How do high-earning professionals maximize their financial opportunities while avoiding common tax pitfalls? In this insightful conversation, Jerome Myers sits down with Steven Jarvis, a tax strategist dedicated to helping business owners and professionals confidently navigate tax planning. Steven shares actionable strategies to optimize tax savings, uncover overlooked deductions, and build a proactive approach to financial planning.

Whether you're a seasoned entrepreneur or just getting started, this episode will equip you with the knowledge to make tax-smart decisions that align with your financial goals.

[00:00 - 06:42] The Importance of Proactive Tax Planning

• Avoiding Common Mistakes – Why waiting until tax season can cost you thousands
• Mindset Shift – Taxes are not just an annual burden but an ongoing financial strategy
• Collaboration is Key – Working with CPAs and financial advisors can uncover hidden opportunities

[06:43 - 14:28] Maximizing Deductions & Reducing Liability

• Hidden Tax Savings – How to identify deductions that most professionals overlook
• Business Structuring – The impact of entity selection on tax efficiency.
• Retirement Contributions – Leveraging retirement accounts for long-term tax benefits
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[14:29 - 22:15] Common Tax Myths Debunked

• Myth: "I’m Too Small for Tax Planning" – Why every income level benefits from strategy
• The Audit Fear Factor – Understanding IRS red flags versus legitimate deductions
• Write-Offs vs. Cash Flow – Why a deduction doesn’t mean "free money"

[22:16 - 30:04] Long-Term Wealth Strategies Through Tax Planning

• Tax-Efficient Investing – Maximizing returns while minimizing tax burdens
• Estate & Legacy Planning – Setting up structures that benefit future generations
• Giving Strategically – How philanthropy and tax planning intersect

[30:05 - 38:51] Practical Steps to Implement Right Now

• Reviewing Past Returns – Uncovering missed deductions and amending returns
• Quarterly Tax Planning – Avoiding surprises and optimizing cash flow
• Building a Tax Strategy Team – Why collaboration creates the best outcomes

Key Quotes:

"Tax planning isn’t about avoiding taxes—it’s about paying exactly what you owe, not a penny more." - Steven Jarvis

"The best way to get ahead on taxes is to think about them long term." - Steven Jarvis

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Connect with Steven!

Website: https://retirementtaxservices.com/

LinkedIn: https://www.linkedin.com/in/stevenajarvis/

Ready for your next chapter?

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