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Entrepreneurs on Fire
Straightforward Tax Strategies to Lower Your Tax Bill with Andrea Waymire
Oct 5, 2023
19:24
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Andie Waymire, a CPA and tax strategist, shares tax-saving strategies such as starting tax preparations early and establishing a strong relationship between a bookkeeper and a tax preparer to avoid communication issues.
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Quick takeaways
- Effective tax planning requires proper bookkeeping and understanding your current financial situation.
- Taking specific actions before the end of the year can lower your tax bill, such as paying off more expenses and deferring client billing.
Deep dives
Importance of Proper Bookkeeping for Tax Planning
To effectively implement tax-saving strategies, it is crucial for entrepreneurs and small business owners to start with proper bookkeeping. Knowing your current financial situation is essential for effective tax planning. By reviewing your books and understanding your numbers, you can take action to maximize savings on your tax bill. Working with a professional like a CPA or tax strategist can provide guidance and ensure accuracy in your tax planning process.
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highlights
Listen to the best highlights from the podcasts you love and dive into the full episode