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58: How to Pay Less Taxes + Ways to Earn Better Income

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No matter what you see on social media, as long as you’re profitable, you will have to pay at least some taxes every year. Today, we're going to talk about how to maximize your tax savings. If you have already gotten your tax returns prepped and you’re curious why on earth you’re paying so much in taxes… this episode is for you! I’ll walk you through the different types of income, including some that are tax-free, and how to earn a better income that will ultimately reduce what taxes you pay.

Are you ready to pay yourself a 6-figure salary and build a 7-figure wealth portfolio? My Millionaire CEO Incubator program empowers six-figure entrepreneurs to get off the cash flow hamster wheel and start making wealth-building investments in business and in life. Visit Millionaire CEO Incubator to apply for my signature 6 month profit coaching and wealth-building program!

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In this episode, you’ll learn:

  • 0:00 How to earn better income

  • 03:57 Despite what social media tells you, you’ll have to pay some taxes

  • 05:04 The difference between earned, ordinary, passive, and tax-free income

  • 15:45 How to reduce my taxes

  • 16:21 Six ways to reduce earned income

Click here to listen to this week's episode!

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I’m Sarah Young - a CPA, Virtual CFO, and the Owner of Young + Co! I have over a decade of experience in helping entrepreneurs scale their businesses and build wealth at the 6- and 7-figure levels, and I started the Profit + Prosper podcast to help you do the same. Profit + Prosper is a business finance podcast created to help entrepreneurs build their wealth in a way that’s fun and empowering. This is NOT a boring numbers podcast - I share tactical tips to increase your profit so you can truly prosper in your business and in life. I hope you’ll subscribe so we can Profit + Prosper together!

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