The Home Service Expert Podcast
Saving Thousands of Dollars With Tax Planning
May 29, 2018
Craig, a certified tax coach and public accountant, shares insights from his diverse background, including 17 years as a New York City police officer. He dives into the critical importance of tax planning, revealing how businesses can retain more earnings with strategic approaches. Topics include choosing the right CPA, navigating tax classifications for home services, and the essentials of proactive communication to optimize tax savings. Craig also highlights common pitfalls and essential resources that can save business owners thousands.
41:39
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Quick takeaways
- Proactive tax planning is crucial for small business owners to maximize income and significantly reduce their tax liabilities.
- Choosing an appropriate business structure is essential, as it can greatly affect tax implications and personal asset protection for entrepreneurs.
Deep dives
The Importance of Tax Planning
Many small business owners underestimate the significant amount of money they pay in taxes, often exceeding 50% of their income. Tax planning is essential for ensuring that business owners maximize their income and retain more of their earnings. By failing to set up a proper tax strategy, individuals risk costing themselves thousands of dollars. Being proactive in tax planning allows owners to understand the implications of their business decisions and effectively reduce their tax liability.
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