.

Both the Corporation and LLC can elect to be disregarded, which means that neither would file any tax return and all information would be filed directly on an individual’s 1040 tax return, with the due date of April 15th.

Just like individuals, both the Corporation and LLC may file extensions with the Internal Revenue Service, which would of course change the due date.

What's an RA?

Question: What is a Registered Agent, and do I need one?

Answer: A Registered Agent (RA) is also called the agent of process. It simply means the entity, be it natural person or business, is your business’ physical representation in the state where you are conducting business or incorporated. It is a requirement of all States that an incorporated entity or entity transacting business have physical representation within their borders; a PO Box does not qualify as physical presence. Commercial Registered agents charge a service fee for the use of their physical representation.

State statues give the RA or Agent of Process two very specific jobs; the first is to provide a physical address (not a PO Box) and to be available to receive legal notices, lawsuits, summons or subpoenas on behalf of those for whom they have accepted the appointment of Registered Agent. It is then their responsibility to forward these notices on to you. These are the only services provided by a Registered Agent that are regulated by State statues (i.e. Laws).

Hiring a Commercial Registered agent is not a State statue; it may be a smart decision on behalf of your business. Most Commercial Registered agents have strict guidelines that they follow when receiving, forwarding and tracking legal notices on your business’ behalf. You would not want to lose in court because you knew nothing about being sued. Also, there is at times some privacy issues involved with having legal notices serviced to you at your personal residence or in front of employees or clients.

When you hire a Commercial Registered agent you should expect to pay a fee to them annually. As long as a Commercial Registered agent’s name and physical address appears as your legal representation with a State, they are providing a service to your business and should be paid the requested compensation. If you fail to pay a Commercial Registered agent they may notify the State through a resignation that they are no longer representing your business, and once the State approves the resignation, your business is no longer compliant with the States statues and would allow a judge to set aside your incorporated entity in any legal action. There are a couple of Commercial Registered agents that will report negative non-payment on both your personal credit and business credit. If you are unable to pay the Commercial Registered Agent’s set fees or are unsatisfied with the service being provided, you should find a more cost effective RA or one that satisfies your needs and appoint them as your new Commercial Registered Agent as quickly as possible. If you have closed the business, file a formal Dissolution or Withdraw with the State so that the Commercial Registered Agent is no longer held to its responsibilities under State statues. Although the State employees will advise you that the dissolution or withdraw is unnecessary, the Commercial Registered Agents can continue billing your business for services, since State status still hold them responsible for your business entity.

Some Commercial Registered Agents offer additional services to business. One that is commonly included in your annual RA service fee is receiving and forwarding first class mail on behalf of your business. This usually covers notices from a State Agency (i.e. Secretary of State) or Federal Agency (i.e. IRS). Sometimes you may pay additional fees for extended mail forwarding, phone numbers, office use, consulting services. Check with the Registered Agent on other available services.

Large Sole Proprietorship?

Question: What are some of the largest sole proprietorship companies in the United States?

Answer: Oh…. this is a good one. There are no large sole proprietorship companies in the US. All large companies in the US operate as incorporated entities. Incorporated entities provide business the best liability protection for stockholders as well as tax benefits. In fact many major companies have multiple corporate entities that own intellectual property, certain products, even commercial property. A great example of this, Johnson & Johnson, is made up of over 230 subsidiary companies and they produce multiple product brands under the subsidiary companies.

There is no such thing as a Fortune 500 sole proprietorship. Many of you are reading this because you’re trying to determine if you should be incorporated. In your search you will find many people who will advise you that you're two small to be incorporated. Every Fortune 500 business started out small. Just because you’re small doesn’t mean you can’t play with the big boys. By incorporating your business early you start right away protecting your investment, reducing your liability, and save money with tax benefits.

Time not Wasted..

Question: What are the requirements of an S Corporation as far as mandatory/required meeting minutes?

Answer: All Corporations, no matter how they elect to be taxed, must record meeting minutes that document the thoughts and actions of both the Directors and Stockholders. Both the IRS and the Courts will request the amendments, resolutions and meeting minutes of a Corporation, and if these documents have not been implemented, the Corporation may be set aside, holding the stockholders personally responsible for taxes and legal actions.

Being successful involves knowing when to hire an expert to handle tasks you may not understand or have time for. Delegating time consuming tasks to a professional costs very little, when you calculate in your time wasted figuring it out yourself instead of focusing your time on the growth of your business.

Ouch Comingling!

Question: I formed an LLC for my business; do I need to open a Bank Account for it right away?

Answer: Yes, it is important that the LLC maintains its own financial identity. Money made should be deposited into the business bank account and expenses should be paid from the business banking account. Most banks will require a copy of the Articles (some request a charter or documents showing approval to transact business in the state), Banking Resolution, employer identification number (EIN) for the LLC, and your personal social security number.


Comingling will get you every time! An LLC has a legal identity of its own, completely separate from its owners. The IRS loves proving the comingling of financial identities as it opens the door for dismissing deductions that will increase the personal and business tax liability, penalties, and interest. If the Courts can combine the two identities financially, they can combine the liability of the identities, putting both the business and personal assets at risk.

Multiple Business?

Question: Can a Corporation or LLC have a D.B.A?

Answer: Yes, a Corporation or LLC can file to obtain a D.B.A or Fictitious name. You can complete a D.B.A application in the County where the LLC is transacting business, but be cautious when completing all documents to ensure that the D.B.A. gets structured under the LLC. By filing the D.B.A. under the LLC, the D.B.A. gains liability protection from the LLC.

Watch your eggs! Huh? That’s a really crazy FYI; however, let’s take a look at the following: John Doe decides he is going to purchase rental properties and open a restaurant. John opens an LLC to handle both ventures, under two different DBAs. One of his rental properties has a lawsuit; by holding both ventures in the LLC, the restaurant venture will also be liable for those legal actions. When you place all your business venture eggs into one basket, you’re putting the whole basket’s assets at risk.

You ask...we answer and share!

We get a lot of questions about incorporating, estate planning, tax management and business credit. We thought you might enjoy being able to see these questions, as some of you may have the same questions, posted on our blog. We are going to be providing general answers, which means that the answers may be different when applied to your individual and business needs.

If you have any questions that you would like an answer to, we would encourage you to contact NexStep Innovations LLC so we can provide you with an informed and personalized answer.

If you would like to see a blog post on a specific topic please e-mail us so we can start working on the post right away!

Them VS NexStep

Since you have found us I will guess that you’ve probably been doing a lot of research about incorporating, estate planning, and business credit. I am sure that you have found plenty of websites, and read lots of expert information.

What makes NexStep Innovations different from all the other companies out there?

The Incorporating & Estate Planning Industry has become a lot like the fast food industry in many ways. You have McDonalds, Burger King, Wendy’s, Carl’s Jr., and Jack in the Box, each one claiming that they are #1 because of their fast service and great food. However, more often than not they fall way short of their claims. Well, the same is true with the Incorporating Industry; hundreds of companies out there are all claiming to be the “Best Incorporating Company” or the “Best Estate Planning Company”. By what standards do these companies determine that they are the “best”? Is it the number of clients? Is it the number of years in operation? Maybe it’s the number of entities they represent (some in bad standing with the States).

Remember customer service?

I grew up in upstate New York, and my Dad ran a Full Service Gas Station when I was child. I know a Full Service Gas Station is an oddity today; however, back then they could be found in most towns. They existed when customer service mattered. Or should I say when customer service existed. For those of you who have never seen or experienced a Full Service Gas Station, you would pull in to the clean gas station, up to the shining gas pump, and immediately a guy would run out to your car with a genuine smile to greet you politely. He’d ask you if wished to have the tank filled all the way up and what grade of gasoline; after beginning to pump the gas, he’d ask you to pop the hood so he could check all the fluids, filling up any that were low. He’d then check the air in all your tires, and he would even wash all the windows. When he was done, he’d come back to tell you the total for the gas. You would give him the money for the gas; he would charge your card or get your change; then he’d thank you for stopping by and send you on your way.

Where am I going with all of this?

My Father created relationships with his customers, they knew all about him and he knew all about them. His customers would travel many miles to have their cars serviced at his Station. I can to this day remember being with my father on his days off and people coming up to pinch my checks, and to tell him how much cuter I was than in his pictures. His customers would invite him to family weddings; if a customer passed away he would attend their funeral. The guys who worked for my father and his station didn’t complain about their lives. They wouldn’t discuss hating their jobs with co-workers while serving you. They didn’t greet you with a scowl. They weren’t poorly groomed. They didn’t look or act like they were stoned. They didn’t flip you off for not tipping. The soda machines inside were always filled, and all the soda was wiped down before being put into the machines so no one got sticky goo on their hands. These were things that were intended to be taken for granted. In those days, a business wouldn’t last a week if it were run the way we see things today.

NexStep Innovations brings something to the industry that is long overdue; we’re bringing back good old-fashioned Customer Service. Our clients aren’t treated as just some random number in the punch bowl of clients. Each client is a priority. We are the benchmark for this industry. Soon others will follow suit and there will be competition, but, for now, NexStep Innovations is unique in this field.

Your service does not end at the close of the sale. Indeed, that’s when it begins. In fact, we do not have a sales force. No leathery hacks here trying to squeeze out your last dollar. We don’t measure success in the number of one call closes, the turn and burn sales deals, the number of dollars on a sales board. We don’t even measure success by the amount of dollars in our bank account.

Our long term business relationship with our clients is what determines our success.

What is Business Evolved?

Innovative and Evolved Business

Potential clients love to ask us about our name, NexStep Innovations, and our tag line, Business Evolved.

Just what does that mean?

It means that we are in the business of helping business owners attain the next step towards their particular goals through innovative strategies, designed especially for the individual business owner’s goals.



And just what is Business Evolved?



The answer is different for each individual business. The answer is as varied as the multitude of businesses out there.

The business environment is always in flux; it usually changes every couple of years. In order for a business to survive, it has to be able to adapt as quickly as the business environment changes. That’s evolution, or the process of adaptation.

Politicians in congress will always put provisions in the law to suit their own business, and (though they won’t tell you), those provisions work for anybody. The changes in the tax code and the changes in asset protection laws cannot discriminate; they will work for any of us. NexStep Innovations’ business is to keep up with these provisions and to help you exploit them.

Each business, including NexStep Innovations, has a vision, a purpose. And each business, including NexStep Innovations, has a set of goals. Those goals are defined by you, the business owner. When you work to reach those goals, you follow a plan, or a strategy. As you attain your goals, or if you see that your goals are not getting the results you want, you set new goals. All of that is part of your business maturing, adapting, and becoming successful. That is all part of your business evolution. We’ve all had goals that we thought were important but that turned out to be what we wanted and not what our customers wanted. So we work our plan and modify our plan as the business grows. It doesn’t matter if we’ve been in business for only a short time or for years and years – we build the business by following a plan and being flexible when needed. We continue to evolve.

So the idea of NexStep Innovations is to help your business, no matter what point you’re at, to continue building and following a plan. We design strategies that help you attain your particular goals, and as each business is sitting at a different step on the ladder of growth, we help you take your next step.

And Business Evolved means that we take a very individualized approach to building those strategies. Business Evolved means that we develop an individual solution for you and aren’t stuck with the idea that everyone should be following the same path in their business. The answers were not the same yesterday as they are today, and tomorrow they may change again. Evolution is the idea that we build and adapt according to the environment and the changes in the environment. Innovation makes the evolution happen.

That’s NexStep Innovations, LLC, Business Evolved.

Got Branding?

What is Branding?

The American Marketing Association (AMA) defines a brand as a "name, term, sign, symbol or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of other sellers.”

Branding is about getting potential customers to see you as the only choice for your product or service. Branding is not about making sure that they choose you over the competition. Think about the Golden Arches™. How many small kiddos know when they see that big yellow sign start salivating for the yummiest French fries in town? They don’t even have to know the name of the company, although most of them do. And how many people ask for Advil™ when what they need is ibuprofen for their headache? What about Kleenex? We don’t ask for “tissues”, we ask for a Kleenex™. These are all great examples of what branding can do for your business.

Does your company branding invoke this kind of imagery? Or does your company even have a brand image?

Your brand should deliver a clear message to your prospective customers, while connecting with them emotionally. It should also motivate customers, keep your business on their mind, and create loyalty.

A good brand and image takes research, planning, and an understanding of what your potential customers want and need. And it should be integrated into every point of contact with your customers and potential customers. Everything from your letterhead to your invoices to your advertising to your people reflects your brand and what image you want to reflect.
With a well-thought out branding strategy that is implemented into all of your potential points of contact with your customers, your business will become the choice for your product or service.

Schedule your Image Consultation today with NexStep Innovations LLC, and let us help you become the leader in your industry.

Can my Corporation Establish Business Credit?

Yes, a corporation can establish business credit. It is in the best interest of both you and your business to separate the credit profile of the business from your personal credit profile. One of the reasons you decided to incorporate was to separate your personal liability and your business liability. By loaning your personal credit to the business, you create personal liability, not separation.

We want you to think about this question for a moment: if your business fails today, how much financial debt would you be personally liable for? For people just like you, that has become reality for them. They are stuck for years trying to shovel out of personal financial ruin. With a little work you can prevent this from being your reality.

Do understand that business credit is nothing like personal credit. If you make financial mistakes with your personal credit, you are able to fix it over time; not so with your business credit. If a personal creditor provides incorrect reporting you are able to have it corrected; a business can’t. And the biggest difference between personal credit and business credit is that there isn’t a single federal regulation governing business credit bureaus, so the bureaus get to make their own rules and play by their own rules. Dun & Bradstreet (D & B) is the oldest and most well-known of those credit bureaus, and the majority of business creditors rely solely on their reports when determining businesses credit worthiness. So it’s important to have a solid Duns number.

Thousands of businesses are out there promising business owners assistance with establishing business credit. You have probably heard their advertisements, offering promises of enchanted lines of business credit, instant access to unsecured credit cards, millions of dollars of investment capital, the ability to obtain luxury vehicles, to name a few. These Organizations make millions of dollars from their inaccurate advertising, due in full to business owners who leave their common sense in the bathroom so they can buy into these organizations’ programs.

We would encourage you to make establishing business credit a priority; however, be understanding when it comes to the work and time involved with doing so. If you are inexperienced in building business credit, having someone with experience to help you along the way is a great idea. If you would like assistance finding a reputable organization to assist in establishing business credit, give NexStep Innovations LLC a call.

Elite Much?

Dear High Net-Worth Readers:

Are you wondering: How do I protect my wealth in this changing political environment?? Are you worried that our new government might actually do some of those things you’ve been hearing about during the campaigns? Do you think you’ve worked hard for your wealth, and that other people who have chosen not to work so hard don’t deserve to take it from you? Are you wondering what will happen to your 401K, IRA or other retirement funds, and wonder if you will have anything left when you decide to retire? Are you concerned that you will be punished for being successful and amassing wealth? Do you look at the economic outlook and wonder how you can be certain that your estate is not going to be taxed out of existence?

If these are some of the questions that have been plaguing you, now is the time to find the solution. Now is the time to take advantage of the available opportunities to protect your wealth. Now is the time, in part, because maybe not-so-far in our country’s future, these opportunities might vanish, or at the very least, might not be quite so easily attainable. Now is the time to prepare, now before the new regime decides to take a look at what you’ve got and decide that your wealth is better off in their redistribution pot.

If you have been wondering how you’re going to do what you need to do, or if you have been wondering how to implement it once you figure out what it is that needs to be done, and if you’ve been wondering how you’ll be able to run it, you’ve come to the right place.

NexStep Innovations LLC specializes in solutions.

We specialize in creating custom strategies for the people that need them. Whether you have a business, whether you have personal wealth, whether you have Real properties and/or investments, whether you have children or grandchildren or spouses or favored charities, or whether you want the option of choosing to whom you spread your wealth, we have the solution for you.

Some of you will want complicated and layered structures, some of you will want simple but effective structures, and some are looking at offshore bank accounts, entities, and investments. We have the resources and the expertise to work with you to design your custom wealth preservation and tax management strategy that fits your needs.

NexStep Innovations LLC has solutions for the elite high net worth individuals that may have the most to lose in the present economic and political environment, and now is the best time to speak with our team and devise and implement the best strategy.

Want to reduce your taxes?

NOW is the Time to act,
NOW is the time to start a Corporation or LLC,
NOW is the time!

Many of us have been waiting with bated breath through this whole election cycle. And many of us, no matter who we voted for, are a bit nervous about what may change in the coming months. With the economy wreaking havoc on our bank accounts, businesses, and emotions, we look to a new President with the hopes that things will begin to move once again. Just having the elections over is a good start, a time to get back to business.

A great way to prepare for the change we will be seeing is to have options regarding the tax management of your business. The key to tax management is to open as many of those options as you possibly can, so that in the face of any change, you can adapt and take maximum advantage of the changes through structured planning.

Because businesses have tax write-offs either unavailable to individuals or with better percentages than are available to individuals, it’s smart to keep your business income separated from your personal income. And because wealthier individuals will be taxed even more, and because the definition of “wealthy individual” is changing, it’s more important now to keep the two incomes separate. A sole proprietorship keeps your business profits taxed at the personal level on your 1040 tax return and keeps you from taking advantage of the full 100% write-offs available to formal businesses. Instead, by using a business entity, such as a corporation or limited liability company, you can take advantage of those tax write-offs that are not available to an individual’s tax return.

You can actually have more than one tax return: your individual tax return, or 1040, and your business’s tax return. By separating the incomes, you add options, giving yourself more control in the game of reducing taxes. You will have the power to design a great tax strategy, with the help of a good accountant.

Leaving your business structured as a sole proprietorship leaves you with only one choice: pay taxes both personally and at the business level on the same tax return. Your personal write-offs will potentially be eaten up by business profits, and your business dollars cannot be used as effectively as they could be through some other type of business entity.

While tax management is only one of the many great reasons to incorporate, it’s the reason that is on most of our minds at the beginning of these challenging times. Don’t wait to set up your entity any longer. Don’t let your neighbors or the media or anyone else tell you that your business is too small to incorporate. Other people may not see the folly of remaining a sole proprietor; don’t hurt your business by following the people who don’t get it.

What's the Deal with Nevada?

The Truth about Nevada

The incorporating industry is advertising Nevada’s benefits of zero state tax, officer’s and owner’s privacy, and liability protection. The result of these advertisements is that many business owners decide to structure their business entities in the State of Nevada.

Nevada does in fact provide these benefits to incorporated entities; however, many business owners will not benefit from Nevada’s zero State tax, officer’s and owner’s privacy, and in some cases, the liability protection.

As a business owner you have a choice of where to incorporate your business. However, this does not mean that you are able to operate your business in any State within the United States without paying that State’s taxes, without filing for authority within that State, or without complying with that State’s laws for an entity transacting business within its borders.

NexStep Innovations, LLC believes that Nevada is a great State to incorporate your business; however, we believe that you should know the benefits specific to you. We will build a strategy based only on your business, your vision, and your goals, and we’ll make sure that you’re aware of all benefits or additional steps you will need to follow before implementing any strategy.

I Started a Corporation or LLC, Now What?

But are you REALLY Protected?

Most business owners that start a corporation or limited liability company (or any other formal business entity) do so because they want to protect their assets and save money on taxes.

But did you know that the majority of those same business owners don’t actually have assets that are protected, and are in danger of having to pay higher taxes with penalties and interest, all because they don’t run their business entities properly?

It’s a matter of Compliance.

Compliance is following the rules on the formal organization of your business entity. When your entity is in compliance, you regularly document the decision-making of your business as a separate legal entity.

Not being in compliance will leave you hanging with a worthless box of pretty paper, and a false sense of security. If you go to court or get audited by the IRS, you risk losing assets from both your business and personal life, defeating the whole purpose of incorporating.

NexStep Innovations LLC offers the solution to keeping your business in Compliance. Our Compliance Packages are full-service and individually designed for your business based on your particular Compliance needs. From our licensing and permit upkeep program to our document maintenance program and everything in between, we work with you to design and implement a program that fits your needs; so that you can spend your energy and time on what you do best—your business.

#1 Thing People ask us..

Why Should I Incorporate My Business?

So you’ve heard all this talk about how your business should be incorporated. You’ve tried to research this whole incorporating thing, but you’ve found that the more you read, the more complicated it gets. In fact, most information contains big words that you can’t figure out how to pronounce, much less what they mean. Here is what you need to know...

It's as easy as T.L.C!

Tax Benefits:

Incorporated entities have many tax benefits both on a federal and state level. The only tax advisors that would tell you anything other than this are those who do not practice or are not experts in the area of business taxes. If a tax advisor tells you that you’re too small or that you won’t receive tax benefits, you don’t need to work with that advisor; they will only cost you money and stunt your business mental health.

Liability Protection:

Incorporated entities separate the businesses life from your life. All business activity is conducted as a separate legal person; therefore, any legal actions taken against the business do not put your personal assets at risk. You do all the thinking and act on behalf of the business entity; you document those thoughts and actions within the records of the incorporated entity.

Credit:

Incorporated entities have the capability to establish credit. A business should be responsible for its bills, funding and debt. If you personally take on the debt of the company, if you extend your personal credit to the business, you will jeopardize your chances of growing your assets both on a personal and business level.

How easy was that?!

Let us introduce ourselves...

NexStep Innovations LLC is a business services company. We have decades of collective and comprehensive knowledge and experience. As a business owner, one of the most valuable commodities you have is your time. With that in mind, our company was created to be a complete source of business tools, saving you time, energy, and ultimately, money.

We carry all of the materials you need as you build your business, whether you are just beginning to build your business or whether you have been in business for years and are looking to expand your vision. You not only save precious time spent hunting for the right professionals for each area of your business development, you also get the added benefit of your whole team understanding what you are trying to accomplish.

Clients of NexStep Innovations, LLC have a team of experts working together to design and implement strategies made particularly for the client. Our approach treats every client as an individual, maintaining that every client has a different dream and vision. So one client's next step is going to be different from another client's next step. We will help you reach whatever your next step is.

That's NexStep Innovations, LLC.

A Begining Thought...

Think about the ripple effect: you throw a stone out into the middle of a still lake. The ripples from the stone spread out in circles, getting bigger and bigger, and reaching further and further. The stone doesn’t know anything other than hitting the water. But the water over the whole lake is affected as the ripples spread out. Our actions all have some effect to those around us and to the people around them. As we build our businesses, we have far reaching effects, sometimes that we never even recognize. It is our responsibility to create ripples with purpose, with intention, with possibility.

So it is with NexStep Innovations.

One of the many goals of the NSI blog is to bring you interesting, and pertinent, and helpful information. As a business services company, our aim is to bring you tidbits that help you in your business life. Some posts will simply be information, some posts will be commentaries, and some posts will be resources for you to check out. We fervently hope that all posts will be beneficial to you or to someone within your reach.

Till next time…