Why You Should Start Thinking About 2020 Taxes Right Now
Patrick Camuso, CPA, says that if it is time for your 2019 tax return, your window of opportunity to plan for this return has already closed. Tax returns are historical; all it is is looking back at the year passed. But proper tax planning is proactive and is done before the tax year even begins. Returns are about the past. Planning is about the future.
In this episode, Patrick gives us insight into the world of a CPA, so you can start thinking of how to plan for your construction businesses 2020 tax plans and write-offs right now. To bolster your plan and get you thinking, Patrick gives a couple cool tips on planning.
Patrick discusses the importance of tax planning for your business and why it is vital to talk to a CPA prior to choosing a legal entity structure for your business. Patrick also suggests a few interesting tax write-offs and ideas that you may have never have heard of, such as the Augusta Rule, and highlights the importance of recent tax law changes, like the 2018 Tax Cut and Jobs Act.
Learn all about it here on Builder Funnel Radio.
- 0:56 Why Patrick wanted to become a CPA
- 3:26 Tax returns are historic; tax planning is for the future
- 6:29 The importance of your legal entity structure
- 9:00 The 2018 Tax Cut and Jobs Act
- 12:03 The Augusta Rule, & other obscure write-offs you may never have heard of
- 18:31 Why the tax system is really an incentive system for businesses
- 20:16 Comparing legal entity structures: LLC, S-Corp, & C-Corp
- 24:40 Bench-marking: overhead, markup, net profit...
- 28:40 Common threads/trends Patrick sees
- 30:19 How much should an owner pay himself or herself?
- 35:52 Connecting with Patrick
- 37:10 Fast Five
- 42:00 Spencer's action items
- Camuso CPA
- Patrick's LinkedIn
- Patrick's Twitter
- Patrick's IG
- Rich Dad's CASHFLOW Quadrant, by Robert Kiyosaki
- The 48 Laws of Power, by Robert Greene
- Mastery, by Robert Greene