Let’s Talk About Your Taxes
My goal for Real Estate Investing for Professional Men and Women is to help professionals from all walks of life make and keep more money and grow their wealth. That’s why I bring in guests from all sorts of backgrounds who have great knowledge and incredible strategies that can help you do just that. Sometimes my guests will be real estate experts, and sometimes they will specialize in other areas of investing, finance or the business world, but they will always have some remarkable wisdom that you can implement in your own life to further your financial growth.
In this episode of Real Estate Investing for Professional Men and Women, I invited Craig Cody to join me as my guest on the show. Craig is a CPA, Certified Tax Coach™, business owner, author, and an expert in helping his clients legally minimize their tax burden and keep more of their money. Craig works with business owners of all kinds, but he specializes in helping dentists since they have to manage two different types of business in their practices: not only are they practicing dental medicine, but they are also having to contend with being entrepreneurs and running a business (skills they don’t teach you in dental school).
That sort of double life as both a practicing professional and a business leader can apply to many of my listeners, and that’s why I think Craig Cody’s wisdom is so valuable. During the episode, we discussed Craig’s background in the NYPD and his decision to move to accounting after he retired as a Lieutenant. We also talked about the mistakes business owners often make that can end up negatively impacting their taxes, and Craig shared the importance of preparing to file your taxes well in advance.
Taxes for Business Professionals
Let’s face it, taxes are frustrating to deal with. Business taxes can be complicated, confusing and costly… but that’s where someone like Craig Cody comes in. Craig is a true expert at helping business professionals better understand the tax code and find deductions they may have missed. One of the key pieces of advice Craig shared during our conversation is that it is important to be thinking about your taxes all year long, not just when your tax professional tells you it is time to file.
Many deductions can fall between the cracks if you aren’t careful, and those deductions can add up to thousands of dollars you’re paying unnecessarily. That’s where someone like Craig more than pays for himself. Having a tax expert analyze your situation and expenses to look for ways to save you money can truly pay off in the long run. As Craig explained during our discussion, even obscure things like a home gym or a swimming pool can potentially be used as tax deductions. A great tax professional will be able to find these kinds of potential deductions and will be able to maximize your tax savings.
Mistakes to Avoid With Your Taxes
One of the most common mistakes that business owners make is that they aren’t regularly checking in with their tax professionals. Craig typically meets with his clients on a monthly basis to review expenses and look for cost savings, and he recommends that you do the same. This way, you’re constantly in the know about what’s going on with your taxes, and you’ll have a better idea what you will be paying when it’s time to file.
It’s also important to consult your professional before you make any major financial decisions such as buying or selling property or making major investments in your business. A tax professional can help you find the right way to construct these deals to minimize the tax burden they create, and they can help you avoid unexpected pitfalls at the end of the tax year. Craig Cody operates in all 50 states, so if you’re interested in speaking with a true professional who can help you avoid these kinds of mistakes, you can reach out to Craig at www.craigcodyandcompany.com/garywilson/. And for more episodes of the Real Estate Investing for Professional Men and Women podcast with other remarkable and informative guests who can help you grow your business and create wealth, please feel free to visit me at www.myinvestmentservices.com/podcast/.
Want to hear more? Listen to this podcast here.