Avoid These 3 Tax Mistakes Most Firms Make

- End chaos in your firm—300+ peers use this framework. Free video here: https://www.businessofarchitecture.com/framework Most architecture firm owners don’t realize how much money they’re leaving on the table. In this episode, financial experts Tal and Rachel Richards, CPA, reveal some of the most common — and costly — mistakes architects make when it comes to taxes. They also offer powerful insights on how to build long-term wealth with the income you’re already earning. Whether you’re just starting out or have a small team, this conversation will change how you think about profit, planning, and even partnerships. Enoch guides the discussion toward real-world scenarios so you can apply these lessons today. But be warned — what you don’t know might already be hurting you. In this episode, you’ll discover: - A legal setup most architects choose — and why it could quietly wreck your margins - The surprising place many firm owners hide thousands (without knowing it) - How smart architects turn business income into tax-free personal wealth Tune in — your future self will thank you. To learn more about Tal & Rachel, visit their website: https://www.joingelt.com/ 00:00 Intro 02:15 Why S-Corps Become Your Worst Enemy at Scale 05:32 The $100K Architect's Tax Strategy Breakdown 09:18 Entity Structure: Legal vs Tax - Know the Difference 12:44 When S-Corps Break: The Partnership Problem 15:20 Home Office vs Augusta Rule - Choose Wisely 18:35 The $2,500+ Hidden Cost of Going Corporate 22:10 QBI Deduction: Why Architects Have Unfair Advantage 25:47 Payroll Strategy That Maximizes Your Take-Home 29:33 The Salary Sweet Spot Formula Revealed 32:08 Three Ways to Build Long-Term Wealth Tax-Free 35:22 Real Estate Losses That Slash Your Tax Bill 38:45 Why Buying Office Space Under Your Firm Kills Deals 41:30 The Partner Problem That Destroys Tax Benefits 44:18 Mistake #1: Dirty Data Kills Tax Optimization 46:52 The Real Estate Ownership Structure That Backfires 49:25 Why Relationships Trump Tax Savings Every Time 51:40 The Year-End Planning Trap Costing You Thousands 54:33 How to Connect with Gelt for 10% Podcast Discount