Attorney Adam Williams co-founded Pennywise Tax Strategies with his CPA wife, Jackie—helping entrepreneurs save money on their taxes, avoid IRS headaches, and get a better grasp of their numbers.

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Guest Resources

Pennywise Tax Strategies – Go to Adam’s website and grab the free Seven Commonly Missed Tax Strategies free guide.

Tax Strategies Podcast – Tune into Adam’s podcast with CPA wife Jackie for ongoing tax-saving strategies.

3 Value Bombs

1. Your tax return holds secrets—line 24 of your 1040 shows your true bill. Don’t ignore it.

2. Tax strategy is not about evasion, it’s about year-round optimization and legal incentives.

3. Foundational steps like proper entity setup or leveraging your home can yield huge savings without changing your lifestyle.

Show Notes

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

Today’s Audio MASTERCLASS: Why Smart Entrepreneurs Never Pay Full Price on Taxes

[1:24] – Adam shares what he believes about success that most people disagree with.

Not all success requires hustle all the time. Business success comes in seasons—sometimes it runs itself.

[2:18] – Adam talks about the 5 most commonly missed tax strategies.

Choosing the right business entity (especially switching to an S Corp).
Using the Augusta Rule to rent your home to your business.
Reimbursing home office expenses with an accountable plan.
Cost segregation studies for property owners.
Leveraging retirement accounts and taking advantage of setup credits.

[10:11] – Adam tells how young you can put your kids on payroll.

It depends on the child and business. Kids as young as 10–12 can often provide value, especially in marketing or modeling roles.

[11:24] – A timeout to thank our sponsors!

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[14:04] – Adam talks about the #1 mindset shift about taxes.

Tax strategy is legal and expected. The code incentivizes smart business behavior—especially for entrepreneurs. Stop thinking like an employee.

[16:03] – Shares talks about the difference between write-offs and credits.

Write-offs reduce taxable income, saving only a percentage (your tax rate).
Credits are dollar-for-dollar reductions of taxes owed, often more powerful.

[18:41] – Adam talks about the Entity selection breakdown and what difference does it make.

Example: a $250K income as a sole prop might mean a $45K tax bill. Structuring as an S Corp could drop that to $33K—a $12K/year savings, forever.

[21:28] – Adam gives his final key takeaway.

Look at your tax return (1040, line 24). Know what you’re actually paying.

[22:12] – Call to action.

Pennywise Tax Strategies – Go to Adam’s website and grab the free Seven Commonly Missed Tax Strategies free guide.
Tax Strategies Podcast – Tune into Adam’s podcast with CPA wife Jackie for ongoing tax-saving strategies.

[23:34] – Thank you to our Sponsors!

Thrivetime Show: Attend the world’s highest rated business growth workshop taught personally by Clay Clark and featuring Football Star & Entrepreneur, Tim Tebow & President Trump’s Son Eric Trump at ThrivetimeShow.com/eofire!
HighLevel: The ultimate all-in-one platform for entrepreneurs, marketers, coaches, and agencies! Learn more at HighLevelFire.com!

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!