E20: Saving Thousands of Dollars With Tax Planning

Craig is a certified tax coach and public accountant, a business owner, and a former New York City police officer with over 17 years of experience on the force. His mission is to help businesses keep more of what they make through tax planning strategies and techniques. He also co-authored Secrets of a Tax-Free Life and recently wrote The 10 Most Expensive Tax Mistakes that Cost Businesses Owners Thousands. In this episode, we talked about tax planning, accounting, succession planning…

Show notes

• Introducing Craig Cody. [00:53]
• Why Craig shifted from being a police officer to become an accountant. [03:05]
• Craig talks about the lessons he learned while he was on the force that he took with him when he became an accountant. [03:45]
• The biggest mistake that small business owners make.. [04:34]
• The different corporate structures, and their advantages and disadvantages. [06:04]
• Craig’s take on mixing up different corporate structures for a single company. [07:36]
• Craig’s approach when talking to business owners about tax planning. [10:14]
• Two money-saving tax tips for home service businesses. [13:22]
• The benefits of pre-paying for services like advertising. [15:09]
• When should home service businesses use cash-based accounting versus accrual. [16:15]
• The difference between a bank review and bank audit. [18:35]
• Why you should get a line of credit before you even need it. [19:17]
• How to choose the right person to do the taxes for you. [20:26]
• The 3 questions you should ask your accountant on a regular basis. [21:12]
• The 5 non-obvious things a CFO should look for to determine how the company’s doing. [22:17]
• What business owners should look for when buying a business. [23:26]
• Why succession planning is important when you’re hoping to sell your business five to ten years into the future. [26:48]
• How cutting corners and keeping things “under the table” could damage your business. [29:51]
• The two accounting items that are commonly problematic for small businesses. [32:20]
• How the big companies are getting away with hiring contractors under the 1099. [33:28]
• The characteristics of companies and contractors that qualify for 1099. [34:40]
• The top four books on Craig’s list. [37:32]
• Craig’s most important piece of advice to home service businesses. [39:04]

Resources And People Mentioned:

• Secrets of a Tax-Free Life by Craig Cody
• Free Book Offer: The 10 Most Expensive Tax Mistakes that Cost Businesses Owners Thousands by Craig Cody
• Traction by Gino Wickman
• Extreme Ownership by Jocko Willink