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What would you do with an extra $80,000? I have a client that was trying to figure out exactly that. He had an extremely successful year and even doubled his revenue from 2019 to 2020. When he realized how successful his business had been that year he called me up and asked me to partner with his CPA to figure out how he could save on taxes. Listen in to hear his story and learn how careful planning could save you money.
You will want to hear this episode if you are interested in…
- Learning from 3 tax planning scenarios [1:22]
- How investing in your business could save you money [7:40]
Your A-Team can help you come up with a plan
The story I share in this episode is a lesson in planning. It also demonstrates the importance of having your A-team in place and ensuring that they communicate with each other. If you aren’t sure what an A-team is and how it is important to your business, check out episode 15.
Working with my client and his CPA we discovered the best ways for him to save on his tax bill. Not only were we able to do that, but we were able to do much more. Listen in to hear just how much more we could do!
3 tax scenarios
The CPA and I came up with 3 scenarios that we presented to our client. The options were: do nothing and leave everything the same as in previous years, do a bit of planning and save money, or he could do a lot of planning and save even more money.
Listen in to this story to discover how he ended up with a new 4-wheeler, a new SUV, a fully funded retirement account, and cash on hand to tackle business expenses in the coming year.
Plan so that your extra money won’t be a burden
Having leftover money is an awesome problem to have, but if you don’t plan how to use that money it could end up weighing you down. This is why it is so important to plan what to do with it — especially when your business is successful.
Having an A-team in place and orchestrating their communication is what led us to come up with a plan so that he could explore a range of options. We were able to present him with these choices so that he could make the decision that was best for him and his business.
Do you have your A-team in place?
I love planning and helping my clients find ways to save money on taxes. Today you’ve heard an example of what I can do to help my clients.
Are you ready to partner with a financial advisor? Do you think I have what it takes to be on your A-Team? If so, head on over to GabeNelsonFinancial.com and click start here. Let’s schedule a meeting to see if we’re a good match for each other.
Resources & People Mentioned
- Episode 15 – How to Find an A-Team to Help Your Business Thrive
Connect With Gabe Nelson
- FREE Downloadable Resources at https://www.gabenelsonfinancial.com/resources/
- EMAIL: Gabe (at) GabeNelsonFinancial.com
- Follow Gabe on LinkedIn
- Follow Gabe on Twitter: @GabeNelsonCFP
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