Are you leaving money on the table by not optimizing your tax strategy?
In this episode of the Wealthy Wellthy podcast, Krisstina Wise sits down with Mark Perlberg, a CPA and tax strategist specializing in helping entrepreneurs and high-income earners minimize their tax burden. Mark shares his journey from social studies teacher to passionate tax planner, revealing how he discovered the immense potential of strategic tax planning for wealth creation.
The main focus of this conversation is the often-overlooked importance of proactive tax planning for entrepreneurs and high-income earners. Mark emphasizes that investing in proper tax strategy can yield returns far greater than traditional investments, potentially saving clients millions of dollars over their lifetime.
Throughout the episode, Krisstina and Mark discuss various tax-saving strategies, including hiring family members, utilizing the Augusta rule, and leveraging real estate investments for tax advantages. They also explore options for W-2 employees to reduce their tax burden and the mindset shift required to view taxes as part of a holistic wealth-building strategy.
Ready to transform your approach to taxes and potentially save six or seven figures? Listen to this eye-opening episode to discover how strategic tax planning could revolutionize your financial future.
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Top 5 Takeaways From This Conversation:
- Why underpaying for tax services could be costing you hundreds of thousands in missed savings!
- How shifting your mindset from expense-cutting to strategic investment can revolutionize your tax approach!
- The surprising truth that W-2 earners have more tax-saving options than they might think!
- Why real estate investing remains one of the most powerful tools for building wealth and minimizing taxes!
- How combining tax planning with wealth-building strategies creates a powerful synergy for financial freedom!
Here Are My Favorite Quotes:
- “When you invest into tax planning and initiatives in some of these opportunities, you could essentially double your money year after year after year. You’re going to see a far greater compounding of your wealth through tax planning.”
- “The government wants you to invest into vehicles that give charitable deductions. They want you to invest into energy related items. They want you to do things that are going to enhance and provide real estate to the general public.”
- “I don’t think I’ve ever found an industry or way of making money that is more tax advantaged than real estate because of what you can do with cost segregation, which allows you to front load your depreciation and bonus depreciation.”
Time Stamps:
- [2:07] Why tax planning is often overlooked
- [6:19] Mark’s journey into tax planning and CPA work
- [13:26] Investing in strategic tax partnerships
- [18:41] Explaining the Augusta rule for tax savings
- [25:09] Gifting strategies for tax and estate planning
- [31:21] Holistic approach to tax planning and wealth building
- [38:21] Benefits of real estate investing for taxes
- [40:05] Final thoughts on the importance of tax planning
MYTH BUSTED: “Tax planning is only for big corporations or the ultra-wealthy.”
Mark Perlberg, a CPA and tax strategist, shatters the common misconception that effective tax planning is reserved for large corporations or the extremely wealthy. Throughout the conversation, he emphasizes that entrepreneurs and high-income earners at various levels can benefit significantly from strategic tax planning. Mark reveals that many business owners and professionals are leaving hundreds of thousands of dollars on the table by not investing in proper tax strategy.
The breakthrough comes when Mark explains that even those earning over half a million dollars annually are often missing out on life-changing tax savings. He states, “If you are earning, you know, over six or seven, I would say over half a million and up and certainly if you’re earning over a million and up and you’re not strategizing… you probably are leaving hundreds of thousands of dollars on the table which could really be life changing.”
Mark demonstrates that tax planning isn’t just about minimizing a number on a tax return—it’s about opening up a world of possibilities for wealth building, early retirement, and pursuing personal dreams. He shares examples of clients using tax savings to invest in solar panels, grow their businesses, and build generational wealth. The key insight? Effective tax planning is accessible and beneficial for a wide range of income earners, not just the ultra-wealthy, and can lead to transformative financial outcomes when approached strategically.
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