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EP 17: The Hidden Maze of Small Business Taxation: Insight and Advice
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Ready to unmask the unnerving world of small business taxation?
This episode of the Common Sense Millionaire is a treasure trove of insights, revealing potential pitfalls and how I learned to sidestep them. Let's pull back the curtain on everything from the consequences of unreported cash transactions to the importance of a reliable tax preparer in navigating the labyrinth of deductions and expenses.
Hear how not reporting your income can dramatically shrink your Social Security payout in retirement and how the IRS leverages technology to track improper deductions.
In the second half, I'm presenting a blueprint for handling your tax returns with confidence and integrity. High-income earners, gear up for some invaluable advice on engaging a tax professional to minimize your tax burden. There's a few red flags that trigger IRS curiosity, such as dubious home office deductions and ostentatious business expenses, and we'll discuss those too. Plus, we're delving into the murky depths of overseas bank accounts and the dangers of evading self-employment income.
We are about to journey through the labyrinth of taxation, filled with must-know tips and advice!
Thank you for listening to The Millionaire Mindset Podcast with George Dines.
To connect with George visit www.georgedines.com
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Chapters
1. EP 17: The Hidden Maze of Small Business Taxation: Insight and Advice (00:00:00)
2. Tax Consequences for Small Businesses (00:00:02)
3. Important Considerations for Tax Returns (00:10:30)
24 episodes
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