Tax Prep vs Tax Planning: Why Most Owners Confuse Them // TAX EXPERT EXPLAINS

Take the Builder's Mirror Assessment to discover your Builder Story and get clear next steps toward the business freedom you want. - https://bit.ly/3RdNRLH If you are like most business owners, taxes cross your mind once a year. You gather the documents, hand them off, and hope the number comes back lower than last time. In this episode, Rodney Boswell makes the case that hope is not a strategy, and that tax preparation and tax planning are two very different things. He shares what it is like to sit across the desk from an owner coming off the best year of his life, asking if anything can still be done after December 31, and why the honest answer is usually no. The good news is that the fix is not complicated: stop treating tax planning as an annual event and start building it into the rhythm of how you lead your business. Learn more about Rodney Boswell! IHS Group - https://bit.ly/4pCdouJ LinkedIn - https://bit.ly/454Aktf Instagram - https://bit.ly/4yI42lo CHAPTERS 00:00 Hope Is Not a Strategy 01:23 What Tax Preparation Actually Does 02:45 The Best Year Ever and the Conversation That Came Too Late 05:29 Where Tomorrow's Taxes Are Really Being Created 06:45 What Tax Planning Actually Is 07:34 Equipment and Hiring: Two Very Different Conversations 08:41 Why the Biggest Opportunities Disappear on December 31 10:28 The Objective Is Wiser Decisions, Not Just Lower Taxes 11:41 Planning Creates Options, Waiting Eliminates Them 13:55 You Do Not Check Cash Flow Once a Year, So Why Taxes? 16:15 Building Tax Planning Into Your Business Rhythm 20:30 Tax Planning Is Leadership: Next Year's Return Starts Today KEYWORDS tax planning vs tax preparation proactive tax planning tax planning for small business owners small business tax strategy year end tax planning December 31 tax deadline quarterly tax planning working with your CPA tax advisor for business owners business tax deductions equipment purchase tax strategy hiring and payroll tax decisions hiring tax credits retirement plan tax strategy entity structure review business succession and exit planning cash flow management for business owners business owner leadership decisions building a healthy business wealth building for entrepreneurs Rodney Boswell Growth and Wealth podcast