In this episode, we dive deep into the financial side of running a business, translating the complexities into enjoyable, understandable concepts. Using engaging analogies, I shed light on IRS audits and the nuances of handling personal expenses through your business. We explore the risks associated with aggressive tax strategies, the importance of knowing your risk tolerance, and how strategic planning can help save taxes. Plus, I share practical tips to keep your business and personal expenses separate for better financial clarity. Tune in to learn how to manage your finances smartly and grow your wealth.

 

What you'll hear in this episode:

[0:50] Understanding IRS Audits: The Speeding Analogy

[2:15] Advice on Personal Expenses and Business

[4:50] Risks of Aggressive Tax Strategies

[9:25] Practical Tax Planning Tips

[11:30] Separating Business and Personal Expenses

 

If you like this episode, check out:

You Are Overthinking Tax Strategies

How We Handle Personal Expenses in a Business

What Entrepreneurs Need to Know About Tax Deductions

 

Want to learn more so you can earn more? 

Visit keepwhatyouearn.com to dive deeper on our episodes 

Visit keepwhatyouearncfo.com to work with Shannon and her team 

Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ 

Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/

 

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.