Why is seeking professional tax guidance more than just a smart move but potentially a money-saving strategy?

 

In this conversation, Toby Mathis shares his expertise on asset protection, paying taxes without overpaying, and taking advantage of available strategies such as 401(k)s, charitable activity, HSAs, real estate investments, and much more. Learn the importance of actively understanding your taxes, investments, and other financial activities. Discover what strategies work best for your situation to optimize returns and reduce risk, and hear why consulting with a professional can make all the difference when saving money on taxes. 

 

Educate yourself on your options and understand what works best for you - tune into this episode for all the guidance you need!

 

[00:00 - 08:48 ] Toby Mathis: Strategies to Mitigate High-Income Taxes

• Toby's mission is guiding investors and business owners to growth and prosperity

• How he has helped Anderson Business Advisors grow its practice

• Toby's expertise in applying the tax code, asset protection, probate, and trust statutes

• Taxes are misunderstood and can be fun when you start getting clear

 

[08:49 - 15:59 ] Mitigate Your Tax Bill & Protect Your Assets with Simple Strategies

• How knowledge and willingness to take action can help mitigate taxes

• Deferring income, setting up charitable activities, and taking advantage of 401k plans can reduce tax bills

• The tax benefits of real estate investing

• Asset protection is isolating assets & making it hard for others to access them

 

[16:00 - 23:20 ] How to Protect Your Assets with the Right Tax Strategies

• Asset protection to ensure the family is not taken away

• Taxes are a known risk and can be voluntary

• Break down components of an asset to write off faster

• Be actively involved in understanding how to pay bills and taxes

 

[23:21 - 30:33 ] Don't Make the Mistake of Not Educating Yourself on Your Tax Options

• Accountants will do what you ask them to but may not provide the best tax treatment

• Tax avoidance is excellent, while tax evasion is illegal

• Entrepreneurs should take proactive steps to learn about their options to minimize taxes

• Not educating oneself and taking a proactive approach toward taxes can be costly

 

[30:34 - 35:47 ] Wrapping Up!

• It is essential to hire professionals who specialize in the same field as you

• Toby's free resources on Tax and Asset Protection

 

Want to connect with Toby? Follow him on YouTube. Head to Infinite Investing to enhance your financial literacy!

 

 

Resources Mentioned:

 

Anderson Business Advisors

 

 

Key Quotes:

 

 

"Tax avoidance is perfectly fine. Tax evasion, not paying a known tax is going to get you in trouble, but you can avoid a tax." - Toby Mathis

 

 

“Educate yourself and make sure that people understand what they're doing and then give them options.” - Toby Mathis

 

 

 

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