How To Save Money On Taxes With Cindy Dillard
While there is some truth to the phrase, “What you don’t know can’t hurt you,” it is actually not true for taxes. What you don’t know could be an opportunity or a hefty savings you are missing for your business.
In this episode, Cindy Dillard (I call her tax angel) will walk us through the basics of taxes and talk about one of the most critical discussions to have when you are growing a business.
Ironically, there’s a lot more to be excited about this episode than there are reasons for you to run away from today’s topic, “taxes.”
Player
So afraid of this conversation and why away from it. Why?
While taxes can seem intimidating for the average business owner, taking the time to understand basic tax strategies could actually make them save a significant amount of money (beyond actual business profits) and help their business grow.
Hire someone to be in their zone of genius. I don’t know the tax code.
Don’t know anything about taxes? I would highly recommend connecting with a tax professional like Cindy Dillard who approaches taxes from an opportunity mindset rather than a compliance mindset.
Speaking with someone experienced who can explain deductions, losses, and other strategies in plain language can help turn taxes from a chore into a valuable planning tool. Knowing the tax rules can help business owners make smarter business decisions, save money from taxes, and take full advantage of opportunities available.
It’s worth the initial time investment to learn the basics and how taxes benefit us.
Share some major missed opportunities as business owners
Not convinced that you can actually save money on taxes?
In this episode, you will learn about some of the opportunities you could be missing out on.
- Renting a part of your home to your business for up to 14 days per year
- Tracking actual auto expenses like insurance, maintenance, and gas to potentially get a better deduction.
- Claiming travel expenses as long as the primary purpose is for business,
- Using a secondary home or rental property to deduct visits.
- Having strategic conversations with a tax professional to uncover additional deductions and savings from taxes, and so much more.
Where can we start reaping untapped benefits of taxes?
Here are a few good places to begin learning how to save money from taxes and take advantage of opportunities as a business owner:
- Connecting with a tax professional like Cindy Dillard who approaches taxes from a strategic perspective. She would be able to explain deductions and strategies tailored to his specific business. [See Links below for Cindy’s contacts]
- Some basic research online about common small business tax deductions can be helpful to start becoming familiar with the types of expenses that are deductible from taxes.
- Speaking to other small business owners you trust about how they handle taxes and any lessons they’ve learned can go a long way.
- Attending a local small business workshop or seminar about taxes that provides a primer on the basics.
- Setting up a simple system now for tracking his business expenses, even if just using pen and paper. This lays the foundation for better tax planning going forward.
Conclusion:
The key to saving money from taxes is taking the first small step to learn more, whether that’s connecting with a pro or doing basic research. It all helps start realizing the tax benefits of business ownership.
Connect with Cindy Dillard
- Website
- Email Address: cindy@sba-tax.com
