Episode 230: 10 Ways to Save Money on Your Taxes
This week, Bella talks about some of the amazing tax-saving tips her Mastermind members were privy to when CPA and tax expert, Christian Culpepper joined the Mastermind video session earlier this month. Chris has 30 years of experience in accounting, banking, real estate finance, and tax preparation for a very diverse group of people. From homeowners to business owners, he has been able to save people thousands upon thousands of dollars at tax time each year.
He believes CPAs should be serving the needs of their clients by using creative thinking to lower tax liability. He offers many services including helping business owners to clarify income, expenses, and cash flow, set budgets, and projections while maximizing their revenues and reducing costs.
Bella treats her podcast audience to an inside peek at the type of high-quality resources her Mastermind members receive every month. She sums up the main points of Christian Culpepper’s pointers on how to save big on your taxes.
- Shout to New Members: Is your name here? [2:03]
- Keeping track of your expenses the right (and simplest!) way [2:40]
- FUN Business deductions you will LOVE [4:00]
- Personal grooming deductions [5:10]
- Meals and other expense[6:50]
- Importance of testing your CPA and if they will work for YOU, What is “the law?” [8:10]
- Vehicle deductions, pros, and cons of traditional vs electric [9:30]
- Sole proprietorship vs LLC vs S-Corp [10:45]
- Reviewing your credit, building “business credit” [11:35]
- Setting up an offshore account [12:10]
Biggest Takeaways You Don’t Want to Miss
- Tracking Your Expenses
- FUN Business Deductions
- What Do Different Types of Cars Have in Common with Your Taxes?
- Legal Stuff like Scorp vs LLC
Other questions Mastermind members got answers to during the actual Mastermind session:
- Do groceries have to be “delivered” to be deductible?
- Is Starbucks deductible?
- Can I deduct my Metrocard, train fare, bus pass, public transportation?
- Suggestions for building business credit
- Can I put my kids on the payroll?
- How often should you meet with your CPA?
- Importance of covering all areas of life, retirement, business
How to Get Access to the Mastermind
(including this awesome tax session!) Click the image below that says “Join the Mastermind.”
Christian Culpepper’s website (Even if you do not live in AZ, he may be able to help or refer you to someone.)
Join the Mastermind group: Get in on this session’s recording, past session recordings, and future valuable business resources and sessions.
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