Description

Are you making these common tax mistakes in your small business? Most owners making under $1M are either overpaying in taxes or putting themselves at risk with the IRS - and they don't even know it.

In this episode, we unpack three key tax strategies specifically designed for businesses with under $1M in gross revenue. You'll discover:

• Why playing "small" to save on taxes might be costing you big opportunities
• The three tax "buckets" every business owner needs to understand
• Which complex tax strategies you can safely ignore (and what to focus on instead)
• How to make taxes work for your business growth, not against it

Key Quote: "Smart tax planning isn't about zeroing out your profits - it's about optimizing them. Every dollar in taxes means multiple dollars kept in profit."

Listen now to learn how you can build a tax strategy that helps your business grow while keeping you in the IRS's good graces.

View the Small Business Tax Strategy Checklist in the Wealth Wisdom Financial Community here: wealthwisdomfp.com/community

00:00 Introduction to Smart Tax Strategies

00:34 Welcome to Wealth Wisdom Financial Podcast

01:12 Importance of Smart Tax Planning

04:20 Strategy 1: Strategic Timing of Income and Expenses

09:00 Strategy 2: Maximizing Qualified Business Income Deduction

13:10 Strategy 3: Building a Tax Diversified Retirement Strategy

19:42 Simplifying Tax Strategies for Small Businesses

22:30 Conclusion and Next Steps

Watch Here: https://youtu.be/8hMHq_Hq0-U