Stupid Tax

#1 - Why Small Business? The Best Tax Deal in America

Sep 4, 2023

Explore the advantages of owning a small business, including tax advantages and personal sovereignty. Hear stories from individuals who started their own businesses and navigate the challenges they faced. Learn about the difficulties of running a business through an inspiring pie shop story. Discover the benefits of scaling up a small business and the value of personal development. The hosts emphasize the importance of taking action and being successful in business.

01:12:05

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Quick takeaways

Owning a small business provides numerous benefits, including favorable tax treatment, the potential for financial success and building personal wealth, and the opportunity for personal growth and autonomy.

Another key aspect of owning a small business is the personal sovereignty it offers, allowing for self-expression, autonomy, and the ability to prioritize personal lives.

Owning a small business can be a transformative experience that helps individuals discover their full potential, test and sharpen various abilities, and empower them to become the best versions of themselves.

Deep dives

The Benefits of Owning a Small Business

Owning a small business provides numerous benefits, including favorable tax treatment, the potential for financial success and building personal wealth, and the opportunity for personal growth and autonomy. Small business owners have the ability to deduct business expenses, access various tax deductions and credits, and enjoy the flexibility of managing their own schedule and making decisions that align with their values. Owning a small business also allows for creativity, innovation, and the possibility to develop an excellent product or service. Additionally, small business ownership offers the potential for financial independence, the ability to build an asset that can be sold, and the opportunity to create a legacy. Overall, owning a small business can provide a fulfilling and rewarding experience for those willing to take on the challenge.

Introduction

2min

The Benefits of Owning a Business

17min

The Evolution of Corporate Philosophy and the Importance of HR in a Growing Business

4min

Breaking Out and Starting Your Own Business

16min

The Difficulties of Running a Business: A Pie Shop Story

2min

Scaling Up a Small Business: Challenges and Benefits

27min

Taking Action and Being Successful in Business

5min

Starting a business is hard, and there's no shortage of stories in the media bemoaning the high rate of failure for small businesses, the long hours, the lack of benefits. For Mitchell Baldridge and Scott Hambrick, however, small business is the big time, one of the best ways for the common man to build wealth, find autonomy in his work, and align his work with his values. In small business, there is no work/life balance -- work and life become entwined, and the business becomes an extension of the owner. As a result, the owner gets to shape the culture of the company, gets to set the hours, and set boundaries around what he will and won't do. In short, the owner gets to be a real person. Most people can't find this degree of freedom outside of small business!

It takes guts, and the ability to tolerate risk, but if you're cut out for it, Mitchell and Scott make a strong case for dropping out of the rat race and tossing your hat into the arena of small business. And as Mitchell argues, you get to take advantage of the best tax deal in America.

Get in touch with the hosts!

Mitchell Baldridge

Twitter: @baldridgecpa

https://baldridgecpa.ck.page

https://baldridgefinancial.com

Scott Hambrick

Twitter: @hambrickscott

IG: @ogscotthambrick

https://onlinegreatbooks.com