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#120October 2, 202056:46

#116 with Kelly Erb - Tax Expert Breaks Down Trump Taxes and Big…

About This Episode

Tax expert Kelly Erb joins Shaan Puri to demystify Donald Trump's tax returns and share tax-saving strategies for small business owners. Later, Sam Parr joins to brainstorm 'productized services' and discuss the controversial Coinbase memo regarding corporate neutrality in politics.

Episode Description

Sam Parr (@theSamParr) and Shaan Puri (@ShaanVP) are joined by Kelly Erb (@taxgirl) on the pod today. In today’s episode you’ll hear: Shaan introduces Kelly Erb and she gives her take on President Trump’s tax return (0:20), Shaan asks Kelly “what should business owners look at to minimize their own tax liability (10:30), Kelly gives some key tax points to focus on for business owners and how to think about expenses (16:05), Sam asks Kelly to explain QSBS for the listeners, Sam and Shaan riff on businesses that look big, but are actually operated by one or two people (32:30), Sam talks about what kind of guests he likes on the podcast (40:50), the guys talk about how involved a company should be in a political stand based on a letter from the Coinbase CEO (47:10). Check out this week's sponsor: Ourcrowd. They make it easy to invest in early startups. Go to ourcrowd.com/thehustle to get started. Joined our private FB group yet? It's a page where people share each others million dollar ideas or what they're already working on: https://www.facebook.com/groups/ourfirstmillion.  See acast.com/privacy for privacy and opt-out information.

Key Takeaways

1

Business owners should meet with tax professionals quarterly rather than annually to proactively identify deductions and credits like the R&D credit or solar incentives.

2

A profitable business model can be built by 'productizing' freelance services from marketplaces like Fiverr, adding premium branding, and selling them at a significant markup.

3

Qualified Small Business Stock (QSBS) is a powerful tax incentive for C-Corp founders that allows for up to $10 million in tax-free federal capital gains if stock is held for five years.

Business Ideas Mentioned

Productized Freelance Service Arbitrage

Agency

Custom Niche Portrait Canvas Shop

E-commerce

Textbook Show-Your-Work Solution Guides

Content & Media

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Guest Graveyard Mentions

LP

Larry Page

SB

Sergey Brin

HC

Hillary Clinton

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Quick Stats

Duration56:46
Guests1
Ideas Discussed3
Topics4