Financial Commandment #1: Your Money, Your Responsibility
In this post you’ll learn: He almost didn’t review his tax return that year....
We all know there are two things that are certain in life: death and taxes. I’m excited to have my accountant, Mario Lucibello, join me today to talk about saving on taxes and tax strategies specific for entrepreneurs and business owners. We also chatted about something I wasn’t expecting that really opened my eyes to how we view and think about our money.
Listen in as we dive into how to save on your taxes in many different circumstances, including some of the best ways to sell assets without losing your profit to taxes. You’ll learn why you might want to consider paying yourself more through your payroll, why having an accountant who understands your unique situation is the best way to save money, and the psychology behind how we think about our money. Mario has seen the finances of hundreds of entrepreneurs over the years, and he has a really interesting perspective on wealth and well-being that you won’t want to miss.
You’ll learn:
- What Mario has learned about entrepreneurs from being an accountant. (5:15)
- The best way to sell investments while also limiting your tax liability. (12:50)
- Why it might make sense to pay yourself a little bit more on payroll. (18:25)
- How the State and the IRS view your LLC differently. (23:00)
- Why hiring your kids is a great tax—and life—strategy. (25:20)
- The top plans owners should look at to give their employees a good retirement base. (32:20)
- Some of the big ways you can save on your taxes. (36:45)
(With your host Andrew Youderian of eCommerceFuel.com and Mario Lucibello from Greenhaus, Riordan & Co. LLP)
What Was Mentioned
- Mario Lucibello: Email
- Greenhaus, Riordan & Co. LLP
- The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by Morgan Housel
- eCommerceFuel Forum
- Klaviyo
- One Click Upsell – Increase Sales 15%+ with Pre-and Post-purchase Upsells. (On average, Shopify users increase sales 15% immediately after installing the app!)
Image credit to Steve Buissinne from Pixabay.
Ideas Worth Sharing:
It’s usually just a matter of grit, to be honest with you. The people who want it more and work hard at it, they’re always successful.” - Mario Lucibello Tweet this Long-term capital gains is the lowest tax rate you will ever get, period.” - Mario Lucibello Tweet this The beauty of the ROTH is that you can always touch the contribution tax-free.” - Mario Lucibello Tweet this
Post by Andrew Youderian
Founder and Chief Instigator, eComFuel
Andrew quit an early finance job to sell CB radios online — an admittedly unorthodox career path. It set him on a course to found and sell multiple businesses, host a decade-running podcast, lecture at Harvard Business School and create eComFuel, the leading community for 7- and 8-figure online business owners. Andrew is fascinated with branding, AI, building community, investing and growing meaningful businesses that don't require sacrificing what truly matters.
