Our guest for this episode is Diane Gardner, a certified tax coach, a Quilly Award recipient and the author of “Stop Overpaying Your Taxes!: 11 Ways Entrepreneurs Overpay and How to Stop it Now!”
Diane is the founder of Adept Business Solutions, Tax Coach 4 You and Tax Pro Solutions which meet the needs of her clients by providing accounting and pro-active tax planning services. She is also the leader of the Business Breakthrough Mastermind Group which meets in her hometown of Rathdrum, ID.
Highlights from this episode
- What a Tax Coach is and how one can help you to maximize your deductions and therefore maximize your profit.
- Why selecting a tax professional is like dating and the attributes you should be looking for to land the right one.
- The main ways entrepreneurs overpay on their taxes, including writing their businesses under the wrong entity type, and how to mend it to start saving money.
- Documenting your mileage information correctly by keeping written logs through your phone’s app, an Excel spreadsheet or other forms of documentation.
- How to qualify for home office deductions by having a dedicated space in your home for your business.
- About the Medical Expense Reimbursement plan and how it can work for small businesses to get back some out-of-pocket medical costs.
- How today’s insurance industry impacts today’s entrepreneurs and how the insurance industry shook up the business world.
- Utilizing the proper entity type for potential tax savings and the questions you need to ask to make a full analysis of what you need to choose to benefit your business.
- Tips to guide you and to consider before making the decision between hiring an employee and hiring sub-contractors.
- How IRA and HSA contributions impact sole proprietors and how to manage these programs to work more for you.
Quotes from Diane in this episode
“Choosing the right entity type for your business is like marriage. It’s a whole lot easier to get into it than it is to get out of it.”
“Make sure you’ve got good records. Invest in this area because if you don’t get a good set of records, I guarantee you are missing out on deductions.”
“Sit down with a certified coach and get an analysis done with your tax return to see if you can find mistakes and missed opportunities.”
“Invest in the future of yourself and of your business and get some good help. Don’t try to do it yourself.”