We’ve had 49 weeks to think about taxes.
But if you’re anything like me, you wait until the final 3 weeks.
And then you panic.
A lot.
I’ve had years where my side hustle made hundreds (2020). Then five figures (2021). Then six figures (2022).
And now closing in on seven figures (2023 – website sale + earnings).
Every year I’ve had different tax challenges, and every year I’ve felt like I was somehow getting screwed.
It’s an awful feeling.
But throughout it all I have learned a TON.
And while there is undoubtedly more to learn, here are 5 key tax lessons that took me 33 years to figure out…
Instead of trying to tell you how to file your taxes (Disclosure: I am not a CPA. You should get one!), I’m going to debunk some common tax myths I hear repeated ALL THE TIME. Even by some CPAs!
Figuring out these myths were bogus was a great relief to me – it allowed me to worry a bit less that I was somehow massively screwing up and overpaying.
So here goes –
5 Tax Myths Debunked
(This week, I’m trying something a little different – I discuss each of these myths in much more detail on camera. So make sure to check it out below!)
Tax Myth #1: Your CPA is also a tax strategist and will proactively come up with creative, legal ways to save you money.
Tax Myth #2: Setting up and LLC saves you money on taxes
Tax Myth #3: C-Corp & S-Corp designations will save you a lot of money
Tax Myth #4: There are massive tax savings for low earners
Tax Myth #5: You should write off all your income
That’s all for this week.
Hopefully you found it helpful.
Have a great weekend.
Oh, and do me a favor and send me a reply to this email and let me know if you like this format, or if you would prefer I typed this all out instead.
Cheers,
-Mike
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