How to Save Thousands on Taxes Using Incorporation Strategies
In this episode, Dustin discusses tax strategies for individuals and small business owners. He talks about the pros and cons of incorporation and the importance of cash flow management. He then emphasizes the benefits of incorporating for individuals making over $150,000 per year and saving more than $20,000 annually, cautioning those with student loans to prioritize paying them off first.
He introduces the concept of cash flow management, emphasizing the importance of paying oneself a regular paycheck and being prudent with personal spending. Finally, Dustin stresses the importance of consulting with an accountant for personalized advice.
The 3 POWS of this episode:
Consult with an accountant to determine the best strategy for your unique situation.
Individuals with student loans may want to prioritize paying off their loans before incorporating.
In addition to incorporation, think about cash flow management.
Listen to this week’s episode on Apple Podcast, Spotify, Google Podcasts, Stitcher.