The Tax Strategy Billionaires Use That Almost Nobody Talks About | Ep. 442 with George Dimov, CPA and President of Dimov Tax
2026-09-07 · 30 min · episode 442 · 15 entities
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The Tax Strategy Billionaires Use That Almost Nobody Talks About | Ep. 442 with George Dimov, CPA and President of Dimov Tax
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Link in episode "The Tax Strategy Billionaires Use That Almost Nobody Talks About | Ep. 442 with George Dimov, CPA and President of Dimov Tax": https://cocoavia.com/
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Link in episode "The Tax Strategy Billionaires Use That Almost Nobody Talks About | Ep. 442 with George Dimov, CPA and President of Dimov Tax": https://shopify.com/foundersstory.
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Link in episode "The Tax Strategy Billionaires Use That Almost Nobody Talks About | Ep. 442 with George Dimov, CPA and President of Dimov Tax": https://upwork.com/
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Link in episode "The Tax Strategy Billionaires Use That Almost Nobody Talks About | Ep. 442 with George Dimov, CPA and President of Dimov Tax": https://shopify.com/foundersstory.
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The Tax Strategy Billionaires Use That Almost Nobody Talks About | Ep. 442 with George Dimov, CPA and President of Dimov Tax
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Episode description as stored
Daniel opens the episode with the question many people wonder but rarely ask directly: how do the ultra wealthy pay less taxes? George explains that there is a major difference between people earning high income through work and the ultra wealthy whose net worth is tied to appreciated stock or other assets. The “working rich” may earn a lot, but they often still pay significant taxes because their income is active and taxable. Billionaires, by contrast, may see their net worth grow without triggering taxes because appreciation is not taxed until the asset is sold.
From there, George breaks down how wealthy people can borrow against assets instead of selling them, why real estate owners can reduce taxes through strategies like cost segregation, and why everyday employees often miss basic employer benefits like retirement contributions. For entrepreneurs, George highlights defined benefit plans, SEP IRAs, solo 401(k)s, bookkeeping reviews, and fraud prevention as major areas where business owners can save money or protect themselves.
The episode also moves beyond tax tactics into the future of accounting. George discusses why the CPA industry is facing a major shortage, why many younger professionals are leaving the field, and why AI still struggles with real accounting complexity. He argues that while tools like TurboTax can work for simple situations, complicated tax planning still requires experienced professionals who understand the client, the details, and the consequences.
Key Discussion Points
George explains that ultra wealthy people often build net worth through appreciated stock, which does not create a taxable event until they sell, while the “working rich” still tend to pay significant taxes on active income.
He breaks down the idea of borrowing against assets, where people may access liquidity through loans instead of selling appreciated securities and triggering taxes.
George says smart people often miss basic tax opportunities, including maxing out employer retirement benefits, using cost segregation for real estate, and setting up retirement plans like SEP IRAs, solo 401(k)s, or defined benefit plans.
For entrepreneurs and freelancers, George warns that fear of being audited can cause people to overpay, but he also cautions against reckless social media tax advice, especially extreme deductions like luxury vehicle write offs.
The conversation explores the massive shortage of accountants, with George explaining that many baby boomers are leaving the industry while younger generations are choosing other career paths.
George argues that AI and tax software can help in simple cases, but complex tax situations still require professional judgment, responsiveness, and a strong client experience.
Takeaways
The ultra wealthy often pay less tax because much of their wealth grows inside assets, not through ordinary income. Taxes are usually triggered when assets are sold, not simply when they appreciate.
Business owners should regularly review their own bookkeeping. George says companies often find wasted subscriptions, unnecessary contractors, payroll issues, or even fraud when they actually audit their books.
Freelancers and gig workers may overpay because they are afraid to deduct legitimate business expenses. George’s point is not to be reckless, but to understand what is normal, documented, and defensible for your industry.
One person businesses need structure early. George discusses tools like entity setup, 83(b) elections, and tax advantaged planning that can dramatically affect outcomes if a company becomes valuable later.
The coming generational wealth transfer could create major tax and planning consequences, especially for families that do not set up trusts, estate plans, or clear structures in advance.
In professional services, customer experience is the real growth engine. George says the best marketing strategy is doing great work, being responsive, and creating the kind of experience that turns one engagement