Tax Strategies Every Entrepreneur Should Know!
R. Kenner French emphasizes the critical importance of understanding and managing taxes for entrepreneurs. He discusses how taxes can be one of the largest expenses for business owners and encourages them to actively engage with tax professionals to optimize their tax strategies.
The conversation highlights the need for ongoing tax management rather than a one-time effort, advocating for quarterly reviews and proactive planning to minimize tax liabilities.
Takeaways
• Taxes are one of your biggest expenses as an entrepreneur.
• It's worth spending time with a tax professional.
• Look at your taxes quarterly to stay on top of them.
• Lowering your taxes can significantly impact your financial health.
• You have a duty as a taxpayer not to overpay your taxes.
• The IRS does not want you to overpay your taxes.
• Paying attention to your taxes can lead to better returns.
• Start lowering your taxes from January 1st, not just at tax time.
• Engage with a team of CPAs and tax attorneys for better outcomes.
• This is Tax Tuesday; focus on your taxes regularly.
Sound Bites
• It's worth it to spend time on taxes.
• Look your taxes quarterly.
• The IRS does not want you to overpay.
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