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Ep 119 Make Your Money Count for Taxes and Retirement with David Wilcox, MBA, CTP, EA

If you're feeling overwhelmed by the complexities of tax planning and financial decisions, then you’re not alone! Managing your business's tax structure, retirement planning, and investment options can feel like navigating a maze of rules and regulations.

David Wilcox sheds some light on how you can take advantage of legal and accounting expertise to make informed decisions and make your money count for taxes and retirement.

You're going to have a lot of tax surprises, operational surprises, things you didn't have to deal with directly as an employee.” -David Wilcox, MBA, CTP, EA

Key Takeaways

  • Maximize tax savings and financial growth with optimized tax planning strategies.
  • Ensure legal protection and peace of mind for your business through essential documentation.
  • Discover the best tax classification and entity selection for your business to maximize benefits.
  • Simplify payroll taxes and efficiently manage billing to streamline your business operations.
  • Explore retirement account options and effective tax strategies for long-term financial security.

About David Wilcox

David Wilcox, MBA, CTP, EA is the Founder of Numbercraft and a skilled tax professional with over 20 years of experience. He is an EA (Enrolled Agent), CTP (Certified Treasury Professional), and Licensed Tax Consultant in Oregon. Beyond the tax, accounting and finance realm, he has years of related IT experience in CRM systems.

David also writes and helps others to develop their business ideas through encouraging them and helping them form strategies and identifying potential partners and customers.

David obtained his MBA at the University of Barcelona and is completely fluent in Spanish. David also has five years of experience with international and multinational living and is fluent in the unique documentation challenges which this lifestyle entails.

David founded Numbercraft to assist small businesses and individuals, harnessing the power of cloud based accounting and CRM systems to create efficiencies and improve data.

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Key Moments

00:00:02 - Introduction to David Wilcox's expertise

00:04:28 - Setting up a Business Entity

00:09:50 - Registering with the IRS

00:11:59 - Importance of Financial Segregation

00:15:06 - Key Considerations for New Business Owners

00:15:29 - Importance of Clear Business Planning

00:19:04 - Difference in Getting Paid

00:23:00 - Deducting Business Expenses

00:27:03 - Cost of Goods Sold and Business Taxes

00:29:27 - Importance of Form W-9

00:30:11 - Tax Structure and Independent Contractors

00:31:43 - 1099 Forms and Tax Deductions

00:35:43 - Employment vs. Contractor Relationships

00:40:30 - Quarterly Tax Filing and Financial Planning

00:43:27 - Payroll Services and Payroll Tax Compliance

00:44:51 - Importance of Payroll Taxes and State Obligations

00:46:06 - Understanding Payroll Tax Liability

00:47:44 - Importance of Outsourcing Billing and Coding

00:50:30 - CEO Mindset and Business Oversight

00:55:38 - Retirement Planning and Tax Benefits for Business Owners

00:59:22 - Traditional vs. Roth IRAs

01:00:53 - Backdoor Roth Contributions

01:02:06 - SEP IRA for Self-Employed

01:04:42 - Business Succession Planning

01:07:17 - Professional Advice and Disclaimers