Episode 14. Kevin Harrington Interviews Tax Strategist Boris Musheyev, CPA

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Boris Musheyev, CPA & Tax Strategist sits down with Kevin Harrington, original Shark Tank investor and infomercial pioneer, in this enlightening interview. Kevin interviews Boris about the importance of tax planning for business owners and why having a dedicated tax advisor is essential for your tax strategy and planning.

Kevin Harrington brings his vast experience in entrepreneurship and strategic investments to discuss the importance of being proactive rather than reactive with your tax strategies.

In this video, Boris Musheyev shares expert insights on how effective tax planning can significantly reduce your taxes, impact your business and personal finances. Discover practical tips and strategies for optimizing your tax situation and hear from Kevin on the pivotal role that proactive tax planning plays in successful entrepreneurship.

Whether you’re a business owner, individual investor, or simply looking to reduce your business taxes, this discussion between two seasoned experts will equip you with the knowledge to make informed tax decisions. Don't miss out on this opportunity to get ahead in your tax planning and secure your financial future. 

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*Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this ...

Episode Transcript

Speaker 1 (00:00):
Hi, I'm Kevin Harrington, an original shark
from Shark Tank.
Boris M Tax specializes in taxplanning and advisory services
for small businesses.
They use proven tax strategiesto save business owners
thousands of dollars on taxesevery year and they do so by
being proactive about clients'tax situation and not reactive.

(00:22):
Joining me today is founder andCEO Boris Mushaev.

Speaker 2 (00:27):
Welcome to the Tax Reduction Podcast for
money-making entrepreneurs withBoris Mushaev.
Boris has helped entrepreneursacross the United States
collectively save millions ofdollars in taxes with the power
of tax planning and advisory.
The only way you, the businessowner, can save money on taxes
is by using proactive taxstrategies, and this podcast is

(00:48):
all about saving you money ontaxes.
Boris will share with youin-depth and easy to understand
tax reduction strategies thatyou can implement in your
business within 30 days or less.
Let's jump into today's episode.

Speaker 1 (01:02):
This is awesome.
I just want to know how didyour tax planning and tax
business get started?

Speaker 3 (01:07):
Just like every other accountant right, I graduated
college and I was sucked intothe world of tax preparation.

Speaker 2 (01:12):
Okay, where.

Speaker 3 (01:13):
I was just like Kevin , like really I was preparing
almost 500 tax returns in twoand a half months, oh wow.
So I was just like burned out,churning tax returns in and out
and a lot of business ownersI've noticed that just my
clients were overpaying in taxes.
There's not much that I coulddo about it because I was just
too busy preparing tax returnsand I know the tax code and I
know they could save money ontaxes and I was really getting

(01:34):
tired of it.
After a few years I've decidedto quit my job and start a tax
planning and advisory firm whereit really helped business
owners to save money on taxes bybeing proactive and using tax
planning strategies.

Speaker 1 (01:45):
I like that.
Proactive is important and stayahead of it.
Right, that is correct.
And so there's other tax firmsout there.
What differentiates you?

Speaker 3 (01:56):
Yeah, really three things right.
It comes down to education,communication and relationship
Relationship.
Education, communication andrelationship so education is
that we educate every businessowners on what they can do to
save money on taxes.
And I'm not talking aboutwatching a bunch of courses.
I'm talking about doing aspecific customized tax plan for
them and their situation, whatthey could save money on taxes,

(02:18):
which tax strategies they coulduse.
The second thing iscommunication.
Now, a lot of business owners,when they come working with us,
one of the reasons, main reasonswhy they leave their accountant
is because their accountantignores their phone calls and
emails and months end.
Why?
Because they're busy with taxpreparation.
So communication is important.
That is something we excel inover other firms.

(02:38):
And the third thing is arelationship.
So we're not a transactionalfirm, we are a relationship firm
.
So every business owner getsassigned a tax advisor that
works with them, has arelationship with them.
So when they call in, it's notlike they call in a big
corporation where they getrouted around.
It's that the one individualthat has a relationship learns
their business, knows about them, which is the key really in

(03:00):
helping them save money on taxes, because you know the person,
you think about them all thetime.
So I would say those threethings which is education,
communication, relationshipwhich really differentiates us
from the rest of the industry.

Speaker 1 (03:12):
Yes, that's awesome.
And other people havebusinesses.
Individuals have misconceptionswhen they get involved with the
tax process, the tax planningprocess.
How do you address those?

Speaker 3 (03:22):
So really, business owners have two misconceptions
right.
Misconception number one isthat they think they can save
money on taxes at the time offiling their taxes, which is
really already too late.
It's too late and we educatethem that no, you need to be
proactive throughout the year tobe able to save money on taxes.
The second misconception isthat a lot of business owners,
regardless of how much moneythey make right, they either
could be making tens, hundredsor even millions of dollars of

(03:44):
taxes they think that taxplanning is for the big boys,
for the multimillionaires, forthe billionaires.
But really tax code is writtenfor every profitable business
owner.
Sure, if you have profits inyour business, like I always
like to say, you can save moneyon taxes by doing proactive tax
planning.

Speaker 1 (04:01):
You wait till the last day.
It's too late, right.
So be proactive, and I'm sureyou've had lots of success
stories, but without mentioningany specific names, maybe you
could share with the folkslistening right now that one of
your case studies where you madean impact for them and really
had sort of a transformativesituation.

Speaker 3 (04:24):
Yeah, there's one story that always stands out to
me.
I'm not going to use theclient's real name, which is
called Tracy.
She's a single mom and she hasa profitable law firm and she
has a son.
A few years ago, when shestarted working with me, she
said Boris, I just want to befinancially stable, I don't want
to pay extra tax that I don'thave to and I want to put my son
through college.
And right now, she saves$40,000 every year doing tax

(04:45):
planning and advisory.
Just last year alone Kevin for2022, she saved $49,000 in taxes
.
Now, she can use that money toput her son through college
without probably even taking outloans.
And this is the impact Storieslike that really what gets me
out of bed every morning to goand do what I do.

Speaker 1 (05:03):
Yes, that's great.
I mean, there's people outthere that are saying this is
what I need, right, Because youprovide great service and good
planning ahead.
But for those that are outthere that are looking to
improve their tax planning, doyou have any advice for them
right now?
Absolutely.

Speaker 3 (05:21):
So I always like to say if you have a profitable
business, you're probablyoverpaying in taxes and the
reason is you're probably notworking with the right person.
A lot of business owners, bydefault, work with a tax
preparer, puts the right numbersin the right boxes, but nobody
really speaks to them orcommunicates with them about tax
planning strategies and whatthey can do to save money on
taxes.
So my advice for everyprofitable business owner out

(05:43):
there is to get yourself a taxadvisor, a tax planning
strategist, somebody whounderstands the tax code and can
help you, the business owner,save money on taxes.

Speaker 1 (05:52):
I'm sure you have many, many more successful and
very enthused and happy clients.
So, boris, I want to thank youfor being here today.

Speaker 3 (06:00):
Thanks so much.

Speaker 1 (06:01):
And I've learned a couple of things, but certainly
being proactive as opposed toreactive is the key, and Boris
has made an awesome business outof this, so thank you for
joining us today.
I appreciate your time.

Speaker 2 (06:14):
That's it for today's episode.
Be sure to check out thedescription below for some free
tax reduction resources thatBoris put together for you.
If you're ready to work with atax advisor on your tax planning
, be sure to schedule your callby heading over to
wwwtaxplanningcallcom.
That's wwwtaxplanningcallcom.
And be sure to subscribe to ourpodcast to be notified when the

(06:36):
next strategy is released.