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How to Live Tax-Free as an Entrepreneur with Carter Cofield: An EOFire Classic from 2022

From the archive: This episode was originally recorded and published in 2022. Our interviews on Entrepreneurs On Fire are meant to be evergreen, and we do our best to confirm that all offers and URL’s in these archive episodes are still relevant.

Carter Cofield is a licensed C.P.A who’s goal is to teach entrepreneurs how to live tax-free.

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Guest Resource

Tax-Free Living E-Book – 200+ Tax Deductions For Business Owners And Side-Hustlers. Get 70% off!

Carter’s Instagram – Follow Carter on Instagram!

3 Value Bombs

1) As an entrepreneur you are creating jobs, which stimulates the economy, so the government has massive tax breaks for entrepreneurs. The sad thing is, 90% of entrepreneurs have no idea

2) If you’re saving 40% every year on taxes, that’s more money to pass down to your kids, and to future generations. We need to start thinking and knowing that we have more control of our money

3) Every company is entitled to an annual meeting, and it can be wherever and whenever they want it to be. Do business with your friends and/or your family so you can host an annual meeting and have fun – and deduct 100% of your trip!

Sponsors

HighLevel: The ultimate all-in-one platform for entrepreneurs, marketers, coaches, and agencies! Learn more at HighLevelFire.com!

Freedom Circle: A powerful community of entrepreneurs led by JLD! Are you ready to go from idea to income in 90-days? Visit Freedom-Circle.com to learn more.

Quicksilver Scientific: Make advanced liposomal supplements so you can actually feel the difference – energy, focus, calm, recovery. Get 10% off + free shipping at TryQS.com/fire!

Show Notes

**Click the time stamp to jump directly to that point in the episode.

Today’s Audio MASTERCLASS: How to Live Tax-Free as an Entrepreneur.

[1:06] – Carter shares something that he believes about becoming successful that most people disagree with.

  • Everybody should take mini retirements throughout their life.

[2:06] – The reasons why the tax code is made to benefit entrepreneurs.

  • Tax code is an incentive system.
  • As an entrepreneur you are creating jobs, which stimulates the economy, so the government has massive tax breaks for entrepreneurs. The sad thing is, 90% of entrepreneurs have no idea

[4:20] – Tax deductions 101.

  • Tax deductions 101 teaches entrepreneurs what tax deductions are, and how they can benefit
  • Tax deductions and write offs are synonymous terms. This is defined as any expense that is ordinary and necessary for your business
  • A lot of personal expenses immediately become tax deductions when you start a business
  • A few of the expenses people are paying for ordinarily include your cellphone, your Apple watch… Adding these deductions will lower your taxes by thousands of dollars.

[6:58] – How do we write off travel and trips?

  • Fly in on Friday, and leave on Monday. Find a business activity to take part in on Friday and Monday – like taking a client out to lunch, going to a networking event, or even working for 4 hours. Doing any of these allows you to make the flight, lodging over the weekend, and any business meals 100% tax deductible.

[8:30] – A timeout to thank our sponsors!

  • HighLevel: The ultimate all-in-one platform for entrepreneurs, marketers, coaches, and agencies! Learn more at HighLevelFire.com!
  • Quicksilver Scientific: Make advanced liposomal supplements so you can actually feel the difference – energy, focus, calm, recovery. Get 10% off + free shipping at TryQS.com/fire!

[11:05] – We all have cars. How do we write those off?

  • You can deduct the full cost of the vehicle in the year that you purchase it.
  • The IRS doesn’t care if the car is in your personal name or business name. What they care about is if you plan to use the vehicle for your business.

[13:40] – Let’s talk about the tax deduction opportunity for people who are into clothing.

  • If it’s a uniform, you can write it off
  • Putting your company’s stamp somewhere on the garment will allow you to deduct the cost of the garment, stitching and pressing costs – plus the cost of taking it to the cleaners.

[16:00] – Living tax free as an entrepreneur.

  • If you’re saving 40% every year on taxes, that’s more money to pass down to your kids, and to future generations.
  • Every company is entitled to an annual meeting, and it can be wherever and whenever they want it to be. Do business with your friends and/or your family so you can have an annual meeting and have fun – and deduct 100% of your trip!

[23:10] – Carter’s call to action to Fire Nation!

[24:55] – Thank you to our Sponsors!

Killer Resources!

1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!

2) Free Podcast Course: Learn from JLD how to create and launch your podcast!

3) Podcasters’ Paradise: The #1 podcasting community in the world!

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