Common Tax Mistakes High Earners Make and How to Fix Them with David Bull
The Wealth Without Wall Street Podcast
Intro
This chapter explores how business owners can transition from active income to passive income using a tailored operating system. It highlights the advantages of tax deductions on business profits and offers strategies to optimize financial outcomes.
Are you overpaying in taxes without even knowing it? Would you like to learn how to keep more of your hard-earned money?
In this episode, David Bull rejoins Russ and Joey to discuss why 100% of the tax returns his team reviews each year require amendment. David explains the common mistakes entrepreneurs make with their taxes, why CPAs may not always have your best interest in mind when reducing tax liabilities, and how proactive tax planning can save you hundreds of thousands of dollars.
He also shares insights on how entrepreneurs can avoid surprise tax bills and maximize tax deductions, such as leveraging the qualified business income deduction. This episode is a must-listen for anyone looking to take control of their tax situation and avoid overpaying.
Tune in to take control of your tax situation and stop leaving money on the table!
Top three things you will learn:
-Spotting tax errors and saving a significant amount of money
-Reducing self-employment taxes with smart entity strategies
-Mastering your tax return and aligning with your CPA
About Our Guest:
David Bull is the Founder and CEO of Ark Financial, a firm redefining the family office model to serve the complex needs of entrepreneurs and business owners. Since founding Ark in 2013, he has helped hundreds of families optimize tax structures, scale their businesses, and build generational wealth. To systematize this approach, he developed the Family Office Operating System (FOOS™) and proprietary tax software, enabling more sophisticated planning at scale.
Disclaimer: The opinions expressed on this podcast are solely those of the hosts and guests and do not constitute financial advice. Always consult a licensed professional for financial decisions.
This episode is sponsored by a podcast show partner. We may receive compensation if you use links or services mentioned in this episode.
The hosts may have a financial interest in the programs or services mentioned in this episode.
Connect with David Bull:
-Website - https://wealthwithoutwallstreet.com/tax
Book Your Free Passive Income Game Plan Session:
-https://wealthwithoutwallstreet.com/freecall
Invest Like a Billionaire Podcast:
-https://thebillionairepodcast.com/
Want to raise millionaire kids? Watch how Sharran Srivatsaa — former Goldman Sachs banker turned entrepreneur and investor — is building a generational wealth system with his kids, step-by-step.
-https://go.wealthwithoutwallstreet.com/millionaire-kids
Turn Active Income Into Passive Income:
-https://wealthwithoutwallstreet.com/pios
Wealth Without Wall Street New Book:
-https://wealthwithoutwallstreet.com/newbook
Join Our Next Inner Circle Live Event:
-https://www.wealthwithoutwallstreet.com/live
-Promo Code: PODCAST
IBC Webinar:
-https://wealthwithoutwallstreet.com/ibc
Apply to Join the Passive Income Mastermind:
-https://wealthwithoutwallstreet.com/wwws-passive-income-mastermind
Join the Community:
-https://wealthwithoutwallstreet.com/community
Take the Financial Freedom Analyzer:
-https://wealthwithoutwallstreet.com/quiz
Discover Your Path to Financial Freedom:
-https://wealthwithoutwallstreet.com/passport
Know Your Investor DNA:
-https://wealthwithoutwallstreet.com/investordna
Invest with The Land Geek:
Invest with Your Friends and Family:
—
The AI-powered Podcast Player
