Episode #313: How to Pay Less Tax with Jami Monte
The inevitable price of success: once you begin making good money in your business, you start having to pay more in taxes. The first tax season after achieving a six-figure year can leave you reeling, but gaining a deeper understanding of your obligations and benefits can help you reduce your tax burden. In this value-packed episode of The Business of Thinking Big, I’m joined by experienced CPA and Chillbooks founder Jami Monte. Jami is passionate about empowering entrepreneurs with the financial know-how they need to succeed, and mentors CPAs while reshaping traditional firm models for a more balanced life.
Our conversation is FULL of juicy golden nuggets that will help you hold onto more of the wealth you generate as you grow and scale. Tune in as Jami shares three brilliant, safe, and legal tax strategies for lowering the amount you owe, how to avoid sending up red flags for the CRA or IRS, and when you should consider incorporating your business.
In this episode, you’ll discover:
- What you’re allowed to write off, and how to track and optimize your spending
- How to claim home office space (even if your partner pays some or all of the rent or mortgage)
- How to create an audit-ready bookkeeping system and plan for future tax years
Guest bio: After a 7-year career as a CPA in the advertising industry, Jami Monte transitioned to entrepreneurship and launched Chillbooks™ — a fun, approachable financial education course that offers bookkeeping and QuickBooks training, along with essential financial education for entrepreneurs. As TurboTax's spokeswoman she has been featured across multiple new outlets including CP24, Globe & Mail, and BNN Bloomberg.
Timestamps:
00:32 Meet Jami Monte
06:02 Understanding & optimizing write-offs
09:40 Cell phone bills, rent & mortgage
10:42 CRA red flags
12:58 Home audit story
14:33 Document meals & entertainment
17:17 Systemizing your bookkeeping
21:54 Chillbooks
24:28 Tax planning
27:10 Should you incorporate?
33:40 Choosing an accountant
36:02 Final tips & conclusion
Links mentioned:
Jami Monte
Write off guide
Instagram: @jami.monte
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