Seth Peabody, iTxRe (ProfitSense with Bill McDermott, Episode 55)
CPA Seth Peabody joined host Bill McDermott on this episode of ProfitSense. Seth’s firm, iTxRe, emphasizes the importance of proactive tax planning for businesses, and he explained how their approach can significantly impact profitability by strategically reducing tax liabilities. Seth provided insights into tax planning vs. what he calls “tax telling,” highlighted the advantages of having an early and consistent tax plan, and discussed the major issues faced by the CPA industry. Seth also delved into the potential role of AI in aiding the CPA industry, and he underscored the necessity for a pragmatic understanding of accounting for better business outcomes.
Bill concluded the show with thoughts on how to manage the buyer-seller dance.
ProfitSense with Bill McDermott is produced and broadcast by the North Fulton Studio of Business RadioX® in Alpharetta.
Seth Peabody, iTxRe
Seth Peabody has been a CPA for over two decades, working in small, medium, and large firms. In pursuit of growing a niche CPA practice, he learned business owners and high-net-worth individuals didn’t have true annual income tax planning. He created a program and process for clients to reduce taxes annually.
iTxRe creates a proactive environment to assist businesses and individuals across the country with annual income tax planning. They regularly meet with their clients to customize a plan for them. Then they work to control and minimize the impact of income tax on both the business and the individual. Finally, they complete the last step of the plan, filing the tax returns.
Quite simply, iTxRe engages in tax planning, not “tax telling.”
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Topics Discussed in this Interview
00:00 Introduction
01:07 Guest Introduction: Seth Peabody, CPA
01:29 Understanding Tax Planning
03:13 Proactive Tax Strategies
04:08 Understanding Tax Credits and Deductions
05:28 The Importance of Quarterly Estimates
07:27 The Role of Tax Planning in Business
09:11 Differentiating in the CPA Industry
15:29 The Impact of AI in the CPA Industry
17:56 The Importance of Understanding Accounting for Business Owners
24:22 The Buyer-Seller Dance in Sales
26:01 Closing Remarks and Contact Information
