Summary

In this episode, Mike Metzger, CFP®, shares six financial strategies for business owners to grow their wealth and reduce taxes. The strategies include choosing the right entity structure, utilizing retirement plans, strategically purchasing large ticket expenses, taking advantage of accelerated depreciation, and implementing installment sales. Each strategy is explained in detail, highlighting the benefits and considerations for business owners. These strategies can help business owners maximize their financial growth and minimize their tax liabilities.

Takeaways

Choosing the right entity structure is crucial for maximizing financial strategies. Retirement plans can provide tax deductions and help business owners grow their wealth. Strategically timing the purchase of large ticket expenses can reduce taxes and increase the value of the business. Accelerated depreciation allows business owners to depreciate assets in one year, reducing tax liabilities. Implementing installment sales can evenly distribute income over multiple years, reducing tax burdens. These financial strategies can help business owners grow their wealth and reduce taxes.

Chapters

00:00 Introduction 01:29 Entity Structure 03:21 Retirement Plans 08:07 Large Ticket Expenses 12:23 Accelerated Depreciation 15:47 Installment Sales 18:40 Summary