Ep 216 How Can I Turn This Into a Tax Deduction with Matthew Sercely

How Can I Turn This Into a Tax Deduction with Matthew Sercely

In this episode of the Profit Answer Man, we feature Matthew Sercely as he explores strategic tax planning to enhance business profitability and achieve long-term financial success without falling prey to aggressive tax strategies. Matthew Sercely is a lawyer who has dedicated his practice to helping people learn more about how to legally reduce their taxes and provide peace of mind that you aren't doing anything that will likely annoy the IRS. He lives in the North Dallas Area but has clients all over the country. When not messing with the government, he spends time with his 3 children or reads, weight lifts, or goes camping.

In this episode, you will learn the following:

• How to effectively manage tax planning without compromising the profitability of a business.
• Decision-making process around choosing the right business structure, such as S Corps versus sole proprietorships, and how different structures impact taxes.
• Understanding depreciation recapture and how various tax rules affect the deductibility of expenses, such as meals and entertainment.
• How retirement accounts can be utilized for tax deductions while also securing future financial stability.
• Tactic of involving family in the business, not only as employees but also as strategic contributors to their own Roth IRAs.
• The importance of a long-term tax strategy is stressed over short-term gains that could be achieved through accelerated depreciation or aggressive tax planning.

Links:

https://www.agoristtaxadvice.com/profitman

 

Hi, I'm the Profit Answer Man Rocky Lalvani! I help small business owners simplify their financial reports to make more informed business decisions with fewer hassles. We utilize the Profit First system created by Mike Michalowicz

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