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The Top 3 Tax Mistakes Entrepreneurs Make

July 29, 2026 • Vincent A. Lanci/ Catrina Craft • Season 31 • Episode 5

0:00 | 21:12

Catrina M. Craft, a top-tier tax strategist, shares essential insights on avoiding common tax mistakes, structuring your business effectively, and the importance of proactive planning to protect your assets and maximize wealth.

“Inaction is really dangerous because what happens is it just builds up, it compounds.”

Chapters
00:00 Risks of Asset Seizure and Frozen Accounts
01:09 Introduction of Katrina Kraft and Episode Overview
02:21 Misconception: Tax Professionals Save You Money
03:44 The Role of a Tax Strategist in Planning
05:07 Importance of Business Structure and Goals
07:20 Holistic Approach to Business Formation and Strategy
09:57 Common Frustrations of Entrepreneurs
11:16 The Limitations of AI and the Importance of Human Expertise
13:21 Using AI Tools Responsibly in Tax Planning
15:45 The Dangers of Paralyzing Fear and Not Filing
17:08 Consequences of Not Filing Taxes and Asset Seizure
18:36 How to Connect with Katrina for Tax Strategies

“If you need help, pay for that because it's cheaper to pay for help than to pay the IRS those penalties and interests.”

Additional Key Takeaways
*Differences between bookkeepers, CPAs, and tax strategists
*Avoiding Tax Seizures: Protect Your Assets Now
*The importance of proactive tax planning
*Risks of not filing taxes and how to avoid penalties

EPISODE #1/10: Unlocking Tax Strategies for Entrepreneurs: January 26, 2026: https://thatentrepreneurshow.buzzsprout.com/737252/episodes/18570362-unlocking-tax-strategies-for-entrepreneurs

EPISODE #2/10: Unlocking Home Office Deductions February 9, 2026: https://thatentrepreneurshow.buzzsprout.com/737252/episodes/18646020-unlocking-home-office-deductions

EPISODE #3/10: Hidden Tax Strategies Revealed: March 9, 2026: https://thatentrepreneurshow.buzzsprout.com/737252/episodes/18814431-hidden-tax-strategies-revealed

EPISODE #4/10: Strategic Family Travel & Tax Benefits: June 10, 2026: https://thatentrepreneurshow.buzzsprout.com/737252/episodes/18814431-hidden-tax-strategies-revealed

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