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Financially Simple Bizcast

The Financially Simple podcast is your one-stop resource for small business owners. Gain unique insights into growing, refining, and selling businesses. You will hear ways business owners have reduced their tax liabilities, increased their income, improved office morale, saved for the retirement of their dreams, and more.
Host Justin Goodbread is a serial entrepreneur, award-winning CFP® (Certified Financial Planning professional), CEPA® (Certified Exit Planning Advisor), and CVGA® (Certified Value Growth Advisor) with years of experience guiding business owners from start to exit in their business.

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



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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.