Founder's Story - Mastering Tax Strategies: Dyron Bush on Navigating Tax Season Like a Pro | S2:E71

Episode Date: October 12, 2024

In this episode, Daniel Robbins interviews Dyron Bush, the CEO of Theogony Financial and a verified pro with Intuit, to discuss all things related to taxes. With tax season fast approaching, Dyron shares his extensive expertise in tax preparation, business strategy, and how to make the most of deductions and tax advantages. He also gives insight into his journey from high school tax preparation to founding Theogony Financial in the midst of the 2008 financial crisis, and how he partnered with Intuit to expand his client base.Dyron offers practical advice for business owners and individuals on how to stay organized throughout the year, take advantage of tax provisions like Section 179 depreciation, and ensure that federal withholdings are accurate. His tips and strategies will help listeners optimize their tax filings and avoid common mistakes. Whether you're a seasoned business owner or just looking to get more out of your tax returns, Dyron’s insights are invaluable.Key Points Discussed:Dyron’s journey from high school tax preparation to founding Theogony Financial.His partnership with Intuit and appearances in major publications like MSN, Business Insider, and USA Today.The importance of tax planning throughout the year and tips for staying organized.How to use Section 179 depreciation to offset tax liabilities.Key strategies for managing federal withholdings to avoid surprises during tax season.Relocating to tax-friendly states like Florida and Texas for financial benefits.Digital nomad visas and how working remotely from countries like Portugal can offer tax advantages.Understanding tax-loss harvesting to offset capital gains.The importance of working with a tax professional to maximize savings and avoid common pitfalls.How to connect with Dyron Bush and access his tax services.Relevant Links:Taxman TodayOur Sponsors:* Check out Rosetta Stone and use my code TODAY for a great deal: www.rosettastone.comAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacyOur Sponsors:* Check out Indeed: indeed.com/FOUNDERSSTORY* Check out Rosetta Stone and use my code TODAY for a great deal: www.rosettastone.comAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacyOur Sponsors:* Check out PrizePicks and use my code FOUNDERS for a great deal: www.prizepicks.com* Check out Rosetta Stone and use my code TODAY for a great deal: www.rosettastone.comAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

Hey everyone, welcome back to Founders 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 Dyron, 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, Theogony Financial, in 2008 in the midst of the financial crisis. So 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. Whether you're starting or scaling your company's security program, demonstrating top-notch security practices and establishing trust is more important than ever. Vanta automates compliance for ISO 27001, SOC, GDPR, and more, saving you time and money

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So that's basically what happened with my journey. Wow, that's amazing. I mean, how is that feeling? Being in the industry for 15 years, went into it one of the, you know, probably one of the largest in the industry comes to you with this, 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 of the intuitive has been a real whirlwind. I was able to go on the news on channel two, uh, twice. Uh, 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 and her other co-hosts of Miss 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. Basically, 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? Well, 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.

It was quite amazing to see what happened. Yeah, those 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, you know, 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 or in some cases where you have

to reinvent the wheel right you 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. 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. And what you can do is put in your yearly income, you put it in there 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 withholding, 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 whether it's housing or cost of goods cost 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 or Texas that has very taxpayer- uh 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 they allow everyone. I'm not sure if you've heard, but our show, Founders Story, is now available on the iHeartRadio app. So 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, right? 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.

So to offset that 10,000 at the end of the year, I'm gonna 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 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 would happen at the end of the year. Specifically, it happened maybe around uh december 15th but december 31st so i would take the loss and offset the gain so ultimately instead of me getting taxed on the 10 000 i'll be taxed on the 6 000 okay and then after 31 days you can repurchase the stock so that's that these are the provisions that you can take uh 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 uh for uh tax advantages

yeah i'm really interested in that digital nomad. That seems very fascinating. I think I know a lot of people that are taking advantage of that. So 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? Yeah, 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 Dyron Bush, D-Y-R-O-N, Bush at taxman.today. Well, Dyron, the taxman, 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?

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