SUMMARYCarter Cofield, a tax strategist and financial expert, joins the show to break down the biggest tax-saving strategies that business owners and entrepreneurs often overlook. He shares his personal journey, detailing the mistakes he made early on by hiring cheap, ineffective accountants and the costly process of fixing those errors. His insights focus on proactive tax planning, leveraging legal loopholes, and ensuring financial organization to maximize profits and minimize liabilities.Beyond taxes, the conversation dives into business-building fundamentals, emphasizing the importance of hiring the right team to scale beyond seven figures. Cofield also reveals his top strategies for social media success, explaining how consistency and daily engagement transformed his online presence into a powerful business tool. Whether you're an entrepreneur looking to save money on taxes or an aspiring business owner aiming to grow online, this episode delivers actionable insights that can change your financial future.CHAPTERS02:35 - The Mindset Shift That Changed Everything04:50 - How Taxes Can Make You Rich07:15 - The Tax Loopholes You’re Not Using09:30 - How to Avoid Costly Tax Mistakes11:45 - The Secret to Staying Organized with Finances14:00 - The Right Way to Write Off Big Purchases16:20 - Finding the Best Tax Strategist (And Avoiding Bad Ones!)18:40 - Building a Multi-Million Dollar Business from Scratch20:55 - Social Media Secrets for Explosive Growth22:30 - Where to Find the Best Tax AdviceGUEST DETAILSGuest Name: Carter CofieldCompany: Melling & MoneyYouTube: Melling & MoneyInstagram: @Cofield_AdvisorConnect with Rudy Mawer:LinkedInInstagramFacebookTwitter
Chapter 1: What mindset shift is crucial for tax savings?
If your tax strategist can't tell you before you hire them how much money they're going to be able to save you, walk away. Because we work for all of our clients for free. I know how much I'm going to save you before I pay you. So I'm an investment more than I am a call.
Yeah, I always say that. I say the best attorneys and accountants should save you money, not cost you money. It's an investment. So if someone's listening that's in that income bracket, maybe doing a mil or two a year growth, and they're taking home three, four, five, 600K. What are some other more advanced things they're not thinking of? Spending money for a deduction is development.
Chapter 2: How can taxes actually make you rich?
But investing money to get a deduction isn't even better. Another strategy that I think is big in today's space is...
Chapter 3: What tax loopholes are often overlooked?
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Chapter 4: How can you avoid costly tax mistakes?
What's up, guys? Welcome back to another episode of Living the Red Life. Today, we're going to talk about your favorite topic.
Chapter 5: What is the secret to staying organized with finances?
taxes i'm here with my friend carter he is one of the top tax experts you've probably seen him on social media with the viral reels but here we go let's talk taxes welcome to the show buddy happy to be here brother so fun topic yeah right yeah yeah i don't actually mind it because i've learned it yeah your job is to educate entrepreneurs like me 10 years ago that had no clue yeah what the heck to do with taxes right so how did you get into this
Chapter 6: How can you write off big purchases correctly?
Well, so it was funny because we all want to make money, right? And so when I started working in corporate America in the tax field, our clients would make a lot of money, but they were really upset because they were paying a lot of money in taxes. So I learned very early on that it's not about how much money you make. It's about how much money you can't, right?
Chapter 7: What should you look for in a tax strategist?
And so I decided I want to leave corporate America and start a company where I can just help entrepreneurs save on taxes because we work the hardest. We put our butt on the line. We do everything. And then a silent business partner says, hey, you made a million. I want to take 50% of that. And that's not fair. So I found out we can do two things.
Chapter 8: How can you build a multi-million dollar business from scratch?
We can get upset about it or we can get smart about it. So that's what I decided to do.
Chapter 9: What social media strategies lead to explosive growth?
Yeah, I think there's this like general misconception of taxes that they're all bad, terrible, blah, blah, blah. But it's just like, it's kind of the famous saying, right? There's two parts of life that are for sure, death and taxes. Right. So once you accept that you're going to die and pay taxes, then you just got to figure out how do I legally maximize, you know, my tax strategy.
Chapter 10: Where can you find the best tax advice?
That's the thing.
One of my favorite quotes is that we should all pay what we legally owe in taxes. Let's not leave a tip. You know what I'm saying? A lot of people are tipping the IRS unwillingly or unknowingly because they don't have a tax strategy. And that's where I come in, that's where me and my team comes in, because there are strategies that we can implement to make sure you minimize your tax bill.
And that's what our goal.
Yeah. I learned, you know, I kind of, I think I'm pretty good in business at like hiring experts and the right people. So as soon as my tax bill started getting over like six figures, I was like, okay, I got to go see someone. And you know, I'm lucky cause I've been in masterminds for eight, nine years teaching Facebook and marketing.
So you, you always meet a lot of really successful people there and they intro you and And I learned so much in the last few years. Like I went down a rabbit hole, studied it a little. And now, you know, I know how to really navigate it. But if someone's listening and they've not done that, what are a few just like intro tips on like understanding taxes and entrepreneur?
Yeah, so intro tip is understanding that the IRS says any expense that is both ordinary and necessary for your business, you get to deduct. So it's up to you to define if something is ordinary or necessary for your business. So if you buy a drone, a lot of people think that's a personal expense.
But you as a marketer understand that a drone is a perfect way to shoot amazing content for your business. So now we are in this position of shifting personal expenses from our personal books to switching up the business expenses, which the IRS gives us a tax deduction for these expenses.
So I think the simplest level is what am I already paying for personally that I can turn it to a business expense so my business can start paying for it versus me having to pay for it. So I think that's the base level for people to understand.
Yeah, yeah. And I've seen that with members and stuff. They tell me what they're paying and buying. I'm like, yeah, I mean, are you using that for business? Yes or no? Yeah.
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