#116: Tactical Tuesday: The Cost of Tax Liabilities and Missed Opportunities

<p><strong>OVERVIEW:</strong></p> <p><span style="font-weight: 400;">Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the</span> <em><span style= "font-weight: 400;">Healthcare Entrepreneur Academy</span></em> <span style="font-weight: 400;">podcast talks about the top two costs you’ll face as a business owner, how to reduce tax liabilities legally and how to avoid missed opportunities.</span></p> <p> </p> <p><strong>EPISODE HIGHLIGHTS:</strong></p> <ul> <li style="font-weight: 400;"><span style="font-weight: 400;">The top two costs business owners face are tax liabilities and missed opportunities.</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">The average person pays between 40 and 50% of the money they earn in  taxes.</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">Some of the taxes business owners pay include payroll, income, state, property, sales and capital gains.  </span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">Since taxes are the number one expense, you should reduce your tax liabilities legally. Fortunately, the tax law is designed to help you save money.</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">If you educate yourself on the amount you’re paying and how much you can save through different tax strategies, you can cut your tax bill in half. Jason recommends working with a CPA and tax strategist.</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">Most tax strategists will charge anywhere from 20-30% of a year’s anticipated tax savings. For instance, if they can save you $10,000, they might charge $2,000 to $3,000.</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">Jason recommends reading to educate yourself about taxes through online courses, podcasts and books.</span></li> <li style="font-weight: 400;"><span style="font-weight: 400;">The tax code exists so the government can incentivize what they think is going to help them grow a