Greg O’Brien is a CPA and Certified Tax Coach specializing in work with tech focused entrepreneurs and business owners to improve cash flow through tax reduction.
Tax Planning for Entrepreneurs on Fire – Fill out Greg’s intake form for free planning tips for entrepreneurs. The first 25 sign-ups will get a hard-cover copy of Greg’s new book – Thinking Outside The Tax Box.
3 Value Bombs
1) The Tax Code is a book of wealth, and it is designed for entrepreneurs, business owners, and real estate investors.
2) Advanced tax planning is crucial.
3) Ask your tax advisers to get you the biggest savings. Find an expert who knows the tax codes and then use it to your advantage.
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**Click the time stamp to jump directly to that point in the episode.
Today’s Audio MASTERCLASS: What is a Certified Tax Coach? [and Why Your Business Needs One] with Greg O’Brien
[1:29] – Greg shares something interesting about himself that most people do not know.
- He walked on to his football team in Mass and became a captain in his senior year.
[2:48] – How does a Certified Tax Coach differ from a typical Certified Public Accountant?
- A CPA has a broad set of skills: they do financial statement audits, evaluation services, payroll services, and basic tax preparation.
- A CTC has gone through specialized pieces of training, and they go to The American Institute of Certified Tax Planners to learn the high-end tax strategies.
[4:15] – Greg talks about Advanced Tax Planning.
- The Tax Code is a book of wealth, and it is designed for entrepreneurs, business owners, and real estate investors.
- Start with an end in mind.
[6:33] – Can advanced tax planning work even if you’re not profitable yet?
- Yes! it can work.
- Start-up entrepreneurs should start banking tax credits and tax losses.
- Advanced tax planning is crucial.
[8:34] – What are the top planning items every business owner should be asking their CPA?
- Call your CPA at least 4 times a year.
- Deduction Planning
- Tax Credit Planning
- Income Shifting
- Tax Deferral
[12:59] – Why your investment philosophy matters when it comes to tax planning.
- You should set yourself up for a tax-free life.
- Pay some taxes now and you may have tax-free income in the future.
- Planning depends on the individual.
[14:34] – What if someone’s CPA says they’ve never heard of these strategies, or that they may be “too risky”?
- There are a lot of opportunities, and everyone has their specialization.
[16:45] – What’s involved in the tax planning process?
- Know where you want to be in your business.
- Write it on paper.
- Divide it up into 4-6 strategies.
- Create an exit plan for the future.
[21:08] – Greg’s parting piece of guidance
- Look at your taxes as an opportunity for savings.
- Ask your tax advisers to get you the biggest savings. Find an expert who knows the tax codes and then use it to your advantage.
[22:12] – Greg gives his call to action for Fire Nation.
- Tax Planning for Entrepreneurs on Fire – Fill out Greg’s intake form for free planning tips for entrepreneurs. The first 25 sign-ups will get a hard-cover copy of Greg’s new book – Thinking Outside The Tax Box.
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