Andrea Waymire is a CPA and tax strategist who worked in public accounting for ten years. She is passionate about helping entrepreneurs save money on taxes and gain financial clarity.

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Andrea.cpa – Get your FREE tax planning guide with 10 ideas you can use before year-end!

3 Value Bombs

1) Being self-assured is valuable, but admitting what you do not know and seeking help is essential for quicker progress.

2) It is wise to begin preparing before you file your taxes.

3) Consistency and planning are essential for success. It is valuable for your bookkeeper and tax preparer to have a strong relationship, avoiding communication issues.

Show Notes

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

Today’s Audio MASTERCLASS: Straightforward Tax Strategies to Lower Your Tax Bill with Andrea Waymire

[1:15] – Andrea shares something she believes about becoming successful that most people disagree with.

Being self-assured is valuable, but admitting what you do not know and seeking help is essential for quicker progress.

[2:07] – Where should Fire Nation start if they want to implement tax savings strategies?

It is wise to begin preparing before you file your taxes.
For example, in 2024, you will file your 2023 tax return, so start now. The first step is to complete your bookkeeping.
Without knowing your current financial situation, effective tax planning is impossible. Review your books, understand your figures, and then make informed decisions.

[3:28] – What are a few things business owners can do before year-end that will affect their tax bill?

Starting January 1, 2024, many tax strategies become less effective. Acting now is crucial to save on next year’s taxes.
Cash-based taxpayers have two main options: pay more expenses before year-end by settling vendor invoices early, or delay billing clients until January.
While getting paid is essential, you might consider waiting to bill consistent, on-time paying clients until January to optimize tax benefits.

[4:43] – Andrea gives examples of practical actions her clients are taking.

Consider settling some of those expenses early for consistent payments, like rent to a landlord.
Remember that clearing credit card debit or line of credit balances will not directly lower your tax liability.

[6:20] – Would buying a vehicle or equipment be a good way to invest in your business and save on taxes?

This is an excellent method to lower your tax bill.
When buying a vehicle or equipment, consider using section 179. It permits you to deduct the entire cost of the equipment. However, note that there are limits for specific vehicles, like smaller cars and luxury cars.
Before buying, check with your CPA or tax strategist to ensure the vehicle qualifies for the full deduction.

[8:10] – A timeout to thank our sponsors!

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[11:30] – What if you are expected to have a high-earning year next year? Should you still defer as much income as you can into next year?

If you are expecting a good year in 2024, consider earning more income in 2023.
It varies for each situation. Check your 2023 tax bracket – if it is favorable, try to increase income within that bracket.
The goal is to avoid paying very little tax one year and a lot the next.

[12:45] – What’s one thing we can do today using your strategy?

Check your 2023 figures. If you are in the 24% tax bracket and have room to spare, consider earning more to stay in that bracket.
Going beyond could push you to a higher 32% rate.

[13:44] – Can tax savings strategies be done next year that will affect this year’s tax return?

If you are tuning into this podcast in 2024 and think it is too late, do not worry. You can still take steps to cut your tax bill.
You can make an IRA contribution before your tax return’s due date, which can lower your 2023 income.
This also applies to profit-sharing plans.

[14:47] – Do you need a CPA to do tax planning?

It is wise to delegate tasks you are unsure about to experts, but you do not always need a CPA for these strategies.
Andrea.cpa – Get your FREE tax planning guide with 10 ideas you can use before year-end!

[16:06] – Andrea’s key takeaway.

Tax planning is about the long-term strategy, similar to working with a dietitian for gradual weight loss.
Consistency and planning are essential for success. It is valuable for your bookkeeper and tax preparer to have a strong relationship, avoiding communication issues.

[18:29] – Thank you to our Sponsors!

HubSpot: Put your sales team on the fast track to winning Q4 with Sales Hub! Learn more at HubSpot.com/sales!
FranBridge: Many EOFire listeners have launched franchises in a variety of industries outside of food – and FranBridge Consulting has guided them to these premier opportunities! Sign up for a free consultation with Jon – or get a free copy of his book, “Non-Food Franchising” – at FranBridgeConsulting.com!

Killer Resources!

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

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

Straightforward Tax Strategies to Lower Your Tax Bill with Andrea Waymire

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