Tax Strategies to Help You Save Big with John Briggs | 588
Tax season is probably one of the most stressful and confusing times we experience every year. There are just a lot of things we don’t fully understand and if you don’t have a reliable CPA or accountant, it doesn’t get any better. On today’s episode, we have John Briggs, the CEO of Incite Tax, to help us gain more clarity on preparing for tax season. Watch this episode now to learn more about preparing for taxes, the importance of working with a reliable accountant, and the different strategies you can use to reduce the amount of taxes you’re paying! Key Talking Points of the Episode [00:00] Introduction [01:42] Who is John Briggs? [03:00] What is John’s background? [05:01] What is Incite Tax focused on? [05:48] What makes Incite Tax different from other firms? [08:19] How can people prepare for the new tax bill? [10:30] Why is it difficult to plan for taxes? [11:17] How do we deal with the uncertainty of the government? [12:02] What should you do with what you see from the media? [13:13] What is the importance of having the right entity structure? [14:25] What does the entrepreneur mindset have to do with taxes? [15:10] What expenses should you be able to write off? [20:54] How can the Augusta Rule help you with your taxes? [22:46] What are the important components of using the Augusta Rule to reduce taxes? [23:42] Why is it important to have an accountant working with you? [26:17] What is the maximum amount you can pay your children that you can write off? [28:46] How can you get in touch with John and his team? [29:45] How does John use the Profit First system? [31:32] How does Profit First help businesses that were hit hard by COVID? [34:20] How does the entrepreneur rat race affect business taxes? Quotables “We are very open about our disdain for the government, specifically with how they spend our money, because it is our money.” “We just have control over who we would like to be making those decisions and honestly, I don’t care what side people fall. Most of the people we thought would be good at making the decisions ended up being liars during their marketing strategy called campaigning.” “One of the things that makes us unique is that we actually have as one of our overall focuses, inciting communication.” “I know the typical accounting timeframe is usually, they try to respond within 24-48 weeks, and it’s really sad that it has to happen that way.” “This is why the government sucks. I would say over the last 12 years, most presidents and congresses have made decisions so late in the game that it was impossible to plan for them.” “They can’t even figure their crap out so until they do, we just do what we gotta do and hope for the best.” “It ultimately comes down to we should never let the uncertainty, especially of the scenario of terrible government human beings, dictate how we focus on our creation and being producers, creating wealth, and enriching the lives of others.” “You have to have the right entity structure, and entity refers to just like the legal creation of your business.” “If you have the wrong entity structure, you’re overpaying in taxes.” “The technical rule is that you can write off the expense for your company for the business purpose.” “If you’re travelling and you have a weekend in there, you’re probably pretty good that half of your days are gonna be business-related.” “So what we’ve done is we’ve basically taken money out of your bank account and put it in your personal account, and all it did was reduce your taxes.” “If you’re in a tax bracket that’s higher than 10%, sometimes it makes sense to have them pay some taxes because their first tax bracket is gonna be 10%.” “Every taxpayer, including your child, will get the standard deduction if they file for taxes.” “Parkinson’s law states that the demand for something will continue to expand to match the supply.” “To me, there’s no better testament to the success of the strategy than being able to survive something like that.” “Not just people with jobs get laid off, you can get laid off as a business owner because you’re non-essential.” ___________________________________ Want to talk to us about your cash flow situation? Set up a meeting with us today - https://moneyripples.com/contact-us/ Chris Miles, the "Cash Flow Expert and Anti-Financial Advisor," is a leading authority on how to quickly free up and create cash flow for thousands of his clients, entrepreneurs, and others internationally! He’s an author, speaker, and radio host that has been featured in US News, CNN Money, Bankrate, Entrepreneur on Fire, and spoken to thousands getting them fast financial results. Website: http://moneyripples.com/ Podcast: https://www.blogtalkradio.com/moneyripples Twitter: https://www.twitter.com/moneyripples Facebook: https://www.facebook.com/moneyripples Linkedin: https://www.linkedin.com/company/money-ripples/?viewAsMember=true Instagram: https://www.instagram.com/moneyripples/
Tax season is probably one of the most stressful and confusing times we experience every year. There are just a lot of things we don’t fully understand and if you don’t have a reliable CPA or accountant, it doesn’t get any better. On today’s episode, we have John Briggs, the CEO of Incite Tax, to help us gain more clarity on preparing for tax season. Watch this episode now to learn more about preparing for taxes, the importance of working with a reliable accountant, and the different strategies you can use to reduce the amount of taxes you’re paying! Key Talking Points of the Episode [00:00] Introduction [01:42] Who is John Briggs? [03:00] What is John’s background? [05:01] What is Incite Tax focused on? [05:48] What makes Incite Tax different from other firms? [08:19] How can people prepare for the new tax bill? [10:30] Why is it difficult to plan for taxes? [11:17] How do we deal with the uncertainty of the government? [12:02] What should you do with what you see from the media? [13:13] What is the importance of having the right entity structure? [14:25] What does the entrepreneur mindset have to do with taxes? [15:10] What expenses should you be able to write off? [20:54] How can the Augusta Rule help you with your taxes? [22:46] What are the important components of using the Augusta Rule to reduce taxes? [23:42] Why is it important to have an accountant working with you? [26:17] What is the maximum amount you can pay your children that you can write off? [28:46] How can you get in touch with John and his team? [29:45] How does John use the Profit First system? [31:32] How does Profit First help businesses that were hit hard by COVID? [34:20] How does the entrepreneur rat race affect business taxes? Quotables “We are very open about our disdain for the government, specifically with how they spend our money, because it is our money.” “We just have control over who we would like to be making those decisions and honestly, I don’t care what side people fall. Most of the people we thought would be good at making the decisions ended up being liars during their marketing strategy called campaigning.” “One of the things that makes us unique is that we actually have as one of our overall focuses, inciting communication.” “I know the typical accounting timeframe is usually, they try to respond within 24-48 weeks, and it’s really sad that it has to happen that way.” “This is why the government sucks. I would say over the last 12 years, most presidents and congresses have made decisions so late in the game that it was impossible to plan for them.” “They can’t even figure their crap out so until they do, we just do what we gotta do and hope for the best.” “It ultimately comes down to we should never let the uncertainty, especially of the scenario of terrible government human beings, dictate how we focus on our creation and being producers, creating wealth, and enriching the lives of others.” “You have to have the right entity structure, and entity refers to just like the legal creation of your business.” “If you have the wrong entity structure, you’re overpaying in taxes.” “The technical rule is that you can write off the expense for your company for the business purpose.” “If you’re travelling and you have a weekend in there, you’re probably pretty good that half of your days are gonna be business-related.” “So what we’ve done is we’ve basically taken money out of your bank account and put it in your personal account, and all it did was reduce your taxes.” “If you’re in a tax bracket that’s higher than 10%, sometimes it makes sense to have them pay some taxes because their first tax bracket is gonna be 10%.” “Every taxpayer, including your child, will get the standard deduction if they file for taxes.” “Parkinson’s law states that the demand for something will continue to expand to match the supply.” “To me, there’s no better testament to the success of the strategy than being able to survive something like that.” “Not just people with jobs get laid off, you can get laid off as a business owner because you’re non-essential.” ___________________________________ Want to talk to us about your cash flow situation? Set up a meeting with us today - https://moneyripples.com/contact-us/ Chris Miles, the "Cash Flow Expert and Anti-Financial Advisor," is a leading authority on how to quickly free up and create cash flow for thousands of his clients, entrepreneurs, and others internationally! He’s an author, speaker, and radio host that has been featured in US News, CNN Money, Bankrate, Entrepreneur on Fire, and spoken to thousands getting them fast financial results. Website: http://moneyripples.com/ Podcast: https://www.blogtalkradio.com/moneyripples Twitter: https://www.twitter.com/moneyripples Facebook: https://www.facebook.com/moneyripples Linkedin: https://www.linkedin.com/company/money-ripples/?viewAsMember=true Instagram: https://www.instagram.com/moneyripples/