In our first official podcast, Robby Reynolds, a tax and business consultant and President of The Business Consulting Group in Shelby, North Carolina, joins Wendy Vinson to talk about how small businesses can legally reduce tax liability by taking advantage of certain tax rules.

Robby is a small business tax expert with 30-plus years experience working with small businesses. His expertise covers tax planning and preparation, accounting, business planning and analysis and loan packaging. Robby has also completed E-Myth's Mastery Impact! program and applied what he learned to his own business. He is passionate about helping other small businesses succeed.

Listen to the podcast to hear more tax tips (mp3).

Podcast: Small Business Tax Tips 2009 Edition

Summary of Robby's Small Business Tax Advice

• Robby likes to have his clients start tax planning at least six months before the end of the year. Why? Your tax return has the potential to make money through careful management with a tax professional.

• Strategize with your tax professional about how to record your  business transactions to take full advantage of the tax rules. You can significantly lower your liability this way.

• Certain types of businesses can pay bills late in December to create additional deductions this year as opposed to next year. Delaying receiving or generating income can serve the same purpose.

• If you need to buy equipment, you can elect to write it off in one year instead of depreciating it over three or more years. This can apply to purchases up to $250,000!

• Did you know that a family member can make $5,000 before they have to report or pay federal income tax? If you're a sole proprietor in the 25% tax bracket and you pay your working-age child a reasonable salary for services rendered (let's say $5,000) then you could potentially save about $1,200 on your tax return.

Many thanks to Robby Reynolds, with The Business Consulting Group for taking the time to speak with us and for being an E-Myth advocate. We wish him continued success as he creates his own E-Myth'd business.

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