We are hip-deep into 2018, and the new tax law is fully in effect. It’s past time to get a handle on the implications of the new law for your business because we only have a few months left to do any sort of planning before year end.
Many agency owners are not exactly “numbers” people. The default, too often, is to let other people handle the money, then go off and focus on the creative or strategic side where we can play to our strengths.
On episode #157 of Build a Better Agency, I talk with CPA and tax advisor, Craig Cody. Cody definitely wants you to partner up with a professional when it comes to number-crunching. But in our conversation, he makes no bones about it: you’ve got roll up your sleeves and get your hands dirty. You can’t check out of your business’ finances, no matter how much you trust your internal or external advisors.
So, this is a great and very timely conversation. Did you know you can hire your kids and enjoy some significant tax advantages? Craig serves up a ton of tax tips, deduction hacks and best practices on everything from dispelling the myths about deducting a home office to paying for medical expenses, along with the basics of keeping up with the books.
A tax advisor – not just a tax preparer – can be a huge benefit for your bottom line. I had a great time talking with Craig. I learned a lot, and I know you will too.
Craig Cody is a Certified Tax Coach. His practice is rooted in tax planning. His philosophy is to find ways to legally reduce tax liabilities and keep more of what clients earn in their own pockets.
As a Certified Tax Coach™, Craig belongs to a select group of practitioners throughout the country who undergo extensive training and continued education on various tax planning techniques and strategies in order to become, and remain, certified. With this organization, Craig co-authored an Amazon best-seller, Secrets of a Tax-Free Life. In addition to tax planning, Craig’s practice offers traditional tax services as well as remote CFO services.
What You Will Learn About in This Episode:
- The big differences between a tax preparer and a tax advisor
- Why tax planning for entrepreneurs can make a huge difference in how you manage your finances
- Passthrough income potential in Section 199 of the new tax code
- How long it should take to gather P and L information for the previous month
- Aspects of the new tax laws that you might not have considered
- How frequently to be in contact with your tax advisor
- How to find a good match for you in a tax advisor
- The wrong kinds of tax deductions to take
- Tax benefits of hiring your school-age children
- Steps to take in order to avoid fraud and theft within your business
The Golden Nuggets:“Don’t just look on the expense side when you are paying accounting fees. If you are working with the right people, they will save you money.” – @craig2742 Click To Tweet “Your books should be updated every month because that's the first metric you're going to look at. Otherwise, you might think you are doing well, but that’s just guesswork.” – @craig2742 Click To Tweet “If last month’s books are not closed by the end of this month, that should be a red flag that something is not right.” – @craig2742 Click To Tweet “As an agency owner, you should be looking at all the checks. Fraud happens when the person who approves and signs the checks gets too busy to pay close attention.” – @craig2742 Click To Tweet
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