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.
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Costly Overpayment
- A client with seven-figure income overpaid $250,000 in 2020 and $580,000 in 2021 due to lack of tax planning.
- This highlights the importance of proactive tax strategies and cost segregation studies.
Proactive Tax Planning
- Don't assume a CPA handles everything; ensure proactive strategizing and communication.
- Consider all income sources throughout the year, not just in April.
Categorize Income
- Consider various income types like capital gains, dividends, rental income, and W2 income.
- Each income type has different tax treatments and should be part of a holistic tax plan.