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Tax Strategies Most Entrepreneurs Miss with Shannon Weinstein: 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.

Shannon Weinstein is a CPA, coach and mentor for growth-minded small business owners. Her company, Fitnancial Solutions, offers fractional CFO and tax strategy services delivered from the heart of a teacher.

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Guest Resources

Keep What You Earn on Apple Podcasts – Listen to Shannon’s Podcast!

Keep What You Earn Website – We help you Keep What You Earn.

3 Value Bombs

1) Hire a pro who’ll teach you how to implement and execute strategies.

2) Make sure your tax professional is a good match for you. You have to invest in engaging with that person and making sure you’re part of the conversation and decision-making.

3) Tax strategy is about playing to win the game and build wealth.

Sponsor

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.

Show Notes

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

Today’s Audio MASTERCLASS: Tax Strategies Most Entrepreneurs Miss

[1:25] – Shannon shares something that she believes about becoming successful that most people disagree with.

  • Most people have been taught that you need education experience and all of the training in the world and certifications and credentials to create success. That’s not the case at all. All you need is enough motivation and resourcefulness and you can conquer anything.

[2:15] – The reason why entrepreneurs should spend time thinking in terms of tax strategy.

  • Tax is not going away anytime soon. It’s a part of life
  • Tax strategy is about playing to win the game and build wealth.

[3:13] – The point where we’re happy to pay taxes.

  • For a lot of people, they assume that their fair share is higher than it needs to be.
  • Don’t give the IRS a tip.

[4:23] – Entrepreneurs are so busy – that’s why they hire a tax professional, assuming that they will do everything they need to do so you can focus on all the other things

  • Hiring a tax professional is like hiring a personal trainer
  • Make sure your tax professional is a good match for you. You have to invest in engaging with that person and making sure you’re part of the conversation and decision-making. No one will care for your business more than you do as an entrepreneur.

[6:41] – A timeout to thank our sponsors!

[9:06] – Top tax strategies and some examples of each one.

  • Optimize your business entity. Make sure that you’re choosing the business entity that is right for your profit levels and your goals when it comes to saving taxes.
  • For example, as an S-corporation, you’ll pay 5-figures in taxes most likely if you’re above 100k profit. There’s a ton of opportunity there.

[10:45] – Benefits of switching from an LLC to S-Corporation.

  • Look at what you pay in self-employment taxes, that is where the savings hit.

[11:49] – Continuation of top tax strategies.

  • Maximize your deductions. Take business expenses against your business income.
  • Having a home office is a major way to save money on taxes.
  • If you’re traveling, find a business purpose for the majority of the days that you’re out there on vacation, whether that’s looking at real estate, or finding colleagues, or recording a podcast live on location.
  • Hire a pro who’ll teach you how to implement and execute these strategies.

[16:04] – Implementing these tax strategies.

  • Commit to taking action.
  • Be engaged. Treat your professional as a member of the team.
  • Be conscious of who you work with, who understands your industry, your business, has the same risk tolerance as you, and understands your goals and is willing to anchor decisions back to those goals.

[18:13] – Shannon’s key takeaway and call to action for Fire Nation!

  • You’re in control of your fate when it comes to taxes. You have complete control over the course of the year re: how the end of that story turns out. Find yourself a co-author and start taking control.
  • Keep What You Earn on Apple Podcasts – Listen to Shannon’s Podcast!
  • Keep What You Earn Website – We help you Keep What You Earn.

[21:01] – 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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