Planning for Taxes with Jeff Socha

One of the most important factors we need to consider when we are establishing our financial foundation is taxes. They can be one of, if not the largest, expenses that we pay throughout the year. Whether you are a small business entrepreneur or are retired, having an efficient tax strategy is a must when you are on your way to wealth.

On the show today, Jeff Socha, the founder of Socha Consulting, is joining us to talk about taxes. We have all felt the anxiety of what we will have to pay when tax season rolls around, but Jeff explains that we don’t have to be reactive with our taxes. Instead, it is best to have a proactive plan that doesn’t leave you overwhelmed when tax day gets here.

Jeff approaches financial planning like an engineer, having studied both in college, and he solves financial problems with a problem-solving mindset. His background with his family’s business also drove him to be passionate about helping business owners better understand finances and taxes, where most education is lacking.

We’ve all heard about big companies “not paying their taxes” and while some of us may think this is a government problem, it is really an educational problem. Jeff explains that what we often call ‘tax loopholes’ are big businesses just knowing how to play by the tax rule book and using incentives to have an efficient tax plan. This is something that he wants all business owners to have knowledge of. Similar to us, Jeff wants to close that education gap.

There are a lot of myths and misunderstandings when it comes to taxes. But one of the most important things you can do for yourself or your business is to have a tax plan. Listen to the full episode to learn more about tax compliance, strategy, and building a tax plan that will benefit the overall success of your financial plan.



1:38 – Talking about taxes today

2:22 – Jeff’s backstory

5:34 – Earliest memory of money

9:30 – Giving money away

11:43 – Tax planning

15:09 – Knowing the tax rulebook

24:43 – Strategy vs compliance

32:43 – Tax strategy done poorly

37:09 – Tax strategy done well

42:32 – Higher investable assets

48:26 – What questions should you ask your advisor?

49:58 – Where to find more information



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Securities offered through Cetera Advisor Networks LLC, Member FINRA/SIPC. Investment advisory services offered through CWM, LLC, an SEC Registered Investment Advisor. Cetera Advisor Networks LLC is under separate ownership from any other named entity. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors. 19833 Leitersburg Pike, Suite 1 Hagerstown, MD 21742. Guests are not affiliated with Cetera Advisors Networks LLC, or CWM, LLC. Opinions expressed by the presenter may not be representative of Cetera Advisors Networks LLC, or CWM, LLC.

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