Minimizing Tax and Managing Cash │ Ep: 300 John Briggs

Small Business Answer Man

John Briggs is the founder of Incite Tax. His theme is, “The IRS Sucks”, and business owners should keep more of their money to build long-term wealth. John is a man on a mission to give entrepreneurs an actual work-life balance so they don’t get burned out. He helps them increase their cash immediately so they can have confidence in their choices and become financially resilient.

What problem do you solve?

Today John will give us expert advice on cash flow management problems and he will share tax strategies.

Show Notes:

• Cash flow is the lifeblood of our business. Sometimes we get so wrapped up in the emergencies and urgencies of day-to-day business that we forget to address cash flow.
• One mistake is assuming that the IRS is right. While they have a lot of authority, the employees there may not be competent.
• Parkinson’s law for cash flow would say that we will expand to spend all the cash available. We need to be careful not to fall into this trap.
• John recommends using the Profit First method. (See Gary’s interview Ep: 061 Mike Michalowicz – Ascend Business Mastermind (goascend.biz)
• John equates taxes and the IRS to playing a board game. If you read the rules, there is likely something you can take advantage of to decrease your tax burden.
• The 4th quarter is an excellent time to plan tax strategies.
• Make sure your accountant isn’t using the plug and chug method. — They just plug in your numbers and submit them to the IRS and chug along instead of being proactive to seek tax advantages for you.
• John works with clients all over the US.
• Paying yourself first is really important.
• John has a book coming out called The 3.3 Rule. John shares the importance of taking breaks to increase your productivity.

John Briggs’s Best Small Business Tip:

Your best advice may be different than someone else. Be aware that you are at a different point in your business than what others are so just realize you need to work on what you need to work on.

Connect with John Briggs:

Website: incitetax.com

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