Have you ever used coupons when grocery shopping? Or maybe you have seen one of those TV shows with coupon experts that can purchase carts full of groceries for a small fraction of the retail cost? Well, if you enjoy free money and saving with coupons, you are going to love today’s episode.
Our guest today is Mark Myers, CEO at Peak Profit Solutions, and he shares with us how the U.S. tax code is full of what he calls, ‘tax coupons’ that can save businesses and high-income earners 30% to 60% in their taxable income.
TODAY’S WIN-WIN:
“Tax coupons” exist in the thousands of pages of tax code that can be used when applicable and followed as described.
**This episode is not intended to provide tax advice. Please consult with your CPA or tax advisors for tax specific decisions.**
LINKS FROM THE EPISODE:
- You can visit our guest’s website at: https://peakprofitsolutions.com/
- Subscribe to our guest on social media;
- Attend our Franchise Sales Training Workshop: https://bigskyfranchiseteam.com/franchisesalestraining/
- If you are ready to franchise your business or take it to the next level: CLICK HERE.
ABOUT OUR GUEST:
Mark Myers served in the Marines for 8+ years, and received the Distinguished Medal Award and Robert A. Mette Award for outstanding leadership. Today, he is the Founder and CEO of Peak Profit Solutions, a financial services company that for 15+ years has helped thousands of business owners permanently reduce their tax bill on average by 50% without replacing their CPAs or financial investment advisors.
Over 90% of America’s successful small and medium-sized businesses significantly overpay in tax, even if they’re working with a highly experienced CPA or accounting firm. Today, they have helped thousands of companies increase profits and permanently reduce their annual tax bills so they can scale faster and accelerate their wealth.
ABOUT BIG SKY FRANCHISE TEAM:
This episode is powered by Big Sky Franchise Team. If you are ready to talk about franchising your business you can schedule your free, no-obligation, franchise consultation online at: https://bigskyfranchiseteam.com/ or by calling Big Sky Franchise Team at: 855-824-4759.
If you are interested in being a guest on our podcast, please complete this request form or email podcast@bigskyfranchise.com and a team member will be in touch.
TRANSCRIPTION:
Dr. Tom DuFore, Big Sky Franchise Team (00:01):
Welcome to the Multiply Your Success Podcast, where each week we help growth-minded entrepreneurs and franchise leaders take the next step in their expansion journey. I’m your host, Tom Dufore, CEO of Big Sky Franchise Team, and as we open today, I’m wondering if you have ever used coupons when shopping, maybe for groceries or something similar, or maybe you’ve seen one of those TV shows with coupon experts that purchase carts full of groceries for some fraction of the retail price. Well, if you enjoy free money or fun savings with coupons, you’re going to love today’s episode.
Dr. Tom DuFore, Big Sky Franchise Team (00:41):
Our guest today is Mark Myers, the CEO at Peak Profit Solutions, and he shares with us how the U.S. tax code is full of what he calls tax coupons that can save businesses and high income earners 30 to 60% in their taxable income. Now Mark served in the Marines for eight plus years and received the Distinguished Medal Award and Robert A. Mette Award for outstanding leadership. Today, he’s the founder and CEO of Peak Profit Solutions, a financial services company that, for more than 15 years, has helped 1000s of business owners permanently reduce their tax bill, on average, by 50% without replacing their CPAs or financial investment advisors. I think you’re really going to find this interview fascinating, so let’s go ahead and jump right into it.
Mark Myers, Peak Profit Solutions (01:31):
Thank you so much, Tom. Pleasure to be here. My name’s Mark Myers. I am a tax savings architect. That’s my title, self-made, and my business is Peak Profit Solutions.
Dr. Tom DuFore, Big Sky Franchise Team (01:44):
Tax savings architect. I love that title and it’s part of the reason we wanted to have you on the show here. I know we’re about midway through the year at the time of this recording, but people need to be thinking about taxes and all of these different things that are going on regularly.
Dr. Tom DuFore, Big Sky Franchise Team (02:01):
So one of the things that caught my eye as we were preparing for this is how high income earners can reduce their annual tax by 30 to 60%. That caught my attention, and so a lot of our folks that are tuning in are that bracket. They’re going to be high income earners, they’re business owners and executives and business leaders. I’ll leave the floor to you to help explain what that means and how it actually happens.
Mark Myers, Peak Profit Solutions (02:27):
Tom, you just gave me a loaded weapon. In a good way, in a good way. No, I appreciate it. So I would say a quick and fun answer is clip coupons. How do you reduce your tax burden or tax cost? Clip coupons. When I say clip coupons, and people are like, “What do you mean, clip coupons?” Well, just like anything in life, there’s a retail price and there’s a wholesale price, and, generally, when you’re going to pay a wholesale price, it’s because you have some type of relationship, you have some type of method of acquiring that discount. Maybe it’s a coupon that you clipped that the provider gave but you didn’t know about.
Mark Myers, Peak Profit Solutions (03:07):
So I don’t know if a lot of people know this, but there’s 75,000 plus, plus pages of tax code. The first 10,000 is how you pay your tax. The last 60 plus 1,000 is all the different ways you can adjust, reduce, minimize, change tax based on the situation. So in that 65,000 plus, plus pages in tax code are tons of coupons. Hardly any business owner, unless you’re Microsoft or a larger company, they don’t focus on their tax burden as a profit center. The big companies do. They realize, “Hey, our tax is 30 to 50% of our profit,” and they focus on that because they know if they can reduce their tax, they’ve increased profits.
Mark Myers, Peak Profit Solutions (03:53):
Hardly any small to medium-size business owners focus on their tax burden as a profit center because they think it’s just what they have to pay. So paying 30 to 50% less is all about understanding what’s in that code and where the coupons are that you can use to pay wholesale.
Dr. Tom DuFore, Big Sky Franchise Team (04:12):
That’s a very interesting point, and I like the description of viewing it as a coupon. It makes a ton of sense. One question that comes to mind as I hear you describe that, and I think maybe this is for a lot of small business owners, part of the challenge is they’re busy. They just say, “Well, I give this stuff to my CPA and they just do it for me, and they get that done to file the taxes.”
Dr. Tom DuFore, Big Sky Franchise Team (04:38):
Let’s say we get past that excuse or that piece. I think, for a lot of small business owners and other leaders and executives, there’s a fear behind filing these kinds of tax reducing initiatives. A fear of what if it’s not done correctly or appropriately, because they don’t understand it. So how do you work with your clients or customers that maybe they’re concerned about is this, I don’t want to say legal, but is this allowable? Can we actually do this?
Mark Myers, Peak Profit Solutions (05:08):
No, absolutely, and I get that question, I wouldn’t say ultra frequently, but as far as the legal, is this legal? Of course, it’s legal. Essentially, what you need to know, is that in the tax code there’s a lot of black and white letters, and if you follow the black and white letters to the letter, then you are, basically, totally fine. The minute you start making the black and white letters gray, twisting and bending, then you could potentially be in a problematic situation, and what is that problematic situation? Are you going to jail? No. Is the IRS going to audit you and maybe say, “Ah, you should have paid that tax”? Meaning that you owe us and pay us the interest and maybe a penalty. Well, yeah, that’s, I’d say, the worst case scenario of implementing a strategy that you shouldn’t have.
Mark Myers, Peak Profit Solutions (05:56):
Of course, I’m never going to guide anyone into implementing a strategy that they shouldn’t have. I’m going to guide them into implementing coupons that have been around for a very long time, that have been used over and over. They have tax court precedent. They have a lot of audit defense in place, historically, and as long as you do them right, you’re fine. That is the key. So I’d say that, just like anything, doing it right is very, very important.
Mark Myers, Peak Profit Solutions (06:21):
Here’s an analogy I’d like to make with that. Most successful business owners that put their business on their back, right? They started with nothing, and now they worked hard and all of a sudden they’re starting to make revenue and they’re starting to have profits, and then they’re, all of a sudden, they’re writing these big checks to the feds and the state and taxes. They’re like, “Wow, this is a huge check,” and it’s like, “How …” and they’re so busy in their business.
Mark Myers, Peak Profit Solutions (06:43):
The analogy would be, what if you just went to your general practitioner in medicine and you had all these issues, all these ailments, all these things going on, and you just relied on your general practitioner to try to solve all your advanced ailments. They never sent you to a neurologist, never sent you to an ear, nose and throat specialist. They never sent you to an orthopedist. That’s what happens to small business owners, because they go to their CPA, and their CPA, basically, tries to take care of everything and they don’t send them to the specialist. Why do they not send them to the specialist? Mostly, because the specialist out there also do what they do, meaning that if they sent them to someone else that specialized in this area of the tax code and that area of the tax code, then their client is going to say, “Well, maybe I’ll just do my tax prep and filing and bookkeeping with you also.”
Mark Myers, Peak Profit Solutions (07:35):
So why would CPA send them away to a specialist when they might lose their client? So I take that problem away because I am the intermediary and the groups that I work with are not interested in doing prep, filing, bookkeeping, accounting. They’re just interesting in implementing their solutions with the appropriate businesses and servicing them, and I play that intermediary role, so that way the CPA never has to worry about, “Oh, I’m going to lose my client because they’re utilizing these advanced solutions with this other group.”
Dr. Tom DuFore, Big Sky Franchise Team (08:08):
Interesting. Okay. So can you give a few examples, without giving out any trade secrets or anything here, with how you operate, or maybe examples of clients that you’ve worked with or an example or two, just to give us an idea of what some of these things might look like?
Mark Myers, Peak Profit Solutions (08:23):
I’d love to, yeah, that’s fun. So I’ll call the first example the chip shot. The name is irrelevant, it’s a pun, a little play on words, because it originated in Augusta, Georgia, about 55 years ago. So if you know a little bit about Augusta, Georgia, every year somebody gets a nice little green jacket because they win this exclusive, this tournament, the Masters. So the Masters Golf Tournament is every year in Augusta, it’s been years and years and years, and it’s a very small town, and the world of golf, internationally, converges on it because it’s a huge event.
Mark Myers, Peak Profit Solutions (09:01):
So the chip shot started 55 years ago because people that own houses around the Augusta course, which are already pretty affluent people, by the way, realized that they could rent their homes out for the tournament to corporations that wanted to wine and dine their clients and customers, or to just other spectators that were wealthy that were willing to pay a pretty penny because they wanted to be close to the course during the Masters. So they’d rented it out and go on a little vacation and come back.
Mark Myers, Peak Profit Solutions (09:28):
Well, they lobbied these individuals because they knew people that were also in the Senate and Congress, et cetera and say, “Hey, we’re renting our houses out, but we don’t get a lot of tax breaks for our personal residence. We get a mortgage interest deduction,” which they used … Now you don’t really get that much of that anymore. It’s a limit. You used to get all of it. “What can we do?” So Congress in the House, basically, put a little law in place. It’s Section 162 and 280A, and basically said, “If you own a primary residence or a vacation home or an RV or a boat that has a kitchen and a bathroom and HVAC and it’s not an income property, it’s just a property you enjoy,” so it can be a second home, a third home, a boat, but mostly your primary residence, “Well, you can rent that primary residence to a third party for up to a certain number of days per year, and the income that you receive from that third party is not taxable to you.”
Mark Myers, Peak Profit Solutions (10:20):
It’s very interesting. A lot of people are like, “Well, great, I don’t live on the Masters golf course and I don’t want a stranger in my home, so I’m not going to rent it.” Well, a stranger is a corporation, a partnership, a S corp, a C corp, so if you have a partnership, S corp or C corp, that’s how you’re structured, or you’re okay with shifting that, you can take your first, in my experience, anywhere from say 25 to $50,000 per year, tax-free. So how about take your first 25 to $50,000 of your profit in income tax-free from your business? Why, because your business is renting your home for the purpose of strategy meetings, board of director meetings and maybe even events for your business.
Mark Myers, Peak Profit Solutions (10:59):
The chip shot, boom, right? Why I call it a chip shot, because it’s only 25 to $50,000. What if somebody has a million or 2 million or $5 million worth of income they’re paying taxes on? Well $50,000 worth of tax-free income is nice. It’s probably going to save them 20, $25,000, particularly if they’re in California in a high tax bracket, but then they’re going to say, “Mark, what are you going to do with the other 1.8 million of my profit? Thanks for taking $50,000 off the plate, but I still have 1.75 million to pay taxes on,” right?
Dr. Tom DuFore, Big Sky Franchise Team (11:27):
Great example. Something simple, clean to understand and makes a ton of sense. So one of the things we were talking about before we hit record today is having an exit plan and looking at ways to reduce capital gains on the sale of either maybe some appreciated assets, on business assets, other things that come along, so talk through some ideas around that.
Mark Myers, Peak Profit Solutions (11:54):
Tom, absolutely, and just to piggyback off my last answer, because I might not have given you as thorough answer as you want, but there’s lots of … The chip shot is just one coupon. If you have a lot of income, then, of course, well, let’s look for coupon number two, coupon number three. Tax code A, B, C, tax code, X, Y, Z, and apply those to reduce your income as you’re earning it, but to your point, there’s going to be a time in someone’s career that they have an appreciated asset, whether it be a stock or a cryptocurrency or equity in another person’s business because they really believed in that other person’s business and they purchased them at … they helped them get started, or their own business or maybe some real estate that they had and they moved to another property with their business and now they have this old property, but it’s appreciated and they’re going to sell it.
Mark Myers, Peak Profit Solutions (12:42):
But whenever you sell an appreciated asset, especially if you’ve owned it more than a year and a day, it’d be a long-term capital gain, and that’s going to be up to 20% on the federal side, plus 3.8% as a net investment income tax, net income investment tax, and then you’ve got your state tax to deal with. So you’re looking at 23.8 in California, as high as 37.1% tax on the gain of that appreciated asset. So what I like to tell people is, if you want to reduce that tax on that gain, significantly, or potentially eliminate the tax, so that 23.8 to 37% haircut goes away, strategize your sale prior to the sale.
Mark Myers, Peak Profit Solutions (13:28):
Don’t sell it and then come to me and say, “Mark, I heard you can do a lot of great things with reducing tax,” and I say, “Yes, great. How much taxes are you paying right now?” “Well, I’m paying $2 million, a million dollar, whatever, half a million dollars this year, $150,000 this year.” “Why?” “Because I sold this property. I sold this thing three months ago.” “Great, I wish I would have talked to you five months ago,” because if you structure your sale appropriately, you can change the assignment of income away from yourself.
Mark Myers, Peak Profit Solutions (13:55):
You put the assignment of income into another structure or entity that you completely control. Then you don’t take assignment of income when you sell it, therefore you don’t have a tax bill and the entity has the tax bill, but it can be handled significantly different in the entity than it would be with you, therefore deferral, or potentially even elimination of the tax. So, obviously, let’s talk about this asset prior to the sale. So I think that’s really important, and that’s for anything appreciated, particularly the business.
Dr. Tom DuFore, Big Sky Franchise Team (14:22):
How does professionals such as you fit in with what someone might already have, a CPA, a bookkeeper? In today’s world, I hear fractional CFOs come up often or other types of financial advisors. How do all of these professionals work together for that one central either business owner or leader or entrepreneur in the mix there?
Mark Myers, Peak Profit Solutions (14:47):
Great question, and I would say that it’s interesting, because when I started this, and this has been an evolution over the last 10 years because I was in the financial space prior, but I realized that this is a blue ocean. There’s not enough people really in this space. I realized that most of my clients come from fractional CFOs. They come from CPAs that are forward-thinking, not CPAs that are not forward-thinking. They’re a little bit more difficult to deal with, but I can. I just have to take it slow and walk them through everything, and then, of course, wealth advisors. So wealth advisors love referring me to their clients because some of their clients have a lot of income or a lot of tax challenges, and if I can reduce that tax, what does it give the wealth advisor? More money to shepherd for them.
Mark Myers, Peak Profit Solutions (15:33):
I don’t tell the person what to do with their money, I just show them how to save it by paying less taxes, and with CPAs, as you know, I don’t do the tax filing, prep, bookkeeping or recording, so the CPA is not on guard. I’m not looking to take their business. I’m just looking for those clients that are always complaining, “Why am I writing these big checks? Isn’t there anything more that I can do? I heard that this other person pays no tax. Why does Donald Trump not pay any tax? What is going on? What are they doing that I’m not?” Those are the ones that bring me in and we bring those extra layers.
Mark Myers, Peak Profit Solutions (16:00):
So I would say the CPA is like the catcher, the wealth advisor’s like the pitcher. Then they might have some kind of a specialist here and there on their shortstop, but then I come in and say, “Well, you actually need a second baseman. You don’t have a second baseman,” and if you knew that you could put a right fielder in … So I, basically, am an extra coach that comes in and brings these different players to their team, and it’s all about each player is all helping them create more business efficiency, and that business efficiency, ultimately, gives them a tax advantage, like the chip shot.
Mark Myers, Peak Profit Solutions (16:32):
Hey, it’s pretty efficient to have a board of directors meeting every month to really focus on your business, not stay in your business. Most people are in it, not on it. So now you carve out the time every month to do a board of directors meetings, let’s do it in your house. Why? Because the business can rent from your house. It’s a deduction to the business and it’s free income for you. So that’s really how I play the roles. I come in and bring in the players that need to be on the team and I make sure everybody’s working together well and I don’t step on anybody’s toes.
Dr. Tom DuFore, Big Sky Franchise Team (16:59):
Well, Mark, this is a great time in the show where we make a transition and we ask every guest the same four questions before they go. The first question we ask is, have you had a miss or two in your journey and something you learned from it?
Mark Myers, Peak Profit Solutions (17:12):
Yeah, absolutely. I’ll give you two misses. One is small, and that small miss is getting … especially in the business that I’m in, I represent other groups that spend all their time focusing on helping companies or businesses or high income earners execute a coupon. They focus on that sliver of the tax code and that’s what they do best, and that’s what you want, because you don’t want a jack of all trades. You want a group that does this really well and they understand that code really well on this application of code and this efficiency in this group.
Mark Myers, Peak Profit Solutions (17:41):
So I need to know all those groups and vet them, because I need to have a big toolbox and I need to have a whole bunch of tools in there. So I made a mistake early on in partnering with a group that did something pretty special, but signing an agreement that overextended that. They, basically, kept me a little bit too captive, and it was problematic when I was speaking to people that needed tax help because I couldn’t … I was limited in my ability to say, “Well, you need this strategy blended with this strategy and that, so there’s four strategies you need.” Because I didn’t do my due diligence, this one group was saying, “No, no. You can’t offer any of these other strategies, or you can only offer this, this and this because …”
Mark Myers, Peak Profit Solutions (18:17):
So that was a small miss initially, but I learned quickly to say, “Now I can’t really serve my client because this one group that offers a pretty cool tax efficiency, basically, locked me down and said, ‘No, no, no, you can only offer us. You can’t offer all of these other things.'” So that was a small miss, but the huge miss, and this is interesting, my whole career up until I was 45 years old, was I didn’t seek our Creator’s kingdom first. Seek first His righteousness. I’m talking about the righteousness of our Creator and His salvation, and all things will be added unto you. That was a big miss, and until I did that, nothing was balanced. Once I did that, just a handful of years ago, man, everything’s in alignment now.
Dr. Tom DuFore, Big Sky Franchise Team (19:02):
Wow, amazing. Well, thank you for sharing that. Well, let’s talk about a mate or two in your career. You’ve had a decorated career, personally, professionally, any highlights you’d like to share?
Mark Myers, Peak Profit Solutions (19:14):
Yeah, absolutely. I’d say that making the decision to join the Marine Corps, first year of college, University of Florida, was a really good one. It wasn’t even planned. It’s a long story, so I won’t tell you how that happened, but, essentially, what I learned from being in the Marine Corps for a little over six years … I was an active reservist, did all my bootcamp and my job training and combat training, et cetera. Once I was finished, I would just drill every month. So every month I’d travel to Jacksonville, Florida, and spend two or three days doing what I do in the Marine Corps, which was drive Amphibious tanks. Every year, we’d go out to California and play war games in Twentynine Palms or Coronado.
Mark Myers, Peak Profit Solutions (19:50):
But that gave me discipline, that gave me resourcefulness, that gave me a mission, completion mindset, and an overcoming mindset, and it also kept me from straying too much while I was at the University of Florida with regard to all the fun things you can do at a big university that doesn’t care if you show up for class. So that would be a big win for me, is really that discipline that I got from my Marine Corps obligation really has been carried out throughout my lifetime.
Mark Myers, Peak Profit Solutions (20:18):
Now, am I as disciplined as I was? Absolutely not, but I still hold some of that discipline there, and, of course, the big hit or the big win is, obviously, accepting the salvation that salvation provides, which is from our Creator, right?
Dr. Tom DuFore, Big Sky Franchise Team (20:34):
Thank you for sharing. Well, and discipline is one of those things that I found just culturally seems to, at least in American culture, seems to be not discussed often. In running the podcast and interviewing guests, there’s a very consistent theme, which tends to be they’re disciplined. Disciplined in execution, disciplined in planning and strategizing and thinking and doing what they do. The next question we like to ask is, have you used a multiplier to grow yourself personally or professionally?
Mark Myers, Peak Profit Solutions (21:11):
Well, that’s a good question and I really should probably utilize a little bit more leverage than I have thus far, and I think that it’s time for me to do that, but I will say that my leverage or multiplier has really been relationship-driven, in that as I’m creating relationships with numerous, numerous professionals in the space, wealth advisors, insurance producers, tax pros, fractional CFOs, et cetera, it’s just created this snowball effect, and as it has grown, it’s like now I have so much incoming business from people that already trust me and know me, and their clients already trust and know them.
Mark Myers, Peak Profit Solutions (21:49):
So by the time I’m introduced to their client, and their professionals already known me for X amount of time, it really has created this multiplier, and that now it’s like, “Okay, I need to really start scaling, because I can’t even handle the amount of influx of introductions and referrals,” which is great, because I don’t really market my business other than doing a great podcast like this every once in a while.
Dr. Tom DuFore, Big Sky Franchise Team (22:13):
Mark, the final question we ask every guest is, what does success mean to you?
Mark Myers, Peak Profit Solutions (22:18):
First, it’s about serving. That’s success. So if I am serving, I’m successful. First, I think it’s an order. It’s serve your creator first, your maker, then serve your family and then serve others. So, essentially, if you keep it in that order, you’re going to have success. There’s no way around it. So that is the ultimate success, is being in a servitude type position, but then knowing the order. Who do you serve first? If you serve your clients before your family, that’s problematic. If you serve your family even before your creator, that’s problematic. So it really is proper order of being a servant.
Dr. Tom DuFore, Big Sky Franchise Team (23:01):
Very, very interesting. Well, I appreciate you sharing that, and it’s interesting hearing you finding alignment in your priorities that you described. I think back, even for my business and our company and personally going through my own realignment in faith, and this would’ve been maybe five or six, seven years ago, and once that alignment happened, it was incredible to see the change and the transition that occurred because of that.
Dr. Tom DuFore, Big Sky Franchise Team (23:30):
One thing in particular that I did was commit to tithing and give first. It’s not mine anyway. No one takes anything with them when they go. So there was a commitment to that, and good months, bad months, everything in between. Good months are easy, the bad months are hard, right?
Mark Myers, Peak Profit Solutions (23:49):
Right.
Dr. Tom DuFore, Big Sky Franchise Team (23:50):
But still keeping to that. Fortunate, I’ve been given back many more times over than I could have ever asked for. I really relate and appreciate that. Well, Mark, as we bring this to a close, is there anything you were hoping to share, get across, that you haven’t had a chance to yet?
Mark Myers, Peak Profit Solutions (24:05):
No, I just really would … Tom, I’d just like to invite anyone to go to my website, go to peakprofitsolutions.com and learn a little bit more about me. You can pick up a case study, or if you just want to book an appointment. I actually have a calendar that you can schedule an appointment directly with me via Zoom or phone call. Literally, it only takes 15 minutes of a candid, just fun conversation back and forth. 15, 20 minutes for me to know how much opportunity there is for that person I’m speaking to, to reduce their tax. From that point forward, we determine how are we going to go from there.
Mark Myers, Peak Profit Solutions (24:37):
So I just encourage everyone to treat their taxes like a profit center, and if they want to know more about how to do that or if they want to really understand how many coupons that are available to them that they’re likely not using, just reach out. I’ll talk to them and we’ll determine what that number of coupons is.
Dr. Tom DuFore, Big Sky Franchise Team (24:58):
Mark, thank you so much for a great interview, and let’s go ahead and jump into today’s three key takeaways. So takeaway number one is when Mark talked about tax savings through what he called tax coupon clipping, and he shared that there are over 75,000 pages of tax code, and roughly 10,000 of those are showing what you’re supposed to do, and the other 65,000 are what he calls these coupons that exist.
Dr. Tom DuFore, Big Sky Franchise Team (25:27):
Takeaway number two is that large companies view taxes as a profit center and have their accountants and tax professionals that search to try to find which of these, what he calls tax coupons, apply to their situation to reduce their tax burden.
Dr. Tom DuFore, Big Sky Franchise Team (25:43):
Takeaway number three is the comparison Mark gave to what he does where he said your general CPA is like a general practice doctor. They know a lot, but they know a little bit about a lot of things to help you in your tax preparation, and so sometimes you need a specialist, is what he said, and so Mark described himself as that tax specialist to help you with some of these areas.
Dr. Tom DuFore, Big Sky Franchise Team (26:09):
And now it’s time for today’s win-win. So today’s win-win is really all about these tax coupons, and the question being, well, is it legal? And the win-win is, yes, it is, if you follow the letters of the tax code to the black and white letters that’s written. He said the second you get into those gray areas is when problems occur. So stay in the black and white, within what’s described, and from what he said, it sounds like it’s pretty straightforward. When you start drifting out into those gray areas, well, that’s what creates challenges for businesses and individuals.
Dr. Tom DuFore, Big Sky Franchise Team (26:52):
And as a final disclosure, just before we close the episode, obviously, this is not intended for tax advice, so be sure to seek counsel from your CPA or other tax professionals before implementing anything that you may have heard here. So that’s the episode today, folks. Please make sure you subscribe to the podcast and give us a review, and remember, if you or anyone you know might be ready to franchise their business or take their franchise company to the next level, please connect with us at bigskyfranchiseteam.com. Thanks for tuning in and we look forward to having you back next week.
