🛌 Cheat On Your Tax Advisor
Hello! Adam Thornhill here. ‘The Podcast Guy’ saving you 10 hours a week.
Enjoy the 133rd Podup, with special thanks to RhinoRating.
Today, we’ll dive into the best insights and ideas from My First Million.
Tax advisors can be your biggest ROI. But most of us fall short in this domain. Jess Mah and Shaan Puri reveal a strategy often reserved for the ultra-wealthy – leveraging multiple tax professionals. It’s time to rethink our approach to taxes, not as a chore, but as a way to get ahead.
2nd, 3rd, and 4th opinions
Tax optimization is a really big deal. If half of your money is going to Uncle Sam, it’s really going to affect your compounding.
Billionaires employ the best tax strategists in the world. I always ask for an intro to them. I’ve had enough of these intros now that I have a whole collection of them.
I compile advice across multiple tax professionals and merge it all together. That’s the next level. Most people just pick one person and use them for 10 years.
Jess Mah
Specialties matter
I feel like if I talk to another tax person or a lawyer, I’m kind of cheating on them. It’s such a dumb way to think about it. It’s your job to get the best answer possible.Â
The best answer isn’t going to come from the one person you know who you picked one time five years ago without vetting anybody else.
They may not specialize in what you’re doing. Oh, you’re doing real estate deals? You’re doing an exit or M&A? They don’t know anything about this.
Shaan Puri
Why it matters
Your tax is often your biggest expense. So ask yourself, how often do you spend optimizing your business taxes? A few hours? A day, max?
Theoretically, you’d be justified spending 10% of your time on tax optimization. That’s 36 days a year. Now, the reality of that happening is zero. It’s simply too boring.
But, the point stands true. We need a kick up the ass to give taxes more mindshare.
Next steps
Expand your tax team. Don’t limit yourself to just one tax advisor. Seek out multiple professionals, especially those with expertise in areas relevant to your business activities.
Regular reviews. Schedule bi-annual sessions to review your tax strategies with different experts. This ensures you’re up-to-date with the latest tax laws and strategies.
Educate yourself. While experts are crucial, having a basic understanding of tax laws and strategies empowers you to make informed decisions.
Your thoughts?
More from Podup
What's more important than multiple tax advisors? A deal doula. It's the best way to nail your fundraising or M&A.
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Quotes were pulled at different points of the episode. Sentences were left out to make the narrative more concise. Podup is not associated or affiliated with any podcast.