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Entrepreneurs on Fire with John Lee Dumas

Daily business podcast interviews

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Writing Off Your Life: Tax Strategies of the Super Ninjas with Barbara Schreihans

Barbara Schreihans is the founder and CEO of Your Tax Coach. She’s a tax strategist who aids business owners in saving millions of dollars in taxes while also growing their profits.

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Guest Resources

Your Tax Coach’s Instagram – Connect with Barbara and her team on Instagram!

Your Tax Coach Website – Stop giving the government all your money. Save thousands of dollars on your taxes.  Easily. Legally. Quickly.

3 Value Bombs

1) You have to stay consistent in working your business.

2) Along the way, you can identify gaps in your processes and think of ways to improve them.

3) You have to know your numbers to strategize on how to lower your taxes. Make sure to keep track of your profits, expenses, and income.

Sponsors

HubSpot: Learn how HubSpot can help your business grow better and get a special offer of 20% off on eligible plans at HubSpot.com/eof!

ZipRecruiter: Let ZipRecruiter help you find the best people for all of your roles! Try ZipRecruiter for free at ZipRecruiter.com/fire!

Show Notes

**Click the time stamp to jump directly to that point in the episode.

Today’s Audio MASTERCLASS:  Writing Off Your Life: Tax Strategies Of The Super Ninjas With Barbara Schreihans

[1:36] – Barbara shares something she believes about becoming successful that most people disagree with.

  • She believes you must stay consistent working in your business even if you already have a team.

[2:18] – Why in the world did you become a tax strategist?

  • She got her masters in taxation.
  • She created Your Tax Coach to help small businesses save money on taxes.

[4:19] – How did you build a successful firm so quickly?

  • She encountered a lot of challenges, but with lots of hard work, Barbara was able to build her firm quickly.
  • She worked on having good communication with her clients.
  • She used social media and created awareness on how to save on taxes.
  • She leads with value and service.

[5:49] – Barbara gives an example of identifying value.

  • She believes writing down processes and procedures is essential, especially when starting your business
  • Along the way, you can identify the gaps in your processes and think of ways to improve them.
  • Every employee is practicing the same process.

[7:39] – What does the process look like growing your business with 27 employees?

  • Her first hire was the hardest, but it became easier as soon as she learned to delegate tasks.
  • After making her first hire, she was determined: if she could afford her subsequent employment and calculated her KPIs, things would work out.

[10:35] – A timeout to thank our sponsors!

[14:08] – How can you ‘Write Off Your Life’?

  • You can write off most of the things you are paying for; you just have to find a way to connect it to your business.
    • Buying a car, as an example.
    • Can you use that car in your business?
    • If yes, then you can write off the cost of the car.

[15:44] – What are some things that excite your clients the most when you alert them of the opportunity?

  • Federal Tax, State Tax, and Self-Employment Tax
  • Looking at your family to save money on taxes to build generational wealth.
  • You can find a job for your children in your business. You can pay them up to $12,000/year, tax-free.
  • When your children are on your payroll, they can have a Roth IRA.
  • If they contributed the max to their Roth IRA for five years, they could have up to $2 million at retirement age.
  • The Augusta Rule.

[18:41] – What are some Super Ninja Tax Strategies to save money on taxes?

  • Get the maximum deductions
    • Home Office deductions
    • Vehicle deductions
    • RV expenses
    • Food deductions

[20:17] – Barbara’s key takeaway for Fire Nation.

  • You have to know your numbers to strategize how to lower your taxes. Make sure to keep track of your profit, expenses, and income.

[20:50] – Barbara’s call to action.

[20:25] – Thank you to our Sponsor!

  • HubSpot: Learn how HubSpot can help your business grow better and get a special offer of 20% off on eligible plans at HubSpot.com/eof!

Killer Resources!

1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!

2) Free Podcast Course: Learn from JLD how to create and launch your podcast!

3) Podcasters’ Paradise: The #1 podcasting community in the world!

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