Introduction to Business Accounting and Tax Planning

you know by meeting early before December 31st it's not about how much my going to be paying in taxes it has nothing to do with that it's how much can you deduct out of your business so you don't have to pay in taxes that's the huge thing that I need these guys to start to wrap their head around must have you can run a half million to a million dollar business and have a tax bill that's pretty darn close to zero yes and I think people are usually under two different strategies whether they know it or not so you know there's all sorts of different rules so that's things like so that's an IRS red flag I don't want it yeah because you want to treat it the right way so you don't deduct all the payments you depreciate it it's a sample what actual deduction is first and foremost so person so these guys know what an actual deduction is can you tell me what that is sure accounting is confusing and it is a huge part of the overall success of your business when I was first starting out in my company I brought all of my records into my accountant and he sat down and told me that I owed the IRS over $37,000 I didn't have that much money in my bank account how can I owe the government more money than I actually physically owned I took my same records to another accountant that I'd never met before but I got a high recommendation that this was a business accountant when I turned those records over to him I owed nothing to the IRS and that's when a light bulb went off accounting then as the rules are in black and white but sometimes the way that you can interpret those rules and allocate different expenses has a massive impact on the overall success of your business today guys I don't want you to be an accountant by the time you're done with this video but I want you to be able to talk to an accountant vet an accountant and have just enough basic knowledge so that you can be comfortable when you get your own numbers back from your accountant to know that you're in good hands this is a two-part process this is part of our while you work series and guys the overall success of this is you guys hitting the like button hitting the share button and commenting anything down below I don't care what you say say any comment you want get creative let's get into today's video and meet my accountant um guys this is Geoff law