From the archive: This episode was originally recorded and published in 2020. Our interviews on Entrepreneurs On Fire are meant to be evergreen, and we do our best to confirm that all offers and URL’s in these archive episodes are still relevant.
Joel Jensen is a CPA and CEO of Tax Sentry. Joel started his career at Ernst and Young. His specialties include forensic accounting and advanced tax strategy.
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Resource
Keep More Cash e-Book – Download your free eBook and learn how to save more of your hard-earned money in 2020 with the 3 Golden Tax Strategies!
3 Value Bombs
1) Look at taxes with a different mindset.
2) Go to someone who is an expert with the taxes and have someone available for you throughout the year who does tax planning with you.
3) Have great business optimization and have proper documentation for the type of money that you spend on your business.
Sponsors
Podopolo: The best podcast listening app in the world is here! Visit Podopolo.com, download the app for free, mention John Lee Dumas (my Podopolo username) when you sign up, and start listening now!
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!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
Today’s Audio MASTERCLASS: How Not to Hate Your Taxes with Joel Jensen
[00:55]– Joel shares something interesting about himself that most people do not know.
- He loves to cook.
[2:51] – Tax Tips you should always keep in mind.
- Look at taxes with a different mindset.
- Even winning the lottery is taxable.
- Think about what you are making and what may have to be paid to the IRS.
- Look at the discounts from an entrepreneurial standpoint.
- Special Depreciation allows you to 100% deduct certain items within your tax return.
[8:42] – What is the deal with the tax reform?
- Qualified Business Income Deduction allows you to have a deduction if you are self-employed.
[11:05] – How can one be aggressive but smart with their taxes?
- Section 162 allows a deduction for all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.
- To determine what is ordinary and necessary when it comes to your business, take a look at what it took you to make a dollar.
- Always include your assets or money for your business in your tax return.
- Include the receipts and or support for the claim.
[14:56] – A timeout to thank our sponsors!
- Podopolo: The best podcast listening app in the world is here! Visit Podopolo.com, download the app for free, mention John Lee Dumas (my Podopolo username) when you sign up, and start listening now!
- 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!
[17:00] – What are the common deductions that taxpayers overlook?
- Home office deduction
- Automobile deduction
- Health Insurance Premium for self-employed
[18:51] – How do you choose a good CPA, and what are the best practices to work in conjunction with them?
- Go to someone who is an expert with the taxes and have someone available for you throughout the year who does tax planning with you.
[21:49] – Joel’s parting piece of guidance.
- Do not be afraid of the IRS. Have a proper mindset when it comes to your business and how you spend your money.
- Do your proper tax planning throughout the year to limit what you may owe to the IRS, and shelter as much money as you possibly can.
- Have great business optimization, and have proper documentation for the type of money that you spend on your business.
- Keep More Cash e-Book – Download your free eBook and learn how to save more of your hard-earned money in 2020 with the 3 Golden Tax Strategies!
[23:42] – Thank you to our Sponsors!
- Podopolo: The best podcast listening app in the world is here! Visit Podopolo.com, download the app for free, mention John Lee Dumas (my Podopolo username) when you sign up, and start listening now!
- 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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