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Stop Overpaying the IRS: Discover the Best Business Structures to Save Thousands
Manage episode 426615770 series 3554252
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Description:
In this eye-opening episode of Transform Your Future, host Eddie Isin sits down with Roger Pearson, a master tax advisor with over 50 years of experience in small business management and tax advising. Roger shares invaluable insights on how to structure your business to minimize tax liabilities legally. Learn how to save thousands by understanding the best business structures and avoiding common tax pitfalls.
Timecodes:
- 00:00 - Introduction
Eddie introduces the episode's theme: minimizing tax liabilities through proper business structuring. - 02:38 - Meet Roger Pearson
Introduction to Roger Pearson, his background, and his mission to help small business owners save money on taxes. - 05:09 - The Problem with Current Tax Education
Roger discusses the lack of practical tax education for small business owners and the common mistakes they make. - 08:13 - Understanding Business Structures
Roger explains the differences between sole proprietorships, LLCs, S Corporations, and C Corporations, and their tax implications. - 12:11 - Role of an Enrolled Agent
Roger details what an enrolled agent is and why they are crucial for small business owners. - 15:44 - Choosing the Right Tax Professional
Tips on how to find a tax advisor who genuinely cares about your business and can provide personalized advice. - 19:30 - Tax Law Changes and Their Impact
Discussion on how the 2018 tax law changes affected deductions for W2 employees and what business owners can do to navigate these changes. - 22:52 - Home Office Deductions and Other Complexities
Clarifying who can take home office deductions and the limitations for different business entities. - 25:13 - Practical Tax Strategies for Business Owners
Practical advice on how to legally reduce your tax bill, including setting up as an independent contractor and utilizing business expenses. - 29:44 - Creating a Solid Foundation for Your Business
Roger shares his approach to educating business owners through online courses and consulting, emphasizing the importance of a strong business foundation. - 35:17 - Real-Life Success Stories
Roger recounts success stories of clients who have saved significant amounts by restructuring their businesses based on his advice. - 41:41 - The Importance of Ongoing Tax Advice
The benefits of regularly consulting with a tax advisor to keep your business optimized for tax savings. - 47:40 - Final Thoughts and Contact Information
Eddie and Roger wrap up the conversation with final thoughts. Information on how listeners can contact Roger and access his educational resources.
Links and Resources:
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