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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.
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Links mentioned:
26: Tax Strategies That Will Save You Money, Time, and Stress (Without Doing Anything Sketchy)
12: Make Tax Time Easier with These Planning and Deduction Tips
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
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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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