The Tax Loopholes You’re Missing - Carter Cofield
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What mindset shift is crucial for tax savings?
If your tax strategist can't tell you before you hire them how much money they're going to be able to save you, walk away. Because we work for all of our clients for free. I know how much I'm going to save you before I pay you. So I'm an investment more than I am a call.
Yeah, I always say that. I say the best attorneys and accountants should save you money, not cost you money. It's an investment. So if someone's listening that's in that income bracket, maybe doing a mil or two a year growth, and they're taking home three, four, five, 600K. What are some other more advanced things they're not thinking of? Spending money for a deduction is development.
How can taxes actually make you rich?
But investing money to get a deduction isn't even better. Another strategy that I think is big in today's space is...
What tax loopholes are often overlooked?
My name is Rudy Moore, host of Living the Red Life podcast, and I'm here to change the way you see your life in your earpiece every single week. If you're ready to start living the red life, ditch the blue pill, take the red pill, join me in Wonderland and change your life.
How can you avoid costly tax mistakes?
What's up, guys? Welcome back to another episode of Living the Red Life. Today, we're going to talk about your favorite topic.
What is the secret to staying organized with finances?
taxes i'm here with my friend carter he is one of the top tax experts you've probably seen him on social media with the viral reels but here we go let's talk taxes welcome to the show buddy happy to be here brother so fun topic yeah right yeah yeah i don't actually mind it because i've learned it yeah your job is to educate entrepreneurs like me 10 years ago that had no clue yeah what the heck to do with taxes right so how did you get into this
How can you write off big purchases correctly?
Well, so it was funny because we all want to make money, right? And so when I started working in corporate America in the tax field, our clients would make a lot of money, but they were really upset because they were paying a lot of money in taxes. So I learned very early on that it's not about how much money you make. It's about how much money you can't, right?
What should you look for in a tax strategist?
And so I decided I want to leave corporate America and start a company where I can just help entrepreneurs save on taxes because we work the hardest. We put our butt on the line. We do everything. And then a silent business partner says, hey, you made a million. I want to take 50% of that. And that's not fair. So I found out we can do two things.
How can you build a multi-million dollar business from scratch?
We can get upset about it or we can get smart about it. So that's what I decided to do.
What social media strategies lead to explosive growth?
Yeah, I think there's this like general misconception of taxes that they're all bad, terrible, blah, blah, blah. But it's just like, it's kind of the famous saying, right? There's two parts of life that are for sure, death and taxes. Right. So once you accept that you're going to die and pay taxes, then you just got to figure out how do I legally maximize, you know, my tax strategy.
Where can you find the best tax advice?
That's the thing.
One of my favorite quotes is that we should all pay what we legally owe in taxes. Let's not leave a tip. You know what I'm saying? A lot of people are tipping the IRS unwillingly or unknowingly because they don't have a tax strategy. And that's where I come in, that's where me and my team comes in, because there are strategies that we can implement to make sure you minimize your tax bill. And that's what our goal.
Yeah. I learned, you know, I kind of, I think I'm pretty good in business at like hiring experts and the right people. So as soon as my tax bill started getting over like six figures, I was like, okay, I got to go see someone. And you know, I'm lucky cause I've been in masterminds for eight, nine years teaching Facebook and marketing. So you, you always meet a lot of really successful people there and they intro you and And I learned so much in the last few years. Like I went down a rabbit hole, studied it a little. And now, you know, I know how to really navigate it. But if someone's listening and they've not done that, what are a few just like intro tips on like understanding taxes and entrepreneur?
Yeah, so intro tip is understanding that the IRS says any expense that is both ordinary and necessary for your business, you get to deduct. So it's up to you to define if something is ordinary or necessary for your business. So if you buy a drone, a lot of people think that's a personal expense.
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Chapters
10 chapters
1
What mindset shift is crucial for tax savings?
0:00–0:32
2
How can taxes actually make you rich?
0:32–0:40
3
What tax loopholes are often overlooked?
0:40–0:55
4
How can you avoid costly tax mistakes?
0:55–1:01
5
What is the secret to staying organized with finances?
1:01–1:28
6
How can you write off big purchases correctly?
1:28–1:49
7
What should you look for in a tax strategist?
1:49–2:07
8
How can you build a multi-million dollar business from scratch?
2:07–2:12
9
What social media strategies lead to explosive growth?
2:12–2:33
10
Where can you find the best tax advice?
2:33–23:12
Speakers
2 identifiedMore from Living The Red Life
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