{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"The DOC Podcast","title":"Tax-Smart Strategies: How to Keep More of What You Earn! (w/John Vento, Jr.) [Ep.180]","html":"","width":"100%","height":180,"duration":5846,"description":"This is the fifth and final episode in my financial series with the Vento family on creating generational wealth. I'm joined by John Vento Jr., president and managing partner of Vento Tax and Wealth Management Group, who leads the firm's accounting and tax advisory division.\nIn this episode, we dig into the practical side of tax planning, including what it means to work with a true tax advisor versus a tax preparer, the critical difference between tax evasion and tax avoidance, and how to think about entity selection for your practice. John walks through the tax advantages available to practice owners, independent contractors, and W2 employees, and we spend a good amount of time on two of my favorite strategies: employing your spouse and employing your children. \nJohn also gives a thorough overview of retirement plan options (from SEP IRAs to solo 401ks to defined benefit plans) and how profit sharing can be used to attract and retain top talent. We close out with the most common tax mistakes practice owners make, including why waiting until April 15th is already too late.\nAs always, this episode is for educational purposes only and is not tax, legal, or investment advice. Please consult your own professionals before implementing any strategy.\nTimestamps\n1:00 — Welcome & Introduction\n4:00 — Tax Advisor vs. Tax Preparer\n9:36 — Tax Evasion vs. Tax Avoidance\n16:30 — Tax-Smart Strategies Explained\n18:47 — Entity Selection Overview\n27:59 — Independent Contractor vs. Employee\n35:47 — Tax Advantages: Owner vs. IC vs. W2\n42:08 — Employing Your Spouse\n49:22 — Employing Your Children\n1:02:01 — Retirement Plans Overview\n1:09:52 — Profit Sharing & Team Incentives\n1:22:32 — Common Tax Mistakes to Avoid\n1:34:13 — Closing & Wrap-Up\n1:36:48 — Disclaimer\nLINKS\nFirst Episode w/Vento Family: https://youtu.be/9sEzEto2mAM?si=P-0Nj007DWcvXUCz\nSecond Episode w/John Vento Sr: https://youtu.be/UEXxh7DKJdQ?si=YOtpFvJcUk0xEm3y\nThird Episode w/Christine Vento:...","thumbnail_url":"https://img.transistorcdn.com/Wf6VIMhB_ulpfJzsJlix0BOF0i4W9yk8xxJ6-5X1Y6E/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9zaG93/LzQxOTI3LzE2OTg2/MzExNDktYXJ0d29y/ay5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}