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In this episode of the Next Level Income Show, we sat down with Candace Galiffa, CPA and founder of New Way Accounting, to talk all things tax strategy — and yes, she somehow made it sexy. What started as a “cute side hustle” for Candace quickly grew into a thriving firm that now serves hundreds of entrepreneurs, helping them turn tax season from a dread-filled scramble into a year-round strategy game.
Candace brought a refreshing energy to a topic that most people avoid. She emphasized something most business owners overlook: if your bookkeeping isn’t in place, you can’t even begin to have a real conversation about tax strategy. Clean, consistent financials are the foundation. From there, she walked us through how smart entrepreneurs — and even strategic W-2 earners — can use the tax code as a tool, not a trap.
We talked about the difference between tax preparation and tax planning. One is reactive, the other is proactive. Candace’s firm doesn’t just file returns — they work year-round to implement strategies that legally lower their clients’ tax burdens. She broke down ways W-2 earners can still find deductions through vehicles like HSAs, IRAs, and 529 plans. And when it comes to couples, she offered a killer tip: one spouse with a stable W-2 job and the other running a business (or managing real estate) can open up an entire world of tax opportunities.
A major part of our conversation centered around real estate. Candace explained how short-term rentals, when actively managed, can generate powerful tax deductions — especially when paired with cost segregation studies that accelerate depreciation. She also touched on advanced strategies like oil and gas partnerships or movie investments that can yield massive deductions, depending on your tax bracket.
We also dove into the game-changing value of S Corps. Candace explained how business owners can reduce self-employment tax by structuring their company correctly and paying themselves a reasonable salary while taking additional profit as distributions.
What made this conversation stand out was how actionable it felt. Candace wasn’t talking about obscure loopholes or shady tactics — just well-established, IRS-approved strategies that most people don’t know about or are too intimidated to implement. She’s on a mission to change that.
If you’re an entrepreneur — or aspire to be one — this episode is packed with gems that could save you thousands. And if you want to start getting your financial life together, don’t miss her free giveaway: The Ultimate Accounting Checklist for Entrepreneurs. It’s a step-by-step roadmap to keep your finances dialed in year-round.
Bottom line: tax savings aren’t just for the ultra-wealthy — they’re for the well-informed. And thanks to Candace, now you’re one of them.
Listen To The Podcast Here:
Meet our guest:
Bio: Candace Galiffa has been a Certified Public Accountant (CPA) for over a decade. After studying Accounting at the University of Pittsburgh, Candace began her career in public accounting at PricewaterhouseCoopers, and then held various leadership roles in corporate accounting, finance, and investments. After nearly a decade in Corporate America, she decided to focus on her entrepreneurship roots. She founded NewWay Accounting to serve small business owners and entrepreneurs, as well as provide modern accounting solutions and outsourced CFO services to corporations. Candace lives in Chadds Ford, PA with her husband Phil and their daughters Giavana, Layla, and Sasha.
Contact Today’s Guests:
Website: https://newwayaccounting.com/
Instagram: https://www.instagram.com/newwayaccounting/
Facebook: https://www.facebook.com/newwayaccounting/
LinkedIn: https://www.linkedin.com/company/newway-accounting/
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Christopher Larsen is the founder and Managing Partner of Next-Level Income. Since “retiring” after 18 years in the medical device industry he dedicates his time to helping others become financially independent through education and investment opportunities. Chris has been investing in and managing real estate for over 20 years.
While completing his degree in Biomechanical Engineering and M.B.A. in Finance at Virginia Tech, he bought his first single-family rental at age 21. Chris expanded into development, private-lending, buying distressed debt as well as commercial office, and ultimately syndicating multifamily properties. He began syndicating deals in 2016 and has been actively involved in over $500M of real estate acquisitions.
In addition to real estate, Chris has invested in equities, oil & gas, and small business lending, as well as being active in Venture South, one of the nation’s Top 10 Angel Investing groups. Chris lives with his wife and two boys (and Viszla, Lucy!) in Asheville, NC where he loves spending time with them in the outdoors and enjoying the food and culture that the region has to offer.
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