When it comes to running a business, it is not about what you make but what you keep. Today’s podcast episode features CPA and Certified Tax CoachTM, Craig Cody. As a tax coach, Craig finds ways to legally reduce his clients’ tax liabilities by reviewing previous tax returns and current financials to identify missed opportunities and prior tax mistakes that resulted in unnecessary expenditures. In this episode, Craig shares a few ideas about where to look for missed deductions and financial planning advice for all small-business owners.
More specifically, we discuss:
- The new tax law and what practice owners should look for on their tax return
- How PT business owners can get a 20% net income deduction if they are listed as the right entity
- How employing your family members can lead to more write-offs
- Tips for home office and work vehicle deductions
- Common tax mistakes made by practice owners
- Retirement planning for cash-based physical therapists