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Episode 194

9/19/24

Topic: How to Fuel Growth by Reducing Taxes

Guests: Dan Gordon & Donnie Shelton



In this episode we discuss:

  • Our sponsors Coalmarch by Workwave and PestSure

  • PMP Industry Insiders Peer Groups

  • Common ways Dan sees PMPs using "the tax man" to help grow their business

  • The power of pass-through entities (like sole proprietorships, LLCs and S corporations) and why Dan recommends them over C corporations

  • The 199A deduction

  • Ways to reduce taxes, such as profit sharing, pension planning, pre-paying vendors and other ways to defer revenue and accelerate expenses

  • Why taxes should not be the reason you decide to do something, but if you are going to do something anyway, you should consider how it affects your taxes

  • An example of getting a Section 179 tax deduction while financing a vehicle and how you can pump the available money back into your business for marketing

  • Why Donnie says this approach gets more difficult as you grow due to cash flow requirements

  • Why it's important to know your tax bracket and to do projections with your accountant

  • The strategy of parking your money in a sweep account

  • The strategy of 3.5 year leasing

  • Donnie's bad experience neglecting tax planning early on in his business


Resources mentioned:

  • The PCO Bookkeepers & M&A Specialists PestWorld coupon code: Save $50 when you enter code PW24PCOBOOKKEEPERS at registration. New registrations only. Limited number available.

Notable: "It's not just about reducing taxes. What if I could use the strategies to help me grow my business?" —Dan Gordon

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