Top Tax Mistakes with Craig Cody
Bulletproof Dental Practice Podcast Episode 22
Host: Dr. Peter Boulden / Atlanta Dental Spa
Guest: Craig Cody
Key Takeaways:
- Mistake 1 – Failing to plan. Like buying a car or a house, you need to make a plan how you’ll pay off your taxes.
- Mistake 2 – Choosing the wrong entity to operate. You need to understand the different types of entities available before deciding which entity you would choose.
- Mistake 3 – What-if Paranoia. Do not be afraid of the questions of the IRS as long as you follow the tax codes and everything is documented. Don’t be afraid to take a legitimate deduction.
- Mistake 4 – Getting the wrong retirement plan. Understand the different plans available to your employees and those that they’ll resonate to. Ask for advice from your CPA.
- Mistake 5 – Missing family employment if you have kids. Kids can become employees of your business and you can pay them wages to cover other non-deductible expenses.
- Mistake 6 – Not implementing a medical expense reimbursement plan. This works for some entities and can be used to cover out-of-pocket medical expenses.
- Mistake 7 – Missing legal deductible items such as:
- a health care facility for your home office like a pool or a home gym
- vehicle expenses when the vehicle is used for business
- meals and entertainment
- Mistake 8 – Failing to rent out your home for business meetings. Just be careful not to go overboard.
- Mistake 9 – Not depreciating properly all the costs to set up your practice.
- Mistake 10 – Not consulting with professionals. Be proactive and ask for advice. Choose a CPA who is proactive.
This episode is not intended to replace the professional advice of your tax preparer or CPA.
Resources Mentioned:
10 Biggest Tax Mistakes That Cost Business Owners Thousands – by Craig Cody – www.craigcodyandcompany.com/bulletproof – Receive a free copy of the book!
Tweetables:
“If you’re doing something and it says you’re allowed to do it in the tax code, let them (IRS) ask you about it. As long as you’ve documented why and how you’re doing it then you’re ok.” – Craig Cody
“Tax evasion is blasting through the toll booth and not paying the toll. Tax avoidance is taking side streets around the toll legally to get to your destination.” – Dr. Peter Boulden
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