What You MUST Know For Your 2023 Taxes | Matt Bontrager

Wealthy Way

Ryan Pineda

Business, Entrepreneurship

4.8 • 2.1K Ratings

🗓️ 22 December 2022

⏱️ 63 minutes

🔗️ Recording | iTunes | RSS

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Summary

Matt Bontrager, the most famous CPA in the world, joins Ryan Pineda to discuss tax law and important accounting information.

For only .99 CENTS order my new book “The Wealthy Way: Don’t Go Broke Trying To Get Rich” and get FREE access to my new course “Business Builder Academy” where I go over all the fundamentals of building a 7-figure business.

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As a managing partner of the growing tax company, TrueBooks, it’s vital to be on top of the laws, benefits, and details that business owners need to know about running businesses well.

Quarter 4 is tax planning season. How is your accounting? Are your books in order? What’s your net profit for the year? This is when those purchases need to be made; equipment, vehicles, anything that can help your deductions before the year ends. The goal is to bring your taxable income down in order to reduce your tax bill at the end of the year.

Watch now to learn more about interior assets, hour tests for accounting, and how cash creates leverage in taxes. If you don’t have an accountant, get one. Your accountant should be smart AND personable. As the business owner, though, it’s important that YOU know your numbers and your net profit. If you don’t, get a template, download QuickBooks, do something to know your figures now. Be bold!

Transcript

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0:00.0	Let's just say I make a million dollars a year and I was able to go get a million dollars of real estate right off
0:04.6	right? I would have paid 400,000 dollars in taxes this year. That's why the big guys buy real estate.
0:09.6	They're not necessarily buying it for the cash flow most are buying it for taxes.
0:13.9	So that's where do I pay my tax bill of 400,000 or do I buy these assets that not only give me tax loss
0:19.4	but they ideally appreciate they give me cash flow. Yeah, it's a no-brainer.
0:22.8	The leverage debt to buy real estate to get the right off.
0:25.1	All right, I've got literally the world's most famous CPA with me today and no I'm not talking about Tom Wheelwright or any of these other guys.
0:32.8	I'm talking about my partner at TrueBooks, Matt Bond Trigger. What's up?
0:36.5	That's right. Thanks, dude. Appreciate it. How's it feel to be the most famous in the world?
0:40.2	A lot of responsibility to the public, you know. Dude, you actually are more famous than Tom Wheelwright now.
0:46.0	His social media, where you're set?
0:48.1	Right, it is crazy. He had such a big platform but I feel like he's not utilizing it like he could.
0:52.7	But yeah, I feel like it's just too many accountants are just too nerdy.
0:56.3	They're nerds, dude.
0:57.5	Which is not bad because that's what they're good at. They're good at account.
1:00.3	You actually do want them to be nerds, that's for sure.
1:02.3	True. Yeah, you want your accountant to be a nerd.
1:04.6	You want them to understand and know the ins and outs of what you're doing but you also want them to be personable.
1:08.9	Yeah, so I want to bring you on for the year end to talk about things that the listeners can do.
1:14.7	And, you know, I mean, look, a lot of the stuff that you could do is like pretty much that ship is almost sailed.
1:20.2	There's a few other things but I also want to plan for 2023.
1:25.7	I want to plan for 2023 on what people can do better and what we have seen from the how many tax returns did we do this year?
	...

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