DecaMillionaire Decoded How to Lower a Business Owner’s Taxable Income
In episode 160 of Financially Simple, Justin gives 19 ways to reduce a Business Owner’s taxable income.
As a Small Business Owner, cutting costs and saving money is of immense benefit - especially when it comes to paying taxes. Justin lists possible 19 ways to reduce your taxable income.
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Transcription:
BLOG: 20 Ways to Reduce Taxable Income: A Business Owner's Guide
TIME INDEX:
01:25 - How to Lower a Business Owner’s Taxable Income
02:36 - Contribute as Much as You Can to Your Retirement Accounts
04:39 - Tax Loss Harvesting
07:02 - Purchase or Keep Your Health Insurance
08:09 - Have an HSA Account
09:34 - Track Your Medical Expenses
11:26 - 529 Plans
13:05 - Flexible Savings Account
14:28 - Bunching
16:40 - Deduct Everything That You Can
18:02 - Invest in Yourself
19:06 - Give to Charity
20:15 - Buy Your House
21:28 - Move to a Different State
22:47 - Check Your Property Taxes
23:44 - Make Your House More Energy Efficient
24:34 - Make a Baby!
25:07 - Talk to a Tax Professional
25:46 - Defer Some Income
26:09 - Buy a Fuel Efficient Car
26:46 - Wrap Up
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BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
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The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
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