Episode Transcript
[00:00:00] Speaker A: Every business owner, for certainty, for a fact, is overpaying in taxes. Great. So what can we do to reduce it? Like, no, no, I'm sorry. Like, there's nothing you can do about it. They write the $150,000, $300,000 check to the IRS as they're writing it or wiring the money, whatever that is, they know that they can save. They just don't know how and when can they start. If you're making profits in your business, you are overpaying in taxes, because there's definitely a lot of ways for you to pay less in taxes.
[00:00:28] Speaker B: Welcome to The Entrepreneur's Logbook Podcast. I'm your host, Zach Bernard. You can find me on social at. It's Zack B. In each episode, I bring on experts from various industries for you to learn about their strategies and insights driving extra business growth. Today we're joined by Boris Mushayev, founder of Boris Mtax, a tax planning and advisory firm that helps business owners stop overpaying the IRS through proactive tax strategy. Boris is actually CPA and certified tax strategist who's helped over 40,000 business save on taxes. His firm has landed on the inc5002 years in a row. He's been endorsed by Kevin Harrington, the orjill shark tank, and built a national practice serving clients over 40 states from the ground up starting in 2017. And now this focus is exclusively on helping businesses shift from tax compliance to tax strategy. And that shift, as you'll hear in this conversation, can be worth six fingers. So, Boris, welcome aboard. It's great to have you on the show here.
[00:01:26] Speaker A: Thank you. If I ever need an ego boost, I'll just give you a call.
[00:01:30] Speaker B: I got you.
So we've had a lot of people on the show, but I don't remember if we had someone on, like, the tax plan because we have some people maybe like accounting, but a lot of people, they don't understand not accounting, doing your taxes like, it's all good, but there is more like a strategic side of things to doing it that not a lot of people think about here. And we'll dive into all of that. And as this is a business entrepreneurship podcast. So one of the things that I was like to ask any guest that comes on the show because you've obviously been running your company for a little while, to put it very simply, if you had to, like, re, like, restart your company from scratch, knowing everything that you know today, what's kind of the maybe one thing that you would do differently that a lot of entrepreneurs, business owners get like, totally wrong.
[00:02:16] Speaker A: I would be a lot more aware of not being sidetracked by sunny shiny syndrome object stuff. Right.
And just do a lot more of what's working rather than taking what's working and then adding more things that are being, you know, these shiny objects. I've tried it many times in my business. New marketing strategies, new paid ads, new new agencies, new this. Just because other industries in my industry, somebody else is doing it, like, oh, that could probably work. So if I had to do anything over again in my business, I would probably be stay a lot more focused on the things that are working and just double, triple, or quadruple the amount of things that I'm doing of things that are working. So. And as an entrepreneur, I think we're all like, entrepreneurs. We're all guilty of that. At least. I don't know. At least I can speak for myself and I always have to catch myself, but I'm a lot more aware of it than I was in the past.
[00:03:11] Speaker B: Yeah, I mean, if you look a lot of us are guilty, like, I'll confirm for you, you're definitely not the only one. I've been guilty of that many times. Try to do something where it's like, oh, we should definitely be doing this. And then you find out you should have just triple, quadruple, as you mentioned, like your input and what's been working for like the past couple years. So it's a common one. I definitely get that quite a lot here. But just like shifting gears like a little bit because we talked about like Boris, I'm talks like what you guys are doing, but I'd love to go a little bit deeper into like what that actually looks like from a process standpoint. From like the moment when someone comes to you, from the point that they're actually seeing results. Obviously everyone is a different case depending on obviously the business. If you're like high net worth individual and everything like that. But I'd love to understand what your mythology or like process is about when you work with clients here.
[00:03:59] Speaker A: Yeah, the first thing is that we always try to determine if we can save a business money on taxes, because if we can, that's where really the conversation starts. And like you said, everybody's in different phases of business and it doesn't matter how much money you're making. The point is if you have a profitable business, you can save money on taxes. The real question comes out to how much money can you save on taxes? Like, for example, when we enroll tax planning, tax advisory clients to our firm, I Do what's called a welcome call with them once a month. And I make it very clear we have a certain strategy, the core strategies. I think it's like a list of 15 strategies that we apply to all business owners that can save money on taxes. And I tell them these strategies save clients from 20 to $50,000. Right. And this is for. This is true for every business owner that has profits.
And the difference, though, becomes how much money you're making. So if I take the same three strategies and apply to a business that's making a net profit of $150,000 compared to a business that's making a net profit of $900,000, same strategies will yield different savings numbers just because of what bracket you're in, because we have a gradual tax bracket in the United States. So the process is really like, can we save you money on taxes? If the answer is yes, then we can start that conversation. In most cases, if a business has profits, we can't save the money on taxes. And I say this with certainty to all the business owners that every business owners, for certainty for a fact, is overpaying in taxes, unless of course, they're working with a competent tax advisor. So the first, like I said, the first process, like, are you making profits what those profits are? And then we're going to see if the conversation kind of makes sense. But yeah, businesses on a majority of businesses, majority of business owners, majority of entrepreneurs, they do not realize that there's extra money sitting in a bank account for them. And it's a matter of tax savings. It's just the money they're going to pay anyways, but you can keep it. And one of the things that I tell people, and sometimes people have a misconception, oh, if I hire a tax planner, work with a tax advisor, I will pay $0 in taxes. And that's not true. You're still going to pay taxes. You would just pay less taxes. But the good news is that everybody can pay less in taxes.
[00:06:14] Speaker B: Yeah, I mean, maybe they will get you a return that says you don't have to pay anything, but that's usually going to be a shady tax pattern. You're probably going to get fined by the irs.
[00:06:25] Speaker A: And don't get me wrong, there's absolutely a way for someone to pay $0 in taxes. I've seen client returns like that. We have a couple of clients like that, but it's a minority of people. And the reason is because how they're financially set up and what type of investment decisions they're Making and how much time they spent into their.
IRS is very particular about, hey, you can actually pay $0 in taxes. These are things that you can do. But you cannot be involved so much in your business. You have to be involved, for example, a lot in real estate. So is it possible for somebody to pay $0 in taxes? Absolutely. Is it for everyone? No. But what is for everyone is that to pay way less in taxes that they currently paying.
[00:07:08] Speaker B: I love that. And there's a lot of like business owners out there who probably maybe they have, hopefully they have a CPA or like an accountant and they feel like pre covered when it comes like tax season, like their taxes. What's kind of like the difference though between what they're likely getting versus like a tax strategist, like what they're actually doing. Like, why does that distinction matter so much?
[00:07:30] Speaker A: Yeah. So before I can. So before I can really explain that, I want to first introduce, like give a little bit of a background. Right. As historically, traditionally accounting is somebody that just does your taxes. Right. There was no such thing as tax planning back in the day. A lot of small business owners weren't doing was reserved, so to speak, for the big fish. Right. For the ultra wealthy, for the millionaires. And I was actually one of the first people on social media when I first started doing tax planning about eight years ago saying, hey, tax planning is a thing. Small businesses can utilize it. And a lot of times why a lot of CPAs or accountants or EAs don't do tax planning is because they're still involved in traditional sense of accounting. And a lot of business owners are still stuck with the same accountant that they started their business with, but they have outgrown it. Outgrown that, that accountant. Many times a business owner will tell me, I have a great relationship with my accountant. I work with them for many, many years. But they started working with them when they just started the business. And that accountant was perfect to file your taxes.
But as you grew your business and you know, in America it's. I don't want to say it's easy, but you have a lot of opportunity to have a very successful business.
And those individuals that stick out, they become very successful. Right. The first couple years is kind of hard, it's grind. And then after that it's just kind of that compounding effect of how well your business does. So is your tax bill, but that same accountant is just filing your taxes.
So then there is an other side of accounting which is we're also CPAs or we also EAs or whatever that may be. But we chose to take the path of industry, of tax planning, tax strategy, and really reducing the tax bill rather than filing the return. So these are two different professions, professionals, and they just specialize in two different things.
[00:09:20] Speaker B: Yeah, yeah, it does. And it sounds like, based on what you're saying, that as you, like grow your business, like, you should have like a team that grows with you to be able to like, accommodate like, your needs and like the growth that you've obviously gone to a point. And obviously if you have an accountant, they started with you when you are, I don't know, maybe like 100 grand a year when you just started the company.
Once you get to like a million, two millions, they might still be able to, like, help you do the basics. But this is where it becomes probably more of an advantage. Have someone that's like thinking more specifically about it.
[00:09:54] Speaker A: Yeah. And like, if you, if any business owner, entrepreneur is watching this video, if you have been hesitant about pulling a trigger on tax advisor or you didn't know there's such thing as tax advisor, tax planning and your 500,000 gross revenue or more, this is the time you like the first thing on your to do list. Like on my Gmail, you know, there is a task, a Gmail to do task on the right hand side where you can put that. Like, I use that a lot. So the first thing, if you're using that or whatever metric you use to keep track of your tasks, the first thing is like, get yourself a tax advisor. Start talking to advisors and be like, hey, this is my situation. So can I save money on taxes? Right. Or can I not save money on taxes? And in most cases, yes, especially 500 or more.
Absolutely. Grow $7,500,000 or more. There's a lot of opportunities for you available.
And one thing, Zach, a lot of people don't realize is that people are afraid of the irs. And they should be if they're doing things illegally and incorrectly or messing with the law. But if you really look inside the law, like, IRS is an enforcement agency, but the law is made by the Congress.
I think people don't understand this distinction. They think, oh, IRS is not the law, it's the enforcer of the law. Right. It's just making sure that the business owners are doing things properly. The law is made by the Congress. And when the Congress made a tax law or makes a tax law or whatever that may be. Right. However they write it, there's always incentives.
Like, how can a government incentivize certain People to take certain actions if they're not going to give them some kind of incentives. So tax law made by Congress is full of incentives. A lot of business owners don't realize it. For example, real estate is the big one. If there was no incentive in real estate.
Excuse me, if there was no incentive, excuse me, if there was no incentive by Congress to invest in real estate, we would have a lot less real estate investors.
[00:11:48] Speaker B: That's true.
[00:11:49] Speaker A: If you really think about it. If the government did not want American citizens to produce more children, they would not give them child tax credit in form of taxes. Right. So if you have children under the age of 17, you get a child tax credit of $2,000 or whatever that may be.
Right. If like all of these incentives, people don't realize. But why would government give you money for having children? Why would government reduce your tax bill for investing in real estate? Why would government give you research and development tax credit if they don't want you to, you know, if they don't want the, the technology, so to speak, or to companies to like, do all these development. Research and development. Right. There is a credit, there is an incentive associated with it. And people just have to look and realize. But everyday business owners obviously are not accountants. Not. They don't interpret the tax code. And that's where working with a tax advisor and a tax planner really, really becomes important.
[00:12:42] Speaker B: Yeah, And I think I read about it. I don't remember the exact number. It's. It's either it's 70,000 pages or it's 17,000 pages. Like the IRS tax code.
[00:12:50] Speaker A: I believe it's over 80,000 pages or long. Yeah, it's like it gets more and more.
[00:12:56] Speaker B: Just accumulates. But yeah, like, to your point, they're giving you like all these resources. Like, hey, like these are all incentives that you can use to save on your taxes. Like, we're literally giving those to you. We're not hiding them. But you have to be willing to like, dive into the deep end to do it.
[00:13:13] Speaker A: Correct. Like, you will never find in a tax code written in black and white, by the way, do this and we'll reduce your taxes by this much.
Like, it won't be that way, but it's written in a very different language format.
[00:13:27] Speaker B: Yeah.
[00:13:27] Speaker A: So that's why, like, you know, like, you, you work with a tax advisor that comes up with this creative strategies that are legal, that fits your situation. Everybody's situation is different. Right. I've got clients from like, you know, $200,000 in net profit to a few Million dollars in net profit or 8 figure net profits and so forth. Everybody's situation is different, but there are strategies for everybody.
[00:13:49] Speaker B: Yeah. And if you know how to navigate it properly, this is where, like, you can get some, like, the rewards.
[00:13:54] Speaker A: So no, and it's all about the. The key here is a documentation.
Right. So everything that you're doing, obviously you have to document it and you have to support your position. And that's very, very important when working with a tax advisor and a tax planner. If you're getting any tax strategy from your tax advisor or your tax plan, like, okay, is there a documentation to support that? Is there IRS reference? Can we reference it back to the tax code? Those are important things for all the entrepreneurs that are seeking tax planners. Unfortunately, right now the tax planning is becoming a lot more hot topic than it used to be before. And the reason I say unfortunately is because all of a sudden you've got all of the accountants that don't necessarily specialize in tax planning and tax advisory, but they're not putting themselves out there as if I can do this and I can do this very well for you. When just yesterday they were preparing taxes and unfortunately, it's becoming, you know, we were kind of entering that territory. And I say it unfortunately because I've seen clients that have come to me, they said, I signed up with this firm and they gave me this tax document, that tax plan document. I don't understand anything. And I paid a lot of money for it. Now I don't know what to do with it.
And they don't know what to do with it.
It's like a simple software clicking in. You can do these things. But how do I do what I do with the next steps? So really, really important, kind of there as well.
[00:15:16] Speaker B: But I love the distinction that you made with the tax code is written by Congress. And then the IRS is just there to like, enforce it if you don't do it properly. But they're giving all these resources to be able to leverage. And that's where obviously a tax planner, tax strategist can come into play here. And from what I could tell, you work with a lot of like, business owners that are typically like 50 to like 500, sorry to like a million dollars, like revenue. What are like, some of the most, I guess, like, common, like mistakes, like tax mistake that you see at that level. Because I'm assuming over time you've seen a lot of people come to you and like, I have no idea what I'm doing. Maybe they work without another, like, Accountant or anything like that, that try to like get their. Try to do tax planning, tax strategy and just ends up being like a total miss.
[00:16:02] Speaker A: Yeah, it's like the, the common mistake with, with all the. Most of the business owners is the lack of proactiveness. Right. It's like they come to, they come to file taxes. Everybody knows that when the year is over, you have to file taxes for previous year. Right. So for most s. Corporation and partnerships, it's March 15th. For individuals and C. Corporations, it's April 15th. So by April, everybody knows their tax bill. Even though they may go on extension, they have their tax bill and they sit down with their accountant and the accountant says, you have to pay this much. Like, okay, great, so what can we do to reduce it?
No, no, I'm sorry. Like, there's nothing you can do about it. Like, like the year is over. Well, what do you mean I have to pay? You're telling me I have to pay this. What do I do to reduce this? I'm sorry, you can't. Right. And the biggest pattern with all of them is that it's lack of proactiveness.
[00:16:50] Speaker B: Yeah.
[00:16:51] Speaker A: Okay, so that's the first thing. The second thing is good news for a lot of business owners. Maybe not such a good news, but the good news is that very often we do find mistakes on previous year returns.
So that accountants make. And these are types of mistakes like that you can amend the return and get your money back from the irs. And sometimes people tell me, oh, Boris, here's my business return.
Can you see what my accountant did wrong? That depends, right? Because like the tax return is a big summary of what happened. Like, we don't know what happened inside your financials, but sometimes there's some things that accountant made a mistake. For example, there's something that's called a qbi. Qualified business income deduction. It's basically a free gift from the IRS. You can write off 20%. You basically get a 20% deduction of either your business profit or your taxable income. The lower off. So let's say we're talking about $100,000. 20% is $20,000. A lot of accountants, because we all use software to prepare taxes, they don't check off the box. Sometimes a business owner qualifies for it or the software relies on. Accountants do it. Accountant relies on the software. Happens all the time. It's like, hey, by the way, you missed the qbi. So like, we would amend. So there's many things like that. There's hidden things in the tax Return that really, that we find that, you know, it all has to do honestly with checking the box. Okay, that's the second thing. And the third thing is like a lack of knowledge who they working with.
Unknowingly, the business owner qualifies for certain deductions and credits, but they don't know about it. And the accountant doesn't know about it because he's not a tax strategist and just files tax returns. So that pattern sometimes is visible with doctors. Like, for example, doctors and attorneys, most of the time they own their own medical practice or their own law office. And there's something that's called a self rental strategy where you can, you know, do accelerated depreciation on the property that you own and which your business operates and deduct it against your own practice. So, like, then there is industries in which we see patterns, for example, so that's. I don't know, like, I know I answered your question kind of in a long way, but it really depends. But there's absolutely, like, ways and patterns you can recognize and we have recognized with business owners.
[00:18:59] Speaker B: Yeah, but I think one of the ones that I really like is that you mentioned, like, proactiveness, and I think that's probably one of like, the most, like, overlooked one, because that's hilarious. Like, you get someone that come like, yeah, let's try to reduce it. It's like, no, that's what we owe. We can't reduce it more than that. It's like, okay, well, maybe we should have taken steps to ensure that we can reduce it in adv.
And I feel like a lot of people, as you mentioned, that's what happens. So, like, okay, tax season's coming up. One week before we're going to reach out to the account. Hey, can I, can we get that sorted? How much do I owe? It's like, yeah, you owe this much. Try to reduce it. No, we can't. Like two days. Like, we don't have the time. But if you took those steps, you take more, again, more of that strategic planning approach, you can get ahead of that and you can make those steps to ensure that you can reduce that number that shows up at the end of the tax year. And I feel like a lot of people just don't even understand that. They just trust the accountant's gonna do his job and they're gonna reduce it as much as they can. And that's pretty much it.
Love that.
[00:19:56] Speaker A: Yeah.
And then they get upset with their accountant.
[00:20:02] Speaker B: I'm assuming that's a common one too, for Like a lot of people, then
[00:20:05] Speaker A: they come to Umbrella. Yeah. I got a story from a client. He's like, to me. And I saw his situation and I'm like, dude, I. Dude, what I've seen here, you can save a hundred thousand dollars or more in taxes. And he's like, is it really possible?
I'm like, yeah. He's like, boris, let me tell you what happened last year, April. He's like, I'm sitting on a zoom call with my accountant like this, and he tells me my tax bill. And he says, I grabbed my head like this, I almost fainted. I called my wife like, come here, look what he's telling me. We owe. And then she ran from the kitchen. She saw this number on the screen. We're both upset. My heart was racing, my head was hurting. It's a voice. Literally, I was sitting like this. I'm like, I promise you that won't happen with you. You here. Right? And interesting though, interesting. He said, I want to do tax planning with you, but I still want to retain my accountant to do my taxes for me. I'm like, it doesn't work that way. But sure. He's like, boris, I really need your help. So I spoke to him two weeks ago. He's like, boris, remember all those savings you said you were going to achieve? 100,000 or more? I'm like, yep. He's like, did we achieve that? I'm like, yes, we did. He's like, can you show me that we did. I'm like, we absolutely can.
I really want to see what we saved. So, like kind of we do for all the clients, like before and after effect, we call it a tax impact report.
[00:21:22] Speaker B: Yeah.
[00:21:23] Speaker A: So that was interesting. Like there are a lot of stories like that. And this again, he had a situation because he spoke to his accountant in April after the year was over. So he was holding his head and then obviously somebody referred us to him. He called us, he's like, yeah, let's do this. Because like, I don't want to have these headaches anymore.
[00:21:38] Speaker B: Yeah, I can imagine that you probably have a lot of stories in a roll attack. So, like, similar situation, but that was a very good one.
And I want to go back a little bit to I guess like the IRS side of things, because a lot of people, they're hearing tax strategies and directly the first thing that they might think of is like, okay, aggressive write offs or things that might raise some red flags with the irs. How do you think about like the line between, like, what's like legitimate and, like, what isn't? And what do you say to, like, business owners who, like, are a bit, like, skeptical, like, how far they should actually go about doing so?
[00:22:14] Speaker A: First of all, a business owner should always be skeptical if he's being offered something aggressive and doesn't have a backing. Right?
[00:22:21] Speaker B: Okay.
[00:22:22] Speaker A: What I always say to clients, you should not be afraid of the IRS if you're doing things properly legally, and there's obviously a basis for you to do a certain thing. Now sometimes business owners, even, they're like, listen, this sounds really good. And I know that the IRS allows it and the law allows it, but I feel like I'm going to get audited and I don't want to deal with that. And we have those situations, no problem, because nobody wants to deal with the inconvenience of dealing with the irs. Right. That means that person doesn't really care if they overpay in taxes or not. But we would never want somebody to do something illegally or. There's really no such thing as too aggressive, to be honest with you. If you're doing something legally, okay, like, for example, take real estate. You buy a $2 million property doing a cost segregation and accelerating depreciation, you can write off approximately $500,000 in your first year. Would you say that's aggressive?
Somebody. One person will say yes, another person will say no.
Right? And then.
And writing that off, assuming, obviously you qualify to write it off. So what is aggressive to you? Could not be aggressive to somebody else. But as long as you're doing things legally and within the law, and like I said, you're working with somebody who specializes in it, then it's not a problem. I'd give you a good example. I have a friend of mine who uses a tax accountant to file his taxes. I don't do taxes for friends, so I try to keep friends and business separate. So. But they would call me for advice. I would give them advice. He's like, listen, Boris, I have the short term rental property, and I have a lot of. I have, like, $100,000 loss. My accountant says, I can't deduct it. I watched enough of your videos. I'm like, well, let me ask you. I asked him some qualification questions to make sure he says yes. I'm gonna tell your accountant, you can write it off. His accountant responds back to me with a different citation of IRS tax code. I'm like, this citation applies to this situation. His situation is different. Right? And then my friend calls me. He's like, boris, am I going to get audited. I'm like, well, this may not automatically trigger an audit, but if you do get audited, do you have the documentation to prove that you're qualified? And again, I went to the qualification, the case, of course, I'm like, then case is closed. Go ahead and take this deduction. He switches his accountant, goes to another accountant. They got another accountant, says, oh, wow, Boris told you to do this Is like, can you clarify if these, these things are met? He calls me up, I'm like, yes, you meet the qualifications. So like, even the accountants get skeptical because they don't may not know the necessarily the tax code that allows you to do certain things. Now what's aggressive to some may not be aggressive to others. But I think, Zach, knowledge is power.
Like for example, if you take a look at our logo, we have a square with like a little line going. It's like it represents a page in the book.
[00:25:02] Speaker B: Okay.
[00:25:03] Speaker A: Because it's all for us, it's all about educating business owners before saying, go ahead and do this. Like, we never tell a client, go do this strategy to save money on taxes. Unless we first educate them what it is, what it involves, what it entails and how much it will save the money on taxes. So that's what even our logo represents. Education. So as long as you are educated enough, you can make a decision, then you can be like this aggressive and not aggressive in most cases. Like, oh yeah, this is not aggressive. This is totally within the law.
[00:25:31] Speaker B: Yeah, but I like that because I know you're posting like a lot of content like social, like YouTube and everything like that. I mean, I know I mentioned like that 40,000 like number because I feel like a lot of people will work from the accountant. They're gonna give them like all their year end their documents and everything like that, and then they're going to get a number back. Cool. They just send that off to the IRS and they call it a day. But they're not going to be educated enough that where maybe they can be more proactive with their, their strategy and everything like that. And I feel that's like a big mistake that a lot of people do. And if they're not educated, then what can I do? So I appreciate like genuinely that you're doing that with your clients because I can tell you not everyone does that.
[00:26:10] Speaker A: Thank you. And you know, like a lot of business owners, they, like you said, they don't know that there is a way to save money on taxes, but they know that there's something could be done about it.
[00:26:21] Speaker B: Yeah.
[00:26:22] Speaker A: Like, for example, like, take any entrepreneur and marketing, right? Like, them doing marketing for their business. They're like, every entrepreneur, I'm sure, feels this way. I feel this every day in my sleep.
I think I can do more things in my marketing to bring in more leads. I think I can. I don't know how, where, what I'm doing. Like, yesterday I was talking to an agency that apparently specializes in organic boost of content on Instagram. So he's like, so how can I help you? I said, look, I'm doing everything I can. I'm not sure if I'm doing anything wrong.
So I'm speaking to you to see if there's anything, because I feel like I can't do more. So same thing with taxes, right?
They write the $150,000, $300,000 checks to the IRS as they're writing it or wiring the money, whatever that is, they know that they can save. They just don't know how. And when can they start?
[00:27:14] Speaker B: Yeah.
[00:27:15] Speaker A: And we all have that feeling about every areas in business. I guarantee you we have that. Business owners have that feeling in their taxes as well.
[00:27:22] Speaker B: Yeah, I love that. And I know we cover, like, a lot of, like, different grounds and everything. Like, maybe, like, mistakes and everything, but, like, parting thoughts. I'd love to, if you have any, like, action, because I know it's obviously different for, like, every single business, but are there, like, some applicable examples or, like, things that a business owner can do today to get ahead of the curve and make sure that when they get to, like, tax year and they're more, like, prepared and actually can, like, reduce their tax bill or something of the sort?
[00:27:52] Speaker A: Yeah, absolutely. First of all, understand where you are in your business and who you're working with. Right. So if you have somebody who's just preparing your taxes, maybe you should start seeking outside advice and start, you know, speaking to tax advisors and get yourself a tax planner and tax strategist. Because like I said, if you're making profits in your business, you are overpaying in taxes because there's definitely a lot of ways for you to pay less in taxes. Doing this in November, December may be a little bit too late.
Can you still do some things in November, December? Absolutely. Everybody's situation is different. But a lot of strategies require proactive planning. There's deductions that you can take throughout the year. Create those deductions for you, find those deductions in your business. You can do it. Too late right now. You and I were having this interview sometime, like, not Even in the middle year. Right. This is almost May right now. Perfect time to do tax planning. And a lot of people think oh you know, when the new year comes. No, that's already over. Is being proactive because like for example for us I'm a tax planner with tax advisory firm. We need time to review documents to come up with a tax plan, to come up with strategies presented to you and work with you for example to implement it. So any advice to a profitable business owner? Start speaking to tax advisor.
Become a lot more successful in your business by saving money on taxes already. Right. We always try to save money on better marketing deal. We always try to save money on these other things and travel with our points and miles. You can do the same thing with taxes. You just have to change the professional that you're working with because now you become a lot more profitable in your business.
[00:29:23] Speaker B: I thought and like the education piece too fits in like you want to
[00:29:26] Speaker A: be educated 100% like you that that is why I do my YouTube content the way I do it. Like you know, when I do my YouTube content I I when I'm speaking to a business owner and respectfully it's an old business owner but I try to speak in a third grade language.
[00:29:41] Speaker B: Make it very simple.
[00:29:42] Speaker A: Yeah, just, just simple so that you. I'm not make trying to make business owners tax advisors. I'm trying to make them, I'm trying to teach them that hey, if this is your situation you can do this on your taxes and education is a key. I think if the business owner has a high level education about certain things, he doesn't have to worry about details. That's the job of his tax advisor.
[00:30:03] Speaker B: I love it. Well Boris, really appreciate you coming on the show here and for everyone, anyone that wants to get in touch with you because you're in like a lot of social media platform, you're in a couple of places. Where should people look for you here?
[00:30:14] Speaker A: I think the easiest thing for everyone to do and to get some value out of some of my stuff we have this thing called seven Tax write offs. Every S corporation owner must know they can just get it at 7tax write offs.com and if you want to learn more about me you can just you know once you get this PDF there is you you will send you an introduction email but go ahead and write download the 7 tax write offs. Every S corporation owner must know it's 7 tax write offs.com and yeah simple link to remember and I hope it'll be helpful to your audience.
[00:30:44] Speaker B: Perfect. Well we're going to put down the show notes if anyone wants, like reach out. And I know Boris has a lot of content on YouTube too that you can get some value out of, so make sure to check that out too. But yeah, to your audience, if enjoyed this episode, don't forget to like subscribe all that fun stuff. Go follow Boris on All Social. And until then, keep pushing. And yeah, we'll see you in the next one.
