How much will you save from the new tax law?
It turns out that while there are some great “gives” from Uncle Sam for entrepreneurs, there are several potentially costly “takes” as well.
Death and taxes, right?
To help talk through how some of the most important tax law changes will impact your bottom line, I invited Josh Bauerle from CPAonFire.com back on the show.
You might remember Josh from episode 208 where he answered tax questions from the Side Hustle Nation community.
This time, Josh talks through the new benefits for pass-through entities, changes in C-Corp taxes, the new standard deduction amounts, changes to child tax credits, and more.
Tune in to hear Josh talk through the most important tax changes and how they affect you as a small business owner or side hustle entrepreneur.
Free Bonus: Download Josh’s New Tax Law Breakdown
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Learn:
- How the tax rate changes for pass through entities can save you money.
- What the changes are for C Corporations are.
- What doubling the standard deduction allowance means for you.
- What the changes to child tax credits are.
- How the elimination of the personal exemption deduction will affect you.
- Changes to property taxes in California.
- Where you can make the most of these new changes to save money on your taxes.
- Josh’s #1 tip for Side Hustle Nation.
Links:
- CPAonfire.com
- Josh’s first appearance on The Side Hustle Show
- Do tax cuts pay for themselves?
- Medi-Share
- XML calc tax calculator
Download the Free PDF "Highlight Reel" from this Episode
With all of my guest's top tips and resources included.
Enter your email to access it now:
Success! You just unlocked the highlight reel from this episode ... AND over 200 other subscriber-only bonuses. Check your email for details :)
(If it doesn't show up in 5-10 minutes, check spam/promotions.)
You'll also receive my best side hustle tips and weekly-ish newsletter. Opt-out anytime.
One of the best podcasts in a long time. Thanks.
One additional thought on the question about CPA versus Tax Attorney. Anyone who is thinking of something really risky regarding any tax avoidance strategy.
If you ever do get into a situation where you are facing possible legal action by the government, state or federal, if the government chooses to they can subpoena your CPA and compel him or her to reveal whatever issues you two discussed. There is no legal CPA/client privilege. Anything you discussed, even in jest or just brainstorming has to be revealed.
If you consult a tax attorney on the same matters, your discussion is covered by attorney client privilege in all states and can be legally kept completely confidential.
A small point perhaps, but it could be really important at times.