Strategies For Getting Your Taxes In Order
Audio Transcription
Business coach Clay Clark is breaking down the strategies for getting your taxes in order on this podcast edition of the Thrivetime Show. Tune in today to find out what you need to do to save.
Defer Income
I personally think that this concept is stupid at best. This is the concept of not billing somebody until January who owes you money in December.
Start a Retirement Plan
If you currently don’t offer a tax-deferred retirement plan, you should consider starting one today. Whatever you contribute will be tax-deferred and any matching funds that your business decides to provide to participants will give you a tax savings.
MYSTIC STATISTIC – Federal Reserve study showed that 47 percent of all Americans would be unable to cover a surprise $400 expense.
https://www.forbes.com/sites/jeffreydorfman/2017/02/22/most-americans-have-no-savings-but-loan-the-government-200-300-every-month/#32defe8673c0
Save 3-5% of your gross income automatically.
If you want to have your question answered on the show or the podcast just shoot us an email to info at thrivetimeshow.com for those of you who are asking about the technology and saying, are you telling me that if I shoot an email, but you guys will answer the question? If I shoot to the email to info at thrivetime show.Com in the fingers to shoot emails, I misspoke, you have to send us an email via the world wide web is a colloquialism play what by by all of this hole in within me, I will email his info at thrivetimeshow.com will answer your questions, even questions about our business conferences. A question were going to focus on here. The first couple seconds is how to save taxes as a business owner hire an accountant right now get somebody good hire an accountant accountant, slash bookkeeper I am of the opinion that the people who do you keep your books if we can outsource. It should also be your accountant, that’s what I believe, but again hire a bookkeeper to count to schedule a recurring meeting with that accounted to make sure that your meeting with them once a quarter to make sure that the new tax laws that are always changing by the way i, always the current size of the irs tax. So this is what’s crazy, i, don’t know if people grasp how big this is the current size of the tax code. This is again this is hilarious, but when the tax code first was introduced in of the dee federal government and introduce the tax code back in the day, the tax code used to be, like you know, very, very simple used to be before the first 26 years. The tax code used to be very slick, a sentence. Yes, and now the thing is hundreds and hundreds of pages I’m. Looking at here, it says in 2014 it was 70 almost 74000 pages and I know it say this weather it’s 74000 pages. I do i. Do know that if you look at the washington examiner is, it is a good resource. We can find more about that or if you would look at like a cnn’s, that a student study on it before it’s thousands and thousands of pages and if you get to irs agents together and by the way I’ve had into art, irs agents and they can’t agree on the tax code. So if you got to irs agents together and said homies, how much taxes does this person know? They usually can’t agree? It’s because it’s so complicated, so one hire an accountant bookkeeper. They have now programs that have like a algorithm system, a computation, a calculation. Now we do actually have financial business conferences coming up as well.
They have a system where you enter in the numbers, and it goes like this champion in the numbers poop. Well, man I’ll tell you what I deserve to say what I need in texas I get it I want you to pay as little tax as possible, but you got to understand the reason why you have the time freedom and to pursue your goals is because we don’t have gorilla drug dealers that are invading us every second of the day, so it might say actually hundred 1st and memorial in tulsa. We don’t deal with like venezuelan drug lords that are trying to ambush us at every intersection, didn’t have like they’re wearing bullets on their on their shoulders, ash of bullet the as corrupt government. You know when you, when your coworker said of paying money, we’re not paying ransom. That’s what I’m looking for just to operate like a lot of those snow central or south american countries. That’s the way the local governments operate. You want to open your store. Do you want to be protected by the police to keep thievery and mischievous beings from coming into your business right? You got to pay ransom or they’re, not going to protect you and that’s the way. The business works down there and I’ve been to a lot of these countries. I’m telling you every time that I’ve gone to these places. It’s a complete disaster. I’ve gone to trinidad cannot stand for in that I have been to tobago I’ve been to a honduras I’ve been to do in roatan before even a hundred hundred. What about brazil mexico? Okay? Have you discovered that the resort you’re staying out of mexico’s nice and then the rest of the place is a disaster? Yeah I actually went to tulum a few years ago, and my buddy of mine is really up to date. On the you know, he speaks spanish she’s, all the time going down there and literally 3 weeks after we left there’s this whole row of boutique hotels. We were staying in and like they came in and just sees half of them. It just be like. How would you operate a business if you know that the girl just going to take it I’m glad we have the infrastructure that we have any of the roads, aren’t as awesome as I want them to be at least they’re significantly better than what you’re going to find our worst road is better than the best road and trinidad brace the fact going to pay some taxes. 100 accountant step to schedule regular recurring meetings with the account and stay number 3. You need to make sure you need to make sure that your accountant is going to work with you strategically and one of the things that an accountant can do is they might recommend that you was the first strategy, I tip I’m, going to give you they might recommend that you defer income which I disagree with, but they might recommend it’s early example. For more examples, we will go over them for business conferences.
Let’s say that you’re making $100,000 this year and you are looking at november, it’s november and you have made a hundred thousand and you just closed a big deal, a huge deal and your account says to you hate, but because you just closed a to hunt, so you’ve, never even $100,000 of income this year and your accountant says haywood at whale of a deal. You just closed you’re, going to bring in $200,000 of additional income, which means that you’re going to be paying a ton of taxes on that additional income. If you won’t tell your client to not pay you until january, then you only have to pay taxes at the lower rate. Know cuz the first hundred thousands taxed at a lower rate than the next hundred thousand and I’m speaking in broad terms, hiring account and go get in the details. Accountant says just don’t collect money from your client until you know that the wait till the end of the way to the end of this year and then get the money at the first of the year, because if you do that, then you pay less taxes. Do you have any idea why I would disagree with that idea recommended to me over the overtime by numerous accounts? Why would I recommend that my first thought would be that you need to get money now? Money is super important to your business and I seriously doubt that a customer is going to be able to keep that $200,000 I owe me and do nothing with it right and don’t pay me right then have it available when I want it. I’m of the same mind if somebody’s ready and willing to give you money, yes or services, rendered take that take that money put in where it needs to go. But there are accountants that would recommend for you all the time different can I hear this all the time I would do it. I would not advise it, but if you have an accountant who you trust, you might want to look at deferring your income, you might want to nothing. That’s why I would recommend you go to hood cps.Com. If you want in person business conferences, let us know by emailing us.
Today, it’s a new year. It’s a new you! Maybe it’s a new wallet, maybe two new accountant I would try to be going to go to cbs.Com and right now he’s running a special and especially as god as we’re. Basically, if you schedule a one-on-one consultation with him, so you’re not committing to work with him. Yet if you schedule a one-on-one consultation with paul hood, he will actually give you a free copy of warren buffett’s. A snowball book the only authorized biography. The orbit warren buffett has out there called snowball. The book will give you the book and he’ll, give you an a I’m just I’m, just forgetting to meet each other. So I’d recommend you go to hood cps.Com today and they would schedule your meeting with paul hood and i. Also recommend that you go when there’s a lot of things. I have to do during the break go to thrive time. Show.Com drive time should not,. We only have 12 tickets left for our february 16th and 17th workshop and I would strongly recommend that you would purchase your tickets today, they’re $99 a piece to go. Take it to thrive time, show.Com get ready to enter the thrive time, show on your radio. Yes, it is all about you that we bring the boom go back to the conversation. Is the drive time show on your radio mix clay clark I have a former ussda entrepreneur of the year since you’re on a mission to get you into a great financial position, because so many people have emailed us to info at thrive time. Show.Com did the question that was emailed. The original question was how to save taxes as a business owner, and so we want to make sure that we answer everything there. Every aspect of this question so step number. What if you’re just now telling it you want to hire an accountant or bookkeeper that is proactive. You want to hire a proactive, a proactive from the root word. Prolactin mean they’re doing it before they need to not reacting.
They have a plan that they’re strategic, that that person is worth their weight in gold, because the new tax strategies, a new strategy that are valid this year, aren’t going to be valid next year or there’s always something new. When I started out, my company dj connection member one year, I work my first year working with a proactive account to my account. Does it was frank biscuit and he says to me, says:where’s your office located and I said we’re located and he says I know, but let me get out my little thing. He looks a little chart and apparently like if your office was located in an area that has been it’s like a native, american zone or area. There was some kind of savings there. If you had a certain percentage of native americans who says, I would like for you to ask your office if their native, american and I’m, like 22 time and I’m, sarcastic and i, think it makes funny I go okay. Do you want me to ask them also if they’re asian dinner was it that way to ask them if they’re african-american, I’m, pretty sure I know which one of my teammates is african-american? What should I take me to? Are, you know, I want you need to ask him if there native, american i, said trust me I would know. I know you don’t like 5% 10%, 15% 20% percentage of native american I will look, and if you have this many people that are native american, it turns out my whole office. Almost was native american right and i. Didn’t know that so I got a tax write-off is mike counted was proactive. Check out our business conferences coming up at Thrivetimeshow.com.
Another example I bought a bunch of vans 1-year a ton of ants and they can count and says hey how I bought a ton of vans shoes. I bought some pumas I got a lot done right. Now. I want some skechers advance on my feet are. None of these are right, so I went to have my own custom shoes made by the fleet, feet and I thought. I should return these. Can we back up because, didn’t you start dj connection? In a teepee, and is it surprising to you that everyone I was native american teepee i, actually sent smoke signals to my clients to get on my early deals and I started in broken arrow. Moving on poisonous make your white count. Sesame says how big are those, so he look some up and he discovers that some of my pork bands are massive.. I bought one that I was at the smokestacks version band. In so I had those diesel smoke stacks welded on the side of it, even though it didn’t actually admit. What’s the thing kids on memorial put on their car to make it look faster, looks like it’s almost like weather people notice like a massive amp spoiler on it, and so he was like smokestacks. Did you hand, paint those things and they’re this big and you painted them and they have their dick qualify to be written off in a more aggressive rate with depreciation. Then another then another one I didn’t buy the vehicles because I wanted a tax write-off. I bought him that I needed the vehicles right so active accountant and bookkeeper to schedule a regular meeting with the accountant free. You might want to look into deferring income, which means you might take less income this year and more income next year. So if you are a real estate agent-and it is december 1st and you’ve already made a massive amount of income and you’re worried about hopping up into the next tax bracket, you’re worried about the american economy, you pay more taxes, the more you make, the more you they take right, so you realize I should I make even an extra $100. More now, I have to be into that next higher tax bracket. So what I’m going to do is I’m going to delay the closing and not get paid for another 30 days.
I would highly recommend you don’t do that right, but allies do entrepreneurs do that, deferring income to pay less taxes? Also, it may take your client off paper. You have you I personally known real estate agents that have done that move. I’ve seen them actually delay a closing to defer taxes towards the end of the year and it’s blowing up in their face every time. So don’t do another fourth move. This is one that I do recommend you do you should do this I recommend you do this i, don’t know why you’re not doing this other than you probably didn’t know about. It is start a retirement plant. That’s it because I am not an accountant. I will give you the broad brush move, but you need to go meet with hood. Cpas today go to hood cps.Com schedule, one-on-one meeting with an accountant to the guys. Just is it positive, wizard know you know behind some sort of I’ve never seen his face in the tree three times, then you go to a secret path in a secret labyrinth to make your way down to the basement where the wizard appears he does. I am done, I mean I mean is so since he’s not when you say start a retirement plan to me, like I’m, going to retire in 20 years and that he is not as brilliant as he is. He’s a smart guy, but he will sit down and look at your current situation and he would recommend that you set aside 3 to 5% of your gross income, set it aside the money you’re getting and put it into some kind of retirement vehicle. Now he will talk to you and help figure out whether or not you know roth ira is better for you or a 401k or lamborghini. You already told me what is I Said:i’ll work with you steve only if you set up automated savings at 3 to 5%. Otherwise you can’t hire me about I was a reason to lie and tell my luck to put this on the show notes there. Need more show notes in your life? Come to one of our business conferences we have. But if you look you look this up here. According to the federal reserve, the federal reserve, they did a stress test on the banks years ago. The federal reserve did research on the banks to see how the web for the banks were doing. They all said it is stress test on the average american family. Any federal reserve discovered that the average american has less than $400 saved how much regardless of income or 8. So I want to make sure you get this girl, listen to the show today and you’re 18 years old, and you have your first job and you have $400 saved. How is it possible steve? It’s somebody gets to be 40 and still has that saved $1 saved how’s that possible yeah. They just because people just spend everything they make a little more money, they buy a little bit nicer stuff and they don’t. You know they make a plan like you were saying on a previous show, to walk into the dealership and buy the car, but they don’t make a plan to set the money aside yeah. So what happens? Is there going out there buying things without setting aside money to buy the things I just heard at our house, I discovered that we have a $10,000 expense, that I didn’t plan for i. Didn’t think we were going to have a tax, riaa home maintenance issue at your house.
I didn’t think we would have that issue, but we did, and so my wife tells me-hey-we’ve got it at our house. We have got an unexpected expense, it’s going to be about a $10,000 repair and it’s because our fighting needs to be replaced when we discovered that to your painting, the house and the guy painting says hey I want you to see this. You got some deferred maintenance here and you guys need to take care of it while I’m not crying about it. I’m not stressed out about it, won’t be like a third job to pay for it. I just you have to set aside money a percentage of your gross revenue. Your income set aside a percentage of revenue and i, would recommend that you set aside a percentage for income, there’s no less than 3%. So it’ll help you do that not recommend you set aside 3 to 5% of your income for retirement people out there who say:okay, we have talked a lot about taxes. I want to learn how to learn about how to make some more money. I want to learn about how to do more. Market everybody likes more money right now to make more sales i. Can you tell them about our in-person workshop? We have on february, 16th and 17th, and why you and I would humbly recommend that all of our listeners would have 10 will the biggest thing I could say is that with you actually go to thrive time showed common look at the testimonials and see what the previous attendees have to Say:i’m, not exaggerating when it changes people’s lives. Okay, they show up and they’re in despair. They don’t know what to do with their business. They don’t know how to hire how to market how to run an ad. They don’t know what to do when they come there and learn the moves. Not only do they learn the moves they get to meet other entreprenuer, just like them who are going through the same thing. We asked our question to get them answered. It’s awesome so you’re what I’ve discovered. If you look up some of the other workshops that are out there for entrepreneurs, a lot of them are rated so well, they don’t have a lot of ratings at all. We are the highest I mean this. The highest rated business coaching program in the world. I don’t have to listen or understand that we are the highest rated sub, you look it up on itunes or google or if you want to watch a youtube review, so you can see what real people have to say. Watch them saying it you’re going to discover the art workshops are game changers our next one is february 16th and 17th, and february 16th and 17th. You can buy your tickets right now for just $99 at thrivetime show.Com what you can buy your business conferences tickets today by going to thrive time, show.Com state
