241: Stop Overpaying Your Taxes and Avoid Entrepreneurial Mistakes That Cost You Thousands with Diane Gardner
Diane Gardner from TaxCoach4You.com is a tax superhero and wants you to avoid mistakes you're making on your taxes, such as using the wrong entity type or not deducting meals and entertainment. You can make use of your home office deduction, hire your kids, make use if health insurance and retirement if you know what to do.
Quotes:
“I firmly believe in being a giver. So if we can get that information into people's hands, they can start learning about some of these things that possibly their accountant or their tax preparer isn't really telling them about.” – Diane Gardner
“Choosing an accountant is an awful lot like dating because you want to get to know that person. You want to find out if they are entrepreneurial and if they understand your industry.” – Diane Gardner
“A lot of people don't feel comfortable doing it themselves, so I always suggest that you should hook up with a good, solid professional of some sort to make sure that those expenses are being recorded.” – Diane Gardner
Takeaways:
02:52 Small business owners can reduce tax burden by implementing strategic planning like hiring family members and writing off specific expenses.
04:52 Regular tax analysis can uncover hidden profit and potential savings opportunities.
08:00 Choosing the right business entity type can save entrepreneurs thousands in taxes each year.
14:25 Tracking and documenting business expenses is crucial for maximizing tax deductions.
21:49 Internet marketers and solopreneurs often miss significant tax deduction opportunities due to poor record-keeping.
Resources:
Podcast: Play in new window | Download (Duration: 23:10 — 21.2MB) | Embed
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Filed in: Archive 1: 2012-2016 • Interview • Podcast
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