Billion Dollar Body

In today’s episode, we are jumping into our taxes with my buddy and tax advisor, The Cash Flow Doctor, Eric Nghiem. Our taxes go towards our city, state, and country, paving roads and improving our communities. However, we’d all like to save a little bit more and put it towards growing our businesses and donating to charities of our choice. Eric Nghiem gives us some simple strategies that we can apply this tax season to save and grow our money. Timestamped Show Notes: [ 8:03 ] Entrepreneurs and Taxes [ 9:07 ] Bookkeeping [ 12:30 ] Filing as a Business: Getting The Most Deductions [ 14:32 ] Structuring your business entity: LLC, S-Corp, C-Corp [ 17:44 ] Deductions [ 22:41 ] Appropriate Salary and Retirement Plans [ 29:14 ] Business Sales [ 40:00 ] The New Tax Bill   Takeaways: Eric highly recommends utilizing an accounting or bookkeeping system, even if it’s as simple as an excel spreadsheet, a ledger, even a basic notebook. Quickbooks and Xero are also great accounting softwares to keep your records safe