The Propeller – Save on Taxes, Awesome New Tech, and a new LLC Requirement – 1-14-2024

Starting January 1st, 2024, a new law called the Corporate Transparency Act (CTA) requires many businesses to file a Beneficial Ownership Information (BOI) report with the government. This means disclosing information about the individuals who ultimately own or control your business.

Who needs to file?

This applies to businesses like:

• Corporations
• Limited Liability Companies (LLCs)
• Any other entity formed by filing with the Ohio Secretary of State

Who doesn’t need to file?

There are exemptions for certain types of businesses, including:

• Large operating companies (over 20 employees, $5 million+ revenue, US office)
• Charities and religious organizations
• Financial institutions

What information needs to be reported?

For each beneficial owner (someone with at least 25% ownership or control):

• Name
• Date of birth
• Residential address
• ID number from an acceptable document (e.g., driver’s license)

Key dates and filing details:

• Registration starts January 1st, 2024.
• Existing businesses: File by December 31st, 2024.
• New businesses: File within 90 days of formation.
• Changes in ownership: File within 90 days.

Why does it matter?

Non-compliance can lead to:

• Civil penalties of $500 per day
• Criminal penalties of up to $10,000 and 2 years in prison

What should you do?

• Consult with a lawyer for guidance.
• Visit FinCEN’s website for more information: https://www.fincen.gov/boi

Don’t get caught off guard! Act now to comply with the CTA and protect your business. Share this with your friends and family who might have an LLC.

The tax benefits are why I recommend people have a side hustle, even if they don’t want a full-blown business. 

However, let’s say you’re in the opposite camp: you know, you’re an entrepreneur, and you’ve toyed with many business ideas.

Every idea should start as a side hustle, not a 100% all-in commitment. 

That’s because you don’t know what the market will think of your idea. If the market isn’t receptive to your stuff and doesn’t value your time, you need to consider doing something else.

So many people jump from idea to idea and never make enough money to set themselves up for long-term wealth.

I love the idea of leveraging W-2 income to build wealth while you work on your business. 

Some rules I’ve found helpful:

1. Most importantly, realize that your product or service must be inherently good on its own, and people are happy to trade their money for it. 
2. Do what you believe in wholeheartedly and are interested in. You’re more likely to push through the hard times when you passionately believe in its cause. You’ll also be a far better salesman if you are your own customer.  
3. Shiny object syndrome is a killer. Once you have something working and come across a new idea, keep the base one alive. Only when the new one is profitable and showing more promise should you consider entirely diverting your energy and doubling down. Otherwise, you’ll jump from shiny object to shiny object without making significant growth in any of them. 

The Consumer Electronics Show (CES) is a massive annual event where some of the most transformative technology makers and innovators show off their latest and greatest releases. CES 2024 has come and gone, leaving us with a head full of mind-bending tech and a serious case of future envy. From flying cars to brain-controlled gadgets, here are just a few glimpses of the innovations that stole the show:

1. Take to the Skies (and Skip the Traffic): Forget rush hour, CES 2024 was all about taking to the skies. Hyundai’s S-A2 air taxi promises to whisk you through the city in luxurious comfort, while eVTOL startups like Joby Aviation and Archer presented their sleek, vertical-takeoff options. So ditch the gridlock and get ready to soar – the future of urban transportation is looking sky-high!

2. Your Brain is the New Remote: Move over, clickers and touchscreens! The future of gadget control is all about your thoughts. Samsung’s NeuroGlove lets you manipulate virtual objects with your mind, while Sony’s Mocopi motion capture system translates your movements into stunning digital avatars. Get ready to become a Jedi master in your living room!

3. Smarter Homes, Happier Lives: CES 2024 proved that our homes are getting smarter (and hopefully, happier) than ever. LG’s InstaView MoodUp fridge is more than just a place to store groceries – it’s a transparent screen that displays photos, shows recipes, and even transforms into a karaoke bar! And with Samsung’s Bespoke AI Washer that learns your laundry habits and adjusts cycles for perfect care, chores might just become a thing of the past.

4. Robots to the Rescue: Remember Rosie the Jetson’s robot maid? Well, she’s got some serious competition. Bosch’s APAS construction robot is ready to take over the heavy lifting, digging, and leveling with AI-powered precision. And for those with disabilities, companies like GyroGear showcased hand-stabilizing gloves that can help regain control and independence.

5. Nature Meets Tech: CES 2024 wasn’t all about machines and screens. Nanoleaf’s Outdoor String Lights bring their mesmerizing color-changing magic to your backyard, creating a symphony of light and nature. And with smart gardens and plant monitors on the rise, even your green thumb can get a tech upgrade.

This is just a taste of the incredible tech that lit up CES 2024. The future is looking bright, innovative, and maybe even a little bit mind-controlled. So buckle up, get curious, and embrace the exciting world of tomorrow!

“Being the richest man in the cemetery doesn’t matter to me. Going to bed at night saying we’ve done something wonderful, that’s what matters to me.” – Steve Jobs

You get one life here on Earth. One chance. One go. Why not create something wonderful?

Stay warm!

This is re-published from the weekly email sent by Leonard Mack entitled The Propeller. To subscribe, visit https://www.LeonardMack.com/subscribe and read it every Sunday evening.

This intellectual nourishment is intended for informational purposes only. One should not construe anything herein as being legal, tax, investment, financial, or other advice.

My rule is this – I have no advice to give, only experience to share. I have no interest in being a guru or telling people what they should do. Rather, I share my own experience because there is no right or wrong. Your mileage may vary.