TMBA 030 (LBP30) – How We Manage Our Finances and Minimize Taxes, Plus LLCs vs Corporations

22 comments
TMBA 030 (LBP30) – How We Manage Our Finances and Minimize Taxes, Plus LLCs vs Corporations post image

Dan and Ian talk about how they manage their finances, the challenges of an LLC and how to hypothetically minimize your tax burden.  Dan also briefly discusses three software tips while waxing on his new MacBook, while Ian reveals one program that could potentially change their business.

Listen to Episode 30.

Software and hardware mentioned in this episode:

People in this episode:

Call us with your questions or comments at    888-554-8428 .

Episode length: 33:10

Listen to Episode 30.

If you’ve found the podcast at all helpful or entertaining, we’d love if you could click over to our iTunes page and give us a positive review. This will help us to get more listeners and invest more in the podcast! If you know some ways we can make it better, please send us an email. Dan at lifestyle business podcast . com.

 

Published on 06.07.10
  • http://www.swellcms.com Kevin

    This episode was great, hypothetically.

  • TropicalMBA

    haha…. thanks, assuming of course we can agree for the sake of argument that this podcast exists.

  • http://twitter.com/MattBellemare Matt Bellemare

    Ah what a great episode. This topic is rich and there is so much to discuss. It's great to hear you guys and hypothetically answer many of my questions. We all work hard to grow our businesses and want to focus on the important stuff. You know the stuff we are good at e.g. product design, marketing or something else.

    I have been forced to learn a lot on the international tax topic over the years because of tax audits, catastrophic mistakes and appeals with the tax authorities and encounters with tax partners at big firms.

    I have been in envy of music artists now for a while. These guys have managers to take care of them so they can focus on their art. I sometimes wonder if I couldn't do the same and get myself a manager so I could focus on the stuff I'm remarkable at.

    You know what I'm the most excited about? In the beginning of the episode you guys mentioned something about starting a forum or some kind of site where we could all hang out and exchange information. This needs to happen. I've got so much to share and I'm avid to learn from others like us.

    Thumbs up!

  • TropicalMBA

    Some kind of structured exclusive mastermind would be really cool. Will be thinking of stuff RE this topic in the next few weeks. Wouldn't be too hard to do. Glad you liked the episode, I think it comes across we are just figuring this stuff out ourselves, truth be told it seems there are so many variations its tough to be totally “confident” about any of the information. Cash is king? perhaps.

  • http://thewordpresschick.com/ Kim Doyal The WordPress Chick

    I've been on the fence about switching to Mac….I knew it was coming sooner or later- now I think it will be sooner!
    Another great episode!
    Thanks

  • TropicalMBA

    Hey Kim thanks, I could keep going on ! One thing thats really been a game changer for me too is the battery life. I can surf the web for over 5 hours easily without plugging in.

  • http://www.tyroneshum.com/ Tyrone Shum

    Hey Dan,

    Just wanted to say how much I LOVE your new header and design. It's really cool!

    Thanks!

  • TropicalMBA

    Thanks Tyrone!

  • David – Greenback Tax Services

    Guys,
    Really liked this episode as well as the others, which is am catching up on! My muse happens to be a tax firm specializing is Americans living abroad so I have two words of hypothetical caution: 1) Social security needs to be paid before the foreign earned income exclusion (the $91,400 in tax free earnings) if you are self-employed 2) there are 3 criteria to qualify for the foreign earned income exclusion:
    a) Tax home must be a foreign country
    b) Must have foreign earned income
    c) Must either be:
    – Boni fide resident of a foreign country for at least a year
    – Resident of a country with which the US has a tax treaty
    – Physically present in a foreign country for 330 days

    Hope that helps and please keep up the great podcasts!
    Dave

  • TropicalMBA

    David heck yeah that helps! Thanks a ton for sharing your know-how. Interested in following up on your muse shortly too, I think this is the kind of thing that could really solve a paint point for a lot of us digital nomad types.

  • David – Greenback Tax Services

    Very happy to help! Feel free to contact me via the email I registered with or via my website at http://www.greenbacktaxservices.com.

    Also don't forget June 15th is the Expat tax deadline so if anyone needs an extension you still have a day to file it!

    Thanks
    Dave

  • http://profiles.yahoo.com/u/JTE76QFLQ7IYAK2OAF3AH7HI6Q Ben

    Great (and very sobering) pocast guys. There are some great tax breaks for Australian expats as well, you can find them in a book (which I am in no way affiliated with) called 'The Aussie Expat: The Luckiest Person On Earth' which is well worth a read.

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  • http://vagabondians.com Glenn Dixon

    OK, yeah, I’m a bit late. Just found you guys (linked from Cody McKibben’s site).

    But the burning question that no one has asked here is this:

    Which one of you had the phone ringing in the background? Fur Elise? Really? LOL

  • Anonymous

    haha, thanks for coming over…. that was from this old fashioned punch time clock that was in some office space I was renting in Ortigas, Manila. :D Weird eh?

  • http://vagabondians.com Glenn Dixon

    It made me laugh. Of course I just outed myself as a music nerd, but knowing that it was something random in the background (and not a ringtone) is good. Man cards intact!

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