Tax Planning on the CEO Warrior Podcast

Hello everyone and welcome to the “CEO Warrior” show, my name is Michael Agugliaro, Business Warrior, and this is the show dedicated to business owners, teaching you how to fast track business growth and give you practical doable tips that you can implement today. Now let’s get started, make sure you have a pen and notepad today. I will be interviewing Craig Cody. So let me tell you a little bit about Craig before he comes on. One, we’re going to be talking about tax planning and reducing taxes and keeping more of what you make so I know you’re going to be interested. So set some time aside right now. Craig is a Certified Tax Coach, a Certified Public Accountant, a business owner, and former New York City police officer with 17 years experience on the force. In addition to being a Certified Public Accountant for the past 15 years he is also a Certified Tax Coach. As a Certified Tax Coach, Craig belongs to a select group of tax practitioners throughout the country who undergo extensive training and continued education on various tax planning techniques and strategies to become, as well as remain, certified with this organization. Craig has co-authored an Amazon bestseller book, “Secrets of a Tax Free Life”. Without any further delay, Craig how are you today?

Hi Mike, I’m great. Thank you very much for having me.

I’m excited to have you because I’m probably–I don’t know if I’m like the norm or different–but I really don’t enjoy paying taxes. Does that make me weird or make me like everybody else?

You’re up there with about 99% of people.

That makes sense. So first, before we get started, why don’t you just tell the Listeners a little bit about what you’ve been up to lately?

Well, I have a CPA firm and we deal with business owners. Our primary focus really when we meet business owners, is we look for ways to help them keep more of what they make meaning pay less tax legally and what they’re doing today that they could do maybe a little bit differently but will have a big impact on the bottom line amount of tax that they actually pay.

Yeah, I love that and the important part is what you said, I want to save as much tax as possible but of course I’m sure I’m like most. I don’t want to go to jail right I wanted to do it legally and I also don’t want to be run through the mill on anybody when I say this, well if you’ve ever been through it, don’t want to go through some kind of audit either because that’s just a miserable month of your life. So, once you get it started Craig, what are some things you wanted to just start to think about with POC planning and in a business?

Well one of the one of the main things that people often overlook with tax planning is, they form a business, okay? They either do it themselves or they call up an attorney, “I want to form a business”, and that attorney happens to like LLCs, or he likes corporations, or he likes S corporations or Corporations and they form a business. And they’re kind of locked into that entity. Nobody does any planning, “Is that the right entity structure for me? Can I be doing this a little bit differently?” It can make changes will make a major impact on my bottom line taxes if I do make a change, and that’s probably one of the biggest mistakes we see.

We’re wrong. Anthony’s choice just because there was no tax planning that went into it—it was just they spoke with the Attorney. From a perspective of the attorney that’s the best entity to be in and that was it. When sometimes you can have your cake and eat it.

Yes, so when you say wrong entity, are we talking about an LLC or an S Corp, and these types of things?

Correct. It could be you may be an LLC when you’re better off maybe being in an S Corp or a Corp, or vice versa.

Give us a little bit of the differences between the different entities so because I’ve always struggled with this myself and I think what people might, and you ought to tell me if this make sense or not–I mean maybe if you start as an LLC but maybe your business matures or changes to a different level or different ways maybe. There’s a time where it might have to change so–it’s kind of–give us a high level but not very difficult description of the different entities.

So the main difference in taxation is on an LLC, all your net profit is subject to self-employment tax and you know that goes up to about $120,000 at about 15%. And then it’s about another 3% on everything above that. Now, depending on your situation, an LLC may make the most sense for you all, right? Whereas, an S Corporation, if you take reasonable compensation, everything above your reasonable compensation is not subject to that self-employment tax. Now there’s a whole lot of things that go into planning. Making that decision, and why one would make sense over the other could be what other businesses are running. Do you own real estate? Okay, you know as people become more successful, they typically get involved in more and more things and they may have other side businesses going on. If they have real estate, do they have passive income coming in? Do they have passive losses are they not taking advantage of? It–and depending on the way they have the entity structured–they can take advantage of these things that they’re missing out on.

That makes me doubt it then. Hopefully it wasn’t too tight in there. No, I think that makes sense, a lot and I think one of the big things that it makes me saying is, you know, you have to ask an expert. The question is the way that I’m set up. The very best way now. I mean some of the things my partner and I had learned over time was, and maybe you can help us understand this, if this is good or a strategy is you know sometimes if you have different parts of your business, you could have different entities. Actually have in your closings at different time to leverage things. Is that a strategy that makes sense in some cases?

I typically don’t see where that helps that much because if you have control there’s certain rules with picking up income moving. Funneling income from one company to another. So a lot of times it all does even out without looking at the specific structure and why it’s done, but I think it–the key point you talked about was communication. The fact that people don’t communicate with their accountants on a regular basis because you don’t know what you don’t know and they don’t know what you don’t tell them. But if you communicate, then you could figure these things out and I’m sure you and your partner communicated with your accountant and he had good reason to choose those different year-ends.

Yeah, and one of the one of the big things, Craig, for me about communication, was it was interesting. We were having lunch with our one Accountant, probably about–this might go back five years—five, six years ago, and just during lunch I mentioned to him–and this was a key that taught me about communication—I mentioned then, “Hey, we’re going to put the 120 foot flagpole on the front of our 15,000 square foot building in New Jersey with this big massive–like it’s got to be you know 20 by 30 foot flag.” And he turns around and says, “What are you going to do?” and I claim he says, “Do you know there’s a–you could save on taxes from that”? because of something with the American flag or something like that. And I was like, “No I didn’t know that.” And so that was really good news, and that’s how got me a lesson that your Accountant has to be–would you consider part of your strategic team and regular conversations. Makes sense, you don’t make big moves, big purchases without having this type of conversation. Have you found that that’s best way to work?

That is definitely the way to work, yes.

So what are some–tell us since we have a lot of small businesses, a lot of them are in the service industry– doesn’t matter if they’re a dog trainer or consignment store, or plumbing business owner, what are some things they should either think about or some ninja tricks that they just may not know is out there today?

Okay, well they need to communicate with the attorney and their accountant which we’ve already discussed. They need to take some time–I’m sure you talked about working in your business all the time–they need to spend some time working on a business as far as taxes go, and communicating with the Accountant and seeing “What can I change? Do I have a retirement plan? Should I hire my wife or my spouse? Can I hire my kids and how

does that help me? By hiring my kids am I able to rent my home to my business and not pay income tax on that rent? Do I have a home office? Am I taking advantage of a home office? Do I have a partner? Does he drive a Maserati and do I drive a Nissan Sentra? How do we equalize that? Do we use an accountability plan? So there are a lot of little things that you can do and there are a lot of big things that you could do such as retirement plans that can save you a lot of money.

Okay let’s start chopping into some of those things. So one, yes you have to do tax planning, and I think some tax planning by design in instead of by default right? And by default, is waiting last minute not talking, not communicating, and stuff like that so I like that. Talk about some of these things. I mean, can I—you– claim renting my home? Let’s start there. Give me what could somebody think about and when does it apply? W hen doesn’t it apply?

So the government allows you to rent your home for up to 14 days a year and not pay income tax on that income. So your business can pay you personally to rent your home for, let’s just say 14 days. They could be 14 Board of Directors meetings, they could be staff functions. They cannot be entertaining clients. They have to be strictly for your Board of Directors and your staff and what that does is it gives your business a deduction for whatever the reasonable rent is and then personally you don’t have to pay income tax on that rent because it’s less than 14 days. Now, if you go to 15 days you have to pay tax on all of it, so you need to be careful that you don’t do that.

Okay, Auden and before we go further I want everybody to know just so all the Listeners know, no matter what you hear you have to do your own due diligence, okay? We’re giving you Craig. He’s giving you suggestions from his wisdom, but of course, I don’t know where you live. You might live in New Zealand or Australia or some other part of the world. I don’t want to see you get into some tax complications, so I want you to know all the suggestions we’re making are for you to run by a tax expert, even if you choose to do business with Craig and reach out to him So there is my disclaimer for everybody do your due diligence. Okay, go ahead Craig pick that back up.

Thank you for the disclaimer. So that’s one thing that is a very popular technique which in a state like New Jersey, income taxes are high, federal tax rates are high, that could save you 40% of whatever reasonable rent is. And reasonable rent can be anywhere. I know– I have a client where she rents her Brooklyn brownstone to a movie studio when she gets $5,000 dollars a day. Now is that the norm? No, but in her case she saved five–tax on $5,000. Another–using the home office. Do you have a space? And most of us, we take work home at night, okay? We work from home. Do you have a space that you use exclusively for your business to take care of administrative tasks? If you have that space, go ahead.

Yes, I’ve got that. How much–like what can you claim, and what’s the restrictions around that date?

So you have to look at it from a square footage. Let’s just use the number 10%. If it’s 10% of your square footage of your home that means you get to deduct ten percent of utility bill, ten percent of your real estate taxes, which you would deduct anyway, but if you’re subject to alternative minimum tax, that can help. There’s 10% of your mortgage interest, then your commute becomes an expense. You can also then have a home athletic facility, so if you have a home gym that becomes a duck table, if you have a home pool that becomes deductible if it’s for the use of your employees and their families. So there’s a whole host of add-ons that go from that. And these are all in the tax code and when we do a tax plan, the plan includes the code that says where you can do that. These are not great if you’re like—

Yeah, no I love the way that sounds. So let’s go to the next one. Let’s talk about hiring. Hiring the kids, I’ve heard this before and so wanted to shed some light on what can you do, what should you never do, and what should you consider?

Okay so the Tax Court says you can hire kids from the age of seven. I like to be a little bit more conservative I look at 12 as the minimum age that will advise clients on that and then the child actually has to do some kind of work. He has to come in, whether it’s on Saturdays for a couple of hours, and he’s got to clock in or sign in, and keep good records of his time. And then let’s just say your child goes to summer camp or private school, or takes hockey lessons or something like that. You pay the child, it goes into his bank account then the hockey lessons, or the camp or the private school tuition comes out of his bank account. So, other than Social Security tax, that money then becomes deductible. Well, the whole thing is deductible, but other than Social Security tax the business owner is not paying tax on that money which he’s using to fund his child’s–whether it’s tuition or camp or an athletic event.

Yeah, I mean Craig that could add up really fast today I mean it’s not like when I was a kid, you know the things you did was–I don’t know about you– but it was like go outside, pickup sticks, go play with your friends, and ride bicycles today. It’s like you take them to dance school, and then there are martial arts, and then there’s hockey, and then there’s football, then there’s baseball. Like, it’s a full-time profession to take kids to all the different things today so that could really–that could really be a huge savings there.

Oh yeah if you—I mean I had three kids in private high school and it was over $18,000 a year, so you figure your tax on $18,000, what you’re saving and if you do some planning, and you have the right entity structure, you may not even have to pay FICA tax. Wow, that’s interesting So talk about–you brought up about partners and stuff like that, so–and about making sure things are balanced out. Which I think maybe some people do, but is there anything else around partnerships that help you leverage taxes?

Well, when I talk about partnerships, and I’m talking about really partners in a business. So me and you like to drive two different types of cars, but maybe you have more of other expenses so you want to reimburse—be reimbursed for those expenses–and I want to be reimbursed for my car and we decide, okay we’re going to work out a number of $500 a month. So now every year I need to submit to the business. That $500 times twelve is $6,000 worth of expenses and I’m going to get a check every month for $500. If I don’t submit the $6,000 worth of expenses that are deductible, then I actually have to pay that money back to the firm. So the key there is to make sure everybody is on board, it keeps track of their expenses, and then you can spend it on your car and I can spend it on other things. Those are business expenses, but we like to do it differently. Talk about deductions for maybe, is there things around food or is there things around vacations? And I’m asking because I don’t know. So give us some other areas that we can claim.

And in different ways, another thing we come across quite often is we have these successful business owners and they’re supporting their parents and they’re giving them $2,000-$3,000 a month.

And how do you make that deductible? Okay, you can’t put them on salary because they’re not working for you, that would not be legitimate, but let’s just say you have a piece of equipment in your business that’s fully depreciated. You could then gift that piece of equipment to your parents and then you lease it back to them so now the money you’re paying towards that lease, they’re picking up his income, but they’re really not paying any income tax because their income is so low and you’re getting a deduction for the money that previously you were just giving to them and paying after-tax. So that’s another big savings area, and so you get the deduction and they get the money correct and typically their income is low enough that they’re really not paying any income tax or if they are it’s a very low amount versus you who was probably in the 40% bracket

Yeah I don’t sometimes–I think that I’m proud of that -and sometimes I think like, it’s miserable, right? Yes. One accountant, Craig, told me a long time ago–I mean Rob denied my business farming. We’ve been successful a long time. He said, “Well you don’t like to pay the taxes, but let’s look at the opposite of it. What have you made? No money at all”, and I was like, “Ah that’s a good damn queen.” It still doesn’t make it fun to swallow, but at the point, right–but why should you pay more than you’re legally responsible to pay? If you know, if Warren Buffett–you know Bill Gates–Donald Trump presumably all have tax planners that work to limit the amount of tax they pay, even though they may pay a lot of tax, but they pay the least amount that they’re legally liable to pay. Why should not you do it?

Yeah, yeah I agree with that 100%. I mean that that’s really great information to be used. Okay, so where else are there some areas that business owners–we covered when, and home, and kids, and meals, and I think the meals for the employees is a real interesting thing, and you could give things to parents. What are –what are some of the other top 10 items that you’re like, you know, what clients just don’t know about this business owners–and they really should because they’re giving money away–what about like a 401k or retirement?

I like retirement plans. It is one area where you can set up a 401k and there’s a minimum amount you have to contribute for your employees, but if you’re able to put away $18,000 or $24,000 a year from payroll deduction, and maybe if you hire your spouse and they’re able to do the same thing, you’re able to put away $50,000 that you wouldn’t be able to do if you had a plan. Another thing that we see, especially with service business owners, when they buy an existing business, part of the actual purchase price gets allocated to something in the accounting world called goodwill. And so many times, we see goodwill doesn’t get amortized or depreciated what it should and that could be a big number; or doing some planning with equipment and purchases, and vehicles towards the end of the year. Am I in a position? Do I need something and am I in the position to buy something? What’s the tax effect? Should I depreciate the whole thing? Should I take bonus depreciation? Should I take it over time? Which could be a lot of–a lot and then you have the business owner that actually goes out and buys the building that he operates in and has he maximized his deductions there?

Yeah talk about, because I own a couple buildings that I run different businesses out of. What are some things that you can leverage from those?

The building, well, one thing is typically commercial building you depreciate over thirty nine years and more often than not, somebody buys a building. You subtract out the land price, whatever’s left they depreciate over thirty nine years, but if you take some time, and you have a cost segregation study done. What they do is they break that building into different sections. The light, the land, the landscaping, the parking lot, the heating/cooling system and then they could depreciate these items quicker. And what it does is it actually accelerates the amount of depreciation you’re allowed to take in the earlier years which gives you a bigger tax deduction upfront versus taking a little bit every year so that’s a quite uncommon or common thing.

That, we see not happen, yeah that’s interesting. I’m definitely gonna look into that one myself. And what about business owners–a lot of times it comes up you know–should I buy a building? Should I not? Another thing, and should I get a credit line? Should I not? Any crack strategies around what somebody should consider that’s running and growing a business?

Well, I mean, as far as a building–What am I paying in rent? What’s it going to cost me to own an asset? What’s the after-tax cost to me? So that’s a big question and obviously more often than not it’s going to make sense if you can afford it, to buy the building because rent only goes up over time and if you’re renting from yourself and you’re increasing the rent at least you’re putting that into your pocket versus somebody else’s pocket.

Hmm, yeah that makes a lot of a lot of self-sense there, and talks to me about accountability plan? You said you know–you got to have accountability. Accountability to what?

Well you—the accountability is that you’re going to provide those receipts for the total amount of expenses that you’ve received throughout the year and if you’re not accountable, meaning you don’t provide all those receipts you actually have to pay back that portion of money that you received back to the business. So something that is a tax deduction to the business would then not become a tax deduction so you have to make sure you have a good process in place for how you’re spending, where it’s going, and how you’re allocating things.

Is there—have you found that there’s a software or something that makes that simple? Like, hey this is what this is and puts it in bucket for you automatically?

We don’t have any specific software we work with that on–with our clients. We just communicate with them and make sure they’re on track to be to do what they’re supposed to do and we kind of make sure that those T’s are crossed. Then the I’s are dotted because face it, you know your clients. They’re working. They’re making their money in their business. They don’t want to be that involved in worrying about what they need to do as far as tax planning. They have to do something and we’re there to remind them the things they need to do.

Yeah, that makes a lot of sense. So what else should people think about Craig, when they’re going about either doing tax planning? Like if I called you up and I said, “Hey Craig, I need to get my taxes under control and figure some things out?”

One is through what a plan might look like. What would you ask me? What would I –what would we want to know? Like how does this process go about?

So for us, the process works with–we have a conversation just like we’re doing now and I learn about their business. Then I ask them to send the secure copies of the last two years worth of business and personal tax returns. During that conversation I find out–has anything changed since your last filing? Have you bought a new business? Have you brought in a new real estate? Have–has your business expanded? We take all that information, and we do an analysis and then, in our case, we set up a WebEx meeting where we go through that analysis and we say, “Ok we see $60,000 worth of missed expenses that you could have, you’re in a 42% rate between federal and state. That’s going to save you $24,000 a year in taxes. Do you want to move forward with a plan? We tell them what the fee for the plan is, what they have to tax costs, what the first year ROI is on that on that fee and that our fee is 100% refundable and nobody’s ever asked for their money back because it’s instant gratification if they move

Forward. It takes us about 10 days to put together a plan. We set up another WebEx, we go through the plan and then we take it from there and we communicate. We make sure that they implement the plan. Sometimes they implement it with their own accountants. Sometimes they say, “You know what? I haven’t been happy. I’ve been bouncing around, he’s a nice guy but can we work together? And then we take it to the next step but we do many plans with people where their tax guy happens to be their brother-in-law or a longtime friend and they need to maintain that relationship. So we give them all the tools they need to take this to their accountant and implement it or we help them implement it.

Yeah, it’s a Roman tide. If I’m about–I’m sorry, it’s a relatively painless–it’s a relatively painless process So if I dig, there’s three brackets of people in business and since we have business owners, Craig let’s talk about it So one, you have people–I think we covered a lot of this–like hey, I’m in business. I’m running a business so let’s bracket the two other things like one, I’m growing a business. So people are in growth mode. What are some things they should pay attention to with taxes and leveraging things when they’re going into massive growth mode?

They want to make sure that their receivables aren’t growing too fast. It’s great to sell, but you also need to get paid and that’s something that they need to track because that could quickly put you out of business and it’s quite often in the construction trade. You see that where people are running these businesses and they have all this money out on the street and then eventually what the money doesn’t come in, they can’t make payroll, and they’re closing the doors. So you want to make sure that doesn’t happen. You also want to make sure that you’re getting paid and you’re getting paid timely.

Yeah that makes sense, and then what about people that we work with, a lot of guys that are positioning their business for either exiting or exiting–they might be passing it off to a child or a–is exiting they might be getting acquired. So they have an acquisition of some kind where they’re selling what are some tax strategies that they should pay attention to around that?

Well, we work with clients who are in that process, and we provide them with what we call outsourced CFO service. Of course, you want to make sure everything is real clear for the purchaser to understand, and you also want to be able to come up with a clear layout for that purchaser. Let’s just say net income on your tax return is $500,000 but maybe you’re doing, so friend you’re doing a bunch of things that he necessarily will not need to do and I call these ad-backs and we add these back to the bottom lines and that justifies a higher multiple of your net income.

Yeah, so yeah, those are important thing–it’s incredibly important when you’re in that stage, where you are selling or looking to sell, that your accounting is really up to snuff and you’re not just dealing with somebody at the year-end who’s being reactive versus proactive. I noticed a lot of clients there, and I’m wondering if you see that – they’re very reactive, like all of a sudden it’s crazy for tax time and they’re running around like they’re a chicken with their head cut off. And it-would you say that is just bad planning? Or maybe they just haven’t looked at their accountants as–I mean we have always looked at– me and my partner–we’ve looked at–we’ve always had a strategic accountant. We’ve always had an attorney. I mean, these were very important parts to us building our $30 million business that we run, but to make sure we had a solid team of experts. So have you found that the people that are running into trouble in business, it’s because they don’t have–not built that relationship of the team?

Most definitely, you need to plan. You need to be proactive. You know, most Accountants are really good at putting the right numbers in the right boxes, okay, that’s not where they fail. But they’re always looking in the rearview mirror, and with our clients we work with our clients throughout the year so you can’t just come to us at the end of the year and say okay I’d like to do a tax return for me. I need you to fix my books. And so we’ll see you next year. That doesn’t fly because that’s not fair to the other clients and you’re really doing yourself a disservice. So you need to work with whoever you work with on a regular basis.

Yeah–but yeah—that makes so much sense, and I agree with you on the rearview mirror part because I’ve experienced that years ago myself, where I felt like the accountant was just always looking back instead of forward. And also, I would imagine you want to make sure your accountant has a business sent to them and like you said not just someone who puts numbers and boxes because yeah they’ll get the number in the box but it’s probably going to cost you money versus a really good accountant.

Shouldn’t cost you money they should make you money.

Exactly, it should be a profit line item not an expense line item. Yeah, definitely. So what else can you think of that come to mind? A couple more things before we close out this episode that you’re just–like you know what everybody should really consider–that they really should think about this–you really should pay attention. Or, maybe another strategy that you think you haven’t shared that they just don’t know about?

I shared a lot of the basic strategies. There are others, but I think you know the best thing your Listeners can do is, they should communicate with whoever their accountant or tax person is on a regular basis and they’ll get so much more by doing that and then if they find that their particular person is not willing to communicate with them, then they need to look elsewhere. But, you know, like you said they should be part of a team like you said. The people that are successful, have teams people that are successful–typically involved in coaching programs, so they need to just follow that along.

Yeah, I agree 100 percent. Now for one big last question for you Craig, is if you were to give everybody something to think about–to really pay attention to over the next three years as a business owner-you should really think and pay attention to this. What would you tell them to pay attention to?

I would say pay attention to your expenses. What are you spending money on? What are you spending money on it–you don’t necessarily need to be spending money on purchasing the old shiny object, all right? And to also think about–a typical person is going to spend/save about $20,000 a year if they do tax planning whomever they do it with and that’s $60,000 in savings over three years, what would they do with that money if they saved it.

Yeah, so it’s not only saved the money, what are you doing with the money that you’re saving and do you have any suggestions of what people should consider doing with the money they save?

Today, well they should save it. They should do something that they want to do with it, but that could be purchasing a building that they are operating. Maybe it’s a rental property. It really depends on what their lifestyle is. Do they want to put more money away for retirement? Do they want to put more money away for their kid’s college education? That grandchildren–what is it that’s going to–it’s kind of like they’re–why what is it that’s going to make this really most pleasing for you? Because if you don’t do anything, you’re not going to miss it. But if you have it you want to do something special with it.

Yeah that make—the–that makes a ton of sense. Now Craig, a lot of people now, they’ve been listening to us here–I’ve got tons of gold nuggets. They realize there’s a huge opportunity here. How would people find out more about you?

Okay, our website is CraigCodyandcompany.com, that’s all spelled out. I’m also going to give you a link for your show notes where your Listeners can get a free paper copy of my most recent book which is, “The Ten Most Expensive Tax Mistakes That Cost Business Owners Thousands”, and that link is CraigCodyandcompany.com/warrior, and our office number is 516-869-4005 and we have clients as far as New York, we have clients as far away as Oregon. The Internet is a wonderful thing.

Yeah, that’s awesome. Well Craig, I can’t thank you enough for today’s podcast. You’ve given us a lot of nuggets. I know for sure some of you listen and have just made yourself some money. So, yeah, thank You Craig for being such a great guest today.

Well thank you very much for having me. I appreciate it.

All right, awesome. Everybody we don’t leave without some big golden warrior nugget so make sure you’re making the right choice on your entities that you’re filed with and communicate and treat your accountant as part of your team–and tax planning should be done by design and not by default. And guess what? You can rent your home up to 14 days a year and just make sure it’s a staff function and then claim that as a deduction. And what about a home office? Right you could claim that based on the percentage of your mortgage and stuff and you could claim that in commuting expenses and even a home gym. So I think there’s even some more money to be found there for you and maybe you got to consider some of you hiring your kids and then using some of that money and funds to pay for all those hobbies your children have and what about meals and entertainment, right? Deductible 50%, so maybe one of you want to hit me up and take me to lunch. And meals for employees are a hundred percent deductible so I wonder if there’s a strategy there for you to create more retention of employees and maybe a more “Wow” atmosphere for your employees to work in for the culture, and you can give things to your parents then pay it back to them and you can deduct that. Guess what? You’re giving the money anyway; you might as well find the best way to help your parents out. And retirement plans, are you leveraging 401K the proper way? Maybe you got to start putting that on the checklist and look into that. And when you buy an existing business, you can claim certain areas as goodwill and remember to leverage the end-of-the-year buying thing, don’t get caught off guard.

Okay and I love this one for any of you that own a building, what about the cost segregation study done and then depreciate things for the building quicker and take it in the earlier years.

And just a few more golden nuggets for you guys make sure you have great records and receipts you’re going to need that to back up all the deductions you’re going to do. Pay attention to your receivables. You want to wake up one day and find out your way underwater and drowning. And last, which I think is an awesome one, pay attention to your expenses. Well that’s it for this episode of the “CEO Warrior Saw”. I’d also be grateful if you’d rate my show on iTunes, that helps tremendously we keep my show visible so people who have never heard it can discover it. If you have already done it, thank you so much and very grateful. Be sure to connect with me on social media, there’s a great way to ask me any questions or offer feedback on the show. Until next time, remember, massive wealth, tons of freedom, and market domination is only one action step away. This has been another powerful business building episode of the “CEO Warrior” podcast show with your host, Business Wire Mike Agugliaro. Ready to experience real ideas, real change, and real success in your business? Check out the warrior fast-track Academy at warrior fast-track academy.com.

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