Entrepreneurs on Fire Tax Strategies Most Entrepreneurs Miss with Shannon Weinstein: An EOFire Classic from 2022
6 snips
Nov 16, 2025 
Shannon Weinstein, a CPA and mentor for small business owners, shares insights to help entrepreneurs optimize their tax strategies. She emphasizes the importance of playing to win financially, discussing how the right business structure, like S-Corporations, can lead to significant savings. Shannon also highlights the benefits of maximizing deductions through legitimate business expenses and encourages engaging a tax professional year-round. Ultimately, she advocates for taking control of your financial narrative to keep more of what you earn.
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Taxes Are A Game You Can Win
- Taxes are an unavoidable part of the financial game and can be played strategically to build wealth.
- Shannon reframes tax strategy as "playing to win" rather than passive acceptance.
Consider S-Corp For Big Savings
- If your business profits exceed about $40,000, consider converting to an S-corporation to reduce taxes.
- Shannon estimates five-figure tax savings for clients over $100K in profit after switching.
Self-Employment Tax Is A Hidden Drain
- Self-employment tax (15.3%) is a heavy hidden cost for LLC owners because they pay both employer and employee portions.
- Switching entity types can separate payroll taxes and materially lower that burden.
