When it comes to running a business, it is not about what you make but what you keep. Today’s podcast episode features CPA and Certified Tax CoachTM, Craig Cody. As a tax coach, Craig finds ways to legally reduce his clients’ tax liabilities by reviewing previous tax returns and current financials to identify missed opportunities and prior tax mistakes that resulted in unnecessary expenditures. In this episode, Craig shares a few ideas about where to look for missed deductions and financial planning advice for all small-business owners.
More specifically, we discuss:
- The new tax law and what practice owners should look for on their tax return
- How PT business owners can get a 20% net income deduction if they are listed as the right entity
- How employing your family members can lead to more write-offs
- Tips for home office and work vehicle deductions
- Common tax mistakes made by practice owners
- Retirement planning for cash-based physical therapists
Resources mentioned in this episode:
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This podcast came at the perfect time as I have been trying to research and understand all this recently. Makes me feel a little better that someone as well versed as you in the PT cash business find the tax stuff just as confusing. Thanks again for all your great info in these podcasts!
You’re so welcome and always pumped to provide timely information.
Jarod, thanks for this podcast. I would like to know more. There is the caveat that says that if you make over $157,500 if single, and $315,000 if filing married. How about those of us that are married and filing singly? Also, I didn’t know if the $157,500 cap was your gross income, income after expenses, your agi? I googled it, and this article answered that question. https://www.cnbc.com/2018/01/09/how-to-know-whether-your-business-qualifies-for-that-20-percent-tax-break.html
So it seems to be after expenses!! Phew! That’s even better. I’d really love for you to do a podcast maybe with another CPA who might divulge more information. This podcast was great, but the actionable items weren’t so many. Also would love a podcast on someone from a company like Fidelity, to give us options of what is better as a tax shelter….SEP? Or SE 401K? These things are so very confusing. Thanks! As always, your podcasts are essential to my life!
Thanks Theresa! And great ideas for future episodes!