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
Justin A. Goodbread, CFP®, CEPA,
CVGA, is a nationally recognized financial planner, business
educator, wealth manager, author, speaker, and entrepreneur. He has
20+ years of experience teaching small business owners how to
start, buy, grow, and sell businesses. He is a multi-year recipient
of the Investopedia Top 100 Advisor and 2018 Exit Planning
Institute’s Exit Planner Leader of the Year.
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