Nov 20, 2019
In the 3rd episode of the Grow Money Business podcast, Grant interviews Dorothea Silva, a CPA and Principal at Avaunt Ltd Sacramento. Dorothea and her firm helps small businesses with tax compliance, tax returns and business consulting. On today’s episode, Dorothea share valuable insights on how business owners can reduce their tax liability. She walks you through some small business type tax deductions, qualified business deduction and several other tips & tricks.
[02:10] Dorothea’s background – Dorothea shares her 20-year journey in the field of accounting.
[05:20] Story of Avaunt Ltd – How Dorothea’s firm started, their role in business and their plans for the future.
[07:56] Process of tax planning – Dorothea shares how they approach tax planning with their clients and what the process looks like and the coaching aspect of working with clients.
[15:05] Home office deduction – Dorothea explains the 2 basic requirements for home office deduction, what qualifies and what does not.
[22:10] Business use of an automobile – How you can get a tax deduction on your vehicle used for business purposes and how to make use of apps to track mileage.
[27:46] Family members as employees – What taxes are involved in when you bring a family member as an employee on your small business.
[35:16] Best practices with family members as employees – Documentation, HR aspect and other things to keep in mind when you bring in a family member as an employee.
[42:54] Dealing with grey areas – Dorothea explains the guidance they have one the unclear areas that appear with ever evolving tax legislations.
[45:00] 20% deduction for pass-through businesses – Who qualifies and how to make the best of it.
[50:53] Building a team of support – Dorothea describes how busy business owners may not have strong relationships with CPAs, financial planners and attorneys and how to overcome this issue.
[56:14] Other opportunities – Wrapping up, Dorothea talks about a few more ways you can pay less in taxes.
Links & Resources
Avaunt Ltd official website: https://avauntltd.com/
Reach out to Dorothea via email: email@example.com
Family members as employees: http://bit.ly/2rf5y1h
20% deduction for pass-through businesses: http://bit.ly/2DKZsZ0
Track My Drive App: https://apple.co/2LnRf17
Mile IQ App: