Advanced tax strategies for a growing business, with Ronica Brown, CPA

Even if you think of taxes (both planning and paying them) as a "necessary evil," you can also make them work for you. Taking the time to plan your taxes and incorporating advanced tax strategies is a practical way to help your business save money.

In this episode of Help! My Business Is Growing, Tax Planning Expert and CPA Ronica Brown share how you can dig deep into the tax code and find a gold mine of methods to save on your taxes.

Ronica is a CPA, tax planning expert, speaker, and owner of RBA Tax Advisors. She helps organizations of various sizes rethink their tax strategies and reduce taxes by 30% by focusing on strategic tax planning. She is also a wife and mother and is passionate about gardening and cooking.

In this week's episode, we discuss:

2:10 How is a CPA specializing in advanced tax strategies different from regular CPAs that business owners are used to working with?

04:24 How would you find a CPA that provides advanced tax strategies and who can support the current stage your growing company is in?

07:18 What is the process of determining how to maximize tax credits based on a company's financial statements such as a P&L and balance sheet?

15:17 When is the right time to move from an LLC to an S, or even a C Corp?

17:09 What are some of the advanced tax strategies that have made a dent in people's tax bills?

19:02 How can business owners find strategic partnerships that give them a tax advantage?

24:12 What does the IRS look for in case you do get audited? What are some of the documentation you need to have if you end up hiring your child as a tax strategy to prove that they are actually doing things in the business?

27:10 What can business owners and founders do today that will take them closer to having a sound tax strategy in place?

Resources:

Ronica Brown, CPA, Tax Planning Expert, RBA Tax Advisors:
https://rbataxadvisors.com/

LinkedIn:
https://www.linkedin.com/in/ronicabrowncpataxandacounting

Subscribe to Ronica's channel:
https://youtube.com/channel/UCapjVwFkaQhyvyWQBu3s8CQ
Kathy Svetina, Fractional CFO:
https://www.newcastlefinance.us/
Blog post | Advanced Tax Strategies For A Growing Business
https://www.newcastlefinance.us/post/advanced-tax-strategies-for-a-growing-business