My First Million #116 with Kelly Erb - Tax Expert Breaks Down Trump Taxes and Big Businesses Ran by Few People
Oct 2, 2020
In this engaging discussion, tax expert Kelly Erb shares her insights on President Trump's tax returns and key advice for business owners looking to minimize tax liabilities. She explains the strategic importance of accounting for legitimate expenses and the benefits of different business structures like LLCs versus corporations. They also delve into how some companies project scale while relying on a small workforce. The conversation highlights the nuances of financial planning and the impact of corporate responsibility in today's political climate.
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Maximize Business Expenses
- Focus on business expenses, which can include office supplies, cars, and more.
- Be meticulous in tracking expenses to maximize deductions and avoid underreporting due to audit fears.
Prioritize Profits Over Tax Reduction
- Avoid solely focusing on lowering your tax bill; prioritize maximizing profits.
- Seek investments and expenses that benefit your business and offer tax advantages.
Regular Tax Advisor Meetings
- Consult with your tax advisor quarterly, not just annually, to proactively strategize.
- They can identify potential deductions, credits, and deferrals you might miss otherwise.