Tax Strategy For Contractors
Contractor Evolution • 43m
When it comes to taxes you’re going to have to pay them whether you want to or not. However, spending the time up front to establish a solid tax strategy could save you up to 40% AND lead to a much bigger investment portfolio long term. It’s key to know your strategy BEFORE you even start your fiscal year so put an hour into this episode now and reap the benefits for the rest of your life.
We bring in Ben Dixon, an accountant and tax strategist who has worked with a number of contractors on setting up a strategy that has them winning into retirement.
In this episode you’ll learn:
Why contractors get flagged for audits and how to avoid them
- How much you should pay yourself as an owner
- What to look for when you’re hiring an accountant - especially if you want them to advise you
- Equipment and land - know when to buy vs lease, and know what the bank wants to see
- When to know you are ready for a holding company (and no it’s not based on a financial figure)
- Why contractors that meet with their accountant only once a year often lose out on big financial opportunities
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