In this episode of the Contractor Millionaire Podcast, host Manny Tejada and tax strategist Jim Flauaus discuss the top mistakes landscapers make regarding taxes and how to avoid them. They emphasize the importance of proactive tax planning, year-end strategies for savings, and the significance of choosing the right business entity. Jim shares insights on bonus depreciation, maximizing deductions on equipment purchases, and navigating tax breaks legally. The conversation also touches on transitioning from business income to home ownership and the financial strategies that can help landscapers thrive.
You can contact Jim Flauaus here:
Contact Link: https://tinyurl.com/contactanchorman
Website: https://anchoraccountingandtax.com
IG: https://www.instagram.com/anchor_tax
FB: https://www.facebook.com/IRSProblemSolver
LinkedIn: https://www.linkedin.com/in/jimflauaus
TikTok: https://www.tiktok.com/@anchor_man1
You can contact Manny Tejada here:
Website: https://landscapemaverick.com
IG: https://www.instagram.com/landscapemaverick
FB: https://www.facebook.com/LandscapeMaverick
LinkedIn: linkedin.com/company/landscapemaverick
Takeaways
- Landscapers often neglect proactive tax planning, leading to missed savings.
- Choosing the right business entity can significantly impact tax liabilities.
- Bonus depreciation allows for immediate write-offs on equipment purchases.
- Year-end strategies can lead to substantial tax savings if implemented correctly.
- Setting aside a percentage of income for taxes can prevent cash flow issues.
- Prepaying expenses can help maximize deductions for the current tax year.
- Understanding the difference between tax preparation and tax planning is crucial.
- Navigating tax breaks legally is essential for business owners.
- Investing in real estate can provide additional tax benefits.
- Consulting with a tax professional can help tailor strategies to individual business needs.
Chapters
00:00 Introduction to Tax Strategies for Landscapers
01:38 Common Mistakes Landscapers Make with Taxes
07:06 The Importance of Proactive Tax Planning
11:20 Year-End Strategies for Tax Savings
19:48 Choosing the Right Business Entity
23:49 Understanding Tax Breaks and Incentives
25:48 Bonus Depreciation Explained
26:06 Understanding Depreciation and Tax Benefits
29:32 When Not to Take Full Depreciation
33:36 Exploring the Big Beautiful Bill
36:22 Strategies for Accelerating Expenses
41:11 Transitioning to Home Ownership as a Business Owner
If you are in need of branding or marketing help for your landscape or hardscape company, book a FREE 1 on 1 call with me here:
https://calendly.com/landscapemaverick/discovery-call
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
Are You A Charlotte?
In 1997, actress Kristin Davis’ life was forever changed when she took on the role of Charlotte York in Sex and the City. As we watched Carrie, Samantha, Miranda and Charlotte navigate relationships in NYC, the show helped push once unacceptable conversation topics out of the shadows and altered the narrative around women and sex. We all saw ourselves in them as they searched for fulfillment in life, sex and friendships. Now, Kristin Davis wants to connect with you, the fans, and share untold stories and all the behind the scenes. Together, with Kristin and special guests, what will begin with Sex and the City will evolve into talks about themes that are still so relevant today. "Are you a Charlotte?" is much more than just rewatching this beloved show, it brings the past and the present together as we talk with heart, humor and of course some optimism.