Managing Taxes for Business Owners
In this week’s episode of Grow Money Business, we are joined by Wendy Barlin to discuss managing taxes for business owners. Wendy is an accountant who has been in the industry for over 25 years, having and worked in different accounting firms across Los Angeles before ultimately starting her own. In today’s conversation, Wendy and Grant discuss minimizing business owners’ taxation, handling cash, entity structure, and more.
[02:22] Wendy’s background – We start off the conversation with Wendy sharing her story of moving to America in 1997.
[06:37] Reasonable compensation – Wendy defines reasonable compensation and describes how she helps people across many industries determine this number.
[14:34] Distributing cash – Grant and Wendy discuss important considerations for business owners when it comes to distributing cash.
[23:29] Collaborating – Wendy shares how she collaborates with her clients.
[30:00] Attracting newcomers – Grant and Wendy discuss why attracting newcomers to the accounting industry is a challenge.
[37:11] Observations – Wendy shares her observations of the financial advisory industry at present.
Book by Wendy Barlin
NEVER BUDGET AGAIN: 5 Simple Strategies to Manage Your Money Without a Budget Kindle Edition
That’s Deductible!: Simple Tips and Tricks to Find More Business Tax Deductions