Always FreyDay

Friday, December 16, 2022
Facebook Live Video from 2022/06/24 - Tax Strategies for Your SMB

Facebook Live Video from 2022/06/24 - Tax Strategies for Your SMB


2022/06/24 - Tax Strategies for Your SMB

[NEW EPISODE] Tax Strategies for Your SMB

Fridays 11:00am - 12:00pm (EDT)


The audience will hear from someone with a financial advisory background, who has developed as a thought leader in this specialized space, who has been at the forefront of leveraging new tax and financial strategies on behalf of his clients, and who has brought that value to clients of other professional colleagues in the space.


Aside from increasing business revenue, SMB owners have a few things on their mind at all times, and taxes is one of them.

If you are a trusted advisor to an SMB, acting as a tax professional, learning the most current and sophisticated tax strategies can help build client engagement and loyalty.

We are joined by David Podell, Founder of Business Benefits Consultants LLC.  As an outsourced solution for the design and management of powerful employer-sponsored benefit programs, this company provides a valuable service to SMBs around the country.

In addition, David and his team are commissioned by accountants and financial advisors, to consult with their business clients every single day.  Financial and tax strategists are routinely looking for opportunities to add value to their clients and bring in resources that can set them apart from others in the industry.  David and Business Benefits Consultants can be that strategic partner.



Tune in for this sensible conversation at

Show Notes

Segment 1

Segment 2

Segment 3

Segment 4


00:00:31.020 --> 00:00:45.069 Steven Frey @alwaysfreyday @smbguy: Well, hello out there, planet Earth and Happy Friday. Welcome to the last show of 2022! It's been a hell of a year. It's Friday, and it's always Friday with me. Stephen Fry, your Smb. Guy, I see why am I or in case you missed it.

00:00:45.080 --> 00:00:55.650 Steven Frey @alwaysfreyday @smbguy: Smb stands for small and medium-sized business. For the last 20 years I've been a consultant for Smbs a voice and a sounding board for business leaders advocating on their behalf. Their employees, too.

00:00:55.700 --> 00:01:14.189 Steven Frey @alwaysfreyday @smbguy: I believe, very strongly in sharing stories, providing perspective and creating connection. So every single Friday you could find me right here on talk radio and Myc doing just that lending what's left of my mind and my voice to this radio show where I interview business leaders and their trusted advisors.

00:01:14.290 --> 00:01:22.729 Steven Frey @alwaysfreyday @smbguy: One thing that I've noticed over the years is that some of the best thought leadership for SMS happens on Friday just about the time we feel the freedom of the weekend coming.

00:01:22.740 --> 00:01:35.200 Steven Frey @alwaysfreyday @smbguy: However, we're also anxious to start the weekend, especially this weekend. Happy Hanukkah starting on Sunday, these crucial pearls of wisdom They're often overlooked. They're forgotten in favor of fun, weekend activities, and our freedom from work

00:01:35.210 --> 00:01:50.929 Steven Frey @alwaysfreyday @smbguy: Mit. C.

00:01:50.940 --> 00:02:19.580 Steven Frey @alwaysfreyday @smbguy: This has been a a fairly intense week of holiday parties. I did make it to New York City, which looks a lot drastically different than it did during the pandemic. When I started the show. got to hang out with a bunch of smbs celebrating with their colleagues before everybody hangs it up for 2022. Speaking of parties, I just wanted to say a quick mazel tove and congratulations to Max Tyler on his bar mitzvah this weekend coincidentally. his father, Sam introduced me to my special guest today. So Thank you, Sam, really appreciate that.

00:02:19.590 --> 00:02:30.930 Steven Frey @alwaysfreyday @smbguy: Sam's older brother, John, one of my best buds, and a guest on the show in early 2021 did an awesome Montage, for Max Max is a a sports fanatic air. Jordan. Enthusiast! So air Max

00:02:30.940 --> 00:02:46.870 Steven Frey @alwaysfreyday @smbguy: John Zyler, the man for all of your memorable montage, needs a guest last year, lots to celebrate everybody. If you're a business owner that's celebrating a very profitable 2,022 potentially looking at a big tax bill. When it comes time to crunch the numbers in 2,023,

00:02:46.880 --> 00:02:59.380 Steven Frey @alwaysfreyday @smbguy: it might be time to proactively reach out to your trusted advisors and folks like my special guest who was going to chat with me today just a little bit about tax strategies for your Smb. Aside from increasing business revenue.

00:02:59.390 --> 00:03:13.860 Steven Frey @alwaysfreyday @smbguy: Smb. Owners have a few things on their mind at all times and taxes is one of them. If you're a trusted adviser to an Smb, and you're acting as a tax. Professional learning. The most current and sophisticated tax strategies can really help. You build client engagement and loyalty.

00:03:13.910 --> 00:03:30.899 Steven Frey @alwaysfreyday @smbguy: Financial and tax strategists are routinely looking for opportunities to add value to their clients and bring in resources that can set them apart from others in the industry. Well, our special guest today, and his team are commissioned by accountants and financial advisors to consult with business clients every single day.

00:03:30.960 --> 00:03:45.729 Steven Frey @alwaysfreyday @smbguy: Talk is cheap. We're on talk radio and Nyc. We don't want this to just be talk the goal here, everyone. Once again, let's use the insight on the business landscape and create more impact on Monday morning. It is far too often these days where the businesses I speak with.

00:03:45.740 --> 00:03:59.390 Steven Frey @alwaysfreyday @smbguy: They're focused on the product that's going to help them solve all of their problems. The shiny new mouse trap, the magic wand. One thing I see out there very consistently. Products change every single day, and everything we do personal in business. No matter.

00:03:59.570 --> 00:04:19.209 Steven Frey @alwaysfreyday @smbguy: There's no substitute for surrounding yourself with the right people, first keeping a focus on the process that will help you achieve your goals. You do that the right products will present themselves when they're needed. Everything begins and ends with the people so very excited for the final show of 2,022 definitely have the right people around me. Today. Our special guest is

00:04:19.220 --> 00:04:20.610 Steven Frey @alwaysfreyday @smbguy: David Podell.

00:04:20.890 --> 00:04:34.750 Steven Frey @alwaysfreyday @smbguy: founder of business benefits, consultants. Llc. So David has been a practicing financial professional. For the last 20 years he possesses a unique set of skills and working with business owners to extract more of the company's profits

00:04:34.760 --> 00:04:41.300 Steven Frey @alwaysfreyday @smbguy: in a tax-favored method. He started business benefit consultants when he identified a niche space

00:04:41.510 --> 00:04:47.019 Steven Frey @alwaysfreyday @smbguy: that was filled with complexity and a need for systems in the larger tax, deductible strategy space.

00:04:47.960 --> 00:04:52.829 Steven Frey @alwaysfreyday @smbguy: He's lectured extensively as an industry, thought leader, and sought out as a specialist.

00:04:53.490 --> 00:05:07.249 Steven Frey @alwaysfreyday @smbguy: He's been featured in Forbes American Institute of Cpa Cpa practice adviser and multiple small business journals. He's become an acclaimed speaker on multiple podcasts. Thank you very much, and educates the tax community on a regular basis.

00:05:07.260 --> 00:05:26.810 Steven Frey @alwaysfreyday @smbguy: David and his team deliver tax efficiency for Smb owners and entrepreneurs with simplicity, expertise and trust. David and his wife, Danielle have 2 daughters. So he's very welcome in my support group. As I have 2 daughters as well. His time is filled with sports and activities. Not sure if that means. He dodged the dance school bullet, which is where you can find my kids. 4 to 5 days a week.

00:05:26.820 --> 00:05:39.729 Steven Frey @alwaysfreyday @smbguy: He recharges from work and fatherhood on the golf course whenever he can, as an outsourced solution for the design and management of powerful employer-sponsored benefit programs David and his team provide a valuable service to SMS around the country

00:05:39.740 --> 00:05:59.719 Steven Frey @alwaysfreyday @smbguy: mit ctl and important note before we get started. The conversation today is not to be taken as tax or financial advice. Everyone we're going to share some great ideas, maybe even maybe even a little education. In order to implement these strategies, you should consult with your license, tax and financial professionals. And if you want, David to participate in that, we can absolutely make those introductions for you 200.

00:05:59.730 --> 00:06:17.319 Steven Frey @alwaysfreyday @smbguy: David is a consummate professional, and, like me, as a friend and partner to business owners and their advisors. We're gonna talk about my favorite questions around movies, TV and music, you know. I can't resist myself to doing that for the second week in a row our guest is joining us from his home base in Morris County, New Jersey. The tax efficient man himself.

00:06:17.380 --> 00:06:18.310 Steven Frey @alwaysfreyday @smbguy: David.

00:06:18.530 --> 00:06:24.310 David Podell: welcome to always. Friday, Brother Great to see you in my virtual world.

00:06:24.620 --> 00:06:41.179 Steven Frey @alwaysfreyday @smbguy: Methodical? I have nothing prepared. This i'm like as, and run a smooth like that I feel completely unprepared, David. We first met about 7 years ago, and I I feel like the idea of business benefits. Consultants was first percolating around that time

00:06:41.190 --> 00:06:53.620 Steven Frey @alwaysfreyday @smbguy: i'll be the first one to attest to the idea that the niche you've identified is one that needs ridiculous help. It needed it 20 years ago, and it still needs it today. Talk to us a little bit about the founders journey. How do you get where you are?

00:06:54.230 --> 00:07:11.749 David Podell: So I've been in the advisory world for a very long time, and, like you had said about 7 years ago. I started to see that things were becoming commoditized advisors were advisors, and everyone was after the same thing. So

00:07:11.760 --> 00:07:29.330 David Podell: I fell into a situation where a Cpa had called me in that role and said, Listen, I'm. I'm. Looking to try to figure out for this client a very large deduction and specific tax strategy in a, in a in a certain way in a way of doing this.

00:07:29.380 --> 00:07:36.599 David Podell: and I'm having trouble here because i'm looking at all different advisors. You do some work with him, and he has other advisors.

00:07:36.610 --> 00:07:58.929 David Podell: But i'm looking at all different situations and options out here, and I can't piece them together and figure out why so many things are different from the next, and i'll. I'll get more into this in detail. But that kind of led me to this down this road of what kind of benefits can a business owner take that are in his benefit.

00:07:58.940 --> 00:08:04.070 David Podell: not specifically to employee benefits like. When we think of employee benefits, we

00:08:04.100 --> 00:08:10.119 David Podell: we think of their traditional plans that are out there, those traditional retirement plans that most advisors do.

00:08:11.690 --> 00:08:28.250 David Podell: So we started getting involved in this, and realized we started networking with different actuaries and and third party administrators, and realized that they're all different from the next, and there's so many different pieces out there, and no one has been able to puzzle these together.

00:08:29.270 --> 00:08:42.799 David Podell: I said, if we could figure this out, not only could we create our benefits company around this, but it's a huge niche that I don't know anyone, and can't find anyone that is actually working in that space.

00:08:43.480 --> 00:08:45.159 David Podell: So that was the start of that.

00:08:46.030 --> 00:08:54.410 Steven Frey @alwaysfreyday @smbguy: You know. I I do see some folks, you know, trying to dabble in the space, but that's just it. This isn't a type of space that you can dabble in right. It's almost like its own

00:08:54.430 --> 00:09:13.230 Steven Frey @alwaysfreyday @smbguy: industry. Within multiple other industries it has its own jargon that's associated with it. You know a lot of times. If if financial professionals will work with a high net worth individual. They'll have a little bit of a different lens on how they work with somebody which is funny. A lot of times because a lot of business owners are high net worth individuals. That's how they can become business owners.

00:09:13.370 --> 00:09:14.280 Steven Frey @alwaysfreyday @smbguy: But

00:09:14.310 --> 00:09:21.769 Steven Frey @alwaysfreyday @smbguy: yeah, when you think about partnering with Cpas, because a lot of my work over the years has been done with with tax professional cpas as well

00:09:22.410 --> 00:09:35.810 Steven Frey @alwaysfreyday @smbguy: a lot of times. It's a very operational thing it's, you know. Do the do the returns? Do the financial statements, you know. Get everybody prepared before deadline time before extension, deadline time and take some vacation. Come back and do it all over again.

00:09:35.920 --> 00:09:47.569 Steven Frey @alwaysfreyday @smbguy: You know there's a lot to be said for being able to network with Cpa's tax professionals and be really forward thinking, instead of thinking of the next quarter of business, thinking about the next 30 years of your life. Would you agree

00:09:47.890 --> 00:09:51.659 David Podell: when we started. in this specific space

00:09:52.280 --> 00:10:07.300 David Podell: I had found that now there's a millions of other tax strategies, not just what the areas that we were focused on that are out there. I start to learn about those things, and none of it was for the purpose of going down those for host and doing this. It was more

00:10:07.390 --> 00:10:17.600 David Podell: I needed to be fully educated when talking to these Cpas on everything they were doing, and how what we were presenting to them, or showing as a value add

00:10:18.030 --> 00:10:20.469 David Podell: tied into that. So

00:10:20.500 --> 00:10:29.280 David Podell: it was a lot that I learned over time and continued to learn, and my team had to adapt to that as well and fully understand what was going on.

00:10:29.630 --> 00:10:35.680 David Podell: There are a lot of resources when it comes to complex strategies that need to that need to be brought together.

00:10:35.780 --> 00:10:38.859 David Podell: You had mentioned the Financial Advisor

00:10:38.890 --> 00:10:40.750 David Podell: and the Cpa

00:10:41.260 --> 00:10:42.810 David Podell: in our space.

00:10:43.040 --> 00:10:58.239 David Podell: There is the third party, administrator or actuary. There are record keepers that the advisor might be using. There's whatever kind of investments or qualified plan, you know, with setups and investments that the advisors are using

00:10:58.340 --> 00:11:04.190 David Podell: there. This all needs to be quarterback put together. The right resources have to be there, and

00:11:04.890 --> 00:11:07.489 David Podell: we come in and and really provide that

00:11:08.440 --> 00:11:14.889 Steven Frey @alwaysfreyday @smbguy: it's. It's something that you know a lot of in a lot of cases. Certain service providers vendors out there will.

00:11:14.900 --> 00:11:29.469 Steven Frey @alwaysfreyday @smbguy: We'll almost do it a disservice and make it seem like it's a commoditized thing like everybody has this. You gotta open one up, and you know. So just sign here and set this up, and there's it's just you know, goes along with sales and revenue generation, but not much

00:11:29.480 --> 00:11:39.030 Steven Frey @alwaysfreyday @smbguy: strategy behind it. And then, you know, a lot of times a business owner and their trusted advisors might be picking apart a mess later on. Something that could have been done a little more thoughtful right from the get-go.

00:11:39.160 --> 00:11:57.680 David Podell: Yeah, we're working specifically in this space for a large deductible tax strategies. a lot of time. And and this is really for an owner. This is really we're looking to find designs and due due diligence on multiple plan designs that are in the industry from all different actuaries around the country.

00:11:57.690 --> 00:12:04.139 David Podell: and that benefit plan that's going to really give the owner a very large retirement contribution.

00:12:04.180 --> 00:12:19.399 David Podell: and that's the end goal. Now there is a ton that comes behind that, and a lot of work before it and after, obviously. But that's when we're brought into a situation. You had brought up networking with the Cpas before, and I just to go back on that.

00:12:19.610 --> 00:12:39.190 David Podell: The reason that we get so much traction and have accountants and tax professionals come to us so much is because we are providing a different value. This is not a value that a financial advisor would generally go to a Cpa and and and and approach them with, and we're we're not. We're not a financial adviser doing that.

00:12:39.230 --> 00:12:58.899 David Podell: We're coming to them with a specific expertise in a niche of a benefit that can help their clients. And it any accounting professionals, and most of the ones that we get referrals from are doing advisory work, and I, don't need another in the sense of they're becoming financial advisors are doing investments.

00:12:59.470 --> 00:13:09.319 David Podell: What they're doing is they're planning their clients tax strategy out throughout the year. Sometimes it's on a monthly basis. Sometimes it's on a quarterly basis.

00:13:09.390 --> 00:13:12.569 David Podell: Many of the tax professionals that come to us

00:13:12.600 --> 00:13:24.049 David Podell: don't even do, returns. They'll outsource that they don't want to be involved in that they want to be involved in getting paid for the return on investment that they are making

00:13:24.080 --> 00:13:28.729 David Podell: for that client by bringing in other resources and strategies to them.

00:13:28.870 --> 00:13:34.230 David Podell: And we just happen to be one of those expertise and resources that a lot of those folks turn to.

00:13:34.440 --> 00:13:44.709 Steven Frey @alwaysfreyday @smbguy: I would agree. I see a lot of strategic advisory work coming from the Cpa world, especially as it relates to succession planning and mergers and acquisitions. I've come across some of that just in my own travels.

00:13:44.720 --> 00:13:58.969 Steven Frey @alwaysfreyday @smbguy: And yeah, it's great that I'm: sure you've had clientele. Ask you along the way about certain things. But I definitely see you as somebody who is constantly thinking about this stuff and going out and trying to actively learn more. And that's kind of how I've conducted myself as well.

00:13:58.980 --> 00:14:14.980 Steven Frey @alwaysfreyday @smbguy: A lot of advisors out there you talked about, you know. Run of the mill normal types of retirement structures, a 401 plan, for example, you know a lot of advisors out there will dabble in that space as an accommodation to the high net worth individual business owner. But it's not something that they really do

00:14:14.990 --> 00:14:22.320 Steven Frey @alwaysfreyday @smbguy: you know, when you reverse engineer things a little bit, and you look at it from the businesses perspective, and how to save money through the business, and how to custom, tailor everything.

00:14:22.360 --> 00:14:37.549 Steven Frey @alwaysfreyday @smbguy: you know by definition. It creates more money for the individual, anyway. So it's something that nobody should turn a blind eye to. It's something that business owners Smb folks. They should be a lot more proactive with than than reactive. That's just the way that I've seen it.

00:14:37.720 --> 00:14:47.109 David Podell: And the Ks. I mean, that does come into play and some stuff. When when we're working with all different kinds of plans and and and and putting all that stuff together. But

00:14:47.180 --> 00:15:02.739 David Podell: we we're not. We don't need to be brought in as any kind of expertise, or do any kind of consulting work when it comes to a. K. There are enough people out there that can do that, and nothing in, and other and even financial advisors. They do it Well, there, there's just enough of that.

00:15:02.750 --> 00:15:27.209 David Podell: we are brought in when that plan needs to get a lot more complex, and that owner says, hey, I had a much bigger year, and I have to put a lot more away, or I need to look at things differently, and I need to do some restructuring on how my you know their their compensation is is set up on their on their team, and how that could work from a benefit standpoint, and that's what we're brought to.

00:15:27.360 --> 00:15:35.060 Steven Frey @alwaysfreyday @smbguy: I love it. We gotta take a quick break, but we'll be right back with David Podell, founder of benefits. Our business benefits. Consultants stay with us.

00:15:38.340 --> 00:15:57.779 Are you a business owner? Do you want to be a business owner? Do you work with business owners? I I'm. Steven, fry your small and medium sized business or Smb Guy and I'm. The host of the new show always Friday, while i'd love to have fun on my show. We take those Friday feelings of freedom and clarity to discuss popular topics on the minds of Smbs today.

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00:17:51.520 --> 00:18:14.049 Steven Frey @alwaysfreyday @smbguy: welcome back everybody. It's Friday. It's always Friday, and it's me. Stephen Fry your Smb guy. We're chatting with David Podell founder of business benefits, consultants some great tidbits in the first segment here from David, an area that needs a lot of attention paid to it before we dive into the method behind David's madness. David, I want to like to sit out by my fire pit for just a moment and give a a quick perspective on the situation here.

00:18:14.080 --> 00:18:15.010 Steven Frey @alwaysfreyday @smbguy: So

00:18:15.260 --> 00:18:26.060 Steven Frey @alwaysfreyday @smbguy: out of out of the business, operating expenses, taxes, and health insurance that I always talk about top 3 things on business owners minds, aside from you know, creating more revenue year over year, growing their business.

00:18:26.100 --> 00:18:31.260 Steven Frey @alwaysfreyday @smbguy: The tax strategies to promote efficiency and savings are very impactful for business owners

00:18:31.280 --> 00:18:40.259 Steven Frey @alwaysfreyday @smbguy: Business owners always want to make more money, but the old thought of it's not how much you make it's how much you keep is is a big big one around this discussion

00:18:40.480 --> 00:18:52.589 Steven Frey @alwaysfreyday @smbguy: I've I've often talked about the impact of rates, of return versus saving money in taxes like as a financial professional, a lot of times when you're when you're counseling individuals or business owners.

00:18:52.600 --> 00:19:06.659 Steven Frey @alwaysfreyday @smbguy: you know they might have water cooler conversation with their friends or neighbors and go. Oh, I got a 10% return. I got a 12% returns. Oh, really, I got a 15% return, and they all look at each other. Is that good. I don't know it could be better. It could be worse. But if you show them

00:19:06.710 --> 00:19:09.789 Steven Frey @alwaysfreyday @smbguy: savings and taxes, even if it's a 1,000 bucks.

00:19:09.880 --> 00:19:15.539 Steven Frey @alwaysfreyday @smbguy: they will often get more excited about the tax savings, especially if it's something that they've never been exposed to before

00:19:15.860 --> 00:19:23.660 Steven Frey @alwaysfreyday @smbguy: having a financial or tax professional who has been practicing for decades, Isn't. Necessarily the answer. It's more about

00:19:23.670 --> 00:19:42.970 Steven Frey @alwaysfreyday @smbguy: who the professional is. Then how long they've practiced. If it's someone who's continuously learning and they keep abreast of the latest changes in laws and strategies as opposed to someone who, you know, learn how to be a Cpa years ago, and just kind of knocks it out every year. You're more likely to have a successful outcome and savings with efficiency with somebody who's up on the current

00:19:42.980 --> 00:19:44.709 Steven Frey @alwaysfreyday @smbguy: the current types of strategies.

00:19:44.970 --> 00:20:02.140 Steven Frey @alwaysfreyday @smbguy: I always like to know what books my guests read, and David mentioned who not how the formula to achieve bigger goals through accelerating teamwork by Dan Sullivan and also Dr. Benjamin Hardy has some some Input in there. I don't have that one in my library at David, and I can't wait to add it, but

00:20:02.150 --> 00:20:12.949 Steven Frey @alwaysfreyday @smbguy: getting into the method behind the madness. This is the scientific part of the show where we talk about. What do you do? How do you do it? And how do you go to market for it? So what is a tax strategy, my man?

00:20:13.520 --> 00:20:33.590 David Podell: So a tax strategy could be a a a very broad term, right? There's tons of them. And actually we just started compiling a list of do it because we have so many different resources to each one, and we're going to be putting that together for business owners to take a look. And just so we know. What are they doing? What have they done? What are they interested in?

00:20:34.690 --> 00:20:42.699 David Podell: Our focus where we focus on our our our strategy is on the benefit side. It's an enhancing the owners benefit plan.

00:20:43.380 --> 00:20:44.400 David Podell: So

00:20:44.680 --> 00:20:48.450 David Podell: normally a small business owner has some type of

00:20:48.910 --> 00:20:51.450 David Podell: on the shell retirement plan

00:20:51.940 --> 00:20:58.380 David Podell: set simple 401 whatever. It is nothing wrong with any of those those plans.

00:20:59.260 --> 00:21:06.039 David Podell: Then they sometimes add employees, and they get to a point where they want to use profit, sharing, or some other component that might be a little bit bigger.

00:21:06.130 --> 00:21:12.399 David Podell: Sure, they start to look at. Well, what do I have to give away? What's going away for me? What's going away for my employees.

00:21:12.580 --> 00:21:15.340 David Podell: How do I feel about that? That's a cost

00:21:15.410 --> 00:21:16.719 David Podell: like to a business.

00:21:17.240 --> 00:21:20.180 David Podell: You're taking care of employees in a good way.

00:21:20.260 --> 00:21:22.319 David Podell: but it is a some type of cost.

00:21:22.440 --> 00:21:32.209 David Podell: and then, as they grow and the numbers get bigger and bigger they might start to look at something even more in depth, some kind of defined benefit plan, cash balance

00:21:33.190 --> 00:21:38.059 David Podell: some of these things that are out there, but just not used as as widely.

00:21:38.500 --> 00:21:40.930 David Podell: And then there's ways to pair them all together.

00:21:42.340 --> 00:21:45.119 David Podell: and then you get to the next realm of

00:21:45.330 --> 00:21:54.710 David Podell: every actuary, having totally different plan designs from the next, and how they pair them together, how they test, how they come up with numbers.

00:21:55.290 --> 00:22:01.539 David Podell: and what happens over time, which I think is even more important, because, as we know, a business is not steady.

00:22:01.910 --> 00:22:04.469 David Podell: Numbers change, cash, flow changes.

00:22:04.880 --> 00:22:05.960 David Podell: and

00:22:06.050 --> 00:22:07.570 David Podell: how do you adhere to that?

00:22:07.890 --> 00:22:11.860 David Podell: So that these are all the things where we help quarterback those resources together.

00:22:12.410 --> 00:22:15.049 David Podell: And, like I said before, we're bringing in

00:22:15.160 --> 00:22:18.919 David Podell: the Cpa the financial advisor

00:22:19.260 --> 00:22:24.160 David Podell: figuring out which is the best Tpa or actuarial design for that client.

00:22:24.840 --> 00:22:27.010 David Podell: and simplifying this for

00:22:27.260 --> 00:22:30.770 David Podell: the actual business owner and their tax professional.

00:22:30.830 --> 00:22:34.159 David Podell: So everybody can take a look at all this and say.

00:22:34.330 --> 00:22:35.780 David Podell: Well, this works

00:22:35.850 --> 00:22:37.260 David Podell: We like this.

00:22:37.430 --> 00:22:39.420 David Podell: And now let's go move forward with it.

00:22:40.770 --> 00:22:49.779 David Podell: and then, once they do there's a lot of work on these on the back end every single year to figure out. It's not just filing forms like a regular forum. Okay.

00:22:51.200 --> 00:22:57.209 David Podell: there's the commitment level which everyone says well do. I have to commit to this, and how much and for how long.

00:22:57.430 --> 00:23:07.800 David Podell: There is a there is a misconception that there isn't flexibility in these funds, and there is an element of flexibility, but it has to be built in. It has to be the right design.

00:23:08.000 --> 00:23:11.849 David Podell: and it has to be the right administrator that understands that.

00:23:13.090 --> 00:23:20.149 David Podell: Then there is what goes in the plan. Well, that's up to the Advisor, the Financial Adviser and that Financial Adviser

00:23:20.370 --> 00:23:33.020 David Podell: wants to know certain things like. Well, if I put these in here this in here? Does that work, or you know, did we make too much money? And how does that affect funding? Did we make too little money? Now? Do we have to add more?

00:23:33.280 --> 00:23:40.309 David Podell: So again, it's a coordination of all these things together that really makes a plan successful, and keeps it continuing to grow

00:23:41.240 --> 00:23:57.589 Steven Frey @alwaysfreyday @smbguy: and and coordination of all the parties, too, is important. I've worked for businesses in the past where that were born out of the idea where the Cpa Wasn't, speaking to the Financial adviser who wasn't speaking to the vendors and all of that Which is, it's crazy for me to even think that that's possible nowadays. Like it's

00:23:57.600 --> 00:24:14.750 Steven Frey @alwaysfreyday @smbguy: there's there's a big need to make sure that the design of what you're what you're looking to do with the business owner is is gonna deliver the outcome. It's. You have some commentary on your site in in the in the blog section that says that tax strategies different from Cpa. Typical practices having a tax strategy

00:24:14.760 --> 00:24:29.310 Steven Frey @alwaysfreyday @smbguy: is a projected vision for your financial future, and as such the strategy should be designed for the long term and the present. I completely agree with that. And again, like I said before, a lot of times, certain Cpas they'll be focused on the next quarter of business.

00:24:29.370 --> 00:24:38.959 Steven Frey @alwaysfreyday @smbguy: And you know further, further, fewer further between that they're focused on the next 2030 years of your life. But when you marry all these components together, you get a lot better result that way.

00:24:39.640 --> 00:24:45.110 David Podell: Yeah. I mean, we spend a lot of time on cash flow for the business and understanding what that looks like first.

00:24:45.590 --> 00:24:49.880 David Podell: probably more than usual than we need to be. But we want to know

00:24:50.240 --> 00:24:55.739 David Podell: we. We don't want to put together a proposal, or go out to market and look at all these different actorial designs

00:24:55.790 --> 00:25:07.729 David Podell: that might maximize a deduction of $500,000. If the cash flow for the business, and the owner can only put away 125,000.

00:25:07.900 --> 00:25:14.199 David Podell: It doesn't fit right You need to understand what that looks like from a minimum to a maximum

00:25:14.440 --> 00:25:16.839 David Podell: of what that range could possibly be.

00:25:16.960 --> 00:25:21.140 David Podell: and how that client feels about that. What did they do in past years?

00:25:22.280 --> 00:25:29.580 David Podell: What are they putting away? Currently we want to consult with their adviser, their financial advisor. What is their income in the business?

00:25:29.700 --> 00:25:31.420 David Podell: What income can we use?

00:25:32.210 --> 00:25:36.450 David Podell: And I know we're probably going to get into into this a little bit later, but

00:25:36.570 --> 00:25:50.029 David Podell: we come across a lot of very interesting things out there where the accountants will show us something where there's there's income coming from all different sources. We have clients where we're given just a straight flow chart.

00:25:50.100 --> 00:25:56.459 David Podell: and there are multiple businesses on top multiple businesses in the middle and multiple business on the bottom

00:25:57.040 --> 00:26:06.300 David Podell: Cross Llcs: everything you can name, and they they'll say, where Where do we do this? How do we do it? What employees get pulled in.

00:26:06.320 --> 00:26:09.850 David Podell: and what needs to change here for this? To work in which we

00:26:10.260 --> 00:26:29.400 David Podell: a lot of times. It it involves us bringing in an Orissa attorney. So you still need to bring in somebody else a lot of times and another resource to get an opinion, or really take a look at how things could be structured the right way. So we are brought a lot of times, these more complex situations.

00:26:29.870 --> 00:26:49.559 David Podell: But if you go back to your regular small business owner, who just doesn't have, and, like you said before, have a tax strategy they really need to sit down and say, Well, what can I do? What am I missing? Because these are boxes that can be checked? And these are different levers in the actual tax code, or there's tons of them

00:26:49.570 --> 00:26:56.080 David Podell: that could be pulled, and most people just aren't using them because they don't have the knowledge that they exist.

00:26:56.420 --> 00:26:57.729 David Podell: and if they do.

00:26:57.800 --> 00:27:17.220 David Podell: they don't know the resources on where to go, and I get that a lot from any new tax advisors that I I sit down with or or meet. They'll say to me, I know these plans are great. I know what you're doing actually works. It's perfect. This is great for my clients. I just didn't have anybody that I knew that did this.

00:27:17.930 --> 00:27:36.700 Steven Frey @alwaysfreyday @smbguy: We're coming up to another break here. But i'm curious to to know if you if you see some of the things I see out there when When a. When a business owner has been working for somebody else most of their career. Corporate America, even if it's a small medium-sized business where it was a different owner and then they bite the bullet. They become an entrepreneur, and they go off, and they form their own business

00:27:36.710 --> 00:27:49.919 Steven Frey @alwaysfreyday @smbguy: a lot of times when it relates to the benefit side of things. They're still looking at it as an employee who was participating in a larger plan, with a larger organization instead of ways that they can structure it as the owner of the business. You see that as well. 250

00:27:50.820 --> 00:28:08.330 David Podell: I do, and it's not entire. It's not really our job to T to advise the client, because we're in the specific space to tell the client. Here's what you did for for retirement. Here's where you are. Here's where you're tracking. Here's where your goals are. That's the advisor that's on the.

00:28:08.340 --> 00:28:20.240 David Podell: and that's good financial planning. And we advocate that everyone should be doing something like that if they're in that situation. it will clarify goals. It's it's a great thing. it's

00:28:20.420 --> 00:28:33.860 David Podell: it's more on the side of Well, you've done these things. You have this stuff going on, and you're right. You you come from another, you know corporate world, and you you have what you have as an employee benefit. But now you're an owner.

00:28:33.950 --> 00:28:39.410 David Podell: Yeah. So now it's an employee Your benefit. It's how do I take care of myself

00:28:39.580 --> 00:28:55.140 David Podell: and really deal with the problems that I have, which as an owner and you become profitable. And you're not just only paying out expenses. You start to look at certain things like the am I spending at the end of the year?

00:28:55.240 --> 00:29:10.329 David Podell: Am I pushing my my Billings into next year, because I don't want to pay taxes on them this year, or am I trying to create some extra expenses, buying vehicles, buying equipment where it is into this year? Because I want those expenses.

00:29:10.580 --> 00:29:15.719 David Podell: Those are great clients that we get because they have problems. They have the problem.

00:29:16.160 --> 00:29:20.410 David Podell: and they might not be using the correct solution to solve it.

00:29:21.040 --> 00:29:28.920 Steven Frey @alwaysfreyday @smbguy: 100. We're going to take a quick break, but we will be right back with David Podell, founder of business benefit consultants. Llc. Stay with us.

00:29:30.530 --> 00:29:33.819 Are you passionate about the conversation around racism.

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00:30:57.380 --> 00:31:06.620 You're listening to talk radio and Yc: at Www: talk radio dot and live scene now broadcasting on 24 h a day.

00:31:31.860 --> 00:31:47.270 Steven Frey @alwaysfreyday @smbguy: Welcome back to always Friday with me, Stephen Fry your Smb. Guy. We are chatting with David Podell, founder of business benefits, Consultants Llc. Some great tidbits from David Here, being a employer-centric, working on employer, sponsored benefit plans

00:31:47.280 --> 00:32:05.530 Steven Frey @alwaysfreyday @smbguy: being a trusted resource to financial advisors, Cpas, all types of all types of folks who partner with the businesses to really maximise the tax strategy and the efficiency. Great discussion. Love it. I get very passionate about it. I'm sorry I don't want to cut you off at all. I want you to say your piece.

00:32:05.550 --> 00:32:21.480 Steven Frey @alwaysfreyday @smbguy: There's there's some content on your website again, following the the what is a tax strategy, you know, people having to visualize their results, which sometimes can be difficult for business owners to get past, just them making more money and getting into the process side of things, of how everything is actually going to happen.

00:32:21.490 --> 00:32:34.980 Steven Frey @alwaysfreyday @smbguy: And this is, I see this as stuff that you have to deal with on a regular basis, and you were talking about it just now, even like at the end of the year, buying expensive pieces of equipment. I personally know someone who works in the IP, the Pre Ipo world

00:32:34.990 --> 00:32:49.750 Steven Frey @alwaysfreyday @smbguy: who bought really expensive car last year. He's had a great year and had to do something that was the deductible right? And then a little bit rougher year this year. So you know a lot of times having somebody angel on your shoulder, if you will like you and your team.

00:32:49.760 --> 00:33:02.669 Steven Frey @alwaysfreyday @smbguy: who can kind of help the adviser and help the Cpa navigate some of this, and making sure that the benefit programs you have in place that are intended to be funded. Everything can be funded, and everybody is comfortable with the strategy. So, David.

00:33:02.690 --> 00:33:19.759 Steven Frey @alwaysfreyday @smbguy: this is the madness part of the show. This is the artistic observational part of what we do. The stories you have from the field no subject to taboo. You could tell us anything. I have a ton of stories from these types of travels. We want to hear yours. What kind of madness have you seen out there with? With with respect to what you do.

00:33:20.280 --> 00:33:21.710 David Podell: Well.

00:33:22.200 --> 00:33:27.289 David Podell: the average business owner is not on top of this right, because they're not supposed to be.

00:33:27.860 --> 00:33:38.099 David Podell: They're supposed to, and some are extremely proficient in investments and retirement plans and benefit plans, and they have a big stronghold on their business.

00:33:38.150 --> 00:33:40.230 David Podell: most are not.

00:33:40.440 --> 00:33:50.260 David Podell: and even in I I find that the ones that are they're researching all the time. What's the next best thing? What am I not doing? So

00:33:50.580 --> 00:33:55.919 David Podell: Those become good people for us to talk to, because they're very interested in learning more.

00:33:57.470 --> 00:34:08.769 David Podell: Most business owners, as you know, focus on the day to day, and that's what it's how to increase revenue. How do you increase profit and dealing with everything else in between?

00:34:09.159 --> 00:34:10.399 David Podell: And

00:34:10.590 --> 00:34:26.149 David Podell: then they'll find something you know, to take care of that, you know. Let's go find a benefit, provide, or whatever it is, and put something in place. We'll take care of the employees, because that's how we have to do it, and that's exactly what they should be doing, whether it's a retirement plan, health insurance, all the stuff that they need to do

00:34:26.210 --> 00:34:27.819 David Podell: to grow properly.

00:34:28.760 --> 00:34:30.409 David Podell: and then they get to a point

00:34:30.980 --> 00:34:34.730 David Podell: as they grow and have the growing pains of Well.

00:34:35.340 --> 00:34:41.240 David Podell: I need something else. I need to increase on something from, maybe to keep a key employee then.

00:34:41.280 --> 00:34:44.740 David Podell: so they talked to their adviser, and they could get help on that.

00:34:45.860 --> 00:34:59.470 David Podell: But as they grow. They also get to a point of wait a second. I'm paying a lot in taxes. In fact, I now have the Irs as a partner on my side that I have to pay a very large dollar amount to every year.

00:34:59.730 --> 00:35:03.400 David Podell: Am I maximizing what I should be doing? What I could be doing Here

00:35:03.440 --> 00:35:06.770 David Podell: is everything like I said before, are the levers getting pulled.

00:35:06.860 --> 00:35:19.370 David Podell: and that's when they want to talk to somebody, whether it's consulting like us to their more more importantly to their Cpa to say, what what are you? What am I missing here? What can we do? How do we strategize

00:35:19.410 --> 00:35:32.759 David Podell: and just like planning out their business. This is planning the same way. It's planning their business, planning, retirement, planning their vision. it needs to be the right people, the right tax professionals. If they're

00:35:32.770 --> 00:35:52.619 David Podell: comfortable with that tax professional, they should be just saying to them, i'd like to do more with you on this plan. or sometimes we've seen a lot of clients will go in. They'll bring in a separate tax professional that only does advisory slash, consulting work like that, and keep their current

00:35:52.640 --> 00:35:59.030 David Podell: Cpa to do everything that they were doing, and they they'll kind of work together

00:36:00.120 --> 00:36:06.459 David Podell: and then we're brought in as in, when there's start looking at specific niche resources.

00:36:06.500 --> 00:36:08.149 David Podell: So that's

00:36:08.280 --> 00:36:31.869 David Podell: kind of where, from a planning standpoint where things are coming from what we've seen as far as problems I brought up before. You have some businesses that just get out of hand where they keep acquiring different llcs. Maybe they're buying different properties. Get involved with different projects. and Ipo. We we see with clients all the time. They're investing in different start ups and all these things.

00:36:32.040 --> 00:36:38.749 David Podell: and then they need to figure all that out, and bring that all together, and and see how does that? Is that all? Structured properly

00:36:38.960 --> 00:36:56.960 David Podell: is they are the the assets in the right places. and the businesses in the right entity formation. So those are accounting type things for the accountants have to do that again. We're brought in to look at that chart and look at all everything that's going on to say

00:36:57.160 --> 00:37:02.520 David Podell: what strategies are getting used, and where, and are they in the right places. And is it benefiting the owner?

00:37:03.490 --> 00:37:07.770 Steven Frey @alwaysfreyday @smbguy: So a lot of what you had said, you know, just now was revolving around

00:37:07.780 --> 00:37:23.699 Steven Frey @alwaysfreyday @smbguy: again like I like. I like the book that you referenced. Who? Not? How right it's like the right types of Cpas, the right types of financial professionals. And and you guys being the right types of consultants to really work with the business owner and their respective advisors to make sure everything is is going to hum accordingly.

00:37:23.710 --> 00:37:29.199 Steven Frey @alwaysfreyday @smbguy: One thing that I see out there, and you know you can tell me if you see the same or not at all right.

00:37:29.650 --> 00:37:41.270 Steven Frey @alwaysfreyday @smbguy: And with the access to information that everybody has some some business owners like you had said, if they take it upon themselves that they want to learn more, and they want to research a lot of times that can be great. 150.

00:37:41.280 --> 00:37:50.170 Steven Frey @alwaysfreyday @smbguy: A lot of times the business owner will will use their access to information and the Internet to be like. Oh, i'm just gonna get this done myself. I don't need anybody else to help me. I know what I gotta do.

00:37:50.410 --> 00:38:02.199 Steven Frey @alwaysfreyday @smbguy: and a lot of times that can lead them down the wrong road, and it's almost like you have to unwind stuff that they started. Do you see that where people tried to be their own consultant, their own advisor, their own tax specialist.

00:38:02.430 --> 00:38:21.389 David Podell: i'm glad you brought that up. I mean there's always to do it yourself in in, you know. Person in in anyone and and those people generally don't work with financial advisors. Those people generally use a turbo tax or type software rather than hiring an account in

00:38:21.400 --> 00:38:35.759 David Podell: those people. They're They're gonna be out there, and there's nothing wrong with them, and they can try to piece certain things together and deal with. You know you deal with the problems and deal with what what you know and what you don't know by your own research. generally

00:38:36.250 --> 00:38:38.280 David Podell: like those we're not getting those people

00:38:38.460 --> 00:38:53.379 David Podell: who's getting referred to us. It's always someone that has went to a trusted advisor. Let's just say they went to their financial advisor and said, I need something more. I need something else. I need a better type of plan. Their advisors coming to us

00:38:53.930 --> 00:39:04.769 David Podell: say they went to their Cpa and said, I I need help here, or I need a vision, or we need something that is going to do more because this Isn't working for me.

00:39:04.920 --> 00:39:10.859 David Podell: So they went and asked questions, look for more, and then more of teams, certain resources to do it.

00:39:12.050 --> 00:39:17.389 David Podell: it's they generally don't have those professionals by their side if they are doing yourself

00:39:17.580 --> 00:39:19.509 David Podell: that's really the the answer.

00:39:19.730 --> 00:39:35.700 Steven Frey @alwaysfreyday @smbguy: Yeah, no. And that's what I see, too. you know, with certain certain pieces of that audience, though I I do see them reach the Age of Reason, where the light bulb goes off in their head, and a lot of times it it it like correlates with when they're getting so busy with their work

00:39:35.780 --> 00:39:55.249 Steven Frey @alwaysfreyday @smbguy: that, or just like you, said, acquiring other elder businesses, other real estate locations, 1 one somebody who I've been working with as of late, you know, serial entrepreneur like Smb Guy in his own right as well, and he's somebody like that. He's definitely a do it yourself for, and he's kind of reached that age of reason at this point where

00:39:55.260 --> 00:40:15.119 Steven Frey @alwaysfreyday @smbguy: he knows he can't do it himself, and he knows that even the employees that he has alongside of him they collectively can't do it themselves. They need some help consultatively on somebody with a little bit of an impartial lens. Who's not, you know, directly related to the business, or in some cases a family member of the people who are, you know, related to the ownership of the business.

00:40:15.130 --> 00:40:17.929 Steven Frey @alwaysfreyday @smbguy: There's a lot a lot of good work to be done there.

00:40:18.240 --> 00:40:29.729 David Podell: Yeah, and I think we all start to look at things sometimes and say, Well, how can we do this without without someone, or what? Or am I getting the lowest cost? Because

00:40:29.740 --> 00:40:46.039 David Podell: I don't want to pay a financial advisor, but I want financial advice, or I don't want to pay my account in because I can go and do my own return, right? So everyone probably thinks about that looks at it. and then we go, and we compare value.

00:40:46.090 --> 00:40:49.589 David Podell: and what that value that we're obtaining by

00:40:49.660 --> 00:40:52.600 David Podell: spending that money for that service.

00:40:52.720 --> 00:40:53.740 David Podell: And

00:40:54.070 --> 00:41:05.019 David Podell: it just depends on what's the right person to to to do that. But back to who? Not? How? it's! It's the business owner is coming up with a vision coming up with an idea

00:41:05.140 --> 00:41:06.940 David Podell: coming up with a thought.

00:41:07.120 --> 00:41:10.199 David Podell: and they need to go and put those things into place.

00:41:10.420 --> 00:41:13.809 David Podell: So it's it, it's.

00:41:14.340 --> 00:41:33.280 David Podell: I don't want to work on the ha! It's who who do? I have to help implement me and do that, and we've had. We brought on some cory clients that they use the word team. I want you on my team. What is your team? Well, it's this person that's my attorney, this person it's my financial advisor. This person is doing

00:41:33.290 --> 00:41:43.860 David Podell: advisory consulting this person that's doing this, and they have multiple people on that team that they know who to go to for when and where to ask questions, and they want to know those people coordinate.

00:41:44.900 --> 00:41:59.999 Steven Frey @alwaysfreyday @smbguy: Yeah, 1 100%. It's. I can't say it enough, even though I say it every week to to the point where it sounds like a broken record. It's about the people. First. We're all people like whether you're a business owner. You're an employee of a larger organization like everything begins and ends with the people.

00:42:00.010 --> 00:42:19.600 Steven Frey @alwaysfreyday @smbguy: The process that you execute together like if you think about it before particular products. I'm. I'm always astounded when people ask questions about particular investments and things like that out there, and a lot of times they don't have just the the foundational mindset, and thinking they Haven't really thought of their vision. Yet, as far as what they want, want everything to look like down the road

00:42:19.610 --> 00:42:23.809 Steven Frey @alwaysfreyday @smbguy: it's like. It's really hard to put together the appropriate strategy. If you don't

00:42:23.900 --> 00:42:27.270 Steven Frey @alwaysfreyday @smbguy: go through everything with the right people and the right kind of cadence

00:42:27.960 --> 00:42:38.270 David Podell: when you try to get into something as complex as this, or many other things like just axes.

00:42:38.650 --> 00:42:58.579 David Podell: You do get to a point and say, like, what am I doing like? What am I doing this the right way? What if i'm? Not? What if I what what don't? I know what could be done different, or it really sometimes just takes a problem to a car for you to throw up your hands and say I should not be doing this, and I don't have time to do this.

00:42:58.590 --> 00:43:06.669 Steven Frey @alwaysfreyday @smbguy: Yeah, and that's that's actually something we talked about last week. It doesn't have to be something devastating that happens in order to to really get in the right way of thinking.

00:43:06.710 --> 00:43:14.160 Steven Frey @alwaysfreyday @smbguy: But we're gonna take a quick break. We'll be right back with David Podell, founder of business benefits, Consultants Llc: You stay with us.

00:43:17.160 --> 00:43:41.020 Everybody. It's Tommy Dean and nonprofit sector connected coming at you by my adding each week here on talk radio that Nyc: I hosted program at the process nonprofits impact us each and every day, and it's my focus to help them amplify their message and tell their story. Listen: each week at 10 am. Eastern Standard time until 11. Am. It's from standard time right here on talk Radio.

00:43:41.700 --> 00:43:42.600 Okay.

00:43:43.020 --> 00:43:57.190 Yeah, of course, Covin boy, you may have many unanswered questions regarding your health. Are you looking to live a healthier lifestyle? Do you have a desire to learn more about mental health, and enhance your quality of life? Or do you just want to participate in self understanding and awareness.

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00:45:21.230 --> 00:45:30.290 Steven Frey @alwaysfreyday @smbguy: Welcome back to always Friday with me, Stephen Fry or Smb. Guy. Not just me. We are with David Podell, founder of business benefits, consultants, Llc.

00:45:30.300 --> 00:45:44.770 Steven Frey @alwaysfreyday @smbguy: Some great thoughts from David here today. I hope you guys have been listening. This is a topic that I get very passionate about after dealing with Smbs for over 20 years. There's a lot of good work to be done in this area where, especially folks who are entrepreneurs who become their own business owners.

00:45:44.780 --> 00:45:52.279 Steven Frey @alwaysfreyday @smbguy: they could really use the help of somebody like David alongside of their trusted advisors. So very important to take a lot of this to heart.

00:45:52.290 --> 00:46:05.480 Steven Frey @alwaysfreyday @smbguy: David. This is the message part of the show from weekend insight to Monday impact. That's the idea. Here. We want to leave everybody with some sound bites that they can really digest over the weekend as they're enjoying their cocktails on the first night of Hanukkah for all my brethren out there.

00:46:05.490 --> 00:46:14.600 Steven Frey @alwaysfreyday @smbguy: But but there's there's a lot to unpack here, and a lot of it revolves about around being, you know, more proactive versus reactive. But we were talking about in the Last segment.

00:46:14.640 --> 00:46:28.639 Steven Frey @alwaysfreyday @smbguy: Just the idea of Don't wait for something devastating or earth-shattering to happen before you start. Having these conversations like tax deadlines, even on an annual basis, have the conversation beforehand.

00:46:28.650 --> 00:46:37.780 Steven Frey @alwaysfreyday @smbguy: My special guest last week, also from Morris County, James Jacobi, said things like, Why wait to be great? You know you want more. Don't wait for something devastating to happen.

00:46:37.790 --> 00:46:55.940 Steven Frey @alwaysfreyday @smbguy: and and this is very similar to that. I love the way that you put it, where Uncle Sam can almost become a partner in your business if you're doing really, really well, and you're paying Uncle Sam a whole bunch of money in taxes. Well, if you have another partner in your business. You want to capitalize on them as best you can, and if there's tax

00:46:55.950 --> 00:47:11.299 Steven Frey @alwaysfreyday @smbguy: code law, and there's ways of strategizing to to really put these benefits together that can help the employer accomplish a lot of goals that makes them more of a partner in the business, and that's great work that you do. But I don't want to talk the whole time, even though I get really hyped up on this stuff.

00:47:11.470 --> 00:47:18.130 Steven Frey @alwaysfreyday @smbguy: What kind of sound bites can you leave everybody with over the weekend. That'll prompt them to take some action on Monday morning before tax season.

00:47:18.400 --> 00:47:20.779 David Podell: Yeah, if you have a profitable business

00:47:20.860 --> 00:47:22.770 David Podell: and you're paying taxes.

00:47:23.470 --> 00:47:33.609 David Podell: Take a look and make sure you want to ask your account. And am I taking advantage of everything? Ask that tax adviser. Is there anything else that I could be doing.

00:47:34.610 --> 00:47:38.130 David Podell: because a lot of times it's just

00:47:38.340 --> 00:47:40.330 David Podell: let's just go. Let's scope.

00:47:40.480 --> 00:47:46.179 David Podell: hey, what it is like, hey? What it is! Talk to your financial advisor and say, is there anything else I could be doing

00:47:46.220 --> 00:47:49.719 David Podell: to be putting a lot more money away than I than I have

00:47:50.000 --> 00:47:59.219 David Podell: on a pretext basis, or to be pulling more money out of my business. I want to remove more my business on a pre tax basis. How can I do that

00:47:59.530 --> 00:48:04.919 David Podell: the plans that I'm set up with they might not be, you know they might not give me enough value.

00:48:04.970 --> 00:48:06.460 David Podell: so what could be done?

00:48:06.860 --> 00:48:10.959 David Podell: Back to your question on. You know your comment on on vision.

00:48:11.210 --> 00:48:19.549 David Podell: Do we have a tax plan? Yeah. We have a a a strategy here. But what are we doing to maximize everything that could that could be done out there?

00:48:20.250 --> 00:48:25.439 David Podell: Lot of profitable small businesses out there, whether they're doing

00:48:25.570 --> 00:48:29.669 David Podell: half a 1 million in in in profit, a 1 million a profit.

00:48:30.100 --> 00:48:31.649 David Podell: 20 million a profit.

00:48:33.260 --> 00:48:48.030 David Podell: They're not doing what they could be doing, and they just wind up paying taxes every year and then complaining about it. And we're not trying to avoid any taxes at all. What we're trying to do is bring to light strategies that are out there

00:48:48.650 --> 00:48:49.980 David Podell: that can be used.

00:48:50.150 --> 00:48:54.670 David Podell: and they should be used because they're great benefits, and they can benefit

00:48:56.210 --> 00:49:10.450 Steven Frey @alwaysfreyday @smbguy: It's like you had said before. You know a lot of the Smb owners out there, and I see this, too. They're involved in the day to day of making money, of raising the revenues of the business, and a lot of times. This is just, even if it's an afterthought. Sometimes it's not even a thought.

00:49:10.460 --> 00:49:18.590 Steven Frey @alwaysfreyday @smbguy: I've seen plenty of examples where business owners that have been around for 30 years. They get to a point, and they're just like you know what it's time to hang it up. I'm going to sell my business.

00:49:18.850 --> 00:49:35.089 Steven Frey @alwaysfreyday @smbguy: and there's so much that can happen before that a lot of mergers and acquisitions succession planning specialists that I've spoken with and have interviewed on the air here. They'll say that, you know. Really good planning like that starts years in advance, right? And that's something that that you like.

00:49:35.240 --> 00:49:53.360 Steven Frey @alwaysfreyday @smbguy: People need to be conscious of. If they go and hack, try to hang it up one day and just say, hey, i'm done. They might miss out on on all kinds of tax benefits and and things, ways of of putting this all together for succession, planning or or selling the business. You know, Steven, we get. We we've gotten a a few recent cases where

00:49:53.440 --> 00:49:56.850 David Podell: they're selling the business. It's time that time has come

00:49:57.120 --> 00:50:03.390 David Podell: and what's their biggest complaint? All the taxes that they're going to be paying on that sale.

00:50:03.580 --> 00:50:09.610 David Podell: We're we're looking at all different strategies in that situation, and a lot of times it's been

00:50:09.660 --> 00:50:25.459 David Podell: You can't do anything. You. It's too late like you're you're closing in in in a month or 2 months like there's nothing you know. We we should have planned for this before, and there are strategies out there that can help mitigate. That's what this is. This is mitigation. So

00:50:26.200 --> 00:50:33.340 David Podell: you have to plan. You have to look at these things, and you have to ask all the questions and understand that there are things out there that can be done.

00:50:33.350 --> 00:50:54.530 Steven Frey @alwaysfreyday @smbguy: And there's things that I've even tripped across just in my own entrepreneurial ventures and my own mind where some of it, by by definition, starts 5 years in advance, like you. If you want to avoid certain tax bills this way, like you know. Not Not say avoid it, and put it that way, but it's almost like you're You're spreading out more of the tax liability over the over the years, instead of.

00:50:54.540 --> 00:51:08.949 Steven Frey @alwaysfreyday @smbguy: you know, minimizing it, and then taking, you know, having to deal with it all at the end. There's ways of setting up the entities and and and related companies, and all of that where you know. I've seen people save millions of dollars on the transfer of the business. That's not insignificant.

00:51:09.630 --> 00:51:10.679 David Podell: It's correct.

00:51:11.460 --> 00:51:28.559 Steven Frey @alwaysfreyday @smbguy: Well, David, I really appreciate you joining me here today. If you guys want to get in touch with the folks at business benefits. Consultants Llc: You can email info at Bb. Consultants. Lcom: You guys do have text capability these days with with your phone number.

00:51:28.980 --> 00:51:31.419 Steven Frey @alwaysfreyday @smbguy: What's what's your number again? I can't read it. It's too small.

00:51:31.910 --> 00:51:35.599 David Podell: 9, 7, 3, 2, 2, 7, 8, 0, 0, one.

00:51:35.910 --> 00:51:50.830 Steven Frey @alwaysfreyday @smbguy: and you'll see them on social media. You could join Facebook groups. This is some some great work that's being done again. I've I've seen the need and want for it for years, and sometimes business owners and their trusted advisors don't even know what they're asking for with this type of help.

00:51:50.840 --> 00:52:02.329 Steven Frey @alwaysfreyday @smbguy: But I can tell you firsthand a lot of times. What they're asking for is David Podell, his team at business benefits, Consultants Llc. So, David, thank you so much for joining me here today. I really appreciate it

00:52:02.600 --> 00:52:21.200 Steven Frey @alwaysfreyday @smbguy: before I let you go. I'm going to revisit the answers to my questions that I like to ask every guest, and this is episode 105. So there's been a lot of these questions passed. passed along. So who is your favorite movie or TV? Show character. What's your favorite movie, your TV show? What's your favorite musical instrument? And who's the artist? You'd like to hear play it.

00:52:21.210 --> 00:52:34.920 Steven Frey @alwaysfreyday @smbguy: So you said, not much. TV these days. You're reading a lot more books and all of that, and falling asleep to some TV shows at night. But after I I warmed it out of you. I did find out that your favorite movie character is William Wallace.

00:52:34.970 --> 00:52:44.869 Steven Frey @alwaysfreyday @smbguy: So the man from braveheart Scottish warrior who leads his countrymen in a rebellion to free his homeland from the tyranny of King Edward I. Of England.

00:52:44.920 --> 00:52:50.470 Steven Frey @alwaysfreyday @smbguy: It just reminds me of. There's 2 guarantees in this life you need to pay taxes, and you need to die.

00:52:50.630 --> 00:53:04.069 Steven Frey @alwaysfreyday @smbguy: Interesting analogy here with William Wallace, as as sometimes taxing authorities can be looked at as tyrants. But he says in the movie. Every man dies. Not every man really lives. Well, you save a whole bunch of money in taxes.

00:53:04.180 --> 00:53:06.659 Steven Frey @alwaysfreyday @smbguy: you know, calling David and his and his team.

00:53:06.920 --> 00:53:12.259 Steven Frey @alwaysfreyday @smbguy: There's a lot more ways to live, man. That money does a lot more in your pocket than it does in Uncle Sam's pocket. So

00:53:12.670 --> 00:53:14.860 Steven Frey @alwaysfreyday @smbguy: definitely some good thoughts there, I would think

00:53:15.360 --> 00:53:28.400 Steven Frey @alwaysfreyday @smbguy: so. Your favorite TV shows, which you said you fall asleep to at night are the office so? And Seinfeld. So yeah, who doesn't love the mockumentary on SMS and the witty humor of neurotic Jerry and his neurotic friends.

00:53:28.410 --> 00:53:45.400 Steven Frey @alwaysfreyday @smbguy: If only the business owners out there were productively neurotic about their tax strategies. All the SMS would be in great shape, but a lot of times it's not how it is. It's just about the day to day and getting things done. So festivals miracle. If you want to make a festivist miracle happen you'll start doing some tax strategy planning. Now.

00:53:45.830 --> 00:53:51.159 Steven Frey @alwaysfreyday @smbguy: So you're as far as your favorite instrument and musician, you'd like to hear play it.

00:53:51.200 --> 00:54:08.989 Steven Frey @alwaysfreyday @smbguy: What you had said to me is, you had a little bit of an affinity for the 80 S. Hair bands, which I thought was great 80 80 S. Hair metal, while bands like motley crew, rat, quiet riot, Van Halen. They They first took heavy metal mainstream, some of the later bands, like Bon Jovi poison, Cinderella warrant, and white snake. They made

00:54:09.000 --> 00:54:24.209 Steven Frey @alwaysfreyday @smbguy: hair band songs, a stable on on the top 100 for a while. So you did mention seeing poison a number of times so very cool. I'm a big music guy, so I like that I know you like all different types of music. I do, too. But I actually love that answer. I thought it was great.

00:54:24.270 --> 00:54:42.050 Steven Frey @alwaysfreyday @smbguy: So, David once again. Thank you so much for being here. Last episode of of 2022, everybody. So I want to just say, have a very happy Hanukkah. Have a very merry Christmas and a very nice festival. For the rest of this we will be back in 2023

00:54:42.060 --> 00:54:44.749 Steven Frey @alwaysfreyday @smbguy: Fridays, 11 a M. Eastern time

00:54:44.920 --> 00:54:55.979 Steven Frey @alwaysfreyday @smbguy: right after Tommy D. On philanthropy and focus right here on talk radio. Dot Nyc: Have a great New Year. Everybody very happy holidays. We'll see you soon.

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