All right, I’m calling out all business owners right now. My name’s Sam Taggart and I’ve consulted over 250 businesses. What’s crazy is looking for little holes or little opportunities when I go to companies and sometimes it’s like, a millimeter difference goes a long way. Just like golfing, it’s when you adjust somebody’s golf swing you know. All of a sudden they’re not slicing it into the freaking weeds and they’re hitting it down the
fairway. It’s a lot more fun to play golf. I find a lot of times with businesses it’s just a small minor change or a gap that you’re not seeing just because of your blind spots might make a big difference.
The ERC Credit
And so, I’m going to share a technique that I’ve justuncovered to make free money from the government. This one’s called the ERC credit. And the ERC credit is much like the PPC money, except instead of a loan it’s just a credit from the government. Now, it takes about eight months to get your money. But, if the government is willing to approve you for free money, might as well submit for that. So, I’m going to click the link below and go fill out an application. It doesn’t cost you anything to apply. It doesn’t cost you anything to get it and it just might as well take advantage of the money so the reason why a lot of people are sitting here in this whole political gamut and their back and forth whether you’re Republican or Democratic or whether you’re for Trump or not or whatever, this is in my opinion. It’s we get to take advantage of the laws that are currently in place and the first technique I’m going to tell you is the ERC credit. If the government’s going to give money to certain businesses with w-2 employees might as well be your business. So, some business is going to get the money and they’re going to cap out and they’re going to run out, they’re going to run out of money and they’re going to say hey we’re done giving this money away. So, my question would be if you can apply now and you can go get that money, then why wouldn’t you? And it’s they’ve already allocated the budget. So, that’s tip number one for business owners. Go apply, click the link, and apply for theERC credit.
Tax Saving Strategy
Tip number two. Tip 2 tax saving strategy is you need to have a tax-saving strategy. Now, a lot of people are afraid to recoup money out of their business because they’re always reinvesting money back into their business and their maybe accounts go up and down, or stuff like that. But, then they never feel like they can pay themselves because they don’t want to pay taxes on it, and a lot of times you’re not even paying yourself and you’re making a lot of profit in the business and you’re paying taxes on the profit in the business. And so, you’re sitting there going well, I didn’t make any of this and I’m paying what in taxes? And you’re like, oh my gosh! And it can be a sticker shock when you’re first running a business. It can almost be demotivating. It’s like, I don’t want to crush it in business and then have to pay all this money in taxes. So, if you can come up with good tax strategies that aren’t just buying a truck, spending more money on equipment, and buying new office stuff. If you can actually be smart and efficient with your tax strategy, I promise you’re going to be much more abundant mentally about making a lot more money and being able to keep that money and so my advice would be to get with very specific 1099 business entrepreneur tax strategist, not just the person at HR block that’s been doing your taxes maybe for the last 10 years, but somebody that actually knows how to help strategize for 1099. For example, a very simple tip would be, you know, a corporate home office where you can write off let’s say you paid yourself based on the square footage of your home. You know, $2,000 a month. For example, where you just take it from one account and you pay it to another account and it literally, it’s not like you lost the money, but to the government it’s corporate. It’s you use your home office and especially with Covid, it’s like yeah, I’m doing a video at my house right now, I’m doing calls at my house therefore I need an office space to do that and facilitate that and what’s a reasonable rent rate? Okay, I’d pay $2,000 bucks to go get a little office space downtown, or I could just call up my house so that would be a technique. The other one is real estate, so if you’re married and your wife you could maybe put or husband you could put as what’s called a designated real estate professional. And this person as long as they have enough time allocated to real estate on paper. Then they can actually run what we call a cost sag and you can accelerate the depreciation on your real estate. Now, you’re like what is depreciation? So, any asset any real estate asset depreciates. Meaning, you need to replace the walls and the roof and things like that. Therefore, they give you a tax write-off called depreciation. Most of the time it’s banked over 27 and a half years. Well, you can accelerate that according to tax laws and do it over five or bring it all up front. So, upfront it could be a jet or a big truck. Those are quick accelerated depreciation things that’s where it gives you a big write-off. If you can do it over five years with a big commercial property, a house, a multi-family then all of a sudden your tax liability goes from I have to pay a hundred thousand, to literally nothing and I’ve been able to practice these and avoid paying the government a lot of money due the fact that I’ve been investing in real estate for a long time now.
Audit Your Systems
Tip 3 audit your systems. Third tip is to audit your software and systems and these these tips are ones that you probably don’t think about a lot of times. So, leverage the credits and incentives out there number two is save money on tax and don’t be dumb you want to keep your money not just give it all the government and number three is leverage the software in tech I go to a lot of companies that they’re maybe blue collar startups with the you know roofers or concrete or construction or solar and I’m finding a lot of people have not ai or automated or built follow-up and upsell and referral and dead lead rehash campaigns you know and to the point where I literally created my own software called vanillamessage.com so also click the link down below if you’re interested in a text AI follow-up system. So, in this you would build out automation to where one lead comes into your system and then it does a lot of things it adds it to your CRM. It then sends them down an email, it sends them down a tex,t it triggers your sales guy, it notifies this. I mean, it’s doing all the things automatically for you instead of you banking on manual human beings to sit there and remember, oh, I made 50 calls today. I’m like did you did you really make 50 calls? I would challenge those kinds of systems and as long as I can make a robot do a lot of the leg and boring and heavy lifting. Then I can bring in the human capital to just put the polish and the finishing touches up and maybe get on the phone, or go show up to a home, or you know whatever that takes. But, I want to make it so dumb simple streamlined that I could bring in a very inadequate low paying employee to follow my system, because I’ve gotten software that cost me maybe 300 a month or 600 a month instead of an employee that might cost me 4 000 or 6 000 a month. I’d much rather do that.
Sales is the Cure
Tip 4. Sales is the cure. The last tip I want to bring up is, it’s business is made of three things. It’s either make more money, save on money, or save on taxes. And so that’s really how you make money in this business and well wealth etc. And so, I always say sales is the cure, all right? Sales cures all, but managing expenses and overhead. I watch a lot of businesses get caught up on spending money on the wrong things. It’s like you spent so much money on shirts, hats, cards, websites, all this stuff. That really doesn’t drive revenue and if I can allocate some of your budget and maybe live a little bit more on the frugality side and put it into people, put it in the process, put in the things you’re going to gen leads it’s going to generate revenue. I promise all of a sudden you’ll start to see an uptick in your business and these might all sound like dumb simple basic tips for business owners, but I’m telling you right now over looking a lot of companies they focus so much on the wrong things and they spend money on
the wrong things. I’m like, dude, just reallocate a little bit over here, a little time over here, a little bit more energy over here, and you’re going to see a big return.
My name’s Sam Taggart. I hope you guys got a lot out of this I’m here to help you as a business consultant as a support and hit subscribe button if you guys got a lot of value out of this I’ve got tons more videos out there trying to help business owners sales reps and recruiters really up to their businesses so here to support. Much love. See you guys on the next video.