According to Parys et al (2023), "the deadline for filing a federal tax return is April 18, 2023. If you request a tax extension by April 18, 2023, your tax return will be due on October 16, 2023. But there's a catch — your tax bill will still be due on April 18. Getting a tax extension gives you more time to file your tax return, but it does not provide more time to pay your taxes."
PA Josh Horn once suggested there would be so many more valuable private businesses if they would redirect the time and energy used on tax avoidance into value creation.
First, we discuss tax tips with Craig Cody. As a Certified Tax CoachTM, Craig Cody belongs to a select group of practitioners throughout the country who undergo extensive training on various tax planning techniques and strategies to become and remain certified. Craig has co-authored an Amazon bestseller, Secrets of a Tax-Free Life, with this organization. Their clients include, but are not limited to, Medical Professionals, Clothing Sourcing Businesses, and Commercial Electrical Companies. Craig answers the following questions:
What is the biggest mistake you see small business owners making regarding taxes?
How can business owners use their CPA to their Advantage?
Next, we play a clip from our interview with Tab Burkhalter: Founder and CEO of Numbers House, which specializes in helping entrepreneurs legally start their businesses, Tab will discuss the following topics on this show:
* The most common tax deductions franchise owners overlook
* You can borrow from your 401k to start a franchise, but should you?
* Financial and tax implications of opening a second franchise location
* Exit strategies for franchise owners