Tax Strategies That Legally Reduce Taxes

June 27, 2019

The Principle:

Ever feel like you are paying a bit too much to Uncle Sam? A recent poll conducted by the IRS showed that some people feel you should cheat as much as possible to reduce taxes. Instead of cheating, there are legal tax strategies that you can implement to make a long-term difference.

(Click the featured times below to jump forward in the episode)

Honest Takes:

[0:17] Is it OK to cheat on your taxes?

  • A recent poll asked people how they felt about cheating on taxes.
  • Brian wants to help you reduce taxes, but to do it legally.
  • Some people polled said, “You can cheat as much as possible!”

[2:31] How do we reduce those taxes legally?

  • Brian shares a story about a client who wanted to reduce taxes as much as possible.
  • Small business owners are notoriously bad at not saving money. If you’re a small business owner, there are simple ways to reduce your taxes. Brian gives examples of deductions that may help.
  • Health savings accounts are additional examples of beneficial strategies.
  • There are different kinds of tax attorneys; the kinds that will help you get out of tax debt and those who will help you with tax strategies. A good book to read for small business owners considering tax strategies is The New Tax Law by Edward Lyon (but you can call the show at 540-266-3100 for the book).
  • Brian partners with Impact Tax Group to help deliver solid tax planning strategies to clients.

[9:43] What if you don’t own a business and want to lower taxes?

  • You need to look at your employer’s benefits. Understand the difference between HSA and FSA. Transition some of your taxable money over to a Roth.
  • It’s little things that add up to a lot in the long run.

Today’s Truth:

Subscribe:

Apple Podcasts  –  Stitcher  –  TuneIn  –  Spotify  –  iHeartRadio

The Host:

Brian Bowen – Contact