If you want to learn how to improve the amount you pay in taxes you won’t want to miss this episode.
Steven is the CEO and Lead CPA at Retirement Tax Services, an active former triathlete turned OCR racer, host of the first annual Retirement Tax Services Tax Summit, host of The Least Boring Tax Podcast, and author of Don’t Get Killed by Taxes, so he is a wealth of information on all things taxes.
In this episode, Steven and I discuss his athletic endeavors as a triathlete and OCR racer, how he became a CPA, and what we can all do to pay less in taxes. Don’t miss out on this fantastic conversation with Steven Jarvis.
You will want to hear this episode if you are interested in…
- Steven’s road to becoming a CPA [2:52]
- Why he wrote his book [4:00]
- Steven’s athletic career [5:21]
- How he defines athletic success [9:00]
- His current career pursuits [10:55]
- How to reduce the sting of an expensive hobby [14:24]
- How winnings are viewed by the IRS [19:56]
- How to know if you are paying too much to the IRS [23:52]
- Tax surprises [29:30]
- How to follow Steven [31:29]
Steven Jarvis teaches others about taxes
Steven Jarvis is an athlete and CPA who loves showing people how to lessen their tax bills. During his career, Steven realized that no one learns about taxes in school.
While the IRS is quick to correct you if you are underpaying your taxes, they don’t say anything if you overpay. These two factors led him to write his book, Don’t Get Killed by Taxes. In this helpful book, Steven helps readers avoid overpaying taxes over the course of their lifetime.
Similar to his book, in this episode, Steven shares practical ways to help lessen our tax burden. Listen in to learn how you can use the tax laws to help offset the costs of your races.
Make small changes to improve your tax standing
To understand if you are overpaying the IRS you first need to understand how much of your income you have paid in taxes. Over your lifetime, you will pay a substantial amount in taxes, so to lessen that amount you’ll need to make small incremental changes over time.
While Steven never condones cheating the tax code, he helps his clients find ways to ensure they find strategies to take full advantage of the tax laws. Unfortunately, there is no magic bullet that you can take to improve your tax bill.
If you are a traditional W2 employee the best thing you can do to decrease your tax bill is to take full advantage of long-term savings accounts like your 401K, HSA, and IRA.
How to avoid overpaying the IRS
If you are a part of the gig economy you’ll want to explore your relevant expenses. This is something you’ll need to continually look at each year.
By looking at your taxes strategically and adjusting what you can to maximize your savings, you’ll sand off the rough edges over time. Remember the tax laws are written in pencil, so take advantage of all that you can do now to save yourself money over time.
Make sure to listen to this episode with tax expert Steven Jarvis to learn what you can do to decrease your tax liability.