270 Formulating The Perfect Tax Strategy with Shannon Weinstein

With tax season upon us I invited Shannon Weinstein from Fitnancial to discuss some effective tax strategies that you can implement in your business.  After losing a bet to her father, Shannon pursued accounting as a career because as her father predicted she had a natural affinity for numbers and thoroughly enjoyed navigating the tax codes. Now, Shannon is the host of the Keep What You Earn Podcast, where she helps entrepreneurs at any income bracket navigate the financial side of entrepreneurship. In this episode, Shannon details some simple strategies that can help secure your children"s future retirement, utilize tax code 529 and leverage the Augusta rule. As your company grows so should your relationship with your accountant. Transactional relationships with your accountant during tax season only deprive you the full benefits of a tax professional who could otherwise couch you on how to maximize your tax deductions all year round. Not all advice applies to all businesses so having a professional like Shannon, ensures you are following and leveraging every tax code that applies to your business. To learn more about Shannon, click on the links below: Business Financial Quickstarter Fitnancialsolutions.com Keep What You Earn Podcast Key Takeaways: [3:30] Accounting is a rare language that you can lucratively teach anyone to speak [5:40] Accounting is a career of service that takes long hours and dedication [8:55] Meeting with your accounted year round verses a transactional relationship in tax season [11:20] Tax strategy is not cheating the game, it is being aware and mindful of tax law [13:05] The Augusta rule allows you to rent your home for your business at the market rate [15:50] With a home office, a percentage of your home can be reimbursed as a business cost [17:20] Depending on your state you can hire your kids and pay them up to $13,850 a year [19:00] You can only pay your kids comparable to the actual services that they can provide [20:10] You can make your kids millionaires by funneling their income into a Roth IRA [24:00] Understanding the ordinary and necessary deductions within your business  [26:00] Layering your financial support with a bookkeeper, Quickbooks and a  tax preparer  THE LEGALPRENEUR BOOK IS HERE! Click this link to buy it now:  Amazon Get Legally Protected! Want to legally protect your business without the seemingly over-complicated approach?   We have THE solution for you, the Legal Protection Playbook!  Get started here. Links:  Andrea’s Instagram  Legalpreneur Instagram  Website  Facebook Twitter  TikTok YouTube _____ Disclaimer:  The Legalpreneur Podcast is advertising/marketing material. It is not legal advice. Please consult with your attorney on these topics. Copyright Legalpreneur Inc 2022