I just had to pay taxes today for our small business. I feel deflated. What are the best books on legal tax strategies form small businesses to retain more of what we make?
Discussion
Rich Dad series is a good start.
But next step is to get an accountant, preferably an Enrolled Agent rather than a CPA.
Make it your goal to deliver finished numbers, don’t have them count your receipts. Use their time to suggest deductions for your rather than data entry.
Ask away with any other questions.
Thanks. Are you an accountant? I’ve been trying to orange pill mine for two years but he’s not showing interest. Would love to work with someone with a similar world view.
Not an accountant. Owned a few small businesses.
Your accountant doesn’t need to agree with you about bitcoin, your accountant needs to understand the tax law related to bitcoin, and protect you from an audit. It might even be better if they are anti-bitcoin, because they’ll be more paranoid.
Work with your accountant to understand what the legal deductions are related to your business, and maximize those. Ex. I learned that there’s potentially $27k in deduction or depreciation for a 6,000lb+ truck. Organizing income and expenses taught me a lot about my businesses, and informing my accountant ahead of time re: large expenses/income allowed him to come up with solutions.
If you are being paid in BTC, I have no expertise. There were 2 accountants at 2022 Pacific Bitcoin, perhaps start there by asking Swan?