• Eggs 385: Mastering Tax Structures for Small Businesses with John Briggs

  • 2024/10/24
  • 再生時間: 58 分
  • ポッドキャスト

Eggs 385: Mastering Tax Structures for Small Businesses with John Briggs

  • サマリー

  • Summary

    In this episode, John Briggs, founder of Insight Tax and Accounting, discusses the importance of choosing the right tax structure for small businesses, particularly gym owners. He emphasizes the significance of cash flow management and how it can prevent burnout among entrepreneurs. John shares insights on tax deductions, the common myths surrounding taxes, and the necessity of paying oneself as a business owner. The conversation highlights practical strategies for achieving financial resilience and maintaining a healthy work-life balance.


    Takeaways

    • Choosing the right tax structure can save thousands.
    • Cash flow management is crucial for business sustainability.
    • Burnout is a common issue for entrepreneurs.
    • Profit First methodology helps prioritize owner compensation.
    • Understanding tax deductions can significantly impact finances.
    • Separate bank accounts can help manage cash flow effectively.
    • Rich people do pay taxes, but often through various means.
    • Home office deductions can increase audit risks.
    • Professional help can clarify complex tax situations.
    • Regular profit distributions can enhance business owner satisfaction.


    Chapters

    00:00 Introduction to John Briggs and His Mission

    09:09 Choosing the Right Tax Structure

    19:05 Understanding Tax Myths and Realities

    29:14 Understanding the Cost of Hiring an Accountant

    32:32 Navigating Tax Deductions and Home Office Rules

    35:54 Depreciation and Writing Off Business Assets

    40:04 Mastering Cash Flow Management

    47:15 Addressing Burnout in Entrepreneurship

    52:07 Paying Yourself as a Business Owner


    ----
    Credits:
    Hosted by Michael Smith and Ryan Roghaar
    Produced by Ryan Roghaar
    Theme music: "Perfect Day" by OPM

    The Carton:
    https://medium.com/the-carton-by-eggs
    Feature with Zack Chmeis of Straight Method up now! https://medium.com/the-carton-by-eggs/zack-chmeis-35dae817ac28

    The Eggs Podcast Spotify playlist:
    bit.ly/eggstunes

    The Plugs:
    The Show
    eggscast.com
    @eggshow on twitter and instagram

    On iTunes: itun.es/i6dX3pC
    On Stitcher: bit.ly/eggs_on_stitcher
    Also available on Google Play Music!

    Mike "DJ Ontic" shows and info
    djontic.com
    @djontic on twitter

    Ryan Roghaar
    http://rogha.ar

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あらすじ・解説

Summary

In this episode, John Briggs, founder of Insight Tax and Accounting, discusses the importance of choosing the right tax structure for small businesses, particularly gym owners. He emphasizes the significance of cash flow management and how it can prevent burnout among entrepreneurs. John shares insights on tax deductions, the common myths surrounding taxes, and the necessity of paying oneself as a business owner. The conversation highlights practical strategies for achieving financial resilience and maintaining a healthy work-life balance.


Takeaways

  • Choosing the right tax structure can save thousands.
  • Cash flow management is crucial for business sustainability.
  • Burnout is a common issue for entrepreneurs.
  • Profit First methodology helps prioritize owner compensation.
  • Understanding tax deductions can significantly impact finances.
  • Separate bank accounts can help manage cash flow effectively.
  • Rich people do pay taxes, but often through various means.
  • Home office deductions can increase audit risks.
  • Professional help can clarify complex tax situations.
  • Regular profit distributions can enhance business owner satisfaction.


Chapters

00:00 Introduction to John Briggs and His Mission

09:09 Choosing the Right Tax Structure

19:05 Understanding Tax Myths and Realities

29:14 Understanding the Cost of Hiring an Accountant

32:32 Navigating Tax Deductions and Home Office Rules

35:54 Depreciation and Writing Off Business Assets

40:04 Mastering Cash Flow Management

47:15 Addressing Burnout in Entrepreneurship

52:07 Paying Yourself as a Business Owner


----
Credits:
Hosted by Michael Smith and Ryan Roghaar
Produced by Ryan Roghaar
Theme music: "Perfect Day" by OPM

The Carton:
https://medium.com/the-carton-by-eggs
Feature with Zack Chmeis of Straight Method up now! https://medium.com/the-carton-by-eggs/zack-chmeis-35dae817ac28

The Eggs Podcast Spotify playlist:
bit.ly/eggstunes

The Plugs:
The Show
eggscast.com
@eggshow on twitter and instagram

On iTunes: itun.es/i6dX3pC
On Stitcher: bit.ly/eggs_on_stitcher
Also available on Google Play Music!

Mike "DJ Ontic" shows and info
djontic.com
@djontic on twitter

Ryan Roghaar
http://rogha.ar

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