Ryan VaughnCOO of Incite Tax & Accounting. Ask me anything about your taxes.

3 Stupid Easy Tax Ideas | #smallbusiness

13 Feb 2024 · 1 min

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In this concise video, the presenter outlines three straightforward methods for small business owners to reduce their tax burden. First, he explains how contributing to a Roth retirement account allows you to pay taxes now and avoid taxes on future growth, citing the example of PayPal's founder who sheltered billions in equity gains. Second, he suggests launching a side hustle, which classifies you as a business owner and grants access to a wide range of tax deductions and benefits. Third, he highlights real estate investing as a tax‑advantaged avenue, noting its complexity but emphasizing the numerous deductions and depreciation benefits, and advises seeking a mentor for guidance. The speaker invites viewers to reach out for personalized suggestions.

Chapters

3 quick ways to save taxes. Put money into a retirement account. There's 2 options if you're looking for tax savings. You can pay tax now and save money later. We like that option. Big example is the guy who created PayPal put his equity and value of PayPal inside of an account called a Roth, which does this. So he paid taxes now but never has to pay tax on the growth. It was worth billions. There's billions of dollars he won't ever have to pay tax on. Or you can save taxes now, and then as it grows and you pull the money out, you can pay tax on it that way. The next one is create a side hustle. Having a side hustle makes you a business owner and opens the whole tax code up to you. A lot of great options there. And then a third way is real estate. Now, real estate can get complicated, but there's so many favorable tax advantages of real estate, which is why you've probably already heard of it. We do recommend using a mentor and guide in doing the real estate investments. If you want any sort of suggestions, please reach out to us. We're happy to provide it.