Too many business owners unknowingly give away thousands of dollars to the IRS every year simply because they don't know the tax code. What if you could keep more of your hard-earned money---legally? The biggest tax-saving opportunities are often hidden in plain sight. Are you missing out?
On this episode of Become Sensible, we break down the most common tax mistakes business owners make, from poor bookkeeping habits to incorrect entity selection and missed deductions. You'll learn why simply "setting and forgetting" your tax strategy could be costing you thousands. Plus, we'll cover crucial tax changes, overlooked deductions, and strategic tax planning techniques to help you keep more money in your pocket.
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Timestamps:
- 0:00 -- Introduction: The most common tax mistake business owners make
- 0:51 -- Why business owners overpay in taxes and how fear plays a role
- 2:00 -- The "set it and forget it" mentality that leads to missed deductions
- 2:54 -- How tax laws change frequently and why staying updated is crucial
- 4:14 -- The impact of new tax regulations and upcoming changes
- 6:09 -- Common tax overpayment scenarios and how to avoid them
- 8:00 -- The importance of entity selection for tax efficiency
- 9:51 -- Overlooked business deductions that could save you thousands
- 12:00 -- Why bookkeeping mistakes lead to higher taxes and how to fix them
- 13:21 -- Structuring your income and expenses to legally reduce taxes
- 14:48 -- The power of tax planning: When and how to work with a tax professional
- 16:09 -- Why last-minute tax planning won't work---and what to do instead
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