#166: Lower your Taxes and Increase Your Profits, with John Pollock

As a business owner, you have a unique set of needs when it comes to tax planning. Many entrepreneurs assume that because they hire an accountant or a tax professional, that they are automatically getting the best advice about how to lower their tax obligation. It may surprise you to learn that an accountant isn't trained to help you lower your taxes. There are many myths in the industry about completely legal parts of the tax code. Our guest today, John Pollock is here to set us straight and show us how to stop paying more taxes than we legally need to!

John Pollock is CEO of Financial Gravity - a firm that focuses on proactive tax strategies and planning for small businesses. He has been featured in Forbes Magazine. He is a frequent contributor on television and radio. John wrote the books The Nest Egg Cookbook – Your Recipe for a Comfortable Retirement. He contributed to the books Secrets of a Tax Free Life, and Tax Breaks of the Rich & Famous. John is also a featured speaker at conferences around the country.

• Your accountant isn't trained to help you with tax planning. At minute 4:30 John talks about the gap in training for accountants.

• Accountants do not help you lower your taxes. At minute 5:30 John tells you where to get the real advice you need for tax planning.

• So many people are not being helped by the accounting industry because it has failed to educate people without trying to do what is right for its customers. At minute 8 John explains why he blames the industry.

• The Augusta rule and why more accountants don't want to touch it. At minute 9 John tells us how to save upwards of $3000 of taxes.

• 5 ways to write off a home office in the tax code. At minute 10 John challenges the risk adverse industry and how it is ripping you off.

• Most businesses are structured wrong and why an LLC may not be the best thing……at minute 12 we learn why you are being sold on a structure that means you pay the highest taxes.

• "If you make over $100,000 year, you probably need help with your taxes." At minute 19:30, John explains how you can get creamed by taxes, but you can also fix it for the next year.

• The dirty underbelly of the business world is that your first breakout year comes with a price tag" around minute 22, John gives you the low down on the J-curve.

• "Most people are saving for retirement wrong"……around minute 24 John explains why a 401K is a terrible idea for an entrepreneur.

• "Obamacare is tax law." At minute 25, you can understand why the law isn't a healthcare law, but a tax law.

• The Ramsey approach is for blue collar workers or employees, so you can't take his "pay cash for everything" advice as an entrepreneur. Minute 27 holds all of the details about why you should use pre-tax dollars for your car.

Connect with John and Financial Gravity:

Free ebook financialgravity.com

lowertaxhigherprofit.com - video series

text taxbook to 33444 to get the FREE ebook about the Myths surrounding taxes