Tax Strategies for Business Owners Podcast Por arte de portada

Tax Strategies for Business Owners

Tax Strategies for Business Owners

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 Dean Vance - Vance and Associates CPA On a the Brutal Truth About the CPA World: "It's the people who are not part of the orthodoxy who are outside the box that ask those, quote, unquote, 'silly questions', that actually dig in. 99% of this space has been following a fallacy about things." As an entrepreneur, the government rewards you, kind of, for building your business to create jobs and keep the economy moving. But these rewards are typically given as tax breaks that are not at the forefront of the minds of accountants. You know them the professionals that you trust to know the tax code to help minimize your tax burden. Dean Vance is a CPA that comes at this from a different angle. Dean has an eye and a mind for helping business owners navigate the tax code to make sure they are taking advantage of the opportunities the tax code offers them. Dean Vance of Vance and Associates CPA talks taxes, accounting, and small business finance. As a seasoned CPA with nearly thirty years of experience, Dean shares the ins and outs of tax strategy, the importance of tax planning, and why having someone regularly “look under the hood” of your business books can make all the difference. The conversation covers everything from the often-overlooked tax opportunities for small business owners—like paying your kids to work in your business—to the crucial role of systems, checklists, and company culture in building a successful business. Dean also gives listeners a peek behind the scenes of his own firm, discusses the value of industry specialization (“riches are in niches!”), and highlights the human side of accounting, including personality fit and team building. Along the way, James and Dean swap stories about navigating the real challenges and triumphs that come with entrepreneurship, making this episode a must-listen for business owners who want to stop leaving money on the table and start running a leaner, smarter operation. Whether you’re dreading tax season or just want to better understand the numbers driving your business, you’ll find plenty of practical wisdom—and maybe a little inspiration—in this week’s conversation. Listen as Dean shares some tax tips, as well as offers you things to look for when searching for a professional to help you with you tax strategy. Enjoy! Visit Dean at: https://www.deanvancecpa.com/ Podcast Overview: 00:00 "From Bakery Job to Business Owner" 05:40 Atypical, Big-Picture CPA 12:48 Decoding Business Patterns Mystically 16:47 "Fridays: Cakes, Beer, and Nostalgia" 23:55 Law School Decision and Karma 30:43 "Tax Return Amendment Review Process" 33:21 Bookkeeping for LLCs and Corporations 38:16 "Bimonthly Financial Meetings Routine" 46:38 "Inside vs. Outside the Box" 50:56 Leveraged Medical Supply Deduction Strategy 56:37 The Rosetta Stone's Impact 01:02:57 Choosing a Trained Tax Strategist 01:04:03 Captive Insurance Company Basics 01:12:20 S Corp vs. C Corp for E-commerce 01:15:47 Client Assessment and Discovery Process 01:19:54 "Entertainer Computes Cost of Labor" 01:27:50 "Creedal Country: Merit Over Origin" 01:33:57 Basement Drywall Experience 01:35:56 "Opportunity and Ambition Dynamics" 01:44:42 "German Cultural Traits & Influence" Podcast Transcription: Dean Vance [00:00:00]: Third would be tax planning, I guess, generally. You want a professional who knows what they're doing to In go through your books and say, hey. Just like I mentioned with my with the the the prospect that that turns into a client was, you know, just have somebody who does this all the time. Right? Take a look at your books and take a look at your tax returns. Okay? Is there is there a fidelity between the closing of your books and your tax return? So you check all these different things, one. And then two, you can look at how they're situated legally, how how their entity is set up legally. Right? James [00:00:35]: You have found Authentic Business Adventures,
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