Shownotes
Not knowing how to pay less in taxes legally turns into a tax surprise that typically ends up with you overpaying in taxes because of it.
You need to leverage a tax code so that you can legally reduce your tax liability so that you can protect your cash and put that extra savings towards building your financial legacy like your retirement and investments.
In this episode, I'll share how to think about your tax planning so you can end the year with no tax surprises and even more cash to support your legacy.
7 Overlooked Tax Strategies for Digital Entrepreneurs: lovelyfinancials.com/tax
05:49 — What to consider so your tax plan aligns with your major personal goals
07:09 — Understand the role of every financial team member so there are no tax surprises
11:07 — How to know if it's the right time to change your company's tax structure from sole proprietor to S Corp
16:28 — 3 ways an S Corp can help you pay less in taxes legally
20:02 — Getting creative with how your everyday tasks and projects you can deduct without reducing your taxable income
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Transcripts
Stop having PTSD every single tax season.
Speaker:The IRS does not deserve your anxiety.
Speaker:What you need to do is be able to leverage a tax code so that you can
Speaker:legally reduce your tax liability.
Speaker:When you're able to leverage a tax code, you can dictate potentially what you
Speaker:pay in taxes so that you can protect your cash and grow your business.
Speaker:Now, I'm not promising you're not going to pay taxes, right?
Speaker:In this episode, I'll share that with proper tax strategy and tax
Speaker:planning, that you could potentially end the year with no tax surprises.
Speaker:Stay tuned.
Speaker:This is the Harmonious Wealth Podcast, where we're breaking online business
Speaker:owners free from chasing every next revenue milestone and instead prioritizing
Speaker:lifestyle and legacy goals so you can finally have the personal wealth
Speaker:to show for your business success.
Speaker:I'm your host, Iyanna Vaughn, fractional CFO and bookkeeper here to guide you.
Speaker:Now let's start building your financial legacy.
Speaker:Hello.
Speaker:Welcome to another episode of Harmonious Wealth.
Speaker:My name is Ayanna Vaughn.
Speaker:I am so excited to talk about, how to dictate taxes, By the
Speaker:time that this is going to air, it's going to be the end of May.
Speaker:have already gone through a tax season.
Speaker:So maybe you just barely survived tax season.
Speaker:Maybe this is the second year or third year in a row where you
Speaker:did an extension to avoid filing.
Speaker:Just an extension, right?
Speaker:You just kind of wanted to give yourself more time.
Speaker:But what you want more than anything is to be able to dictate what you pay
Speaker:in taxes so that you can protect your cash on hand as a business owner.
Speaker:Being able to predict what you pay in taxes will allow you to use the cash,
Speaker:to accomplish not only your immediate lifestyle goals, but your legacy goals,
Speaker:When I think of investing in your legacy goals is contributing to your retirement
Speaker:versus allocating the funds for taxes.
Speaker:Now, of course, I don't want to say you're never going to pay taxes.
Speaker:Of course you are, especially when you make more money, but when you have
Speaker:grown in business, it's going to be imperative to have a tax strategy so
Speaker:that you can essentially in a way kind of dictate what you do pay in taxes.
Speaker:So you're currently not able to dictate or at least understand what
Speaker:you are expected to pay in taxes because you do not have a tax plan.
Speaker:One of the biggest mistakes for business owners Is not having a tax plan
Speaker:because that turns into a tax surprise.
Speaker:And you end up overpaying in taxes because there's no plan, right?
Speaker:There's no plan to legally reduce your tax liability.
Speaker:For our bookkeeping clients, we provide at least monthly tax
Speaker:estimates so that they avoid, as much as possible, those tax surprises.
Speaker:Now, this is contingent on making sure that we have uh, All
Speaker:the data that we need, right?
Speaker:Because if we don't have your prior tax return or like your personal taxes, right?
Speaker:Because that contributes to a lot of what you would pay in taxes say,
Speaker:for example, if a client is married.
Speaker:And her husband is also a high earner, and we don't have any like previous tax
Speaker:returns or any like W 2 or paycheck stubs.
Speaker:It's going to be hard to create a realistic tax estimate.
Speaker:So I kind of say, yes we want to guarantee like no extreme tax estimates,
Speaker:but that is contingent on what.
Speaker:Our clients deliver to us so that we can create the most realistic tax
Speaker:estimate possible each and every month.
Speaker:And then with quarterly taxes, we'll say, okay, based off of what
Speaker:has transpired for this year so far and your tax estimate, let's pay X.
Speaker:And then for our CFO clients, we go a bit deeper and not only do
Speaker:we have the estimates, but we have specific tax strategies to help
Speaker:them essentially be able to kind of dictate what they pay in taxes because
Speaker:when you have a tax strategy, you're legally reducing your tax liability.
Speaker:I want to just be clear with the difference.
Speaker:I'm sure we all know the difference, but I just want to have it here.
Speaker:Okay.
Speaker:On the podcast this episode right out the difference between tax preparation
Speaker:and tax planning so tax preparation is taking all of your For a business
Speaker:owner specifically you take all of your business financial documents So that
Speaker:includes like your income statement.
Speaker:If you are taxed as an S corp, that will also be your balance sheet.
Speaker:And we're taking that data and we're putting it on a tax return and
Speaker:showing the government that this is what transpired in this business.
Speaker:On the personal side, you're taking your end of year tax documents like
Speaker:your W 2s, your 1099s your interest income, like your dividend income, your
Speaker:mortgage, like the 1098, your student loan payments with your interest in there.
Speaker:All those documents kind of create like a, hey, this is what happened
Speaker:for this year, let's hand it over.
Speaker:Let's put it on a tax return so that we can see.
Speaker:Based off of your taxed earned income, what your tax
Speaker:liability is going to look like.
Speaker:This is reacting.
Speaker:We're just taking things, putting it on there, calling it a day,
Speaker:Versus a tax plan is essentially where you're planning for taxes.
Speaker:And that means that throughout the year, you're leveraging the tax
Speaker:code so that you can essentially dictate what you pay in taxes.
Speaker:So during this episode, I'll go in depth of what I do personally or have
Speaker:my clients do throughout the year so that they can say, okay, if my tax
Speaker:liability based off of my profit, it's X, we can do a couple of these
Speaker:strategies to kind of reduce them.
Speaker:And also not go into the tax season with a tax surprise.
Speaker:So stay tuned.
Speaker:So the first way that you dictate what you pay in taxes through a
Speaker:tax plan is aligning your major personal goals with your tax plan.
Speaker:Usually when it comes to business owners, they blindly try to
Speaker:write off every single thing for taxes to avoid paying taxes.
Speaker:That is not a tax strategy.
Speaker:Writing off every single thing in your life is not a tax strategy.
Speaker:Yes, it can reduce your tax liability.
Speaker:However, you need to holistically see, okay, what are your goals financially
Speaker:for the next couple of years?
Speaker:So if you're trying to buy a home, you have to show adequate taxable income for
Speaker:at least two years so that the mortgage company can say, okay, this person based
Speaker:on their income can afford this home, if you're deducting every single thing in
Speaker:your business or just kind of trying to find everything to kind of deduct, it's
Speaker:going to be hard to say, okay your taxable income will be depleted potentially, and
Speaker:that will hinder you from making choices such as buying a home, investing in
Speaker:real estate property, or specific things that you want to do, so just kind of
Speaker:really understand what are your goals.
Speaker:So that you can align it with your tax plan.
Speaker:Another thing that I see is people and accounting professionals are typically
Speaker:more reactive versus proactive.
Speaker:So when it comes to, on the individual side, the entrepreneur,
Speaker:unfortunately, there's a lot of angst when it comes to taxes.
Speaker:So instead of facing it or having a separate account to save for
Speaker:taxes or paying it quarterly or having it aside you're ignoring it.
Speaker:And.
Speaker:There's years of taxes that you owe and instead of having a payment plan,
Speaker:you're procrastinating, unfortunately, and you're letting it pile up to a point
Speaker:where by the time that you're ready to do a payment plan, it's already too big.
Speaker:You have to pay off a chunk to be able to put yourself on that payment plan.
Speaker:When I first started my business and I was doing bookkeeping and we were
Speaker:helping clients get ready for tax season.
Speaker:Their tax accountant assumed that things will not change year over year.
Speaker:And then when a client went from 300, 000 to a million, I've seen that a few
Speaker:times, there was a reaction of Oh, snap.
Speaker:Now we have to get into gear.
Speaker:We're taking this business seriously.
Speaker:So it's going to be really important.
Speaker:Like when you're thinking about having a financial team for your business,
Speaker:knowing what every person should do for scope of service and having it be
Speaker:explicitly clear so that there are no surprises when it comes to your taxes.
Speaker:We don't want to play with that at all.
Speaker:So with our clients, we have a profit planning intensive as well as CFO services
Speaker:where we go deeper into understanding the client's goals personally, because
Speaker:when you understand someone's goal personally, you're able to then reflect
Speaker:it in the business by working backwards.
Speaker:With our clients during a legacy call, we understand okay, what are
Speaker:their big goals, what are their immediate lifestyle goals, and how can
Speaker:the business reflect those goals or accomplish those goals in the next year?
Speaker:And also how will it trend for the next three years?
Speaker:In the fourth step of my harmonious wealth framework, we
Speaker:have a profit planning session.
Speaker:When we wrap up your profit planning session, that's
Speaker:after we go over your revenue.
Speaker:We understand the metrics to get to your revenue goals.
Speaker:We do a profit plan so that we highlight investments, what
Speaker:you're paying yourself, expenses.
Speaker:Make sure that we have the guidelines so that you have the profitability
Speaker:that you desire and that you need to have a healthy business.
Speaker:We will then create a tax plan based on the profit that we
Speaker:projected for you for that year.
Speaker:And then with that, we'll be able to kind of split it between two different choices.
Speaker:Like, Okay, choice one, we do this, nothing changes.
Speaker:This is what your tax bill will look like.
Speaker:And then the second option is adding certain things.
Speaker:For for tax strategies, which I will share next, and then seeing
Speaker:how that would impact tax liability.
Speaker:And then each month we will then do tax estimates, and then we'll say, okay,
Speaker:this is what we initially projected.
Speaker:This is the actual, let's see where the variance is.
Speaker:So when it comes to helping clients manage previous tax bills, we initially
Speaker:help them create a payment plan.
Speaker:A payment plan that is going to be like a no brainer to pay
Speaker:automatically every single month.
Speaker:And then.
Speaker:Of course, that will involve you having a little bit more taxes to pay
Speaker:over time, but instead of stressing yourself out of paying it off in
Speaker:full and it impacting your immediate cash flow, what we'll do is suggest.
Speaker:different ways, like different payment plans, that is a no
Speaker:brainer to pay every single month.
Speaker:That way, say you have a launch months later and we allocate that cash or some of
Speaker:that cash to take off a chip of that debt, then we'll be able to help you pay it off
Speaker:sooner, but you're locked in for payment plans that are extremely easy to pay off,
Speaker:Next, I want to share like some actual strategies for taxes that will
Speaker:help you reduce your tax liability.
Speaker:And if you are wanting to get my top seven tax strategies to reduce your tax
Speaker:liability legally, go to lovelyfinancials.
Speaker:com slash tax.
Speaker:So changing your company's tax structure, potentially, right?
Speaker:This isn't an automatic thing.
Speaker:You should be talking to your tax professional, talking to your finance
Speaker:team to see holistically if this is something that you should do, and
Speaker:then also listening to your gut.
Speaker:Typically, when it comes to online business, people are
Speaker:blindly transitioning to an S Corp preemptively before they're ready.
Speaker:So they're doing it because everyone else is, they don't have the proper
Speaker:support to get them started and they might be starting too early, they might
Speaker:say, okay, I've had an amazing year and they don't have any projections
Speaker:for the future years, so don't know exactly what the next year will bring.
Speaker:And then the next year comes, and they weren't able to sustain that S Corp.
Speaker:Now, on the other hand.
Speaker:Things happen, right?
Speaker:Things unexpectedly happen.
Speaker:And say, if you have a business that's been thriving for the past
Speaker:couple of years, and then you had a really rough year, and you weren't
Speaker:able to really pay yourself that salary, that's one year, right?
Speaker:What can you do to Reframe your mind to say, okay, what should the next year
Speaker:look like versus like really harboring and feeling bad about that current year.
Speaker:So I'll just say On the other side of starting too early,
Speaker:you might be starting too late.
Speaker:So typically when you're starting a business, You have an LLC.
Speaker:If you're the only owner, you're going to be taxed as a sole proprietor.
Speaker:And that means not only will you have income tax, but you'll
Speaker:also have self employment taxes.
Speaker:So when you.
Speaker:Transition to an S Corp when it's the right time, when you have
Speaker:the right support, you can save yourself the self employment taxes.
Speaker:Typically, I see that it might be time to transition to an S Corp
Speaker:when you're consistently making a full salary, like your net income.
Speaker:Looks like a full salary.
Speaker:So let's say if it's from $75,000 plus that to me seems like a good idea to
Speaker:transition to become an S Corp and a mistake that I see is People having
Speaker:like extremely minimal wages and having extremely large draw So what
Speaker:I mean by that is you can dictate your salary in a way as long as it
Speaker:aligns with reasonable compensation.
Speaker:So let me kind of pull back, right?
Speaker:An S Corp is a way for you to make yourself an employee.
Speaker:It's still a pass through entity, and what you'll need to do is put yourself on
Speaker:salary that is reasonable, meaning not 20k and then you're taking a hundred thousand,
Speaker:a hundred twenty thousand in your draw.
Speaker:So your draw is not taxable.
Speaker:It's basically you're paying yourself from the profits as a business owner.
Speaker:So you're paying yourself equity, the equity that's left over.
Speaker:Remember in episode eight, I talked about the balance sheet
Speaker:and that shows us assets.
Speaker:What you own, liabilities, what you owe, equity, what's left over.
Speaker:And when it comes to your draw, you're paying yourself from that
Speaker:equity because it has that net income and equity that you've been keeping
Speaker:in the business year over year.
Speaker:My approach to helping clients navigate tax season and their
Speaker:tax plan is to first and foremost connecting with their tax professional.
Speaker:It's going to be imperative that whoever's doing your bookkeeping, whoever's doing
Speaker:your, financial management with your cash flow, like with your financial strategy is
Speaker:talking to whoever is doing your tax prep.
Speaker:It might be the same person.
Speaker:We just personally don't do tax preparation.
Speaker:So we will work collaboratively with your tax professional, and if it
Speaker:is time to transition from a sole proprietorship to an S Corp, there was
Speaker:a form called a 2553 form that elects your LLC to be taxed as an S Corp.
Speaker:It is due on March 15th of every single year.
Speaker:If you're discovering that you should be in S Corp after March 15th of that
Speaker:calendar year, that means that you will have to do a late election and it'll be
Speaker:at the top of the form and your tax team, should be able to handle that for you.
Speaker:While you do the form and you turn it into the IRS, it's going to be imperative to
Speaker:start getting on payroll expeditiously.
Speaker:so that you can start paying yourself that reasonable compensation.
Speaker:And if you elected for the beginning of the year, you can kind of do what
Speaker:I like to call a catch a payroll so that you can satisfy reasonable
Speaker:compensation for that tax year.
Speaker:There's also a way to do it like mid year, but that, to me, personally, I
Speaker:would rather you do it for the full year, or if not that calendar year,
Speaker:the next year, starting with a clean slate is also a good option for you.
Speaker:When you become an S Corp, there are a couple of things besides
Speaker:saving self employment taxes that you can deduct in your business.
Speaker:One of them is your healthcare premium costs.
Speaker:So say if you get your health insurance from healthcare.
Speaker:gov and you're an S Corp, your premiums, like your health
Speaker:insurance premiums can be deducted.
Speaker:on your W 2, which is an expense for your business, because
Speaker:that's part of your salary.
Speaker:So then that way you can leverage your healthcare through your
Speaker:business as a tax deduction.
Speaker:So on top of this when it comes to not only your premiums, you can get an HSA
Speaker:through your business or personally, and your business can contribute
Speaker:to your HSA As a business expense.
Speaker:So not only is your healthcare covered by your business, like your healthcare
Speaker:premiums, your out of pocket costs are also covered through your business because
Speaker:your business is contributing to your HSA.
Speaker:Now, for this tax year, HSA contribution, max is 4,000.
Speaker:So say if you are.
Speaker:on a high deductible insurance plan.
Speaker:And you don't really have a lot going on.
Speaker:You don't have like chronic illness or anything like that.
Speaker:Your health care will be pretty straightforward.
Speaker:You're just kind of maintaining everything.
Speaker:This will be a great.
Speaker:opportunity to dig more into to see if this is a good option for you.
Speaker:Personally, I I have a high deductible insurance plan for this year for myself.
Speaker:My daughter is on her father's.
Speaker:Thank you, Jesus.
Speaker:I don't have to pay her insurance this year.
Speaker:So I have my own insurance it's paid through my business's payroll
Speaker:account, comes out every month, and then I'll contribute to my HSA.
Speaker:So say this year, I want to get really serious about my hormone health,
Speaker:just making sure everything's good.
Speaker:I can deduct things like my out of pocket costs for like labs.
Speaker:I did a whole thing with labs just on a look at every single hormone, not every
Speaker:single, but the ones that talk about fertility and making sure that I'm good.
Speaker:And I want to be sure.
Speaker:And you could do things like massages, the chiropractor, you can
Speaker:get your supplements with your HSA.
Speaker:There's things that you can do with your HSA that people don't talk about.
Speaker:Look into that for sure so that you can leverage not only the tax
Speaker:structure, but your health benefits.
Speaker:Another benefit for changing your tax structure to an S Corp is retirement.
Speaker:So I'm going to only talk about a solo 401k just so that
Speaker:because it's really simple.
Speaker:I don't want this episode to be too long, an episode five, My client Nagina
Speaker:talked about how she used her solo 401k in her business as a deduction,
Speaker:but before that she was able to master her profitability and she shifted from
Speaker:30 percent to 70 percent so that 70 percent buffer for profit was able to be
Speaker:utilized to max out her contributions.
Speaker:As a business owner, she's able to contribute both personally
Speaker:and through her business.
Speaker:So it's kind of like a double tax deduction when you're able to
Speaker:leverage this for your business.
Speaker:So 2024, as an employee, your max contribution rate is 23, 000,
Speaker:but as a business owner, you can contribute on the employer side.
Speaker:So jointly your max contribution for 2024 is 69, 000.
Speaker:So imagine when you have a way to increase your profit and you're able to.
Speaker:you allocate that profit to your future self.
Speaker:Ooh, that'd be amazing.
Speaker:The next tip and how to dictate what you pay in taxes is by Aligning your
Speaker:everyday goals with your tax plan.
Speaker:So first we were talking about like your long term goals, getting
Speaker:on the right tax structure.
Speaker:Now it's what are the nuanced like everyday things that you can do to
Speaker:reduce your tax liability without just like being fruit ninja and
Speaker:like deducting every single thing.
Speaker:I know, I love you, but we are not going to continue to swipe.
Speaker:Do Fruit Ninja with our cards, co mingling our business and our personal expenses
Speaker:because we want to evolve from this, so this is typically what happens, especially
Speaker:when you first start your business.
Speaker:No judgment, but I do want to, remind you like let's really treat our
Speaker:businesses like businesses and separate our business and personal finances.
Speaker:Typically when it comes to having a business as well, you're not
Speaker:thinking Okay, what are some things that I do naturally that I can
Speaker:actually deduct in my business without depleting my taxable income?
Speaker:So one of the things is like not involving your kids at all, or you're involving
Speaker:them, but you're not seeing, how can I leverage the tax code to kind of pay
Speaker:my children so that they can succeed or have a plan for them for their future?
Speaker:My approach to this is when I'm first meeting with clients, even
Speaker:on a sales call, I'm asking, okay do you have children?
Speaker:How are they involved in your business?
Speaker:Do you do video in your home, things like this?
Speaker:I might not ask all of this during the sales call, but I'll definitely
Speaker:access throughout our time working together, especially when we're With my
Speaker:intensive clients and my CFO clients.
Speaker:When I ask these questions out of curiosity, I'm planting seeds
Speaker:of okay, how can we leverage, your children, not leverage your
Speaker:children in the bad way, right?
Speaker:We leverage how your children are helping you through your business.
Speaker:Maybe they, show up, they could be like used as talent
Speaker:for like marketing campaigns.
Speaker:I have a client, she hired her children, she does a couple of like podcast
Speaker:episodes with their children to kind of gauge like the children's perspective
Speaker:on particular topics, that's absolutely a way that you can leverage paying
Speaker:your children through your business.
Speaker:And it's not only a tax deduction, what you pay your
Speaker:children can go to their future.
Speaker:You can open a custodial Roth IRA so that you're hitting all those points
Speaker:and investing in your child's future, so that you can satisfy dictating where your
Speaker:taxes go versus just paying it blindly.
Speaker:Another thing is like if, so say for example, I'm using my living room
Speaker:as my podcast studio these days.
Speaker:in this season of my life.
Speaker:So I can utilize the Augusta strategy.
Speaker:And with that, typically when you have a home office, that's used only for work.
Speaker:I'm not going to tell nobody.
Speaker:You can deduct the square footage of your office against your entire
Speaker:square footage of your home.
Speaker:However, when you do like things like a podcast episode, YouTube videos outside
Speaker:of your office, you have like executive meetings, like your team comes, they
Speaker:meet with you in your home, or you have quarterly executive meetings as a CEO, you
Speaker:can do what is called an Augusta strategy, where You're paying personally you.
Speaker:I can pay Aiyana, Lovely Financials Group can pay Aiyana to rent out Aiyana's home
Speaker:for the purpose of producing content.
Speaker:Now, it's going to be 14 days or less.
Speaker:because that allows you to have tax free income.
Speaker:So say, for example, if this is an example now, you don't have to take
Speaker:it, but if you want to gift yourself something for your launch, right?
Speaker:But you want your business to pay for it.
Speaker:You can actually do something like record content, you can pay yourself
Speaker:tax free, and the money that you pay yourself that's extra, you can
Speaker:use that towards gifting yourself.
Speaker:But it's going to be really important to make sure that you research the going rate
Speaker:for renting meeting space in your area.
Speaker:So say, for instance, I live near a mall and it has some hotels, I would
Speaker:have to do some research on what is their going rate to rent out meeting
Speaker:rooms so that I can have a comparison so that I'm not just charging anything
Speaker:for renting out my home for the day.
Speaker:So you have to do a little bit of research, but you are able to utilize it
Speaker:so that you can kind of dictate, okay, if I want to give myself something,
Speaker:but I'm actually doing something legit.
Speaker:and my business for marketing and I'm renting out my home
Speaker:and it really makes sense.
Speaker:It's on my calendar and I can prove it.
Speaker:Then you can actually leverage this one.
Speaker:And again, like if you want to get our seven tax strategies for business
Speaker:owners, go to lovelyfinancials.
Speaker:com slash tax.
Speaker:Another thing that you can do is say if you want to buy a car through your
Speaker:business, but it really depends on the type of business that you have.
Speaker:So just be really careful with that.
Speaker:Say if your business fits the criteria to be able to purchase a car, and it
Speaker:makes sense, whatever you purchased a car for, as long as it is new to you, you
Speaker:can do something called a 179 deduction.
Speaker:Say if I buy a car.
Speaker:It's 30, 000, even if I'm on a I'm financing the car, the cost of the
Speaker:car can be deducted completely.
Speaker:That 30, 000 can be deducted completely during that tax
Speaker:year through a 179 deduction.
Speaker:This is contingent on me making sure I'm doing my due diligence.
Speaker:It fits my business,
Speaker:so if I'm a videographer, this will be a good option for you.
Speaker:Or if you're a photographer, it could potentially be a good idea for you to if
Speaker:you are in need of a card going through that, but talk to your tax professional
Speaker:to see if that is a good idea.
Speaker:So we talked about some bigger ticket things when it comes to aligning your
Speaker:everyday goals with your business.
Speaker:I don't want, Leveraging the tax code to turn into you splurging on your lifestyle.
Speaker:Like you don't have to do first class whenever you're traveling.
Speaker:You don't have to do five star hotels every time you travel for
Speaker:business, be really intentional on how you're investing in your business.
Speaker:And then the reward for that is having your lifestyle funded through your
Speaker:business, but you're not depleting your profit and your cashflow in the process.
Speaker:So another example, I mentioned that with your HSA, you can do things
Speaker:outside of like your typical co pay lab result, like paying for your lab fees.
Speaker:And you can do like massages, like your supplements, your
Speaker:like chiropractor visits.
Speaker:So massages, maybe that's on your immediate lifestyle goal, and you want
Speaker:to have massage, at least once a month.
Speaker:If that fits within your budget, cashflow wise, you can leverage
Speaker:your HSA to pay for this,
Speaker:and say, if you're going on a trip and it's a weekend trip, you can say,
Speaker:if you want to share with your email list that you'll be in whatever city,
Speaker:and if they want to have a VIP day, then you can essentially, as long
Speaker:as it's on the weekend or it makes sense, we have to be really clear.
Speaker:You can deduct the trip for business purposes, again, if it aligns with
Speaker:your goals your bigger goals and your immediate lifestyle goals.
Speaker:Now, say if you have a VIP day, it'll hopefully wash out your expenses for
Speaker:that trip so that you can leverage that.
Speaker:So you can use that for your business.
Speaker:Okay.
Speaker:So I talked about ways to dictate your taxes and your business
Speaker:along with making sure that it aligns with your longterm goals.
Speaker:It aligns with your everyday goals and potentially shifting your tax structure
Speaker:so that it works out for your business.
Speaker:Which one of these are surprising to you that you didn't know before or that you
Speaker:want to double down on for this year?
Speaker:If you're watching on YouTube, let me know in the comments below.
Speaker:So we talked about how to dictate your taxes in your business by
Speaker:leveraging the tax code and having a tax plan in your business.
Speaker:Sign up for the Harmonious Wealth Tax Planner so that you can see my top
Speaker:seven tax strategies that I use for myself and my clients in business.
Speaker:The harmonious tax planner will help you understand the beginning steps
Speaker:that you can use for your business.
Speaker:As you grow, you'll be able to know how I use them for my clients
Speaker:and how it can benefit you.
Speaker:Go to lovelyfinancials.
Speaker:com slash tax to get started.
Speaker:If you're a woman growing your business and family and want to heal your
Speaker:relationship with money and release your anxiety with taxes to build
Speaker:personal wealth and create a legacy, subscribe on either YouTube or wherever
Speaker:you listen to your favorite podcasts.
Speaker:I'm on a mission to help a hundred women reach at least one million in net worth
Speaker:so that they can create generational wealth and break generational curses.
Speaker:If this aligns with you, I'd love for you to be a part of our community so tune in
Speaker:to future episodes to Harmonia as well.
Speaker:Hey there girlfriend, if you're ready to finally have the lifestyle
Speaker:and legacy to show for your business success, I would love for you to
Speaker:click that subscribe button on your favorite podcast app or YouTube.
