How tax strategy can maximize profitability in your business

Welcome to Process to Profitability. In today's episode, we have a special guest joining us, Kimberly Tara, a certified tax coach and business growth advisor. Kimberly is here to share her expertise on tax strategy and how it can save you money and make your business more profitable. As a mom of four young children, Kimberly has successfully built her own business while balancing her family life. She believes in empowering female service providers by educating them about proactive tax strategies. Today, we'll be delving into the world of tax strategy, discussing everything from entity selection to deductible business expenses and beyond. So, let's get started on the path to maximizing your profits and minimizing your taxes.


Timestamps:


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[00:01:27] Meet Kimberly Tara


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[00:02:55] Running a business as a mom of young kids


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[00:05:51] The benefits of tax strategy in creating the lifestyle you want


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[00:09:49] What tax strategy is and how it's different than tax preparation


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[00:13:57] Finding a tax strategist for your business


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[00:17:32] Just increasing your year-end expenses is not tax strategy


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[00:21:31] Other examples of tax strategy for online business owners


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[00:25:33] 3 steps for finding the right CPA for your business


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[00:32:02] Connect with Tara




Key Topics:


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The role of the CPA in explaining and educating clients about finances and taxes- The speaker's decade of knowledge and expertise


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Viewing working with a financial professional as an investment with a return on investment (ROI)


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Saving money through tax savings and avoiding missed opportunities


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The goal of saving clients more money than they spend for services


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Tax strategy as a proactive way to reduce tax liability


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The importance of consulting a tax professional instead of relying on social media for advice


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Using the tax code to benefit businesses through tax strategies


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The difference between software-generated strategies and those developed by certified tax coaches and strategists


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Finding the right type of accountant or CPA for specific business needs


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Understanding the basics of tax strategy and how it can save money and increase profitability




Resources:


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Kimberly’s Website (https://www.taracpafirm.com)


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Kimberly’s Instagram (  / taracpafirm  )


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118 Tax Deductions for Service Providers (https://www.taracpafirm.com/download)







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