Episode description

Tyler McBroom is a tax professional who loves to help his clients keep as much money as possible from Uncle Sam as they grow their businesses. Tyler grew up hearing his CPA father talk tax strategies with his business-owner friends on ski trips and now puts the knowledge he soaked up as a child to good use. Tyler is now partners with his father at Measured Results, CPAs, which was recently featured as an Intuit Firm of the Future.

In this episode, Brad and Tyler discuss how the rich avoid paying taxes legally, his partnership with Tony Robbins, and the tips EVERY business owner will want.

00:00 Intro

01:20 Follow Tyler

01:30 Shout-out to Melanie!

03:44 Tax Brackets

05:00 1031 Exchange

08:50 Tips for every business owner

09:47 “A CPA should always be a profit center for you.” - Tyler McBroom

11:50 How to think proactively

16:01 The need to buy things in a certain amount of time

17:34 “Cashflow matters” - Tyler McBroom

18:49 What does it cost to work with Tyler and his team

24:10 Bank statements are not enough- you need books

28:16 Name of restaurant, date of the meal, amount, who you met with and business relationship, what you discussed. -- The five things you need from a receipt

30:48 “It’s gotta be ordinary and necessary.” - Tyler McBroom

36:40 Family Business

37:19 “You might put numbers in a box at first but you really do provide value for people.” - Tyler McBroom

38:28 Buy Tyler’s Book! “Cashflow and Grow” https://www.tylermcbroom.com/bradlea

40:23 The difference between a CFO and a bookkeeper

41:47 KPI’s

44:57 Bomb 1: As an entrepreneur you will take a paycheck out of your business a lot faster following these guidelines

45:22 The top three things you need (hint: 1. Books 2. Tax planning 3. CFO)

51:28 Is being an “influencer” an advantage?

59:15 When does marketing become “too much”

01:01:30 Travel strategies

01:02:44 Tony Robbins

01:06:06 Bomb 2: How Tyler’s company worked with Tony Robbins