The Wealth Without Wall Street Podcast
3 Tax Savings Strategies with Mark Perlberg, CPA
Jan 11, 2024
CPA Mark Perlberg joins Russ and Joey to discuss common mistakes entrepreneurs make that lead to unnecessary taxes. They cover the importance of tax planning, turning active income into passive income, maximizing deductions for business owners and real estate investors, and the value of having your own bookkeeper.
32:31
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Quick takeaways
- Having a proactive tax team and utilizing tax planning strategies throughout the year is essential for entrepreneurs and real estate investors to optimize tax savings.
- Being aware of deductible expenses, maximizing deductions, and maintaining clean and organized records can result in significant tax savings for individuals.
Deep dives
Importance of Tax Planning and Strategies for Entrepreneurs and Real Estate Investors
One of the main insights from the podcast is the importance of tax planning and strategies for entrepreneurs and real estate investors. The speaker emphasizes the need to have a proactive tax team and not just rely on a CPA or tax accountant. It is crucial to consider all sources of income throughout the year and not just report taxes in April. The podcast highlights the value of collaboration and regular communication with a tax team to align tax strategy with goals and visions. By maximizing deductions, utilizing tools like cost segregation studies, and maintaining good records, individuals can reduce unnecessary tax payments and optimize their tax savings.
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