With the release of President Trump’s tax returns in September of this year, there have been a lot of heated discussions online about what his tax returns have revealed about his businesses’ financial health.
While I do not want to get into the politics of this, the release of any major politician’s tax returns tends to generate a lot of misinformation and confusion around how taxes work as well as what constitutes a healthy business.
While neither I nor Corey are accountants, we do have 16 years of combined experience working with our client’s accountants to file their taxes. We have also looked over thousands of different profit and loss statements over these combined 16 years as well.
So what I’m trying to say is, despite not being accountants, we know a little something about how taxes work.
That’s why for this episode, we discuss:
- The different ways our clients reduce their tax bills, legally
- How your business entity can affect your tax bill
- Why it’s easier to find more tax loopholes as your business grows
- Why tax audits are necessary for large businesses showing little profit
- How businesses with little profit can still pay other types of taxes
- Why we love seeing our clients pay big tax bills each year