Dropping Bombs Tyler McBroom. How the Rich Avoid Paying Taxes (legally). Episode 382 with The Real Brad Lea (TRBL)
Tyler McBroom is a tax professional who loves to help his clients keep as much money as possible from Uncle Sam as they grow their businesses. Tyler grew up hearing his CPA father talk tax strategies with his business-owner friends on ski trips and now puts the knowledge he soaked up as a child to good use. Tyler is now partners with his father at Measured Results, CPAs, which was recently featured as an Intuit Firm of the Future.
In this episode, Brad and Tyler discuss how the rich avoid paying taxes legally, his partnership with Tony Robbins, and the tips EVERY business owner will want.
00:00 Intro
01:20 Follow Tyler
01:30 Shout-out to Melanie!
03:44 Tax Brackets
05:00 1031 Exchange
08:50 Tips for every business owner
09:47 "A CPA should always be a profit center for you." - Tyler McBroom
11:50 How to think proactively
16:01 The need to buy things in a certain amount of time
17:34 "Cashflow matters" - Tyler McBroom
18:49 What does it cost to work with Tyler and his team
24:10 Bank statements are not enough- you need books
28:16 Name of restaurant, date of the meal, amount, who you met with and business relationship, what you discussed. -- The five things you need from a receipt
30:48 "It's gotta be ordinary and necessary." - Tyler McBroom
36:40 Family Business
37:19 "You might put numbers in a box at first but you really do provide value for people." - Tyler McBroom
38:28 Buy Tyler's Book! "Cashflow and Grow" https://www.tylermcbroom.com/bradlea
40:23 The difference between a CFO and a bookkeeper
41:47 KPI's
44:57 Bomb 1: As an entrepreneur you will take a paycheck out of your business a lot faster following these guidelines
45:22 The top three things you need (hint: 1. Books 2. Tax planning 3. CFO)
51:28 Is being an "influencer" an advantage?
59:15 When does marketing become "too much"
01:01:30 Travel strategies
01:02:44 Tony Robbins
01:06:06 Bomb 2: How Tyler's company worked with Tony Robbins