Financial Commandment #1: Your Money, Your Responsibility
In this post you’ll learn: He almost didn’t review his tax return that year....
One of my favorite episodes from the past year is one I did with my accountant, Mario Lucibello, and I’m excited to share it with you again as we head into the ever-so-fun tax season. Now, I know what you’re probably thinking: accounting doesn’t sound very festive. But what if I told you that Mario has some tips for how to give yourself a last-minute bonus before we get to the end of the year?
Not only does he give insights into entrepreneurship, taxes, and finances in this episode, but he also has a really unique perspective on happiness and wealth that I think everyone should keep in mind as we go through the holiday season. Mario has been fortunate to see the finances of hundreds of entrepreneurs over the years, which has helped to shape his perspective on money and wealth. So kick back and enjoy this interesting and refreshing replay.
You’ll learn:
- What Mario has learned about entrepreneurs from being an accountant. (6:20)
- The best way to sell investments while also limiting your tax liability. (14:05)
- Why it might make sense to pay yourself a little bit more. (19:20)
- How the State and the IRS view your LLC differently. (24:10)
- Why hiring your kids is a great tax—and life—strategy. (26:30)
- The top plans owners should look at to give their employees a good retirement base. (33:20)
- Some of the big ways you can save on your taxes. (37:45)
(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
- Lifting the Veil on Entrepreneurs’ Finances
- 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:
“What most people don’t realize is that your LLC can make any tax classification it wants.” - Mario Lucibello Tweet this “The beauty of the Roth is that you can always touch the contribution tax-free.” - Mario Lucibello Tweet this “Transactional stuff people don’t realize sometimes may have tax implications.” - 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.
