Business of Craft Season 6 Episode 6 Mark Myers on Tax Strategies

Mark Myers on Business of Craft Podcast


Welcome to Business of Craft, a show designed to help entrepreneurs with fabric or fiber businesses become more successful. Our guests share best practices and teach effective marketing skills, that help crafty business owners learn to grow and scale. Let’s start crafting a better business together!

Today, we have a very special guest joining us, who refers to himself as a tax savings architect. Mark Myers is the CEO of Peak Profit Solutions, and a former Marine Corps Sergeant. 

Mark has over 20 years of successful business operation, ownership, and consulting experience under his belt. He has helped thousands of individuals increase their profits and permanently reduce their annual tax bills, enabling them to better grow their businesses. We’re excited to have him on the show today to share his insights and strategies with our audience.

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[01:42] Can you start by telling us a bit more about yourself and your background?

[04:27] Your website has the phrase “It’s not about what you earn, it’s what you keep” right across the middle of the page. That’s a pretty powerful statement, say more about that.

[06:28] For a lot of our listeners, they start their businesses because they’re excellent at their craft, but then they may overlook some details of the business and end up paying more taxes than they need. Could you tell us about some of the most common mistakes? And how can our listeners avoid them?

[08:40]Tell us more about the Augusta rule. Is that a tax strategy people listening might be able to use?

[13:34] Are there other common mistakes or things people miss that’s low-hanging fruit for how they can save taxes?

[16:41] Can you talk a little bit about, not only are you saving the money on taxes when you pay your kids, but  how you can use that money to pay for insurance or… school? I’ve often heard of folks taking advantage of a Roth IRA for their children. Can you speak to that a little bit about the extra advantage of using that money to fund a Roth? Why is that a really good decision?

[19:19] Is there a certain type of insurance policy that you would direct our listeners to research further when you’re talking about those?

[20:47] Tell us why it’s important for business owners like me to take action early? What are some effective ways I can save more by planning ahead?

[23:55] What are some key tax planning strategies that you regularly use throughout the year to keep your tax burden in check and avoid any scary surprises?

[28:44] I think it might be worth just taking a minute for you to explain more about how being aware of your expenses and making sure you’re taking all your deductions is an important part of your tax strategy.

[31:16] So that kind of brings us to the topic of pushing the limits. What do you advise clients when they’re kind of worried about those sort of situations?

[34:36] What do you say to folks like that when, if you feel like saving on your taxes is cheating somehow, or you’re not following the rules?

[36:39]  I assume most of our listeners don’t have a tax background or an accounting background? Is this there a place where they could go to kind of review some of the more common ways to save on their taxes?

[39:51] Do you have any coaching strategies for how you bring these up with your CPA?

[45:29] Can explain what a capital gains tax is. When does that come into play?

[52:02] What are some overlooked strategies our listeners could be looking at to help avoid paying more tax than they need to?

Key Takeaways

How your business is structured makes a huge impact on different deductions and overall strategies you can use to save money. Make sure you know what category you fall in before you start implementing anything.

The Augusta Rule is mind blowing and I want to jump on it right away. But even if it doesn’t work for my business, it makes me want to think of other mundane everyday things in my business I’m using and essentially forgetting in regards to taxes.

The two class system of taxes, the informed and uninformed, also really stuck with me. Having a CPA, having a book keeper, having someone like Mark that you can go to when you have questions on how to make taxes work best for your business, use all the resources so you can keep money in your business. It’s not cheating to have knowledge of how best to use the system.

Important to remember to run these things by your CPA with the attitude that they might not know everything/ all the tricks and might have resistance if you come off as “you’re not doing your job”.

When it comes to understanding tax savings you can be in the “informed group or the uninformed group”.

Don’t forget the low hanging fruit: Making sure your taking all the deductions/ keeping receipts separate from personal/ planning throughout the year, not just panicking in December and playing catch up.