You Took the Risk to Build a Business. The Tax Code Has Benefits for That.
If you take the risk to build a business, provide jobs, and produce goods and services, you’re entitled to every benefit the tax code provides for that. Most business owners don’t get those benefits — not because they’re doing anything wrong, but because their tax preparer is filing returns, not actively planning for next year.
There’s a meaningful difference between tax preparation and tax strategy. Preparation looks backward — it reports what already happened. Strategy looks forward — it identifies what can be done differently before the year closes, so next year’s return looks better than this year’s.
Legacy Life Planning works alongside your existing CPA — not as a replacement, but as a second set of eyes focused specifically on proactive planning. Most business owners are missing deductions and credits their CPA isn’t actively looking for, simply because that’s not the CPA’s role during tax season.
The R&D Tax Credit: More Businesses Qualify Than You'd Think
The Research & Development Tax Credit is one of the most underused provisions in the tax code — not because it’s hard to qualify for, but because most business owners assume it’s only for tech companies and labs with white coats.
In reality, the R&D credit applies to any business that’s improving a process, product, or system — including:
- Manufacturers developing new products, improving production processes, or testing new materials
- Construction and contracting businesses developing new techniques, designs, or methods for projects
- Software and technology businesses of any size — even small teams building internal tools
- Healthcare practices developing new treatment protocols or processes
- Any business that’s experimenting, prototyping, or improving how something is made or done
The credit is dollar-for-dollar against tax owed — not just a deduction. For an eligible business, it can represent tens of thousands of dollars in tax savings, and it can often be claimed retroactively for prior open tax years.
Legacy Life Planning works with a national firm whose dedicated team specializes in R&D credit identification and documentation, working alongside your CPA to file the claim correctly.
Strategies Most CPAs Don't Bring Up Unless You Ask
Defined Benefit Pension Plans
The single largest available deduction for a profitable business owner. A Defined Benefit Pension Plan can shelter $100,000 to $250,000+ in pre-tax income annually — all deductible, all building toward your retirement.
Entity structure review
Whether you’re an LLC, S-Corp, or sole proprietor significantly affects your self-employment tax exposure and how income flows to your personal return. Many business owners are operating under a structure that made sense five years ago but no longer fits their income level.
Health Savings Account (HSA) maximization
For business owners on a high-deductible health plan, HSA contributions are triple tax-advantaged — deductible going in, tax-free growth, and tax-free withdrawals for medical expenses. Most owners contribute far below the annual limit.
Augusta Rule (Section 280A)
Allows business owners to rent their personal residence to their own business for up to 14 days per year for legitimate business purposes — tax-free income to the owner, deductible expense to the business. Often overlooked entirely.
Cost segregation studies
For business owners who own their commercial property, a cost segregation study reclassifies portions of the building into shorter depreciation categories — accelerating deductions significantly in the early years of ownership.
Retirement plan stacking
Combining a Defined Benefit Plan with a 401(k) profit-sharing plan can push total annual deductible contributions to $150,000–$350,000+ depending on age and compensation.
Infinite Banking & IUL as a tax-free reserve
While not a current-year deduction, properly structured Infinite Banking and IUL policies grow tax-free and provide a liquidity reserve that doesn’t add to your taxable income — useful for business owners whose income fluctuates year to year.
Lance Doesn't Replace Your CPA — He Works Alongside Them
A common concern: “I already have a CPA. Why would I need this?”
Most CPAs do excellent work preparing accurate returns based on what already happened during the year. Proactive tax strategy — identifying what to do before December 31st that changes what next year’s return looks like — is a different function, and most CPAs don’t have the bandwidth to do both during tax season.
Free strategy session
Lance reviews your business structure, income, current retirement contributions, and existing deductions to identify gaps.
Opportunity identification
Lance identifies which strategies — R&D credit, entity restructuring, retirement plan design, Augusta Rule, cost segregation, or others — apply to your specific situation.
CPA coordination
Lance works directly with your CPA (or refers you to one if needed) to implement the identified strategies correctly and ensure everything is filed properly.
Year-round planning
Tax strategy isn't a once-a-year conversation. Lance stays engaged throughout the year so that decisions — bonuses, equipment purchases, retirement contributions — are made with the tax picture in mind before it's too late to adjust.
This Is Most Valuable For:
Profitable business owners who feel like they’re paying too much but don’t know what to do differently
Business owners with no retirement plan beyond a basic IRA — the gap between a SEP IRA and a properly designed Defined Benefit Plan is often six figures in annual deductions
Manufacturers, contractors, and tech businesses that may qualify for the R&D credit without realizing it
Business owners who own their commercial property and haven’t done a cost segregation study
Anyone whose CPA relationship is purely transactional — return goes in, return comes back, no planning conversation in between
Frequently Asked Questions
Will this replace my CPA?
No. Lance works alongside your existing CPA, identifying proactive strategies and coordinating implementation. Your CPA continues handling your filings and compliance — Lance adds the planning layer that’s often missing.
What's the R&D tax credit, and how do I know if I qualify?
The R&D Tax Credit rewards businesses for activities that improve products, processes, or systems — far broader than most people assume. Manufacturers, contractors, software businesses, and healthcare practices frequently qualify without realizing it. The only way to know for sure is an assessment — Lance works with a national firm specializing in R&D credit identification to determine eligibility.
I heard about the Employee Retention Credit (ERC/ERTC). Can I still claim it?
No. The filing deadline for all ERC claims was April 15, 2025, and the program is closed to new claims. If you’re contacted by anyone offering to help you file a new ERC claim, that’s a significant red flag — the IRS has specifically warned about firms making this claim, since no new filings are possible.
What's the difference between a deduction and a tax credit?
A deduction reduces your taxable income — its value depends on your tax bracket. A credit reduces your tax bill dollar-for-dollar, regardless of bracket. The R&D credit is a credit, which is why it’s often more valuable than business owners expect.
How much can a Defined Benefit Plan actually save me?
It depends on your age, income, and business structure, but for the right business owner, annual contributions of $100,000 to $250,000+ are common — all fully deductible. See the Defined Benefit Pension Plan page for the full breakdown.
What's the Augusta Rule and is it really legitimate?
Yes, it’s a long-standing, legitimate provision (IRC Section 280A) that allows homeowners to rent their personal residence to their business for up to 14 days per year without reporting that rental income — while the business deducts it as a legitimate expense. It requires proper documentation (a real business purpose, fair market rental rate, and a rental agreement) to hold up, which is why most business owners who could use it never do.
Is the first consultation really free?
Yes. Lance reviews your business structure and current tax situation and identifies which strategies are worth pursuing — no obligation, no product sale.
Tax Strategy Connects to Everything Else
Areas Served
We serve the Tri-Cities in Northeast Tennessee and Southwest Virginia. This includes but is not limited to the areas below.
Premier Tax Strategy Partner
Laura Harper is the Founder and Owner of Integrity Advisors Group, a tax consulting firm specializing in advanced tax strategies designed to help small business owners increase cash flow. As a former construction business owner, Laura understands the financial challenges entrepreneurs face and the opportunities often missed without proper guidance.
Integrity Advisors Group provides personalized tax strategy support, including solutions backed by an in-house tax attorney. Legacy Life Planning is proud to partner with Laura as a trusted resource for clients seeking proactive, legally sound tax planning.