Stop Losing Money & Start Using Tax Strategy w/ Christi Bender - Tom & Ariana Sylvester

Stop Losing Money & Start Using Tax Strategy w/ Christi Bender

May 23, 2018 | Podcast

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Episode Brief Description

Doing your taxes is not just a necessary evil, but by using some tax strategy, you can actually bring home a lot of additional money.  In today’s episode, guest expert and tax strategist Christi Bender shares many great strategies for how to save (and make) more money.

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Key Insights & Timestamps

  • [00:14] – Welcome
  • [01:01] – Meet Christi
  • [03:50] – 2018 Tax Reform
    • Planning ahead for taxes can be (and shoud be) very strategic
  • [07:23] – Putting time and energy into a tax strategy can actually make more money
  • [08:20] – Proactive vs Reactive
  • [09:21] – “You can be in business for just 3 months and realize that confidence in your business is everything.” – Christi
  • [10:15] –  “If you want to leverage, you really can’t just use turbo tax.”
  • [11:12] – “There’s not much to do when you’ve hit the reactive stage.” – Christi
  • [14:45] – Start a habit/routine for your taxes well before they’re due
  • [15:58] – You MUST have seperate business accounts, including debit cards and credit cards
  • [17:00] – Profit First
    • Use a behavior system
    • “I work in 30 minute blocks.” – Christi, on tricking herself into being productive and using her time/money wisely
  • [20:01] – “Money goes down like a clock countdown.” – Christi
  • [21:25] –  “If you are not seperate in your business expenses, they are not all getting to your tax return.” – Christi
  • [23:40] – “When it comes to business finances, there are so many people in denial.” – Ariana
  • [25:14] – “When people come in to see me, I will say You do know that when you argue with reality, you lose. But only 100% of the time.” – Christi
  • [28:33] – Analysis Paralaysis
    • Use your finanacial information to empower you, not to scare you
  • [33:48] –  DIY will cost you in the long run
  • [38:07] – Qualified Business Income Deduction – the new changes for small business owners
  • [40:35] – Allocating your time will equal more money
    • Setting your “reasonable income”
    • Break up how you spend your time, and you will set your rate of pay based on these tasks
  • [49:43] –  Christi’s online course – Welcome to the World of Being Self Employed
  • [52:43] – Where to find Christi
Guest Bio Christi Bender is a CPA and a CTM (Certified Tax Master). She is not your normal tax accountant or bean counter. She is adventurous, curious, passionate and bold, and an expert in individual and business taxes. She recognizes that numbers, data entry and forms are only one part of a larger money picture. As a CPA, she asks her clients questions about who they are, what’s going on in their lives, how they spend and save money, and how they think about money. That often means cutting to the chase with honesty and Christi brings her own brand of humor to conversations that are sometimes sensitive in nature. She enjoys hiking, golfing, scuba diving, fishing, horseback riding and travel. She resides in Phoenixville, PA with her husband and their two fur babies.
Key Insights

  • Create good habits around your business and a tax strategy to help you keep more of your money!
  • Learn the ways to create a successful tax plan so you don’t get caught at the last minute
  • Navigate through the new tax reform changes and their impact on your business

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