Mastering Tax Strategies: Dyron Bush on Navigating Tax Season Like a Pro | S2:E71

0:05Hey everyone, welcome back to Founder Story. Today we have Dyron Bush, the CEO of Theogony Financial and a verified pro with Intuit. I'm very excited because tax season is coming up again. I can't believe it for 2024. And Dyer, I want to know more information. I want to know all the things that I don't know, but I need to know. Before we even get into that, what was your journey like and why did you get into taxes? Well, I've always done taxes my whole life. Believe it or not, I used to do taxes in high school Of course, it was a different time It was a different time back then You can imagine what would happen in modern times right now Where teachers would actually give their financial information to the students And the students would do their taxes You can imagine the calamity from that But to flash forward I decided to start my firm, Theodine Financial, in 2008 in the midst of the financial crisis.

1:09So I've had this business for a while. And in 2003, 2023, Intuit contacted me and they wanted me to join, get involved in a joint venture. When you realize you need to hire, it's usually already too late. I've been there wasting weeks waiting for decent candidates. If I had used Indeed, I could have hired way faster. So when it comes to hiring, Indeed is all you need. stop struggling to get your job post seen on other job sites indeed sponsored jobs help you stand out and hire fast with sponsored jobs your post jumps to the top of the page for your relevant candidates so you can reach the people you want faster and it makes a huge difference according to indeed data sponsored jobs posted directly on indeed have 45 more applications than non-sponsored jobs one thing i love about indeed it makes hiring fast because it puts you right in front of the right people without wasting time.

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2:49Wow, that's amazing. I mean, how is that feeling being in the industry for 15 years when Intuit, probably one of the largest in the industry, comes to you with this joint venture. Yeah, it was quite overwhelming. It was quite overwhelming initially, but I was approached, I was approaching this last year and a half with Intuit. It's been a real whirlwind. I was able to go on the news on Channel 2 twice. They were so impressed with my performance the first time I was on channel two that they actually asked me back. I was on the series with Amy Davis and her other co-host, Ms. Hernandez. So, and then after that, Intuit was able to get involved with, allowed me to, they wrote three articles, one in MSN, one in Business Insider, and also Business Insider and USA Today.

3:47Basically, it's been kind of wild. Intuit allows 100 % guaranteed accuracy on their tax returns. My client base has grown exponentially. Wow, that's incredible. I think when you stick to an industry and you really become an expert in the industry, it opens up doors. So taxes are just one of those things that most of us, we don't want to think about it. I think we get a lot of stress because we don't know a lot about it. So what are you finding when it comes to like what business owners need to know? Or what are some things that some focuses that you have around being savvy when it comes to filing taxes or making sure that that we are doing what we can to maximize?

4:38Well, it's certain things you can take advantage of. One thing you can do that I did for one of my clients was quite innovative. My client came to me and he owed$50 ,000 in back taxes, which is never good, right? So we sat down and did some tax planning. So what I told him was, because he did mention that he purchased a new truck. So they have a provision in the tax code and it's called Section 179. So basically what he did was, and what I advised him to do, was to take Section 174, which is special depreciation, and take the full depreciation. So basically what he did was he took the full depreciation for that year and offset his tax debt.

5:26It was quite amazing to see what happened. Yeah, those are like those things. Unless you're an expert and you really know, we would have no idea. So what do you suggest to people that they can do throughout the year so when tax time comes up, they have a lot of things ready to go, reporting, whatever they need in order to make your job easier? One thing that I personally do is I keep track, I keep a folder and I keep track of all my tax information as it relates to charitable contributions or anything along. As the year goes along, you just take that and just throw it into the folder. So at the end of the year, you have everything together, opposed to you searching around, searching around your desk, trying to find these documents or in some cases where you have to reinvent the wheel, right?

6:17You have to actually go back to these companies and say, can you send me another copy? And all that takes time. And in some cases, when you need a refund, you need it quickly. You know, so that's the best step. Another thing you can do as well is make sure that you are paying the right amount of, you're getting the right amount of federal withholding taken out of your check. If I had a penny for every person that told me that they didn't realize they weren't paying enough in federal withholding, I'd be a rich man. And that's a true statement. Because actually what it is, if you go to a certain website, they have payroll calculators.

6:57And what you can do is put in your yearly income, and they'll tell you what, at the end of the year, what your federal withholding obligation will be. So if you find yourself on track of being below that, then you need to go to payroll immediately and change your withholding from it might be one for holding. It might be three for withholding and then you just move it to one or zero. So you get the correct amount of money being taken out of your check. Wow. Yeah, that's something I never even knew. And I appreciate you saying that. So what are some I know a lot of people are feeling the squeeze financially now, right?

7:38whether it's housing or cost of goods, cost of items. So what are some of the under-the-radar tax strategies or maybe, like you said before, some unique things that people might not know about that you're looking into? One thing to take advantage of tax code is relocating. You can actually relocate to Florida, Texas that has very, very tax taxpayer friendly tax implications in those particular states. You can also do a get a digital nomad visa and work as a remote worker from Portugal, Estonia. You know, and they have a program for that. Hey, everyone. I'm not sure if you've heard, but our show Founders Story is now available on the iHeartRadio app.

8:29So check that out. iHeartRadio online or you grab the app. It's super easy. You can listen to all of our episodes wherever you enjoy your podcast, whether that's iHeartRadio, iHeartRadio app, Apple Podcasts, Spotify and many more. But check it out. Allow you to get a lot of tax breaks doing stuff like that. And then lastly, I would say, which is really poignant to a lot of people who have retirement or invest in the stock market, it's a little provision that allows you to what they call tax loss harvesting. So basically what this is, if I'll give you an example of tax loss harvesting, is if I had a capital gain of$10 ,000 and then I had a loss of$4 ,000.

9:15so to offset that 10 ,000 at the end of the year that I'm going to be taxed on that capital gain when I sold those stocks I would sell the loss I would sell the loss to capture the loss at the end of the year to offset the gain so basically what would happen is is when the tax the stocks that I already sold at 10 ,000 I would sell the ones that are a loss I would sell them at a loss And this is what happened at the end of the year. Specifically, it happened maybe around December 15th or December 31st. So I would take the loss and offset the gain. So ultimately, instead of me getting taxed on the$10 ,000, I'd be taxed on the$6 ,000.

9:56Okay? And then after 31 days, you can repurchase the stock. So these are the provisions that you can take advantage of. There's definitely a lot more, but I would say these are these are these are type of things that you can look at that a lot of a lot of people have moved to Texas and moved to Texas for tax advantages. Yeah, I'm really interested in that digital nomad that that it seems very fascinating. I think I know a lot of people that are taking advantage of that. So if I know there's a lot more that you could share and we only have a limited amount of time. So if people want to get in touch with you, they want to find out for more information, how can they do so?

10:38Yeah, you can visit my website at www.taxman.today. You can do that. Or you can call me at 832-431-4399. Or you can call me at the other number. My alternate number is 832-453-7260. Okay? My email is dyronbush, D-Y-R-O-N, bush at taxman.today. Well, Dyeron, the tax man, I really appreciate your time. This has been great. I learned a lot just in the last few minutes. So I want to keep doing more research. 2024 is ending, which is insane. We're already back to filing again just in a few short months. But thank you so much for your time today. Okay, no problem. You take it easy, okay?

11:30Thank you for tuning in to Founder's Story. Keep exploring, keep dreaming, and join us next time for more inspiring entrepreneurial journeys.