Tax Reduction Tips with Jayden Doye

Podcast: Play in new window | Download (Duration: 24:12 — 22.2MB)

In this episode, Alay and Jayden discuss:

The number one mistake law firms make with regard to taxes.
How often your CPA should be meeting with you while your firm is growing
Reasonable compensation and how it varies from types of entities.
Leading and growing your team as a professional service provider.

Key Takeaways:

True tax planning accounts for the owner’s desires to understand the profit, not just the tax liabilities.
Buying your office space may reduce your tax obligation, though it will vary from firm to firm.
Low-cost employee benefits help you to stand out from the competition, and also reduce your taxes.
As a leader, you need to invest time in making sure you are the best leader you can be.

Tweetable Moments:

“Tax planning is a year-round process. True tax planning is relational.” — Jayden Doye

“I’ve had to really, really, really get deep into my project management system, and set budgets for the different aspects of every matter.” — Jayden Doye

“Investing your efforts into becoming a better leader s going to result directly in higher profits for your firm because you’re going to retain your team longer, attract people easier, and they’re going to be more productive.” — Alay Yajnik

“You need to understand how profitable you are on every matter, on every project that you’re working on.” — Alay Yajnik

About Jayden Doye:

During the first two years of building his own CPA firm, Prestige Accounting Solutions, Jayden discovered his niche-law firm owners. He realized that many sought after the lifestyle he lives which includes living debt free, a monthly mandatory vacation & delegate/elevating a team to operate a profitable business that does not require the owner’s full attention. During his second year of business, Jayden became a Certified Profit First Professional & now he teaches the Profit First method to professional service providers which guarantees that their business generate profits.

As a CPA, Jayden’s goal is to help entrepreneurs like himself, gain independence, eliminate debt, and create a unique action plan to bring more to their bottom line while paying less in taxes.