In this episode, Brett shares a variety of tax planning opportunities hair salon owners can leverage to reduce your lifetime tax burden.
In our last two episodes, we covered some tools of the tax planning trade as well as how to deploy them for tax-efficient investing. But as you all know, tax planning is hardly just for your investments.
Tax Planning Opportunities and Challenges for Hair Salon Owners
Life is going to happen, and we often can’t predict its next moves. But what we can do is weave each of our life events into the tax planning fabric of our overall financial life.
So, for today, we’re going to talk about a few of these life events you may encounter over time. And with each of these on their own, they can translate into tax planning challenges and/or opportunities.
[01:23] Buying a first home and starting a family.
[02:39] Sending a child to college.
[03:22] Exiting your hair salon business.
[03:47] Claiming Social Security benefits.
[04:12] Downsizing to a smaller home.
[05:12] Deducting healthcare expenses.
Looking for more tips on how to grow, scale, and ultimately sell your hair salon business? Check out our other Unchained From the Chair podcast episodes.