This week, Bella talks about some of the amazing tax-saving tips her Mastermind members were privy to when CPA and tax expert, Christian Culpepper joined the Mastermind video session earlier this month. Chris has 30 years of experience in accounting, banking, real estate finance, and tax preparation for a very diverse group of people. From homeowners to business owners, he has been able to save people thousands upon thousands of dollars at tax time each year.

He believes CPAs should be serving the needs of their clients by using creative thinking to lower tax liability.  He offers many services including helping business owners to clarify income, expenses, and cash flow, set budgets, and projections while maximizing their revenues and reducing costs.

Bella treats her podcast audience to an inside peek at the type of high-quality resources her Mastermind members receive every month. She sums up the main points of Christian Culpepper’s pointers on how to save big on your taxes.

Show Highlights

Shout to New Members: Is your name here? [2:03]

Keeping track of your expenses the right (and simplest!) way [2:40]

FUN Business deductions you will LOVE [4:00]

Personal grooming deductions [5:10]

Meals and other expense[6:50]

Importance of testing your CPA and if they will work for YOU, What is “the law?”  [8:10]

Vehicle deductions, pros, and cons of traditional vs electric [9:30]

Sole proprietorship vs LLC vs S-Corp [10:45]

Reviewing your credit, building “business credit” [11:35]

Setting up an offshore account [12:10]

Biggest Takeaways You Don’t Want to Miss

Tracking Your Expenses

FUN Business Deductions

What Do Different Types of Cars Have in Common with Your Taxes?

Legal Stuff like Scorp vs LLC

Other questions Mastermind members got answers to during the actual Mastermind session: 

Do groceries have to be “delivered” to be deductible?

Is Starbucks deductible?

Can I deduct my Metrocard, train fare, bus pass, public transportation?

Suggestions for building business credit

Can I put my kids on the payroll?

How often should you meet with your CPA?

Importance of covering all areas of life, retirement, business

How to Get Access to the Mastermind

(including this awesome tax session!) Click the image below that says “Join the Mastermind.”

Links

Christian Culpepper’s website (Even if you do not live in AZ, he may be able to help or refer you to someone.)

Join the Mastermind group: Get in on this session’s recording, past session recordings, and future valuable business resources and sessions.

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Transcript:

This is episode 230 of Bella in Your Business.

Hi there, I'm Bella Vasta from Jump Consulting. You might know me from CBS, NBC, Fox, Huffington Post, Entrepreneur, or maybe you've seen me speak on stage or read my book, The Four Dogs That Every Business Owner Needs. In any case, get ready because you're about to get your hashtag Bella Butt Kickin' in this next episode of Bella in Your Business.

So what do you say? Let's get ready and jump. Welcome to another episode of Bella in Your Business. My name is Bella Vasta and today I'm going to be talking all about tax breaks and policies that will save your business. I'm basically going to regurgitate a lot of what we learned in the Mastermind with our special guest last week, Chris Culpepper, who is an incredible CPA for a lot of very, very wealthy people, quite honestly. So he definitely knows what he is talking about. He is by far the best CPA I've ever worked with in my entire life. And that actually probably sounded weird because I'm not very, very wealthy. I am just a pauper. But that being said,