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The $12,000 Tax Loophole with Melissa and Eric Broughton | Episode 127
Manage episode 415925758 series 3387859
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Taxes are a significant consideration for business owners, and in the latest episode of the Quiet Wealth podcast, hosted by Camilla Jeffs, tax experts Melissa and Eric Broughton join the discussion to share valuable insights on tax strategies for business owners.
In this episode, Melissa and Eric dive into important topics such as the tax benefits of owning a business, including the often-overlooked Augusta Rule and the potential tax advantages of hiring one's own children. Additionally, they shed light on the difference between tax preparers and tax strategists, emphasizing the crucial role of the latter in maximizing tax savings and long-term financial planning.
The conversation also underscores the importance of diligent financial tracking for business owners and the significant impact it can have on optimizing tax strategies.
To grasp the full depth of this impactful conversation and gain a competitive edge in navigating the complexities of business taxes, listeners are encouraged to tune in to the latest episode. Don't miss out on this opportunity to gain valuable insights, share the episode with fellow business owners, and ensure you never miss an episode by subscribing to the Quiet Wealth podcast.
In this episode, we talk about:
• Melissa and Eric Broughton's journey to business ownership
• Tax strategies for business owners
• Importance of owning a business for tax advantages
• Augusta Rule or the 14-day rental rule for business owners
• Strategy of hiring kids for tax benefits
• Advice on not being deterred by potential red flags or audits
• Importance of working with a tax professional outside of tax season
• Difference between a tax preparer and a tax strategist\
• Benefits of proactive tax planning and staying on top of finances
• Importance of updating business plans annually and seeking professional advice
Connect with Melissa and Eric Broughton
Busy Bee Advisors - https://busybeeadvisors.com/
LinkedIn - https://www.linkedin.com/company/busy-bee-advisors/
Melissa Broughton on LinkedIn - https://www.linkedin.com/in/melissa-broughton-baa3ab77/
Eric Broughton on LinkedIn - https://www.linkedin.com/in/eric-broughton-874b0119a/
Facebook - https://www.facebook.com/SacramentoBookkeeping/
Instagram - https://www.instagram.com/busybeeadvisors/
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