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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