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Ep 045: How To Save $96k In Tax This Year With Tiffany Phillips
Manage episode 321799995 series 2921813
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Tiffany Phillips is not your typical accountant - focusing only on accounting and taxes. In this episode Tiffany shares her incredible entrepreneurial rollercoaster journey, from launching a business and getting $126K in debt to forming a partnership that broke down until she finally embraced her natural talents. Tiffany now specialises in helping her business-owner clients reduce their income tax liability by $97k on average by utilising proven, audit proof tax reduction strategies. She shares some of the ways you can start to implement these right now! *This is USA Based tax and not suitable for UK tax. Book in a discovery call with Tiffany here: www.tiffanyphillipscpa.com
Here are the highlights:
{1:08} Tell me how you got started
{6:40} What are some of the lessons you learned in that year where that business failed that would help somebody who's doing that at the moment?
{9:07} Do the thing
{9:30} What was the switch when you finally used your talents and you were like okay fine, the universe, I'm listening. What happened then, how did you scale your business?
{11:55} Then I started out on my own, that's when I started specialising in tax saving strategies, tax planning, tax reduction and that is the point when things really started taking off.
{13:45} Making those changes was really I would say, one of the biggest differences in business and really learning about myself, figuring out areas I needed to change
{15:12} How can you save $96k on tax?
{19:58} Arm yourself with knowledge
{20:16} Paying your kids tax-free
{22:48} How many entities can a business have?
{24:42} What sort of things can we claim back that maybe entrepreneurs haven't thought about?
{27:58} When should they start thinking about tax planning and making sure they're efficient with their taxes?
{31:25} Is there anything else that you think people should be aware of to help them with their tax reductions right now?
{35:40} Do they need to fire their accountant to work with you?
{36:45} Is there anything that you think that people need to know that they haven't heard today?
{38:00} What do they need to prepare?
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