Tyler McBroom is back for a timely episode as we are now in the 4th quarter of 2022, and it’s time to make sure you have your business finances in order before the year ends. A lot of business owners don’t know that they could be saving thousands of dollars in taxes every year by being aware of various tax codes. By becoming educated, preparing, and even working with a tax professional like Tyler, you could be keeping a lot more of your money. Owning a business is not just about how much money your business can make, but how much you actually get to keep.

Tyler McBroom is a CPA, tax professional, international speaker, and #1 bestselling author. His mission is to help business owners everywhere grow their profits while paying as little tax as legally possible. Whether it's discussing tax strategies or the fundamentals of business, Tyler has a passion for teaching others and does so through books such as his first release and #1 bestseller, "Cash Flow and Grow", as well as across his various social media channels.

In this episode, Tyler addresses some myths and misconceptions surrounding taxes, such as “why should I make more money if I’ll just be taxed more?” and the also common “rich people don’t pay taxes” thought. Tyler shares some tools you can use to budget and allocate money, the politics of taxes, and a lot of tax tips that you might not have ever heard of, but can save you a lot of money in the upcoming tax season. Tune in, takes notes, and start planning to finish 2022 strong.

Key highlights:

How much Tyler saves his clients on average
Why “profit first” may not work for you
Tools you can use to budget and allocate money
The difference between CPAs, accountants, and bookkeepers
2 types of tax planning: permanent savings vs. tax deferring
The difference between capital gains and personal income tax
The politics of taxes
Why does the whole world seem to be dealing with inflation?
Tyler’s tax tips to save money
How you can save money by hiring your kids for your business
The Augusta rule: you can rent your house out for 2 weeks a year
Tyler’s live event coming up
Tyler’s advice for taking the next steps to save money with taxes

For resources and links mentioned in this episode, visit: 365driven.com/episode274

Sherryl Woods

The AI-powered Podcast Player