One of the biggest expenses in any small business is taxes. Now, some would say small business owners pay an unfair share of the tax burden, particularly in light of the fact that every politician seems to be for the ”little guy” come election time – but that’s another story.
The fact is there are many things you can do to legally minimize your tax expense – it’s written right into the tax code – but many accountants simply fill out the tax forms without any thought about tax planning.
As sure as you have a plan for your growth, you must have a vision for minimizing expenses – that’s how profit happens.
My guest for this week’s episode of the Duct Tape Marketing podcast is John Pollack, CEO of Financial Gravity Holdings and President of Pollock Advisory Group, a registered advisory firm. We talk about taxes and finance, and how small businesses can keep more of the money they earn.
Questions I ask John:
- What are the common ways that businesses are overtaxed?
- What are some laws that can help a business owner save a bit of money on taxes?
- How should someone approach an audit from the IRS?
What you’ll learn if you give a listen:
- The basics of tax planning
- How to focus on trying to take advantage of existing laws to pay less in taxes
- How to tax hack and find a law written for you in the 7000 pages of tax code