March 25, 2020 4:00 am Published by

Episode 49:

Craig Cody is a Certified Public Accountant, Certified Tax Coach, Business Owner and Former New York City Police Officer with 17 years of experience on the Force. As a Certified Tax Coach, Craig belongs to a select group of tax practitioners throughout the country who undergo extensive training and continued education on various tax planning techniques and strategies to become, as well as remain certified. Craig has just written his 3rd book: The 12 Biggest Tax Mistakes That Cost Dentists Thousands.

What you’ll learn about in this episode:

  • Craig’s transition from serving as a police officer to helping small businesses as a CPA and tax coach
  • The common mistakes business owners make with their taxes
  • Why tax planning is critical to keeping more of what you make
  • The 10 most expensive tax mistakes that small business owners make
  • How to write off things like pools, home athletic facilities, medical expenses, and more
  • The challenges that Craig faces in a collaborative environment after being in a paramilitary organization
  • Questions small business owners should ask to better prepare for taxes
  • The impact of AI on Craig’s industry


Tax-Planning for Business Owners

Craig Cody has always been interested in money and business, and he received a degree in economics from Courtland College. But because Craig’s dad was a cop, law enforcement had a significant appeal as well. Craig followed in his father’s footsteps and served with the New York City Police Department for seventeen years before retiring as a lieutenant. After that, he went into accounting and, eventually, opened his own practice where tax planning became a major focus of his business. Craig works primarily with dentists, but his tax-saving tips are applicable to any type of business, big or small.

Keep More of What You Make

The transition from police officer to civilian is not an easy one, let alone when you are starting a new career from scratch after seventeen years in the game. However, Craig quickly discovered that saving business owners thousands of dollars gave him the same type of rush he got chasing perps down the New York City Streets. He honed his craft and added more offerings to his accounting practice, now serving as the tax-planning authority for small businesses across the globe. Craig is an acclaimed author who just released his third book: The 12 Biggest Tax Mistakes That Cost Dentists Thousands. And these tips will change the way you approach tax planning this year, especially with the filing deadline extension we’ve been given.

The Ten Biggest Tax Mistakes

Ohe of the many reasons you started a business is to generate wealth. If you can keep more of what you make by giving the least amount legally possible to the government, you will generate wealth faster. In order to accomplish this, you have to plan ahead and avoid the ten biggest tax mistakes that cost business owners thousands:

  • Failing to plan
  • Electing the wrong type of business entity
  • Not taking a deduction because of paranoia
  • Failing to choose and fund the right retirement plan
  • Not taking advantage of family members on payroll
  • Not setting up a medical reimbursement plan
  • Failing to document a home office/home athletic facility
  • Not using your home office for meetings
  • Not conducting a cost segregation study
  • Failing to consult your CPA

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