Your host, Arthur Yon, talks with the Owner of Tax Goddess Business Services, Shauna A. Wekherlien. Shauna's journey is as fascinating as it is inspiring. She began her career with a degree in astrophysics, but a personal incident involving her mother's IRS notice and the lack of proper advice on reducing her tax bill led Shauna to transition into tax strategy. This transition was not a mere switch; it was an educational journey that saw her become a CPA, a certified tax coach, and a certified tax strategist. Today, she ranks among the top three tax strategists in the country, helping clients achieve an average tax rate of 6% and legally minimize their taxes.
Shauna's approach to tax strategy is not about a single magic bullet but a combination of strategies that can bring the tax rate down. She shared practical examples like purchasing a truck for business purposes and the importance of using it more than 50% of the time for business to make it deductible. She also debunked myths about writing off everything related to marketing and advertising expenses and clarified that only certain work clothing, like polo shirts with company logos, are deductible.
With an impressive track record of saving businesses nearly $13 billion in taxes, Shauna emphasized the importance of starting tax planning early in the year to maximize deductions. She also shed light on the current situation with the IRS and its limited resources for auditing. Due to funding cuts, the IRS has been able to hire only 20,000 agents instead of the intended 87,000. This has led to a focus on individuals with a taxable income of one million or more, making it crucial for small businesses to keep their taxable income below this threshold or utilize legal tax strategies to lower their income.
To learn more about Shauna's work, click HERE and HERE.
Think you'd be a great guest on the show? Apply HERE.
Want to learn more about Arthur's work at NEST Protection Plan? Check out his website at https://nestpp.com/.
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