Securing long-term financial freedom requires careful consideration of cashflow and making calculated investments without jeopardizing business growth. Entrepreneurs must conduct their due diligence by implementing tax strategies, maximizing retirement plans and deductions, and should always consult with professionals to navigate the complexities of financial management successfully.
In this episode, you’ll also hear:
- Leveraging family business tax benefits and deductions
- Drawbacks of getting your taxable income to zero
- Proactive vs. reactive approach to taxes
- Real estate investing, automation, and maintaining liquidity
- Suggestion for working with financial professionals
Must-listen moments:
[00:06:30] If your CPA is over their head with your tax strategy, that's not uncommon. Oftentimes, CPAs, we need to understand that their business model is really just getting the tax return to the IRS in a way that is compliant.
[00:14:43] The QBI deduction, the qualified business income deduction, is the lesser of two numbers, it's the lesser of 50% of your wages or 20% of net income. When you're one of the only employees, or if you've got a small number of employees, you can start changing your, your wage and every dollar in wage brings the net income number down.
[00:28:25] Automation makes all the sense in the world. One of the reasons the 401k for the traditional employee has worked so well is the dollars never hit their bank account. The money comes straight out of their paycheck, goes into the 401k, gets invested, and then they hit retirement with a million, 2 million in their investment account.
If you’re focused on paying less tax and building more wealth, so you can live a great life, fill out a short survey at www.vitalstrategies.com/client to explore working together.
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Credits:
Sponsored by Vital Wealth
Music by Cephas
Audio, video, and show notes produced by Podcast Abundance
Research and copywriting by Victoria O'Brien
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