Empowering Healthy Business Podcast Episode 3: Top Tactics for Small Business Owners to Pay Less Tax with Greg Reed

In this episode of the Empowering Healthy Business Podcast, host Cal Wilder welcomes Greg Reed, Head of Tax at SmartBooks, for a deep dive into practical small business tax strategies. If you’re a business owner looking to keep more of your profits legally and effectively, this conversation is a must-listen. Greg shares the latest insights on proactive planning to reduce your tax liabilities while staying compliant. Many small business owners wait until tax season to think about deductions, but that often means missed opportunities. Instead, Greg encourages building a tax strategy into your year-round financial planning.

Year-Round Planning Leads to Bigger Savings

Effective small business tax strategies start with thinking ahead. Greg emphasizes that the best tax savings come from decisions made in advance, not just during filing time. This includes selecting the right entity structure, tracking deductible expenses, and taking advantage of retirement contributions and depreciation rules. He also covers the importance of keeping clean, organized records.

Tools like cloud-based accounting software make it easier than ever to track eligible expenses and prepare for tax time with confidence. Cal and Greg discuss how business owners can collaborate with their accountants on a quarterly or monthly basis, not just once a year. This helps uncover savings opportunities early and avoid last-minute surprises.

Small Business Tax Tips You Can Use Now

Greg shares several quick-win tactics, such as:

• Reviewing your entity type to ensure you’re not overpaying as a sole proprietor when an S-Corp may save more
• Taking full advantage of Section 179 expensing and bonus depreciation
• Setting up retirement plans like SEP IRAs or Solo 401(k)s to reduce taxable income
• Timing equipment or supply purchases before year-end to maximize deductions

These small business tax strategies not only reduce your bill, but they also position your company for better financial health and scalability.

About the Empowering Healthy Business Podcast

The Empowering Healthy Business Podcast is built for small business owners who want to grow smart, profitable companies—without burning out. From compliance and cash flow to leadership and lifestyle, we offer actionable advice to help you thrive in business and life.

Check us out at www.empoweringhealthybusiness.com.