PT Profit Podcast How To Save on Taxes as a Small Business Owner with John Briggs
Coaches, there are very few things that are certain in life, but one of those things are unfortunately taxes. As an entrepreneur, they can be particularly tricky because you aren't just dealing with your personal finances. You're also dealing with your business. Do you LLC? Are you a sole proprietor? What about S-Corp?
Thankfully in this episode, I have John Briggs, Founder & CEO of Incite Tax & Accounting joining me. John is also the author of Profit First for Microgyms: A Simple System for Healthy Cashflow.
A lot of marketers out there misrepresent their actual revenue, using smoke and mirrors to get on various Top Business lists and boost their image. We touch on the importance of looking back at your previous year to do a cash flow analysis to gauge how healthy your business is, and we take a deep dive into the not so sexy side of business.
Are you still paying for things that you thought you canceled? Maybe even paying for duplicates of things, which are cutting into your revenue? John walks us through how to check. You don't want to miss this episode!
You'll hear:
- How to determine the health of your business.
- The various types of businesses and what might be best for you.
- Write offs!
...and so much more.
About Today's Guest
John Briggs is the founder of Incite Tax & Accounting and the author of Profit First For Microgyms. His accounting firm has more gym clients than any other firm in the country as well as thousands of other client-driven businesses, and he is also an owner of a gym, GSL Fitness.
Through all of this, he has learned that achieving a highly profitable business can be overwhelming, particularly with all the barriers and unknowns that new owners are forced to deal with. Entrepreneurs can quickly become stressed and burnt out, and often sadly give up on the mission that they set out for. In much the same way that the body needs blood to survive, a business needs cash, the lifeblood of the business, to stay healthy and to grow more resilient.
To this end, John is a man on a mission to give entrepreneurs an actual work-life balance so they don’t get burned out. He helps them increase their cash immediately so they can have confidence in their choices and become financially resilient. And he talks the walk by battling against the traditional CPA culture of “overwork, underpaid, pay your dues and suffer while you’re at it” mentality by providing his team a healthy work life balance even during busy tax seasons.
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