#116: Tactical Tuesday: The Cost of Tax Liabilities and Missed Opportunities

OVERVIEW:

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast talks about the top two costs you’ll face as a business owner, how to reduce tax liabilities legally and how to avoid missed opportunities.

 

EPISODE HIGHLIGHTS:

• The top two costs business owners face are tax liabilities and missed opportunities.
• The average person pays between 40 and 50% of the money they earn in  taxes.
• Some of the taxes business owners pay include payroll, income, state, property, sales and capital gains.  
• Since taxes are the number one expense, you should reduce your tax liabilities legally. Fortunately, the tax law is designed to help you save money.
• If you educate yourself on the amount you’re paying and how much you can save through different tax strategies, you can cut your tax bill in half. Jason recommends working with a CPA and tax strategist.
• Most tax strategists will charge anywhere from 20-30% of a year’s anticipated tax savings. For instance, if they can save you $10,000, they might charge $2,000 to $3,000.
• Jason recommends reading to educate yourself about taxes through online courses, podcasts and books.
• The tax code exists so the government can incentivize what they think is going to help them grow and help the economy grow.
• Two great books Jason recommends are “Lower Your Taxes - BIG TIME!” by Sandy Botkin and “Tax-Free Wealth” by Tom Wheelwright. 
• The second biggest expense for entrepreneurs is opportunity cost. Opportunity cost is the loss of potential gain from other alternatives when one alternative is chosen.
• The best thing you can do is become knowledgeable so you can make good business decisions. Invest in yourself through education and coaching. 

 

3 KEY POINTS:

1. The top two costs you’ll face as a business owner are tax liabilities and missed opportunities.
2. To help you cut your taxes significantly, work with a good CPA and a good tax strategist.
3. To avoid opportunity cost, become as knowledgeable as possible so you don’t miss out on making good business decisions.

 

TWEETABLE QUOTES:

“Did you know the average person pays between 40 and 50% of the money they earn in total taxes? That’s an absolutely insane number.” - Jason Duprat

 

(Reflecting on opportunity costs)...“When you have the opportunity to invest in yourself, to surround yourself with other people who can help guide you on your business journey, on your entrepreneurial journey, then maybe you’ll give that a second thought.” - Jason Duprat

 

RESOURCES MENTIONED:

Lower Your Taxes - BIG TIME! 2019-2020: Small Business Wealth Building and Tax Reduction Secrets from an IRS Insider by Sandy Botkin - https://www.amazon.com/Lower-Your-Taxes-2019-2020-Reduction-ebook/dp/B07HY9RYQ1

 

Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes by Tom Wheelwright - https://www.amazon.com/Tax-Free-Wealth-Permanently-Lowering-Advisors/dp/1947588052

 

Free IV Nutritional Therapy Masterclass -  https://www.ivtherapyacademy.com/podcast

 

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