Bob GauvreauAsk Bob Gauvreau Questions Based On His Training

Rule of Financial Success #3 Don't Overpay Tax

13 Dec 2021 · 2 min

Watch on YouTube

2:14

Bob Gauvreau (a Canadian boutique accounting firm) advises business owners not to overpay taxes. Drawing on experience with over 500 business owners, he claims 92% pay more tax than legally required and identifies compensation planning (salary vs dividends) as the largest recurring error; optimizing this can save at least $5,000 per year. The video emphasizes reinvesting tax savings into business growth or personal wealth and includes a call-to-action to contact his team for tax optimization help.

Questions this video answers

Over 500 business owners.

92%.

At least $5,000 per year.

Chapters

Successful Business owners do not Overpay tax. We have the experience of working with over 500 business owners. Obviously, we're a boutique firm in Canada working with business owners to help them pay less tax. And in our experience when working with new business owners, 92% of all business owners are paying more tax than they legally have to. I want to talk to you a little bit about why this is a big mistake. Obviously, paying too much tax is not only in a current year, but if you're missing something, it's year after year you're overpaying this tax. This is money that could be going into an investment or going back into your business to accumulate business growth or business wealth. Obviously, this is a big mistake and we want to help ensure that business owners are not paying too much tax. The biggest area that we can talk about is compensation planning. Compensation planning is the largest error that we find when accountants and business owners are planning out for tax purposes. Salary and dividends both have different tax consequences related to them, and making sure that they're optimized can save you at a minimum of $5,000 a year. Obviously, we want to make sure that any business owners we work with are are optimized for tax planning purposes and their compensation plan is optimized for tax savings. I'm not going to lie to you. Taxes are getting more and more complicated every single year. However, that provides opportunity for tax professionals like us to help work with you to realize tax savings in opportunities that are available under the new tax regime. If you'd like to work with our team to ensure that your taxes are being optimized for tax savings, feel free to click on the link below or leave a comment and our team will reach out to you to get the process started. Obviously, the more taxes that you can save, the more you can reinvest into your business and have a bigger impact inside your business. Or if you don't want to reinvest it inside your business, those funds can be put back in and create additional wealth for you personally. Ultimately, we want to save tax and build wealth for as many entrepreneurs and professionals as we possibly can. It.