May 30, 2019
In episode 160 of Financially Simple, Justin gives 19 ways to reduce a Business Owner’s taxable income.
As a Small Business Owner, cutting costs and saving money is of immense benefit - especially when it comes to paying taxes. Justin lists possible 19 ways to reduce your taxable income.
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01:25 - How to Lower a Business Owner’s Taxable Income
02:36 - Contribute as Much as You Can to Your Retirement Accounts
04:39 - Tax Loss Harvesting
07:02 - Purchase or Keep Your Health Insurance
08:09 - Have an HSA Account
09:34 - Track Your Medical Expenses
11:26 - 529 Plans
13:05 - Flexible Savings Account
14:28 - Bunching
16:40 - Deduct Everything That You Can
18:02 - Invest in Yourself
19:06 - Give to Charity
20:15 - Buy Your House
21:28 - Move to a Different State
22:47 - Check Your Property Taxes
23:44 - Make Your House More energy Efficient
24:34 - Make a Baby!
25:07 - Talk to a Tax Professional
25:46 - Defer Some Income
26:09 - Buy a Fuel Efficient Car
26:46 - Wrap Up
The Financially Simple podcast provides information, guidance, and support to Small Businesses in the United States. Host Justin Goodbread is a serial entrepreneur, CFP (Certified Financial Planner), CEPA (Certified Exit Planning Advisor), CVGA (Certified Value Growth Advisor), Investopedia Top 100 advisor, and business strategist with over 20 years of experience. Justin owns Heritage Investors LLC, a registered investment adviser with the State of Tennessee. Heritage Investors only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. This material is for general information only and is not intended to provide specific advice or recommendations for individuals. To determine what is appropriate for you, please consult a qualified professional.