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
BTA Resources:
https://pca.so/btace17
Contact BTA:
https://pca.so/btapcace
Up Next in Season 1
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Developing Organizational Focus
Have you ever been frustrated by the fact that your team JUST DOESN’T GET IT?
It’s so clear to you what needs to happen within your organization - what problems need to be solved, what priorities should be front of mind, where the effort of your organization needs to be, but most if not all of t...
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Core Areas of a Lucrative Business
Here’s a common scenario: Two contractors have worked equally hard over 20 years in their businesses.
At the end of the 20 years, one sells off their assets for $200K, while the other sells their business for $10M.
What’s the difference?
Planning.
If you want to build a business of tremendou... -
The Fundamentals of Project Management
In trades, the terms ‘project management’ and ‘project manager’ have become somewhat watered-down. The unfortunate truth is that in our industry most project managers are actually just professional firefighters.
That isn’t to say our PMs are doing their absolute best, but what they're missing ar...
