Tyler McBroom. How the Rich Avoid Paying Taxes (legally). Episode 382 with The Real Brad Lea (TRBL)
Podcast: Dropping BombsPublished On: Thu Jun 24 2021
Description: Tyler McBroom is a tax professional who loves to help his clients keep as much money as possible from Uncle Sam as they grow their businesses. Tyler grew up hearing his CPA father talk tax strategies with his business-owner friends on ski trips and now puts the knowledge he soaked up as a child to good use. Tyler is now partners with his father at Measured Results, CPAs, which was recently featured as an Intuit Firm of the Future. In this episode, Brad and Tyler discuss how the rich avoid paying taxes legally, his partnership with Tony Robbins, and the tips EVERY business owner will want. 00:00 Intro 01:20 Follow Tyler 01:30 Shout-out to Melanie! 03:44 Tax Brackets 05:00 1031 Exchange 08:50 Tips for every business owner 09:47 “A CPA should always be a profit center for you.” - Tyler McBroom 11:50 How to think proactively 16:01 The need to buy things in a certain amount of time 17:34 “Cashflow matters” - Tyler McBroom 18:49 What does it cost to work with Tyler and his team 24:10 Bank statements are not enough- you need books 28:16 Name of restaurant, date of the meal, amount, who you met with and business relationship, what you discussed. -- The five things you need from a receipt 30:48 “It’s gotta be ordinary and necessary.” - Tyler McBroom 36:40 Family Business 37:19 “You might put numbers in a box at first but you really do provide value for people.” - Tyler McBroom 38:28 Buy Tyler’s Book! “Cashflow and Grow” https://www.tylermcbroom.com/bradlea 40:23 The difference between a CFO and a bookkeeper 41:47 KPI’s 44:57 Bomb 1: As an entrepreneur you will take a paycheck out of your business a lot faster following these guidelines 45:22 The top three things you need (hint: 1. Books 2. Tax planning 3. CFO) 51:28 Is being an “influencer” an advantage? 59:15 When does marketing become “too much” 01:01:30 Travel strategies 01:02:44 Tony Robbins 01:06:06 Bomb 2: How Tyler’s company worked with Tony Robbins
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