The Jasmine Star Show

Tax Secrets Every Entrepreneur Should Know with Karlton Dennis

Sep 11, 2025
Karlton Dennis, a licensed tax strategist and real estate investor, shares invaluable insights for entrepreneurs looking to maximize their wealth. He discusses the importance of business structure and how to legally write off expenses like home and travel. Karlton highlights surprising strategies like putting children on payroll and explains vehicle depreciation benefits for tax savings. With a blend of clarity and humor, he demystifies the tax code, empowering business owners to operate intentionally and build financial legacies.
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ADVICE

Document Receipts Immediately

  • Take photos of receipts and upload them to QuickBooks or your iCloud notes immediately after purchase.
  • Add a short description (who, why) so each expense is substantiated in case of an audit.
ANECDOTE

Turning A Humbling Meeting Into Purpose

  • Karlton met an 85‑year‑old client with $100M revenue and realized he needed tax strategy credentials.
  • He earned his enrolled agent license to represent clients nationwide and gained confidence in tax strategy.
ADVICE

Invest To Create Tax Deductions

  • If your CPA says you've maxed deductions, look at strategic investments to offset taxable income.
  • Consider short-term rental strategies to create active losses that offset W-2 or 1099 income.
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