Networking, Marketing, Sales, Business Coach

EP69: Tax Strategies and Deductions with Beth Wilson of Tax Savers

SUMMARY:

In this episode of the DYB Podcast, Steve is joined by Scott, April, and special guest, Beth Wilson. Beth is the president of Tax Savers, a company based in Florida that helps businesses move forward by offering simplified accounting and advisory solutions and great tax planning strategies.

In the podcast, Beth differentiates between LLC, S-Corp and C-corp and clarifies which one is right for a given type of business. She tackles tax strategies, the do’s and don’ts of tax preparation, and how to make the best out of a company’s earnings, deductions, and accounting.

Keep listening to the end for her favorite way to help clients reduce their tax burden!

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WHAT YOU’LL LEARN:

Differences between LLC, S Corp, and C Corp
Tax strategies for your painting business
The do’s and don’ts of tax preparation
How to make the best of your company’s earnings and tax deductions

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LISTEN HERE:

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QUOTES:

“You generally want [a Tax Planner] who’s federally licensed, like a tax attorney or an enrolled agent or a state license, which is a CPA.”

“If you’re a corporation, you then have a choice to be an S-Corp for taxation purposes where you can make an election or you are taxed as a C-Corp. An LLC is a real chameleon..”

“The motivation [LLC, S-Corp, or C-Corp] generally has to do with controlling the second tier of tax that most people don’t think about consciously, and that’s social security tax. Your bottom line as a sole proprietor is a hundred percent taxable for social security tax.”

“You need to have a partnership that is only husband and wife or a sole proprietorship that is one parent to be able to pay your children tax-free.”

“If you’re an employee, there’s no such thing anymore, under the tax code for employee business deductions.”

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HIGHLIGHTS:

1:53 LLC, S Corp, and C Corp

6:12 Children as tax deductions

11:29 How should an owner be compensated?

15:01 Tax deductions

24:22 Charity as a business expense

25:56 Reliable tax preparers

Bonus: Her favorite tax-saving strategy that she loves to use!

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LINKS & RESOURCES MENTIONED IN THIS EPISODE:

Join DYB

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ADDITIONAL FREE RESOURCES:

Schedule Your Free Strategy Call With Steve

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Connect with Beth Wilson on Facebook here

Connect with Steve on Facebook here

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Thank you very much for joining us today! If you received value, would you take a quick few seconds and leave us a review on iTunes, please?

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About the Author

As many of you know, my journey has been one of grit, grace, and transformation. At 19, I was a high school dropout, single father, and struggling paint contractor in Michigan. I later moved to Florida, where I faced both personal and professional hardships. With nothing left to lose, I turned to prayer—and was blessed with a relentless hunger to learn. I devoured books, attended seminars, and discovered better ways to streamline and grow my business—even through the Great Recession (and yes, I did hit the wife lottery along the way!). In 2014, I published How To Double Your Business and later sold the painting business, launching a new chapter: coaching others to grow their businesses. For the past 10 years, I’ve dedicated myself to helping business owners scale through the DYB System, while also drawing from frameworks like EOS, Scaling Up, and The Four Disciplines of Execution. Yet something was still missing—something more adaptive, integrated, and complete. Then I found Pinnacle. After months of research and interviews with other Guides, I joined Pinnacle. Their tools and strategies have exceeded every expectation. Now, as a Pinnacle Business Guide, I help leadership teams implement a custom-tailored operating system that draws from the best in the industry—but flexes with your unique business. It’s a dynamic, proven approach to achieve clarity, momentum, and lasting growth. I’m no longer taking on any more 1:1 coaching clients… Instead, I now specialize in working with visionary business owners who are ready to get their leadership teams aligned—around a clear vision, a focused strategy, and an actionable execution plan. With the tools and process I now have as a Pinnacle Business Guide, I help turn alignment into momentum, and momentum into results. If your business is growing—but your leadership team isn’t fully rowing in the same direction—let’s talk.