Welcome to a new episode of Business Lunch! In this session, we dive into the complexities of tax management and business scaling with John Briggs, a tax expert and business strategist from Insight Tax. John shares his journey from struggling with traditional employment to building a thriving business that helps entrepreneurs navigate the intricate world of taxes. Roland Frasier, your host, explores John’s insights on operational efficiency, the impact of proper entity selection, and strategic hiring practices that can propel a business forward.
Highlights:
“Owning a business made more sense through the trial of hard knocks.”
“By being smarter with processes, you can actually work less.”
“Our first project with robotic process automation… will save us a significant amount in labor costs.”
“Structure is a big issue… making sure they understand how expenses work is the biggest opportunity.”
TIMESTAMPS
- 00:00 – Introduction
- 02:53 – Insight Tax and the Entrepreneurial Mindset
- 05:25 – Transitioning from Employment to Entrepreneurship
- 08:25 – The Evolution of Insight Tax and Operational Efficiency
- 13:14 – Implementing Robotic Process Automation
- 16:06 – Scaling the Team from 30 to Over 200
- 20:02 – Strategic Partnerships and Business Growth
- 23:34 – Publishing the 3.3 Rule and Insightful Insights
- 28:11 – S Corp Benefits and Reasonable Compensation Strategies
- 31:33 – Exploring Deductions: Ordinary and Necessary Expenses
- 34:22 – The Misconceptions of Tax Deductions in Digital Marketing
- 37:53 – The Line Between Business and Personal Expenses
- 40:00 – Closing Remarks and Further Resources
