Episode
#116 with Kelly Erb - Tax Expert Breaks Down Trump Taxes and Big Businesses Ran by Few People
56:57
Published: Fri Oct 02 2020
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.
Chapters
Andrew Harrer discusses the importance of combining tax knowledge with creative content for social media and how he started his career in tax writing.
00:00 - 02:19 (02:19)
Summary
Andrew Harrer discusses the importance of combining tax knowledge with creative content for social media and how he started his career in tax writing.
Episode#116 with Kelly Erb - Tax Expert Breaks Down Trump Taxes and Big Businesses Ran by Few People
PodcastMy First Million
The speaker shares their perspective on the information discussed in Trump's tax returns, specifically focusing on the refund aspect and how he was able to take advantage of previous years to reduce his tax bill.
02:19 - 10:56 (08:36)
Summary
The speaker shares their perspective on the information discussed in Trump's tax returns, specifically focusing on the refund aspect and how he was able to take advantage of previous years to reduce his tax bill.
Episode#116 with Kelly Erb - Tax Expert Breaks Down Trump Taxes and Big Businesses Ran by Few People
PodcastMy First Million
Business owners should avoid comparing their tax liabilities with others since each circumstance is different.
10:57 - 15:56 (04:59)
Summary
Business owners should avoid comparing their tax liabilities with others since each circumstance is different. Instead, they should focus on identifying tax-beneficial opportunities that would also help improve their business operations.
Episode#116 with Kelly Erb - Tax Expert Breaks Down Trump Taxes and Big Businesses Ran by Few People
PodcastMy First Million
The podcast discusses tips for focusing on the 20% of tax strategies that will give you 80% of the results, especially for those with LLCs or sole practitioners, and debunks the common myths surrounding tax deductions.
15:56 - 23:34 (07:38)
Summary
The podcast discusses tips for focusing on the 20% of tax strategies that will give you 80% of the results, especially for those with LLCs or sole practitioners, and debunks the common myths surrounding tax deductions.
Episode#116 with Kelly Erb - Tax Expert Breaks Down Trump Taxes and Big Businesses Ran by Few People
PodcastMy First Million
Learn about the tax benefits of owning a small business, including the ability to defer and avoid capital gains taxes on investments.
23:34 - 33:20 (09:45)
Summary
Learn about the tax benefits of owning a small business, including the ability to defer and avoid capital gains taxes on investments. Don't skimp on hiring experts to help you make the most of these benefits.
Episode#116 with Kelly Erb - Tax Expert Breaks Down Trump Taxes and Big Businesses Ran by Few People
PodcastMy First Million
The podcast discusses how websites provided solutions to textbook problems, which students could use to either cheat or learn.
33:20 - 37:19 (03:58)
Summary
The podcast discusses how websites provided solutions to textbook problems, which students could use to either cheat or learn. They also talked about the possibility of creating custom voicemails by impersonating different voices.
Episode#116 with Kelly Erb - Tax Expert Breaks Down Trump Taxes and Big Businesses Ran by Few People
PodcastMy First Million
In this podcast, the hosts discuss the concept of addiction in relation to creating brand packaging and increasing brand loyalty.
37:19 - 41:44 (04:24)
Summary
In this podcast, the hosts discuss the concept of addiction in relation to creating brand packaging and increasing brand loyalty. They touch upon the Tai Lopez interview and why having interesting guests can be beneficial to the show.
Episode#116 with Kelly Erb - Tax Expert Breaks Down Trump Taxes and Big Businesses Ran by Few People
PodcastMy First Million
A conversation about the importance of being true to oneself and not changing one's personality to fit in with others, using CEO job descriptions as an example.
41:44 - 46:18 (04:33)
Summary
A conversation about the importance of being true to oneself and not changing one's personality to fit in with others, using CEO job descriptions as an example.
Episode#116 with Kelly Erb - Tax Expert Breaks Down Trump Taxes and Big Businesses Ran by Few People
PodcastMy First Million
The CEO of Coinbase states that companies should not take political stands around causes and that if they do care about causes, it should relate to their mission.
46:18 - 49:28 (03:10)
Summary
The CEO of Coinbase states that companies should not take political stands around causes and that if they do care about causes, it should relate to their mission. The email he sent was poorly written and caused confusion.
Episode#116 with Kelly Erb - Tax Expert Breaks Down Trump Taxes and Big Businesses Ran by Few People
PodcastMy First Million
The speaker advocates for self-selection in the workplace regarding social and political issues and suggests that people should work where they feel more comfortable with a company's values and beliefs.
49:29 - 55:31 (06:02)
Summary
The speaker advocates for self-selection in the workplace regarding social and political issues and suggests that people should work where they feel more comfortable with a company's values and beliefs.
Episode#116 with Kelly Erb - Tax Expert Breaks Down Trump Taxes and Big Businesses Ran by Few People
PodcastMy First Million
The hosts discuss the value of both the number and quality of reviews on sites like Yelp and Glassdoor, and their personal experiences with relying on these platforms for information.
55:31 - 56:48 (01:16)
Summary
The hosts discuss the value of both the number and quality of reviews on sites like Yelp and Glassdoor, and their personal experiences with relying on these platforms for information.