Light that spark fire nation JLD here and welcome to entrepreneurs on fire brought to you by the HubSpot podcast network the audio destination for business professionals with great shows like I digress today will be breaking down straight for tax strategies to lower your tax bill to drop these value bombs I brought Andrea Waymire and the EO fire studios Andy is a CPA and tax strategist that worked in public accounting for 10 years she's passionate about helping entrepreneurs save money on taxes and

gain financial clarity in today's foundation will talk about tax saving strategies will talk about what you can do before years and we'll talk about investing in your business and so much more and a big thank you for

sponsoring today's episode goes to Andrea and ours sponsors the hustle daily show hosted by Juliet Bennett Ryla Rob Litchers Ben Berkeley and Mark Den is brought to you by the HubSpot podcast network the audio destination for business professionals the hustle daily show brings you a healthy dose of irreverent off be informative takes on business and tech news like a recent episode on hackers versus casinos where the hosts talk about MGM resorts and Caesars entertainment and the devastating potential of cyber attacks listen to the

hustle daily wherever you get your podcasts many EO fire listeners have launched non food franchises in franbridge consulting has guided them fran bridges founder and frequent EO fire gas John Austin has done more

placements than any other in the country in his service is free center for a consultation with John or get a free copy of his book non food

franchising at franbridge consulting dot com Andrea say what's up to fire nation and share something that you believe about becoming successful that most people disagree with

hi fire nation I'm so excited to be here and something that I believe about becoming successful that most people disagree with is that I hear a lot of people saying fake it until you make it

and well I think it's important to be confident in yourself I think it's also crucial to own up to what you don't know and get help so you can move forward faster fire nation we are going to help you move forward faster because we have straight forward tax

strategies to lower your tax bill and Andrea I just like to start the beginning because that's a great place to start so where should we start us fire

nation entrepreneur small business owners if we want to implement tax saving strategies it's always good to start before the year that you do the tax return so in 2024 we're going to be filing the 2023 tax return

right so we want to get started right now and the most important thing that you can do right now is get your bookkeeping done you can't really do tax

planning now if you don't know what's going on with your current situation so I always tell people as well to look at your books know your numbers and then you can take action

fire nation there's no time like the present I mean why do you want to wait and wait and wait when you can just say hey I'm going to get my stuff together

I'm going to get it to a professional like Andrea and then she's going to tell me what I'm missing what I need to maximize my savings I'm going to get it to her on a timely fashion

and then I'm going to do what I want to do best which is maximize the dollars and cents in my bank account minimize the unnecessary taxes that I probably might be paying that I might not need to be paying because there's a lot of incredibly amazing and legal ways to lower your taxes so what are

a few things that business owners can do before the end of this year that will affect their tax bill like let's get real strategic very granular so again once January first of 24 hits so many tax strategies just go out the door

so that's why we need to do these things now so that we can save on next year's taxes so for cash basis tax fares you can do two major things

you can pay off more of your expenses before the end of the year so pay those vendor invoices early or you can hold off on billing your clients until January so of course you want to get paid that's the most important thing right but you could consider holding off on billing your customers that always pay you on time and consistently and wait to bill those clients until January

fire nation again there are things that you can do like this they're going to be very effective when it comes to your bottom line that Andrew you know of course we want to keep everything private and we're not going to share any names or businesses or specifics but just kind of give some examples of some things that your clients are doing or clients you know that you have that you would like them to do these things that are very effective when it comes to this type of stuff

if you have a vendor that you pay pay consistently and all the time you know maybe you pay a landlord for rent that type of thing think of paying some of those expenses early on that way you know you're ahead on your payments and you also get the tax deduction for 2023 it'll just lower your taxable income

and another important important thing to note is paying off credit cards or lines of credit won't actually reduce your tax liability so you know if you have a ton of credit card bills and debt racked up just by paying that off that's not going to lower your tax bill it's the actual expenses and putting charges on the cards that will lower the tax bill

see fire nation you're getting advice from a tax professional don't take advice from your neighbor from your friend from your uncle next door I mean these people they probably have your best interest at heart but they may not know what they're talking about they just might not so this is why you talk to professionals this is why you tune into a show like entrepreneurs on fire where you know that I'm bringing on experts in their area of expertise now Andrea I hear a lot of ways to quote unquote invest in your business

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