317. Tax Planning Essentials for Business Owners with Jeff Trapp

Are you the typical business owner who dreads doing taxes when it comes to your business? Then this episode is for you. Host Erik Fisher interviews Jeff Trapp, founder of Tax Planning Pros, about ways to maximize your tax write-offs, how to maintain good records to ensure you avoid IRS scrutiny, and what to do if you are audited. We'll also discuss investing, how to prep your taxes if you're selling your business and we'll also clue you in on one of the biggest tax deductions most people are NOT taking now.   So let's dive into the things you can be doing TODAY to create your booming financial future tomorrow!   What we discuss with Jeff: + Why Proactive Tax Planning Matters + Key Differences Between Tax Preparation and Tax Planning + Common Mistakes Business Owners Make with Taxes + Getting Started with Proper Documentation + Understanding Business Entities: LLCs, S Corps, and C Corps + Leveraging Real Estate for Tax Benefits + Introduction to Cost Segregation and Depreciation + Investment Strategies for Tax Savings + Preparing for a Business Sale and Tax Implications + Hiring Family Members and Home Office Deductions + Managing Taxes Across Multiple States + Staying Informed on Tax Law Changes   Thank you Jeff! Big thank you to Jeff for sponsoring today's episode! For more insights and resources from Jeff, check out the Jeff Trapp Podcast on Apple, Spotify, and other major podcast platforms. Get a free tax playbook at mytaxplaybook.com and learn more about Tax Planning Pros at thetaxplanningpros.com.   If you enjoyed this episode, let us know by clicking on any of the links below to send a quick shout-out: Instagram, Twitter, Facebook, Youtube, TikTok and LinkedIn. We'd love to hear from you!   Want 300+ ideas for your business, check out our FREE Business Training where we include all of these!   And if you want us to answer your business questions on an upcoming episode, drop us a line at [email protected].   To get exclusive offers mentioned in this episode and to support the show, visit millionaireuniversity.com/sponsors.