Tax Reduction Podcast

Episode 14. Kevin Harrington Interviews Tax Strategist Boris Musheyev, CPA

• Boris Musheyev • Episode 14

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Boris Musheyev, CPA & Tax Strategist sits down with Kevin Harrington, original Shark Tank investor and infomercial pioneer, in this enlightening interview. Kevin interviews Boris about the importance of tax planning for business owners and why having a dedicated tax advisor is essential for your tax strategy and planning.

Kevin Harrington brings his vast experience in entrepreneurship and strategic investments to discuss the importance of being proactive rather than reactive with your tax strategies.

In this video, Boris Musheyev shares expert insights on how effective tax planning can significantly reduce your taxes, impact your business and personal finances. Discover practical tips and strategies for optimizing your tax situation and hear from Kevin on the pivotal role that proactive tax planning plays in successful entrepreneurship.

Whether you’re a business owner, individual investor, or simply looking to reduce your business taxes, this discussion between two seasoned experts will equip you with the knowledge to make informed tax decisions. Don't miss out on this opportunity to get ahead in your tax planning and secure your financial future. 


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*Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, ...

Speaker 1:

Hi, I'm Kevin Harrington, an original shark from Shark Tank. Boris M Tax specializes in tax planning and advisory services for small businesses. They use proven tax strategies to save business owners thousands of dollars on taxes every year and they do so by being proactive about clients' tax situation and not reactive. Joining me today is founder and CEO Boris Mushaev.

Speaker 2:

Welcome to the Tax Reduction Podcast for money-making entrepreneurs with Boris Mushaev. Boris has helped entrepreneurs across the United States collectively save millions of dollars in taxes with the power of tax planning and advisory. The only way you, the business owner, can save money on taxes is by using proactive tax strategies, and this podcast is all about saving you money on taxes. Boris will share with you in-depth and easy to understand tax reduction strategies that you can implement in your business within 30 days or less. Let's jump into today's episode.

Speaker 1:

This is awesome. I just want to know how did your tax planning and tax business get started?

Speaker 3:

Just like every other accountant right, I graduated college and I was sucked into the world of tax preparation.

Speaker 2:

Okay, where.

Speaker 3:

I was just like Kevin, like really I was preparing almost 500 tax returns in two and a half months, oh wow. So I was just like burned out, churning tax returns in and out and a lot of business owners I've noticed that just my clients were overpaying in taxes. There's not much that I could do about it because I was just too busy preparing tax returns and I know the tax code and I know they could save money on taxes and I was really getting tired of it. After a few years I've decided to quit my job and start a tax planning and advisory firm where it really helped business owners to save money on taxes by being proactive and using tax planning strategies.

Speaker 1:

I like that. Proactive is important and stay ahead of it. Right, that is correct. And so there's other tax firms out there. What differentiates you?

Speaker 3:

Yeah, really three things right. It comes down to education, communication and relationship Relationship.

Speaker 3:

Education, communication and relationship so education is that we educate every business owners on what they can do to save money on taxes. And I'm not talking about watching a bunch of courses. I'm talking about doing a specific customized tax plan for them and their situation, what they could save money on taxes, which tax strategies they could use. The second thing is communication. Now, a lot of business owners, when they come working with us, one of the reasons, main reasons why they leave their accountant is because their accountant ignores their phone calls and emails and months end. Why? Because they're busy with tax preparation. So communication is important. That is something we excel in over other firms.

Speaker 3:

And the third thing is a relationship. So we're not a transactional firm, we are a relationship firm. So every business owner gets assigned a tax advisor that works with them, has a relationship with them. So when they call in, it's not like they call in a big corporation where they get routed around. It's that the one individual that has a relationship learns their business, knows about them, which is the key really in helping them save money on taxes, because you know the person, you think about them all the time. So I would say those three things which is education, communication, relationship which really differentiates us from the rest of the industry.

Speaker 1:

Yes, that's awesome. And other people have businesses. Individuals have misconceptions when they get involved with the tax process, the tax planning process. How do you address those?

Speaker 3:

So really, business owners have two misconceptions right. Misconception number one is that they think they can save money on taxes at the time of filing their taxes, which is really already too late. It's too late and we educate them that no, you need to be proactive throughout the year to be able to save money on taxes. The second misconception is that a lot of business owners, regardless of how much money they make right, they either could be making tens, hundreds or even millions of dollars of taxes they think that tax planning is for the big boys, for the multimillionaires, for the billionaires. But really tax code is written for every profitable business owner. Sure, if you have profits in your business, like I always like to say, you can save money on taxes by doing proactive tax planning.

Speaker 1:

You wait till the last day. It's too late, right. So be proactive, and I'm sure you've had lots of success stories, but without mentioning any specific names, maybe you could share with the folks listening right now that one of your case studies where you made an impact for them and really had sort of a transformative situation.

Speaker 3:

Yeah, there's one story that always stands out to me. I'm not going to use the client's real name, which is called Tracy. She's a single mom and she has a profitable law firm and she has a son. A few years ago, when she started working with me, she said Boris, I just want to be financially stable, I don't want to pay extra tax that I don't have to and I want to put my son through college. And right now, she saves $40,000 every year doing tax planning and advisory. Just last year alone Kevin for 2022, she saved $49,000 in taxes.

Speaker 3:

Now, she can use that money to put her son through college without probably even taking out loans. And this is the impact Stories like that really what gets me out of bed every morning to go and do what I do.

Speaker 1:

Yes, that's great. I mean, there's people out there that are saying this is what I need, right, Because you provide great service and good planning ahead. But for those that are out there that are looking to improve their tax planning, do you have any advice for them right now? Absolutely.

Speaker 3:

So I always like to say if you have a profitable business, you're probably overpaying in taxes and the reason is you're probably not working with the right person. A lot of business owners, by default, work with a tax preparer, puts the right numbers in the right boxes, but nobody really speaks to them or communicates with them about tax planning strategies and what they can do to save money on taxes. So my advice for every profitable business owner out there is to get yourself a tax advisor, a tax planning strategist, somebody who understands the tax code and can help you, the business owner, save money on taxes.

Speaker 1:

I'm sure you have many, many more successful and very enthused and happy clients. So, boris, I want to thank you for being here today.

Speaker 3:

Thanks so much.

Speaker 1:

And I've learned a couple of things, but certainly being proactive as opposed to reactive is the key, and Boris has made an awesome business out of this, so thank you for joining us today. I appreciate your time.

Speaker 2:

That's it for today's episode. Be sure to check out the description below for some free tax reduction resources that Boris put together for you. If you're ready to work with a tax advisor on your tax planning, be sure to schedule your call by heading over to wwwtaxplanningcallcom. That's wwwtaxplanningcallcom. And be sure to subscribe to our podcast to be notified when the next strategy is released.