What the Wealthy Know About Taxes – Savvy or Surrender Podcast (Episode 8)
Welcome back to Savvy or Surrender! In this episode, our host Steven Young reveals the tax strategies the wealthy use to maximize their savings and grow their wealth—strategies that most business owners have never been taught. If you want to stop leaving money on the table and start playing by the rules that benefit you, this episode is a must-listen.
Timestamps & Topics Covered:
00:00 – Introduction: The IRS and Your Intentions
01:00 – Why Most Business Owners Miss Out on Tax Savings
02:00 – Tax Prep vs. Tax Strategy: What’s the Difference?
04:00 – The Wealthy’s Playbook: Entity Structuring (LLC, S-Corp, C-Corp)
07:00 – Hiring Your Kids: A Legitimate Tax Write-Off
10:00 – The Augusta Rule: 14 Days of Tax-Free Income
13:00 – Cost Segregation: Advanced Real Estate Strategies
16:00 – Section 179: Writing Off Equipment Purchases
18:00 – S-Corp Payroll Optimization: Save on Self-Employment Tax
21:00 – Accountable Plans: Reimbursing Personal Business Expenses
24:00 – Retirement Strategies: Solo 401k & Defined Benefit Plans
26:00 – Energy Credits & Other Opportunities
28:00 – Common Mistakes Business Owners Make
31:00 – Taking Action: The 360 Tax Assessment
33:00 – Closing Thoughts & Next Episode Preview
Key Takeaways:
Tax strategy is about being proactive, not just filing paperwork.
The wealthy use legal structures and strategies to minimize taxes.
Hiring your children, leveraging the Augusta Rule, and cost segregation can save thousands.
Don’t commingle business and personal funds—structure matters!
A 360 tax assessment can reveal savings you never knew existed.
Resources Mentioned:
MeetWithSavvy.com – Schedule your 360 Tax Assessment
“The 7 Habits of Highly Effective People” by Stephen Covey
Connect with Us:
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Thanks for tuning in to Savvy or Surrender. Stay savvy, and see you next week!
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