Episode 6: Tax Hacks— How to Pay Less Without Crossing the Line with Brady Slack
“The more apt you are to help someone in need; look outwards, the more you will find what you need internally.” —Brady Slack
As entrepreneurs, having an effective tax strategy is crucial but often overlooked as our businesses grow and change. Without a plan tailored to our goals and circumstances, unnecessary taxes can eat into profits and stall growth. Therefore, every business owner needs to understand the various structures and elections available so they can legitimately reduce their obligations.
This week, Brady Slack joins Scott to share tax strategies for entrepreneurs. Brady Slack is the founder and CEO of High Country Finance, an accounting and finance firm that provides personalized tax, accounting, and business advisory services to hundreds of clients. Brady is also passionate about empowering other entrepreneurs through his "Slacking Off" podcast where he shares financial advice and answers listeners' questions.
Listen in as Scott and Brady explore how AI is transforming accounting workflows, the pros and cons of hourly billing vs subscription models in legal and accounting services, how a recurring revenue approach can help scale a business, vetting strategies through a trusted advisor based on your unique situation, how to overcome challenges by serving others in need, and more.
Connect with Brady:
Brady Slack is the founder and senior tax advisor at High Country Finance. Brady specializes in tax, accounting, and finance principles and strategies for direct-to-consumer sales organizations, business owners, entrepreneurs, and investors.
An accidental entrant to the field, Brady began college as a pre-med student, but also took accounting courses because he thought of accounting as “the language of business.” After working with an accountant to whom he was introduced through his father-in-law to gain tax experience, Brady realized both that he had a knack for taxes, and that he enjoyed the work. Today, he brings this level of interest and engagement to his work with clients.
In addition to running a successful tax practice, Brady is a business owner in his own right, maintaining investments in everything from real estate to cryptocurrency, to different SaaS products tailored to help his clients. Brady studies the tax complexities of these industries so that he can work with a broad range of clients, bringing understanding and experience to their needs as business owners.
Brady, his wife, and two sons live in the Salt Lake City metro area; they enjoy spending time in the mountains.
Episode Highlights:
03:11 Business Growth and Unique Sales Proposition
08:06 Tax Strategies and IRS Incentives for Business Owners
12:27 How AI Impacts the Tax Industry
16:50 The Benefits of a Subscription-Based Legal Service
20:47 Tax Strategies and Financial Advice
27:35 S-Corp Election
36:55 Serving Others in Challenging Times
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Quotes:
07:10 “Accountants by trade are not great communicators. They're really good problem finders, but they're not great problem solvers.” —Brady Slack
09:12 “IRS has two objectives. The first objective is to raise revenue; the second objective is to incentivize activity. When it comes down to it, you can either pay the tax, or you can provide a service that they want you to and not pay the tax.” —Brady Slack
14:21 “If you can provide more value, this will make everything else you do easier.” —Scott Reib
23:58 “Taxes are not sexy, but they have a lot of pain points for people. Taxes aren't fun and a lot of people are afraid of the IRS.” —Brady Slack
25:47 “The hard part is most people don't understand that unless their name is going on your tax return, they have no legal recourse for whatever is happening. They're not responsible for that information, and that's where I think people get in trouble.” —Brady Slack
32:01 “You set a boundary, you live with that boundary.” —Brady Slack
34:20 “You're not just building a business, you're building people, and then people will help you help you reach your goals.” —Scott Reib
35:51 “The more apt you are to help someone in need; look outwards, the more you will find what you need internally.” —Brady Slack
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