Podcasts about c corporations

Send us a textPS. Whenever you're ready, here are some ways we can help with reducing your taxes... Ready to slash your tax bill? Schedule your free consultation and let's strategize your tax savings together! Book now at: https://www.prosperlcpa.com/apply Or, if you still need more time, here are some other ways to begin winning the tax game...  Take our free Tax Planning Checklist & learn about what tax savings may be available for you in our minicourse at https://taxplanningchecklist.com  At the very least, get on our newsletter to gain access to free live events and exclusive insight you won't find anywhere else: https://www.prosperlcpa.com/newsletter-subscription Make the most of the available tax strategies for real estate investors and gain access to reliable guidance, expense templates and workpapers with our Essential Tax Planning for Real Estate Investors CourseWe explore powerful tax strategies involving HSAs and HRAs with Dan Pavic to transform medical expenses into significant tax benefits and wealth-building opportunities.• HSAs offer triple tax advantages: tax deduction for contributions, tax-free growth, and tax-free withdrawals for qualified expenses• Health Savings Accounts allow for investment opportunities and unlimited rollovers, making them effective wealth-building tools• Strategic HSA hack: pay medical expenses out-of-pocket, then reimburse yourself years later after funds have grown tax-free• HRAs provide unlimited reimbursement potential versus HSA's $7,000 annual contribution cap• Hiring your spouse creates a pathway for reimbursing family medical expenses through your business• C-Corporations offer unique advantages for health reimbursements due to owner/entity separation• You can combine HSAs and HRAs to maximize both unlimited deductions and tax-free growth• HRAs can serve as affordable alternatives to traditional health insurance for employees• Proper implementation requires formal documentation, compliant reimbursement procedures, and strategic entity structuringLearn more from Dan at: Dan.Pavek@tasconline.comGo to prosperlcpa.com/apply to explore how these strategies could fit your situation or email mark@prosperal.com for access to our upcoming workshop series on maximizing healthcare tax benefits.

Tax season is in full swing, and in this Tax Tuesday episode, Anderson Advisors attorneys Amanda Wynalda, Esq., and Eliot Thomas, Esq., tackle numerous listener tax questions with practical advice. They discuss the Section 121 exclusion for primary residences, explaining how married couples filing separately can each qualify for the $250,000 capital gains exclusion. They outline strategies for converting personal residences to rental properties using S-corporations and installment sales to maximize tax benefits. Amanda and Eliot clarify 401(k) withdrawal rules, explaining when penalties apply and options like the Rule of 55 and hardship withdrawals. You'll hear recommendations on optimal entity structures for real estate syndications, explanations of the short-term rental "loophole" for active income classification, and when to use trading partnerships versus simple LLCs for investment accounts. The episode concludes with a breakdown of key Tax Cuts and Jobs Act provisions set to expire in 2025, including individual tax brackets, standard deduction changes, child tax credits, and bonus depreciation, highlighting potential impacts for taxpayers.   Submit your tax question to taxtuesday@andersonadvisors.com Highlights/Topics:   "I understand that you can sell your primary residence and receive an exclusion from capital gains taxes on the first $250,000 if you're single and $500,000 if you're married filing jointly. However, I can't find any rules regarding if you're married filing separately. Could you please confirm if married filing separate also qualifies for the exclusion? Also, could you talk about how making improvements adds to the basis?" - Yes, both spouses filing separately can each get the $250,000 exclusion. Only one spouse needs to be on the title, but both must use it as a primary residence for 2 of the last 5 years. Improvements (new floors, additions, HVAC systems) add to your basis, which reduces taxable gain when you sell. "Can I use both cost segregation and bonus depreciation from an S-corp you sell your personal residence to for the Section 121 exemption? Also, what is the accounting treatment if you sold your personal residence to an S-corp using an installment sale?" - Yes to cost seg, no to bonus depreciation (not allowed for related-party transactions). For accounting, record the property as an asset on the S-corp with a liability for the note owed to you personally. You'll recognize all gain in year of sale (which is actually beneficial to utilize the Section 121 exclusion), and interest payments will be recorded as interest income. "Do I have to officially quit my job and be retired to take disbursements from my 401k? At what age can I take disbursements from my 401k? Are there any negative tax implications from taking early disbursements?" - You don't need to quit your job to take distributions if you're 59½ or older, though your specific plan may have different rules. Early withdrawals before 59½ incur a 10% penalty plus ordinary income tax, unless you qualify for exceptions like the Rule of 55 (if you leave your job at 55+) or hardship withdrawals for specific situations. "What is the best entity for tax purposes to invest in real estate syndications?" - A Wyoming LLC (disregarded) or partnership is typically best. This gives liability protection while letting income/losses flow directly to your personal return (important for using passive losses). Avoid S-Corps (reasonable wage requirements) and C-Corps (trap gains/losses on corporate return). "Regarding bonus depreciation and the short-term rental loophole, are either the 500 hours or 100 hours and, more than anyone else, material participation tests prorated for the year? For example, if a property is purchased and put into service in November, those hours would be difficult to achieve." - No, these hours are not prorated. You must meet the full hour requirements between purchase and December 31st. Consider using the "substantially all participation" test if you personally perform nearly all work needed, even if under 100 hours. "If I purchased an investment apartment and repaired windows, floors and incurred other miscellaneous expenses to make it ready for renters, can I write the expense off on my Schedule E? I didn't receive any income for that apartment as of yet." - You can only deduct expenses after the property is "placed in service" (available for rent). If not in service yet, these costs must be added to the property's basis and depreciated. The $2,500 de minimis rule lets you expense (not capitalize) individual purchases under $2,500, but only after the property is in service. "I'm starting to do wholesale investments. I'm still a W-2 employee, yet I will resign soon. Is it recommended that I start my LLC now, and why?" - Yes, start your LLC now for liability protection when entering contracts. Begin with a disregarded LLC in the state where you're wholesaling. Once established and generating consistent income, consider making an S-Corporation election to save on self-employment taxes. "I have a trading account, but I do not actively trade in it. Should I set up a trading partnership for it?" - If you're not actively trading, a simple Wyoming LLC for asset protection is sufficient. For active traders with significant expenses, consider the limited partnership structure with a C-Corporation general partner to shift some income and deduct expenses that aren't allowed on personal returns. Resources: Schedule Your Free Consultation https://andersonadvisors.com/strategy-session/?utm_source=the-best-entity-for-real-estate-syndications-and-maximum-tax-benefits&utm_medium=podcast Tax and Asset Protection Events https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=the-best-entity-for-real-estate-syndications-and-maximum-tax-benefits&utm_medium=podcast Anderson Advisors https://andersonadvisors.com/ Toby Mathis YouTube https://www.youtube.com/@TobyMathis Toby Mathis TikTok https://www.tiktok.com/@tobymathisesq Clint Coons YouTube https://www.youtube.com/@ClintCoons  

Send us a textIn the third of a three-part series, Damien Martin and Tony Nitti of EY discuss their top tax cases from 2024, focusing on two C corp cases: Ju et al v. United States and Stead v. Commissioner. Watch the first two parts of the series: Top Tax Cases of 2024, Part 1: PartnershipsTop Tax Cases of 2024, Part 2: S CorporationsFollow us on X:David Stewart: @TaxStewTax Notes: @TaxNotes**This episode is sponsored by the University of California Irvine School of Law Graduate Tax Program. For more information, visit law.uci.edu/gradtax.***CreditsHost: David D. StewartExecutive Producers: Jasper B. Smith, Paige JonesShowrunner: Jordan ParrishVideo Editors: Jordan Parrish, Chris Trigo, Peyton Rhodes

SEND US A TEXT MESSAGE!!! Let Drs. Nii & Renee know what you think about the show!On this episode of “What y'all say Friday” , we start off by sharing what it's like to juggle medicine and parenthood. We actually recorded this episode during our first child-free vacation since our honeymoon. We then answer questions from our listeners on whether our locum tenens business is  incorporated as an S-Corporation or LLC. We shed light on the differences between LLCs, S-Corps, and C-Corps. Tune in for insights, and don't forget to check out our Tax Series episodes linked below! Timeline00:00 Introduction01:43 Our weekend getaway at a resort without the kids.06:35 Shoutout to Mr. Evans at the post office.08:16 Are we incorporated as an S-Corporation or LLC.15:52 The difference between a C-Corporation and an S- Corporation22:18 S-Corp vs. LLC when filing taxes.24:47 Handling your benefits such as 401k, disability insurance, health insurance, as your own employer.FREE DOWNLOAD -  7 Considerations Before Starting Locum Tenens - https://darkos.lpages.co/7-considerations-before-locumsLINKS MENTIONED Tax Benefits of LLCs - How to use a LLC to save Taxes - https://youtu.be/M_VP0rWxDucDisability Insurance, Long-Term Care & Financial Planning Strategies - https://youtu.be/JJpLIj9tVbUQ&A and Suggestions Form - https://forms.clickup.com/9010110533/f/8cgpr25-4614/PEBFZN5LA6FKEIXTWFSend us a Voice Message - https://www.speakpipe.com/docsoutsidetheboxSIGN UP FOR OUR NEWSLETTER! https://darkos.lpages.co/newsletter-signup/ WATCH THIS EPISODE ON YOUTUBE!Have a question for the podcast?Text us at 833-230-2860Twitter: @drniidarkoInstagram: @docsoutsidetheboxEmail: team@drniidarko.comMerch: https://docs-outside-the-box.creator-spring.com

Send us a textThinking about converting your C Corporation to an S Corporation? Before making the switch, do you know about the Built-In Gains (BIG) Tax—and how it could cost you thousands if you don't plan ahead?In this episode, Mike Jesowshek breaks down the Built-In Gains (BIG) Tax, a critical consideration for business owners converting from a C Corporation to an S Corporation. He explains why this tax exists, how it prevents businesses from avoiding double taxation, and the conditions under which it applies. Mike walks through key scenarios where the BIG Tax may or may not apply, how to calculate it, and the best strategies for minimizing or avoiding it. [00:00 - 03:30] Understanding the Built-In Gains (BIG) TaxMike introduces the BIG Tax and its purpose in preventing tax avoidance.What is the difference of taxation for C Corps versus S Corps?Owners need to be aware of BIG Tax before making an S Corp election.[03:31 - 11:15] Calculating the BIG Tax & IRS ConsiderationsMike shares the three key conditions that trigger the BIG Tax.Fair market value vs. adjusted basis determines built-in gains.Mike discusses the step-by-step breakdown of how to calculate the BIG Tax.Proper asset valuation at the time of conversion is critical.[11:16 - 14:00] Strategies to Avoid the BIG TaxHold onto assets for at least five years to bypass taxation.Time asset sales in loss years to offset taxable gains.Utilize NOL (Net Operating Loss) carryovers from the C Corp.[14:01 - 17:32] When the BIG Tax Does NOT Apply and Final ConsiderationsMike shares scenarios where business owners don't have to worry about the BIG Tax.BIG Tax is not a reason to avoid an S Corp election—planning is key.What is the importance of documentation and fair market value assessments?Notable Quotes:“The BIG Tax exists to stop business owners from electing S Corp status right before a liquidation or sale to dodge double taxation.” - Mike Jesowshek, CPA“Holding onto your assets for five years after converting to an S Corp is the simplest way to avoid the Built-In Gains Tax.” - Mike Jesowshek, CPA“The BIG Tax is important to understand, but it's not a reason to avoid an S Corp election. With the right planning, an S Corp is still a powerful tax-saving strategy.” - Mike Jesowshek, CPACheck out this episode's blog post: https://www.taxsavingspodcast.com/blog/beware-of-hidden-built-in-gain-big-taxes-when-transitioning-to-s-corporationClick here to book a demo call or you can visit https://taxelm.com/demo/ ______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: www.TaxSavingsTV.com 

Many business owners are overwhelmed by the current marketing hype around S corporations, and it can be confusing to cut through the noise. I explain why, in certain cases, staying with a C corporation might be more beneficial. I also highlight key tax differences between the two corporate structures. From understanding flat corporate tax rates to the implications of double taxation, I break down the essential elements you need to consider. It's crucial to make an informed decision based on your business needs, and I encourage you to use this episode as a starting point for deeper research. Tune in as I clarify common misconceptions and provide actionable insights for your business's financial strategy.   What You'll hear in this episode: [0:25] The Hype Around S Corporations [0:50] Understanding C Corporations [1:30] Tax Implications of C Corporations [5:50] Double Taxation Explained [6:10] Choosing the Right Business Formation [7:50] Investor Considerations   If you like this episode, check out: Why You May Want a C Corp in Your Business Structure Simple S Corp Salary Guide for Beginners S Corp Salary Explained Like a 3rd Grader   Want to learn more so you can earn more?  Visit keepwhatyouearn.com to dive deeper on our episodes  Visit keepwhatyouearncfo.com to work with Shannon and her team  Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ  Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/    The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.   

Welcome to this third and final installment of our educational series on structuring business for tax efficiencies.  In the previous sessions, we covered the complexities of C Corporations, including their benefits, drawbacks, and scenarios where they might be appropriate. In this episode, Matt and Stuart Sorkin, a seasoned attorney, CPA, and founder of Business and Legal Advisors, LLC, focus on Buy-Sel Agreements highlighting their importance and addressing common misconceptions. This topic is especially beneficial for business owners working with partners, employees, or family members who are shareholders as they learn a few practical strategies to help protect against unexpected events that could shake up ownership or create challenges for the business. Matt and Stuart also talk about: (01.29) Is succession planning the antithesis of a business owner's strengths? (02:03) What is the Monte Carlo Analysis? (04:41) The question that will help you define your true business value (12:45) Why should business owners have Buy-Sell Agreements? (15:54) Why Stuart is a big proponent of always having a reverse offer (22:55) The agreement that Stuart missed which led to 7 years of litigation (29:51) Two types of insurance business owners must always consider (31:14) The issue with third-party financing (33:12) The one requirement to ensure growth and maximize the value of your business (33:58) Why it is crucial to build a team to help plan for your business's future Connect With Stuart Sorkin Website: https://businessandlegaladvisors.com/ Personal Website: https://stuartsorkin.com/ Phone: (301) 320-1152 Email: info@businessandlegaladvisors.com LinkedIn: https://www.linkedin.com/in/stuart-sorkin-84a528/ Schedule a call with Stuart: https://calendly.com/stuart-sorkin Connect With Matt DiFrancesco: matt@highliftfin.com (814)201-5855 LinkedIn: Matt DiFrancesco LinkedIn: High Lift Financial Facebook: High Lift Financial  Instagram: @high_lift_financial Youtube: @highliftfinancial About the guest: Stuart H. Sorkin is the founder of Business and Legal Advisors, a firm that assists small and mid-size businesses with growth strategies.  With over 40 years of experience as an entrepreneur, CPA, and attorney, he specializes in business entity formation, mergers and acquisitions, tax and estate planning, and asset protection.  He co-authored Expensive Mistakes When Buying & Selling Companies…and How to Avoid Them in Your Deals and has been featured in publications like the Wall Street Journal and USA Today.  Stuart also serves on the Board of Trustees for the Jack R. Anderson Charitable Foundation. He holds a B.S.B.A. in Accounting and Finance, a law degree, and an LL.M. in taxation. Disclaimer: All information is obtained from sources deemed reliable, but not guaranteed. No tax or legal advice is given nor intended. Content provided herein or on our website should not be construed as an offer for investment advice or for securities, insurance, or other investment products. Investments involve the risk of loss and are not guaranteed. Consult a qualified legal, tax, accounting, or financial professional before implementing any investments or strategy discussed here. High Lift Financial is a DBA for DiFrancesco Financial Concierge, LLC. Investment advisory services are provided through Cornerstone Planning Group, LLC, an independent advisory firm registered with the Securities and Exchange Commission.

In this episode, Dr. Friday explains the tax advantages of C corporations, especially for small businesses. She highlights the 2017 tax law changes that reduced corporate tax rates from 35% to 21%, making C corporations an attractive choice. She also discusses the benefits of investing in small C corporation stocks, which can offer tax-free gains if held for over five years. Tune in to learn how these strategies can help grow your wealth. Transcript: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. C corporations. Now, back in 2017, that’s when the tax law came in effect with Donald Trump, and he moved it from like 35% down to 21% tax, which made corporations to be a very viable situation, especially for small business, because it’s considered a small business stock, which means that if you’ve invested in a small C corporation, and you’ve held it for five plus years, and now you sell that stock, you may not pay any taxes on the gain of that stock. There is some wonderful ways of helping to grow your money if you understand how to do it. 615-367-0819. 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.

Self-employed borrowers who own C-Corporations present unique income analysis challenges. In this episode of Loan Officer Training, we dive deep into the intricacies of evaluating income for C-Corp owners, equipping you with the skills needed to interpret complex financials with confidence.Discover how to navigate corporate tax returns (Form 1120), understand retained earnings, and differentiate between shareholder wages, dividends, and other income sources. We'll discuss how to evaluate C-Corp profitability, review balance sheets for hidden liabilities, and assess trends in business income that can impact loan eligibility. With practical tips on identifying potential red flags and understanding the implications of corporate structures, this episode will help you make more informed lending decisions.Whether you're a seasoned loan officer or expanding your expertise in self-employed income analysis, this episode is packed with actionable insights to help you handle C-Corp borrowers with ease, streamline the underwriting process, and boost your success with self-employed clients. Don't miss this in-depth guide to mastering C-Corp income analysis and adding value to your lending practice!Join The Mortgage Calculator at https://themortgagecalculator.com/joinAbout The Mortgage Calculator:The Mortgage Calculator is a licensed Mortgage Lender (NMLS #2377459) that specializes in using technology to enable borrowers to access Conventional, FHA, VA, and USDA Programs, as well as over 5,000 Non-QM mortgage loan programs using alternative income documentation! Using The Mortgage Calculator proprietary technology, borrowers can instantly price and quote thousands of mortgage loan programs in just a few clicks. The Mortgage Calculator technology also enables borrowers to instantly complete a full loan application and upload documents to our AI powered software to get qualified in jCatch all the episodes of the Loan Officer Training Podcast at https://themortgagecalculator.com/Page/Loan-Officer-Training-Series-Podcast Catch all the episodes of the Loan Officer Training Podcast at https://themortgagecalculator.com/Page/Loan-Officer-Training-Series-PodcastLoan Officers for Unlimited Free Non-QM Leads & Trainings Join The Mortgage Calculator at https://themortgagecalculator.com/joinThe Mortgage Calculator is a licensed Mortgage Lender (NMLS #2377459) that specializes in using technology to enable borrowers to access Conventional, FHA, VA, and USDA Programs, as well as over 5,000 Non-QM mortgage loan programs using alternative income documentation! Using The Mortgage Calculator proprietary technology, borrowers can instantly price and quote thousands of mortgage loan programs in just a few clicks. The Mortgage Calculator technology also enables borrowers to instantly complete a full loan application and upload documents to our AI powered software to get qualified in just minutes! Our team of over 350 licensed Mortgage Loan Originators can assist our customers with Conventional, FHA, VA and USDA mortgages as well as access...

In this episode of The Patti Brennan Show, guest host Eric Fuhrman, our Chief Planning Officer, joins Patti to discuss the Corporate Transparency Act. This is a very important topic as federal law requires certain companies to report information about their beneficial owners to the U.S. government by January 1st, 2025.  Companies that meet specific criteria must file a Beneficial Ownership Information (BOI) Report within the Financial Crimes Enforcement Network (FinCEN). Don't miss out on this episode of The Patti Brennan Show!  

In this episode of The Kelly Roach Show, Kelly dives into year-end tax strategies for business owners with expert insights from tax advisor John Briggs. As the year draws to a close, proactive tax planning becomes essential for entrepreneurs looking to minimize tax burdens and enhance financial benefits. Briggs shares actionable, easy-to-implement tips, covering often-overlooked areas such as reviewing business entity choices, optimizing deductions, and accurately calculating estimated tax payments. This episode highlights the importance of reassessing business structures—whether LLC, S Corporation, or C Corporation—to align more strategically with financial goals. With practical advice on identifying deductible expenses and setting up a tax payment plan to avoid penalties, this discussion equips business owners with the tools to confidently manage year-end tax planning. Book a Call: Get personalized guidance and achieve your goals by booking a call with Kelly Roach: https://kellyroachcoaching.com/book-now/ Check out the Year-End Planning Guide from John Briggs - https://incitetax.com/yekr Get a copy of John's Book: https://33rulebook.com  Connect with John's team: https://incitetax.com/contact/   Also in this episode: Implementing a tax payment plan that includes setting aside a percentage of income regularly can prevent unexpected tax bills and penalties. Utilize available resources, like comprehensive tax guides, to stay informed on current tax laws and strategic actions. Continuously educate yourself on tax strategies and consult with experts to ensure your approach is aligned with both current laws and personal business goals.     Stay Connected With Kelly Roach:  Instagram | LinkedIn | Facebook | Youtube

What Are DAOs For? Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. DAO stands for Distributed Autonomous Organizations. DAOs facilitate people's coordination toward a common goal. DAOs give collective ownership to the members including decision making. A DAO uses Web3 software to provide the coordination, voting, and governance rights of the members. DAOs can be used for many types of goals including social, economic, and political. Here are some example use cases: A DAO can be used as a legal entity instead of an LLC or C-Corporation. A DAO can provide compliance for meeting certain requirements such as environmental standards. A DAO can be used to launch a social initiative to raise people out of poverty. A DAO can be used to create an artistic movement and propagate the creative output of its members. A DAO can be used to create a political action committee to further a group's political agenda. There are many more use cases for DAOs. Consider using a DAO for your next project.   Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let's go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at:   Check out our other podcasts here:   For Investors check out:   For Startups check out:   For eGuides check out:   For upcoming Events, check out    For Feedback please contact info@tencapital.group    Please , share, and leave a review. Music courtesy of .

In this enlightening episode, host Roger Knecht sits down with Craig Primo, a FINRA licensed investment banker, to explore the multifaceted process of selling a business. Craig shares invaluable insights into the essential role accountants play in ensuring smooth and successful transactions. Whether you're planning an exit strategy or facing an unexpected sale, this episode is packed with practical advice to help you prepare. Main Themes: The Critical Role of Accountants: Craig and Roger note the importance of maintaining accurate financial records during a sale. They discuss challenges posed by outdated accounting methods during sales. Craig highlights the necessity of GAAP-compliant statements for attracting buyers. Understanding Financial Metrics: Roger and Craig discuss key metrics such as gross profit margins and liquidity ratios. Detailed financial data analysis creates opportunities for accountants in a sale. Enhancing collaboration between accountants and clients to identify growth opportunities and prevent burnout. Debt and Growth: Craig explains how to  leverage debt for business growth versus traditional cash reserves. They discuss the risks of over-leverage and the phenomenon of “zombie companies.” Granular Financial Analysis: Roger offers advice on managing legacy products and shifting focus to more profitable opportunities. They note the role of private equity in identifying inefficiencies. Professionalism in Accounting: They explain the pyramid model of accounting needs based on business size and maturity. Craig emphasizes the need for a transition from growth-focused to structured financial management. Proactive Financial Planning: Craig offers advice on preparing for business exits. Roger highlights strategies for securing loans and avoiding missed opportunities. They break down the differences between LLCs and C Corporations, and the use of Phantom stock for employee retention. Financial Statements and Trends: Analyzing financial statements to understand trends and improve cash flow. Managing receivables, payables, and inventory. Importance of timely bookkeeping and strategic accounting partnerships. Business Sales Scenarios: Unexpected sales and the need for urgent documentation. Proactive preparations for sale. Planning for venture capital with a 3 to 5-year sale timeline. Emotional Challenges in Sales: Emotional factors complicating the sale process, especially in family businesses. Recognizing and addressing emotional challenges to facilitate smooth transitions. Complex Business Transactions: Impact of events like death or family disputes on transactions. Equity distribution disputes and differing valuations. Accountants' role in providing strategic support, timely information, and accurate forecasting. Join us for an in-depth discussion on how to navigate the complexities of selling a business with expert guidance from Craig Primo. Whether you're an entrepreneur or an accountant, this episode offers valuable strategies to ensure a seamless and profitable transition. For more information on how you could broker these complex transactions, call 435-344-4060 to connect with Universal Accounting Center. Sponsors: Universal Accounting Center Helping accounting professionals confidently and competently offer quality accounting services to get paid what they are worth.   Offers: Find & Follow - In Find & Follow, Greg & Jonathan DeVore provide the key to solving the knowledge transfer problem and transforming your business. Don't spend another day wasting your and your team's time relying on tribal knowledge – get a copy now!   Create a Culture of Accountability.  This is a training to help understand and implement clear expectations.  Easy to implement, quick to experience results.  We refer to it as the S.T.A.R. Training program.   Get a FREE copy of these books all accounting professionals should use to work on their business and become profitable.  These are a must-have addition to every accountant's library to provide quality CFO & Advisory services as a Profit & Growth Expert today: “Red to BLACK in 30 days – A small business accountant's guide to QUICK turnarounds” – This is a how-to guide on how to turn around a struggling business into a more sustainable model. Each chapter focuses on a crucial aspect of the turnaround process - from cash flow management to strategies for improving revenue. This book will teach you everything you need to become a turnaround expert for small businesses. “in the BLACK, nine principles to make your business profitable” – Nine Principles to Make Your Business Profitable – Discover what you need to know to run the premier accounting firm and get paid what you are worth in this book, by the same author as Red to Black – CPA Allen B. Bostrom. Bostrom teaches the three major functions of business (marketing, production and accounting) as well as strategies for maximizing profitability for your clients by creating actionable plans to implement the nine principles. “Your Strategic Accountant” - Understand the 3 Core Accounting Services (CAS - Client Accounting Services) you should offer as you run your business. Help your clients understand which numbers they need to know to make more informed business decisions. “Your Profit & Growth Expert” - Your business is an asset. You should know its value and understand how to maximize it. Beginning with the end in mind helps you work ON your business to build a company you can leave so that it can continue to exist in your absence or build wealth as you retire and enjoy the time, freedom, and life you want and deserve. Follow the Turnkey Business plan for accounting professionals.  This is the proven process to start and build the premier accounting firm in your area.  After more than 40 years we've identified the best practices of successful accountants and this is a presentation we are happy to share.     Also learn the best practices to automate and nurture your lead generation process allowing you to get the bookkeeping, accounting and tax clients you deserve.  GO HERE to see this presentation and learn what you can do today to identify and engage with your ideal clients.   Check it out and see what you can do to be in business for yourself but not by yourself with Universal Accounting Center.   It's here you can become a:   Professional Bookkeeper, PB Professional Tax Preparer, PTP Profit & Growth Expert, PGE   Next, join a group of like-minded professionals within the accounting community.  Register to attend GrowCon and Stay up-to-date on current topics and trends and see what you can do to also give back, participating in relevant conversations as they relate to offering quality accounting services and building your bookkeeping, accounting & tax business.   The Accounting & Bookkeeping Tips Facebook Group The Universal Accounting Fanpage Topical Newsletters: Universal Accounting Success The Universal Newsletter   Lastly, get your Business Score to see what you can do to work ON your business and have the Premier Accounting Firm. Join over 70,000 business owners and get your score on the 8 Factors That Drive Your Company's Value.   For Additional FREE Resources for accounting professionals check out this collection HERE!   Be sure to join us for GrowCon, the LIVE event for accounting professionals to work ON their business. This is a conference you don't want to miss.   Remember this, Accounting Success IS Universal. Listen to our next episode and be sure to subscribe.   Also, let us know what you think of the podcast and please share any suggestions you may have.  We look forward to your input: Podcast Feedback   For more information on how you can apply these principles to start and build your accounting, bookkeeping & tax business please visit us at www.universalaccountingschool.com or call us at 8012653777  

September 16th is the filing deadline for S-Corporations and Partnerships that filed for a 6-month extension. In this episode we'll discuss what creates those entities, some options if yours may be late, and a few other nuances to make this week a little easier. Facebook Group For Tax Professionals Facebook Group For Real Estate Investors IRS List of Qualified Disaster Areas Rev-Proc 84-35 Introduction to the September 15th (16th) Deadline[00:00:00] Hello. Hello everyone. And welcome to today's show. So we are only a few days away from the extended deadline for entity tax returns. This deadline specifically applies to pass-through entities, which typically include partnerships and S-Corporations. Normally, this deadline is September 15th, but this year, because the 15th falls on a weekend, the deadline is technically extended to Monday, September 16th. While this is the extended deadline for entities, keep in mind that the extended personal tax return deadline remains October 15th.--- Entities Affected by the Deadline[00:00:37] Today's show is going to focus on the September 15th (16th) deadline—who it applies to, common misconceptions about it, and what your options are if you think you might miss this deadline. To start, this deadline applies to S-Corporations and partnerships, both of which are pass-through entities. These tax returns are typically due on March 15th. However, if you filed for an extension, you were granted an additional six months to file, pushing the deadline to September 15th (or 16th this year). It's important to note that an extension to file does not mean an extension to pay any taxes owed, just like with your personal return.--- Recap: What Are S-Corps and Partnerships?[00:01:18] Let's quickly recap what qualifies as an S-Corporation or a partnership. Many people may not even realize that they have one of these entities. An S-Corporation is either a C Corporation that has elected to be taxed as an S-Corp or an LLC that has chosen to be taxed as an S-Corp. To make this election, you would file Form 2553. You don't need to change your LLC into a corporation first—it's a single step to make this election. On the other hand, partnerships are formed in various ways, but they typically involve more than one person operating the business. Even without a formal entity, if more than one person is involved, you may have created a partnership. ---Understanding Partnerships: Common Situations[00:02:28] The other common type of entity that is affected by this deadline is partnerships. Partnerships can be formed in a variety of ways, but the most common is the general partnership, where more than one person operates a business, even without a formal legal entity. Additionally, any LLC with more than one member (a multi-member LLC) will generally be considered a partnership for tax purposes unless it has made a different tax election. This often surprises people, as they might set up an LLC and add a spouse or a business partner without realizing they've created a partnership, requiring them to file Form 1065, the partnership tax return. For example, if you and a friend create an LLC to invest in real estate and split the proceeds 50/50, you've inadvertently formed a partnership and must file the corresponding tax return.---When a Multi-Member LLC is a Partnership[00:03:31] This situation is particularly common with multi-member LLCs. Often, people will set up an LLC and add their spouse to it, not realizing that in many states, they are now required to file a partnership return. Another frequent scenario occurs when individuals join forces for a small business venture, such as a real estate deal with a friend, where they both list themselves as owners on the LLC. Without knowing it, they've created a partnership and will need to file Form 1065. However, there is an exception for married couples in community property states: if the only members of the LLC are you and your spouse, and you live in a community property state, you may not have to file a partnership return at all. Instead, you might be able to treat the LLC as a disregarded entity.--- Special Considerations for Married Couples in Community Property States[00:04:27] If you are married and live in a community property state, and the only members of your multi-member LLC are you and your spouse, you might be able to treat the LLC as a disregarded entity, avoiding the need to file a partnership return. If you and your spouse are operating a business without any formal entity, you have the option of filing as a qualified joint venture. In this case, you would each report your share of the business income and expenses on separate Schedule C forms as part of your individual tax returns, instead of filing a partnership return. These are a few nuances where you might not be required to file a partnership return, but in most cases, having a multi-member LLC will necessitate filing Form 1065.---Filing Deadline for Entities: March 15th or Extended to September 15th[00:05:00] Remember, if you have an S-Corp or partnership, your tax return is normally due on March 15th. If you file for an extension, you get an additional six months, pushing the deadline to September 15th (or in this year's case, September 16th, since the 15th falls on a weekend). Even if you file for an extension, be aware that this doesn't extend your time to pay any taxes owed. If you haven't filed yet, or if you're not ready, it's crucial to get your return filed as soon as possible to avoid late filing penalties.---Importance of Filing on Time[00:05:16] Even if you don't have the money to pay right now, filing late and paying late is worse than just paying late. You should aim to file your S-Corp or partnership return by the September 16th deadline (or October 15th for personal returns), even if you can't pay what you owe at the moment. Filing late can lead to significant penalties, so it's always better to file on time and pay later if necessary. However, I understand that sometimes these things are unavoidable—whether it's because you didn't realize you had a partnership, forgot to file an extension, or your books aren't ready.--- Solutions for Late Filing: Rev Proc 84-35 (Partnerships Only)[00:06:00] If you think you might miss the deadline for filing your entity return, there are a few potential solutions depending on your circumstances. One option, specifically for partnerships (this does not apply to S-Corporations), is the IRS Rev Proc 84-35. If your partnership qualifies under this procedure, you can request relief from late-filing penalties. The small partnership exception under Rev Proc 84-35 allows penalties to be waived if the partnership meets certain criteria and the late filing was due to reasonable cause.--- Rev Proc 84-35: Criteria for Penalty Relief[00:07:00] Let's go over the criteria to see if you qualify for penalty relief under Rev Proc 84-35. First, your partnership must have no more than 10 partners. Second, all partners must either be individuals or estates of deceased partners—no trusts, LLCs, or corporations as partners. Third, the allocation of income, deductions, and c...

In this conversation, Brian T. Franco interviews Andy Jones from Private Equity Info. They discuss trends in the private equity industry, including the impact of government policies, tax law changes, and the types of acquisitions being made. They also touch on the choice between C Corporations and LLCs and the considerations for companies in light of potential tax law changes. Overall, the conversation provides insights into the current state of the private equity market and the factors influencing investment decisions. Private equity groups are holding investments longer, leading to a shift in the mix of platform versus add-on acquisitions. The longer hold period is influenced by factors such as the need to deploy capital and the perception of less risk in feeding a platform. This trend is seen across various industries, including durable medical equipment, healthcare, and home services. The shift towards smaller acquisitions and add-ons presents opportunities for founders and entrepreneurs to exit their companies at a meaningful valuation. Additionally, private company owners can employ the private equity model by doing bolt-on acquisitions and partnering with firms that specialize in buy-side work. Continue the conversation with Jacob Franco: ⁠⁠⁠⁠⁠Jacob's Calendar⁠⁠⁠⁠⁠ Learn more about Brian Franco by visiting: ⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠Email Me⁠⁠⁠⁠⁠ Connect with Andy: ⁠⁠⁠⁠⁠⁠LinkedIn

Today, attorneys Toby Mathis, Esq., and Eliot Thomas, Esq., delve into listener questions around topics like borrowing from your QRP (Qualified Retirement Plan) without it being considered income, utilizing depreciation from syndications as a real estate professional, and writing off Airbnb setup costs. Learn how to establish accountable expense reimbursement plans for your C-Corp, handle taxes for disregarded property holding entities, and calculate depreciation post-1031 exchange. Discover efficient strategies for paying kids in your small business and choosing between S-Corp and LLC structures. Simplify the complexities of C-Corp taxes and learn how to invest in real estate via self-directed IRAs without UBIT implications. Submit your tax question to taxtuesday@andersonadvisors.com Highlights/Topics: I am 65. If I borrow $30,000 from my QRP, would that be considered earned income?- No. You have to pay back with interest, but it is not income. As a real estate professional, can I also take the depreciation expense from syndications against my spouse's K-1 income? - Generally yes, if you are a REP, and it's non-passive activity, if there was an overall loss, it can go on your return. Can expenses for building and outfitting an Airbnb spent this year be written off next year when the unit is rented? - yes, but it can only be written off after it has been “placed in service” How do I establish an accountable expense reimbursement plan for my C -Corp and a medical reimbursement plan? - Have a corp meeting, and adopt the plans with documentation of that meeting. If a disregarded property holding entity isn't taxed when our individual property expenses like taxes, insurance maintenance, and depreciation considered for income taxes? - Any income/expenses must be reported, flowing up into your 1040. How do I calculate depreciation after a 1031 exchange? - It's your original property purchase price, plus any improvements, less depreciation. This again is on the original building you had, the one that we're going to relinquish. I want to include my kids as employees for my small business and I want to pay them in a lump sum annually. What would be the most efficient way to structure that? - If they are under 18 there's no employment tax, if you are paying them through a partnership or a disregarded entity. Is it beneficial to be an S-corp or an LLC if making under a certain amount of money? - You want to be in some kind of entity, to protect yourself from lawsuits. What are the tax differences between an S and a C corporation? How hard are a C corporation's taxes to do? - Yeah, so the biggest tax differences between an S and a C then in a synopsis is the S corporation doesn't pay taxes, it passes it to its owners. How can I use my self-directed IRA to invest in real estate deals without being subject to UBIT? - don't buy any real estate with any debt or anything like that and make sure it's a long-term rental, and not a flip. Resources: Schedule Your Free Consultation https://andersonadvisors.com/ss/?utm_source=aba&utm_medium=podcast&utm_content=the-main-tax-differences-between-an-s-corporation-and-c-corporation Tax and Asset Protection Events https://andersonadvisors.com/live-tax-and-asset-protection-workshops/ Anderson Advisors https://andersonadvisors.com/ Toby Mathis YouTube https://www.youtube.com/@TobyMathis Toby Mathis TikTok https://www.tiktok.com/@tobymathisesq

Today, Shannon breaks down the key differences between C Corporations and S Corporations, highlighting the advantages and disadvantages of each. She explains how a C Corporation can be beneficial for certain businesses, especially when considering investors and tax strategies. Listeners are encouraged to explore C Corporations as a potential option within their business structure. Join Shannon as she simplifies complex tax concepts and empowers entrepreneurs to make informed financial decisions.   What you'll hear in this episode: 06:32 Optimize entity, design ecosystem, C corp benefits. 07:24 C corporation offers tax advantages over S corporation.   If you like this episode, check out: Why You May Not Want to Start a New Business CFO Q&A - Naming Your Business What Actually Happens If I Commingle Business and Personal Finances?   Want to learn more so you can earn more? Download the Money Pro Matchmaker tool here Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/   The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

In this week's episode of The Venue Rx podcast, our host Jonathan Aymin sits down with Brandon West, CPA and Co-Owner of 77 Financial Group. They cover the importance of separating funds owed to vendors from taxable income, advocating for the safety of a high-yield savings account over riskier options like stocks or cryptocurrency. Additionally they discuss tax planning and retirement, and touch on the needs of venue owners considering succession and what that planning process entails.  About Our Guest:  Brandon West is a certified CPA based in California, specializing in tax matters for individuals and small businesses. He earned his degrees in Accounting and Finance from Point Loma Nazarene University. Initially, Brandon gained valuable experience at CBIZ, one of the nation's top ten accounting firms. However, driven by a desire for more direct client engagement and business development opportunities, he established his own practice. Today, Brandon's clientele spans across 8 states and encompasses individuals, LLCs, S Corporations, C Corporations, and Sole Proprietorships. He is deeply passionate about supporting his clients' growth journeys, offering expert guidance through the intricate landscape of tax regulations. Find Him Here:  Email: brandon@77financialgroup.com Website: https://www.77financialgroup.com/ Instagram: https://www.instagram.com/77financialgroup/ Linkedin: https://www.linkedin.com/in/brandon-west-0814a686/ Podcast: https://open.spotify.com/show/5WdL2X4ShOSn7YrnmwOECT?si=53c44c9571324638

In the UK you've got four countries that make up the United Kingdom, governed by HMRC. In the US, you've got 50 little governments that reside under that umbrella. They each have autonomous authority to set their own rules, and that's where we see people stumble the most. Christy Waskobojnik is a tax advisor specializing in US-UK cross-border matters, and head of business development for DYUSA, a tax and accounting firm. This week's Ask An Expert with Christy focuses on advice for business owners thinking of starting up in the US. The three key takeaways from this episode: Understanding State Complexity: Each state has its own set of rules regarding taxation, employment, and business operations. Christy emphasizes the importance of understanding these nuances early on to avoid compliance issues and unnecessary penalties.Choosing the Right Business Structure: Many UK businesses mistakenly choose an LLC when expanding to the US, unaware of the potential tax implications. Christy advises that a C Corporation, owned by a UK Limited entity, is often the best structure. This setup allows businesses to efficiently navigate the tax systems of both countries, leveraging the US-UK tax treaty to avoid double taxation and maximize tax benefits.The Importance of Cross-Border Expertise: Seek advice from someone with specific cross-border experience. General advice from domestic accountants or incomplete research can lead businesses into complicated tax situations, costly penalties, and operational headaches. Early engagement with cross-border tax advisors can save businesses from these pitfalls and provide a smoother expansion process into the US market.Always an Expat is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.

In our latest episode, "It's The Bottom Line That Matters - Titles," we delved into the significance of job titles in the business world. From CEOs to visionary founders, the impact of titles on how the world perceives you is an intriguing topic worth exploring. We discussed how certain titles can carry weight and influence how you are perceived by prospects and partners. Whether you choose a traditional title like CEO or opt for a more creative designation like "Maestro of Business," the title you adopt can shape expectations and influence business relationships. Our hosts Jennifer, Daniel, and Patricia shared their insights on titles and how they affect their own businesses. Patricia, for example, is exploring the implications of being a Chief Visionary Officer as she navigates the early stages of her startup. We also examined the story of a company director who intentionally portrayed himself as such, instead of as the CEO, to lessen perceived pressure in business dealings. This sparked an intriguing discussion on the power of perception management and the impact of titles, no matter the size of your business. Daniel's comparison of job titles to the hierarchy in Star Trek was not only fun but also thought-provoking. It emphasized the leveling effect that titles can have, aligning with the "perks" and expectations that come with them. The episode also highlighted the value of aligning your titles with the expectations and needs of your prospects and customers to foster stronger connections. So, whether you're defining your own title, considering a change, or navigating the significance of titles in business relationships, this episode is a must-listen. Stay tuned for our next thought-provoking discussions on the It's The Bottom Line That Matters podcast. And remember, when it comes to titles, it's the bottom line that truly matters in the business world. Keywords: CEO, President, Director, Vice President, Founder, Managing Partner, Managing Member, Chief Visionary Officer, Maestro of Business, Visionary, Business structure, Skill sets, Corporate structure, Perception management, C Corporation, Entrepreneurship, Entrepreneurial titles, Business card titles, Goldman Sachs 10,000 Business Program, Enterprise resource planning, CEO duties, Leadership, Sales conversations, Formal titles, Informal titles, Board of advisors, Corporate hierarchy, Corporate titles, Prospects and partners, Relationship management, LinkedIn, FoundersCard

Discover the intriguing world of C corporations in this eye-opening episode. Host [Your Name] navigates the complexities of business entity structures, debunking myths and revealing surprising truths. Dive into the 21% tax rate allure, but beware the potential pitfalls of double taxation and equity entanglements. Uncover strategies to leverage C corporations for tax advantages and smoother cash flows. Explore the tantalizing IRS Section 1202 exclusion and its game-changing implications for future business sales. With expert insights and real-world examples, this episode empowers seasoned business owners to make informed decisions and maximize financial potential. Don't miss out—tune in now to unlock the secrets of C corporations and revolutionize your business strategy.   Next Steps: ☎️ Find out how much you're overpaying in taxes every year!  Schedule a FREE discovery call to find out --> https://phillipsbusinessgroup.com/

Is becoming a C Corporation the best tax strategy for your business? Today on The Truth About Wealth, John and Michael Parise speak with Doug Dickey, CPA, CEPA, Manager, and Shareholder at DRDA, PLLC, about the benefits and tax implications of using C corporations for business structures post Tax Cuts and Jobs Act.  They explore … Read More Read More

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen delve deep into the challenges and opportunities of running a farming operation. They provide their expert insights on eight distinct, yet interconnected, farming strategies that can help both budding and seasoned farmers.Here's what you can look forward to:A detailed examination of the S Corporation strategy, highlighting how it can enhance tax efficiency and profitability in farming operations.An exploration of asset protection strategies, focusing on the balance between operations and assets, and the importance of maintaining a proper business structure.In-depth advice on how to navigate the tricky situation of a C Corporation, offering practical steps to transition to a more efficient structure.A discussion on the common pitfall of overbuying equipment that farmers often fall into, with tips on how to make smarter investment decisions.Insights into the challenge of being "land rich and cash poor," emphasizing the importance of diversifying investments and ensuring cash flow security.Guidance on maintaining your entities and having a board of directors or board of advisors within your family to oversee the business.An overview of estate planning related to farm transition, stressing the need for a clear and comprehensive plan.Advice on farm succession planning and the importance of training the next generation and planning for the future of the farm.This episode is a must-listen for anyone involved in the farming industry, interested in asset protection, tax-saving strategies, and those planning for the future of their farming business. Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo. You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360 Curious what my new certification is all about? Learn More Looking to connect with a rock star law firm? KKOS is only a click away! Grab my FREE Ultimate Tax Strategy Guide HERE! Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!

In this episode, Eric and Drew chop it up on their Super Bowl LVIII predictions. This is the first time the ‘big game' will be played in Las Vegas, and the odds are that all aspects of this event will be exciting…. from the team match up, to the half-time show, to the commercials. In a pivot to business, Eric explains the differences between S Corporations and C Corporations. And while the NFL football season is coming to an end, tax season is just beginning. Don't go it alone. Consider hiring a tax specialist. Eric and his firm can help you. Thanks for checking out Sports Gumbo. Follow us on social media and where ever you get your podcasts.  Until next time….

In this episode, we dive into the topic of taking money out of your business. Shannon breaks down the complexities of taking money out of different types of businesses - from single-member LLCs to S Corporations, Partnerships, and C Corporations. Shannon explains the implications of taking money out of your business, the importance of managing cash flow, and how to pay yourself in ways that minimize tax implications. Tune in to gain valuable insights and actionable tips for managing the financial side of your business.   What you'll hear in this episode: 03:34 IRS taxes all income, plan withdrawals wisely. 07:47 Determining reasonable salary for entrepreneurs is ambiguous. 12:50 Consider unequal distributions and guaranteed payments in partnerships. 14:15 Trainer seeks extra payment for unequal business work. 17:20 C corporation tax implications and payment considerations.   If you like this episode, check out: How Publishing a Book Affects Your Taxes Decoding the Messages in Your Numbers What Your Numbers Are Trying to Tell You   Want to learn more so you can earn more? 5-Day Financial Mindset Refresh: https://www.keepwhatyouearn.com/refresh Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/   The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.  

Today I want to tell you about our sponsor for this episode,  Olsen  Dental  Chairs!‍‍Imagine you're a dentist and you spend your whole day around the chair...   Well, Olsen has over  40 years of experience in making those long hours as comfortable as possible for both the dentist  and the patient! ‍If you're a dental professional looking for high quality, cost effective, dental equipment, check out Olson dental chairs!Click this link and mention this episode for a limited time FREE installation with your purchase!‍Guest: Rhonda KalashoPractice Name: TruGlow Mordern DentalCheck out Rhonda's Media:Practice Website: https://glomoderndental.com/Email: rhondakalasho@glomoderndental.comInstagram: https://www.instagram.com/dr.rhondakalasho/Facebook: https://www.facebook.com/dr.rhondakalasho‍Other Mentions and Links:‍Tools/Resources:HubSpotHubSpothttps://www.googleadservices.com/pagead/aclk?sa=L&ai=DChcSEwjjuryZn42DAxXKB60GHWZzBfYYABAAGgJwdg&ase=2&gclid=Cj0KCQiAyeWrBhDDARIsAGP1mWSmA-wnuIpk3AgrP6Q4LOTx7tZpTWkt9X_vnRvjxA6TpHggzdgGerIaAoxFEALw_wcB&ei=6xJ6ZaSIDeGC0PEP-5GPaA&ohost=www.google.com&cid=CAESV-D2LJrATp36pfi4qgGRCTKgaEIqiHzgIfDNWGIzDXafM7fx84q8a9o3MfxOBrhzqXvVlJtKltzCsaJOIqike632B7HWKepVIukxm2wCNCtob28pZUpKag&sig=AOD64_0lSViVPzY6D95mLKOsmbn2Bwj18A&q&sqi=2&nis=4&adurl&ved=2ahUKEwjkqbaZn42DAxVhATQIHfvIAw0Q0Qx6BAgJEAETrainualPearl (AI software)TurboTaxGoogle AdsCompanies/Brands:BBCMSNBCForbesZocDocInvisalignTerms:HMOMedi-CalROI - Return on InvestmentEBITDA - Earnings Before Interest, Taxes, Depreciation, and AmortizationWet DentistryOL - Oral LeukoplakiaAI - Artificial IntelligenceSEO - Search Engine OptimizationPPC AdsLLC - Limited Liability CompanyS CorporationC CorporationW-2CavitronPiezoLocations/Establishments:UCLAUCSD‍Host: Michael Arias‍Website: The Dental Marketer Join my newsletter: https://thedentalmarketer.lpages.co/newsletter/‍Join this podcast's Facebook Group: The Dental Marketer Society‍‍What You'll Learn in This Episode:Dr. Kalasho's journey from graduate to successful entrepreneur owning multiple dental practices.Understanding contracts and the importance of developing sound business acumen.Insights into partnerships and dental practice acquisitions.Using dental insurance as a financial safeguard while maintaining quality care.Implementing AI in dental practices: from patient care to insurance dealings.The role of tax planning and smart investments in building wealth.Please don't forget to share with us on Instagram when you are listening to the podcast AND if you are really wanting to show us love, then please leave a 5 star review on iTunes! [Click here to leave a review on iTunes]‍p.s. Some links are affiliate links, which means that if you choose to make a purchase, I will earn a commission. This commission comes at no additional cost to you. Please understand that we have experience with these products/ company, and I recommend them because they are helpful and useful, not because of the small commissions we make if you decide to buy something. Please do not spend any money unless you feel you need them or that they will help you with your goals.‍Episode Transcript (Auto-Generated - Please Excuse Errors)Michael: All right. It's time to talk with our featured guest, Dr. Rhonda Kalasho. How's it Rhonda: going? Great. Excellent. I'm in Los Angeles. How can I, how can I fight this weather? We got sun. Michael: I know we got, sun yesterday Rhonda: Yeah. Oh yeah. You're, You're not far. got rain ever. There was car accidents everywhere. Cause nobody knows what to do. Yeah. Car accidents everywhere. Exactly. There's traffic. There's like a little splatter of rain and suddenly we don't have driver's license. Did it rain a lot in San Diego or no?Yeah. It rained a lot. It rained a lot. My parents live out there. I live in Los Angeles, but I mean, we had a lot of rain yesterday, but we love it. I love it. I eat it Michael: up. like a nice change of pace of everything. We all feel like we, what do we do? We got to shut down and everything like Rhonda: that.I'm that person that puts up the Christmas decorations the day after Halloween. So now it matches the weather. Michael: That's awesome. So if you can tell us a little bit about your past, your present, how'd you get to where you are Rhonda: today? Yeah, absolutely. I own, uh, multiple practices under one brand called True Glow Modern Dental.Uh, I did end up owning, uh, an HMO practice straight out of residency, which I loved a lot, but, uh, I ended up, it was a partnership that didn't go well. And it's because I didn't really understand contracts at the time and, So I ended up, uh, just selling my shares of that and then purchasing my first office in Hollywood, in 2018, in 2020 I opened up my, uh, Beverly Hills location and now I'm opening up my Calabasas location. I'm pretty busy right now. I have two little ones at home. But what got me into practice ownership is, uh, I really thought that there was a market deficit in dentistry where it's essentially affordable care, but also at the same time, high quality. and I wanted to utilize some of my business background because I was an undergrad as an undergrad major, I was a business administration, major.And then I picked up some of the prereqs before UCLA to finish up. To get into dental school, but I had a good business acumen before I began my dental journey. And I knew that there was, a really great market for potential of membership style dental offices, which don't operate like an insurance, but more like how you would see traditional memberships, businesses operating where you have a fixed monthly amount, and then you are given, Reduce fees or whatever for a service.And so we were able to do that. Um, I also own my own dental laboratory. So my costs are, fixed in a way where I can produce high quality care, but at the same time, affordably for my patients as well. so we're, uh, kind of a niche brand of dentistry. we do have patients that still come in with insurance.We concierge bill their insurance and the patient gets billed or gets paid directly. Um, that's part of my brand. I just wanted to grow and develop this, business perspective that I had even as an undergrad. and now, lo and behold, I actually really love dentistry. I'm still a wet handed dentist, so I do practice all the time. and you can see that on my Instagram page. I do some, uh, pretty crazy video, full mouth rehab cases. I learned that at my residency, which I did at UCSD. And I recommend everybody actually do a residency. Super important. All my, colleagues and associates that work under our brand have done residencies. that's what got me here. I love. Not only the practice of dentistry, but the business, of dentistry as well. Michael: Nice. Okay. So it's good. Let's rewind a little bit. You said you immediately out of residency, you jumped into practice ownership. You owned HMO. Crazy me. Yeah. Why, Why did you do that?Well, I Rhonda: did go into, office kind of thing a little bit. I did that for like two months and it just didn't fit my style. I wanted certain equipment, I wanted certain things when I would work and it was just the bare bones. I remember being asked to do endo without a rubber dam and without all of a sudden it was just like, I was just kind of.Especially when you're out of dental school you're, you're kind of still into the standard of care and you're really wanting to make sure that you're practicing that as such. And I remember the corporate setting was very much a patient push and making sure that they finish the treatment, make sure that they get the treatment done, make sure that you hit your quotas and all that.And it's all respectable. That's fine. Everybody needs to be aware of numbers, but it became more of less. Quality of and more of just pushing dental treatment out. Um, I quickly ran away from that, but found a great office that I liked a lot. They did accept HMOs and HMO style Cal office. was nice and you can still be very profitable in that market. It's not like you need to be all fee for service to be profitable as a medical or HMO dental practice. It's just a different practice setting. but they're still very profitable practices. And so if people are out there looking at maybe buying in or buying, only a fee for service office.Fee for service offices are incredibly difficult to maintain and hold because as soon as a patient gets insurance, they may leave you, um, as opposed to an insurance based practice, even in the worst times of economic issues But for fee for service, you may find that if you're just collecting free for service, you'll have a lot of waxing and waning of the times and then you'll have these tides of Being really busy and then not being really busy.and that could be really detrimental, but I got into the HMO practice, and then I was offered a partnership, um, because I expressed actually my, my goal of practice ownership. So that's how I got in so quickly. Um, so I, expressed that during my business, meetings with them that I wanted to get involved in as being a practice owner.Um, so I quickly got into that. but the, the way that it was laid out was of course, I just kind of went and read the contract myself. I didn't have a lawyer read it over. I didn't. And so what ended up happening at the end is I put a lot of my own equity in it, but didn't get a good return.and that's a pro, I mean, I always. Call my career as a, constant trajectory of falling forward because I'm constantly making mistakes. And I don't know everything that I'm doing every day. That is a hundred percent. This is the right way of doing it, but a part of building yourself as a professional and an entrepreneur is making mistakes and being okay with that, but you have to learn and learn why it was done and not reproduce the same mistakes.Michael: Interesting. Okay. And it's interesting your, point on fee for service and insurance. I feel like right now, a lot of the practices we're trying to kind of transition out of insurance, right? We're saying, Hey, I want to drop all that because I can't, you know, they're, judging our, work, when we do that.But when it comes to the other way around, how you mentioned it, Hey, if you start off fee for, so what do you recommend Rhonda? lot of the times we want to just start off hitting the ground running fee for service, and a lot of the times. Some people recommend, hey, get some assurances, then slowly drop them off.And then completely go fee for service. Rhonda: Yeah. Absolutely. I think if you build it, they will come depending on how you're going to build it. If you want to build it as a fee for service practice, you may want to just stick to it. It does create a fire under your butt to make sure that you're keeping your practice going.Because if you kind of get into this. The cushion of insurance and insurance does offer cushion, although sometimes we deem them as being, subpar and they're not paying us or reimbursing as well at the end of the day. if it is an 800 crown, if you're taking two hours to do that, yeah, that's.And this is for the new dentists. your, your chair time should be a thousand dollars an hour. If that's what you want to see it as. And that's just basic, right? Like just if you think about how much you're going to have to spend in overhead, dental overhead is incredibly expensive because hygienists get paid a lot.Dental office managers get paid a lot. Dental assistants nowadays, especially in Los Angeles, their average salary is 23 an hour. That's average. So that's a lot. And by the way, they're very accustomed to getting, full benefits. So they do have our, in our practices, they have health insurance, they have gym memberships.They have a lot of stuff that, that is given. 401ks. They have dependents that can get health insurance in our practice. We run it like a corporation and people are very accustomed to that. Even if you're a small dental office, you have to offer these kinds of things. So to that, you have to say that the overhead clearly is very expensive and a lot of your, third party payers, like your dental laboratory is a cost.And the equipment and supplies is also a cost. So yeah, insurance paying you 800 is very low, but if you are, able to do a very nice quality prep, remove all the decay and all that in like 30 minutes, it's not that bad. And that's better than making, not making no money in that time.there is a misconception also that. being really busy means that you are making more money. And those sometimes those HMO practices who are super, super busy, they're pumping out patients left and right. At the end of the day, the fee for service person who saw two patients as opposed to 15 patients is still making the same amount.So it doesn't mean that you have to be very busy, but you just have to create this niche brand or a market for someone to want to pay a fee for service as opposed to going out with insurance. But if you're going to do insurance, a couple things it's good to build the practice, with insurance, if you have nothing there, but if your intention is to drop those insurances, then maybe not sign up for a lot of them because a lot of the times patients will.Leave you as much as you are a great dentist and all of us love to pat ourselves on the backs and they'll go, we're so amazing. No, one's going to leave us, but I'll tell you, they'll leave you so fast. So as soon as you tell them, okay, so your copay is not 300 anymore, you gotta pay 2, 500 for this crown.They're going to run like the wind, right? So like they're going to go to, they'll look to Yelp or something and try to get. Something better, but I'm saying that they're what you have to understand is if you're going to be a fee for service office, you have to provide a service that is very much, reflective of the amount you're asking this person to pay.So you have for every beck and call, you have to offer 24 hour concierge service. You have to talk to them. you have to understand these people, 2, 500 for a lot of people for many people is a lot of money. And that's one crown, right? So if you're going to offer this kind of service to them and your fee for service and not offering any other benefits to them, even if it's payments that you're offering, they are paying this whole dollar amount rather than going through their insurance, which may be paid through their employer.So you have to create your business models are completely different. So you have to be okay with it. You can meet the same bottom line. You can meet the same profits, but when your HMO got to go faster, you got to move faster. You can't just dilly dally, talk to the patients too long, blah, blah, blah. But you also need to treat them like people.It's very important. People also don't want to be treated like cattle, right? they're still paying whatever they're paying for that. So they're going to come in and they want to be respected in the time, but you have to be mindful of your time if you're doing HMO and even PPO.But even PPO insurances don't pay well either, some of them do, some of them pay well, but you still have to. Make sure that you are being aware of you almost have a calculator in your head that your should not be wasted because the overhead is too much and you'll find yourself in a very bad zone your PNL statements where you're seeing your profits kind of dwindle.So just making sure that you're aware of that and speed it up if you're HMO PPO fee for service you can kind of create a little bit more of a pampering effect. Yeah. Michael: Interesting. So then, fee for service, like you said, pampering effect, HMO, or like Medi Cal, right? You'd really, or not Medi Cal, you'd really have to hone in on your efficiency.Oh, yeah, Rhonda: especially when they're first out of dental school, like you got, I remember three hours to do a crown nowhere in private practice is three hours for a crown going to be efficient for anybody, like anybody, not the practice, not the patient. The patient's experience is going to suddenly start to, I remember numbing the patient so many times in dental school because it would fade.I would like, you know, and then they're like, ah, they're constantly moving. It's, It's just, you don't want to. You have to make sure that their experience and what they're feeling in that moment, all that is always in your mind. And this is, that's why dentistry is so hard. You're like a psychologist.You're like a business owner. You're like their friend, but then also their doctor. And then you're sitting with multiple hats and still trying to work. in a kind of a bloody messy environment and work at the millimeter, you know, like, so is a tough job, but it's a, it's also one of the best fields, to be in.Michael: Yeah. Yeah. Interesting. Okay. So then if we fast forward a little bit more, you talked about your partnership, how it did not go well. and you mentioned that you put a lot of equity, but you didn't get a good ROI out of it. Right. Specifically, where did you feel like you missed the mark? Where you're like, yeah, if I would have seen that and you want to kind of give us advice or warn us about that.Rhonda: Yeah. I think I wouldn't, what ended up happening is it was. I was the only one working there. Okay. So there was nobody else there. And so as I was building up this practice and bringing in all the things that I have done for my own brand, I was, buying dental equipment.And leasing it out under my name and doing all this others and not under the corporation and not under the partnership. It was only for me. I was putting in all this dollars, all this money marketing was spent through me. I started my own Instagram page. I started the own Facebook page. I was doing so much and then bringing up this practice and its value.And then when I was, uh, told to. Buy in, I was bought in at the practice value that I brought in. Right. so I put in the money and then bought myself back. Right. And so It didn't work when I got paid out because I got paid out before the money I put in.So it was, I had built it up to what it was and it was just the way that it was laid out. It was really laid out in an unfair way. definitely just kind of taking advantage of a person just. That is maybe not of the nuances of contracts, especially between partners, but just as a pearl to people is that you have to make sure that you have a lawyer reading any agreement that you sign and that they can kind of give you the ins and outs of that and understand that even, you know, you're going to Google and all that kind of stuff.it may be true because especially when you're first out of school, you don't have a lot of money to hire a lawyer or somebody to help you out with that. But even if you have maybe family member that may help you out for your charge to read some of the contracts is going to help. I just got a little, you know, I got a little too pompous and said, Oh, this is, it sounds great.I can have 40 percent ownership and you never get really majority, but, uh, no, I didn't have, I actually had 11%. but I'm saying that sometimes it could be offered You're never really going to be offered a majority. Anybody who owns a practice should not give actually majority.To a colleague or an associate, this is still your baby. This is still your brand and your corporation. you don't want to give a majority because you still want to hold, a lot of the, um, the voting rights and all that would fall ultimately onto you. You don't want your brand to be carried on by someone else, if you want somebody invested.Into your practice because you never wash rental car, right? And you never put glass in a rental car. You kind of just give it to them as all beat up. But if somebody is going to invest in your practice and they've been with you for many years, giving them some sort of equity or practice ownership in the practice itself or in the corporation is actually a great idea. but, uh, they have to also be vested with you, uh, financially and in time, both monetarily and in time. Michael: Okay. Gotcha. Interesting. So then right after that, you decided, all right, let's see, I'm going to start my own thing or were you, you worked for a private, right? You worked for a private practice?I worked for Rhonda: a private practice, uh, for a little bit, maybe like two months. And then I did for like another three, all together, maybe six months after graduating, I, uh, ended up getting into this partnership. but then as soon as my partnership was settled out and I got whatever I could get out of it, I used that money to buy a practice that wasn't doing well at all.It was actually a bankrupt practice, a beautiful location, what I noticed about that practice is they had a really. Robust hygiene department, their patients were coming in regularly. They were seeing about, you know, six patients a day in hygiene and they had four hygiene days. but I noticed the doctor's schedule was dead because the doctor wasn't there.So they had this essentially just a sitting body of water it's like, well, if you have a good hygiene department, there's no reason why a restorative. section of that practice should not be thriving as well because those patients are coming in regularly. You should be doing exams.You should be following up with their care, but they were just coming in for cleanings and then just being off on their way and coming back in another six months. But was no doctor to sometimes even treatment plan them in that day. It's because that just that doctor does. Felt like dentistry was not for them.they didn't like practice ownership at all. And, um, I, at that time had met a broker at a convention at the CDA conference. And he was, uh, like, you know, kind of kept in contact with me, gave me all these, uh, potential offices. This one was just cheap because of its, uh, you know, annual, salary that it was receiving and it's was very low.Or even it wasn't, wasn't good at all, but it was a practice that I could buy relatively dirt cheap. And, but when I got in there, they had carpet, hate carpet in a dental office. If you guys have it, maybe get rid of it, but. it's so gross.Okay. But, but the, the lobby, I remember the chairs are like these dental, these like not dental school. They were like school, like schoolyard chairs. And then they were like propped up by magazines and, um, the front desk person didn't even acknowledge when I walked in there and it was like, just like the walls were blue.It was just like such a. ugly thing. But I, had a vision and I had a goal in mind. I wanted to buy a practice. So this was for all intents and purposes, a great find. It had a great hygiene department. It needed a pick me up. and it's slowly, but surely over the years. And I went from, uh, that office 2018 to 2020 in the middle of a pandemic opening another one.So it's fully doable to ramp up even a shitty practice, but you can still ramp it up if you have the vision in mind there. But so it was considered an acquisition, there's build outs and there's an acquisition. that one was an acquisition because it was still owned by someone.But When I got in there, you have an option of actually keeping on the staff or you can, find new ones, right? Or you don't have to keep everybody on when you actually find yourself on the first day of an acquisition, you present everybody there with a letter. And generally they're not knowledgeable that the practice was even being sold. that's common practice, uh, that. we don't spook people out, right? When sometimes when even patients hear that there is a new practice that's coming in or owner that's coming in, they may leave you're acquiring a practice, a lot of the times they don't inform them until the practice is acquired and then you can send out a bunch of, emails or letters out to the patient and then to the staff.So in my case, when I came in, I was not in love with the staff. I didn't like. That the front person didn't acknowledge that I was there, didn't even look up from her computer. I didn't like that the hygienist, uh, was not using cavitrons or was just basically using prophy cups. It wasn't like scaling or any of that.I ended up just firing everybody and starting fresh. again I had a vision of someone when you walk the room, they're bubbly, they're happy. They are the first introduction to your practice before they even, even on the phone, you can hear them. You know, you want somebody that is going to drive in patients and that.really somber person in the front plays a damper on the mood everywhere. It's like, try to DMV. Do you, everyone look happy? No, it's like you just, everyone's pissed because the person in the front is not the Walmart reader. Like I walk in and I love it. Right. I'm like, yeah, we're here. Okay. Like that's right.Yeah. You're at a shop. Like That's what you want. And what I felt like this is definitely a branding issue. And when you're building a brand, this is stuff that you have to think about. You have to think about the smell. You have to think about the sights. You have to think about the colors.These are all very much, uh, part of even dentistry, because dentistry is a small little business. So you have to know, you can't just pop in with ugly carpet and propped up, uh, chairs. Michael: Yeah, it's interesting that you did that though, because I guess like advise, it's like, yeah, you know, here's the thing.When you do an acquisition, a lot of the times the team may feel betrayed by their original doctor and saying, how come you didn't let us know this, we've been with you forever. We would have understood this. Right. so there's that trust that kind of like deteriorates. Then they kind of start having the fear, like, oh my gosh.Who's this doctor? Who's this young doctor? I know more than her, right? Especially those older office managers. Like they're like, Oh no, no, no, no, sweetie, please can tell you how to do this. Right. And then they try to run it. But letting go everybody at once, how'd you do that? or could you have coached anybody like, cause the hygienist sounded like they were still really good cause they were keeping people on.Rhonda: Yeah. so, for the front person, honestly, I just felt like she didn't even their AR reports cause you do a due diligence on the practice when you're acquiring it their. AR, which is accounts receivable, was very high. So they were collecting zero copay and just kind of letting the person know.I mean, I did, I'll say this, I did give them a chance, right? Like talking to them, um, about maybe collecting copays before the patient comes in, talking about deposits and immediately they shut it down. If someone is not on. your same mindscape and they're not, actually thinking on your level and that they want to build this practice, they're going to be a plague on the practice.So you should immediately just squash it, right? Because if that person is not like. Excited. Oh yeah. There's a new person here with all this energy wants to ramp it up and they're feeling it. They're like, yeah, okay, let's do it. Yeah, we definitely. there, and when you bring up, a report to someone cause I remember sitting next to this, the front office person was also there.It wasn't, she didn't have an office manager. It was a very small skeleton practice. Actually it had no dental assistant. Um, so the person in the front actually, uh, worked as the dental assistant and the person in the front. So I wouldn't say I fired, but everybody, I mean, there wasn't really much of anybody.There was an associate that popped up and did like an OL every 10 months, right? Um, like, which is a. You guys all know dental ever. You're on. Well, like a little tiny filling like every day and then didn't even take out all the amalgam. It was just like, I don't know what the hell I was looking at, but it didn't have a huge, practice.It wasn't like I fired 11 people. I fired three people that were unnecessary. Right. That didn't meet the. And then when I, if I talked to the hygienist and I told, you know, look at the, there are studies on. arrest in their studies on laser. Do you? I'm going to pay for you to take some of these courses. I want you to learn how to do a laser debridement.I want you to use the air polisher or whatever, all these other things that you can provide rather than a prophy cup. Maybe just learn how to scale a little bit, right? Because there's all this plasma this person's tooth. Use the cabotron, use the piezo. And oh, you know, I don't know, you know, I'm really good with this tool and literally how it holds one tool for every surface of the tooth.And it's like, okay, if you're not ready, To change and be part of this, essentially look at where we are now. I had a goal in mind, right? If you weren't ready to hop on my back and I, and fly with me, I'm going to leave you on the ground. You're done. Right? Because then you're going to be a plague on my practice.You're going to be a splinter and I can't move on. Right. I can't get to where I need to be. if you're trying to get from here to there with the same people it's not going to happen. And even when you get to there, you grow, you get more people So my practice has grown significantly from those three people I fired.I now I'm 50 employees deep, right? And every one of them is very much attuned to our mission and our practice philosophy. And we, we really spend a lot of time in making sure that everyone is on the same page. Michael: Okay. So that's interesting. That's really, really good then. So. I know you mentioned that, oh, how long have you been in practice Rhonda: ownership for?Uh, 2018. Michael: How many years? 18, 19, 20, 21, 22, 23, 24, 25. Five? Five years. Five years. Man, how many practices do you have currently? Like working and running? Rhonda: Uh, now three. Yeah. Three. Los Angeles. Los Angeles. No. Oh, well, Beverly Hills. They're all in Los Angeles. So I just stick in this area. Um, they're Hollywood, Beverly Hills, and Calabasas.Jeez. Michael: And that's such a saturated. So how did you do it? Why? here? Like Rhonda: why? I like torture. It's nice. It was, It was terrible. Yes. You said saturated. Absolutely. In my building alone on the same floor, I have four dentists. Michael: Yeah. It was great. So then me ask you, why did you decide to do that? How did you make it grow so much so fast to where you're like, we're three and I think you're on another build out, you said, right?Rhonda: I'm on another build out and then, yeah, I'm on a build out right now. I'm actually in the middle. I got permits for it yesterday, so I'm super excited. So that I have a team that's going to come in and just do our same look. We have a systems always we try to reproduce it and then I have a projection for 2025 is an acquisition.So I'm currently just looking at potential acquisitions as well. Michael: these aren't build outs like ground Rhonda: up. No, they're not The next one is going to be an acquisition because, uh, these buildouts in Los Angeles, the thing is that you can't really own buildings in Los Angeles. They're either grandfathered in, they're incredibly expensive.Like we're not talking about like, I'm sure Nebraska parts of it is expensive, but like, you know, there's some parts like Arkansas, whatever people are going to buy these massive buildings. Right. And that's amazing. I love that. I'm married to this city. Okay. Because I married my husband's out here.My family's out here. I would love to get into more of a less saturated environment. I bet you, I can kill it somewhere else. Right. But I am now getting tortured and killed here, but I've grown to realize, um, what is needed in this kind of market and facilitate a growth.Um, and a lot of it has to do with. front loading, a lot of marketing right off the bat and then getting a good SEO, doing PPC ads, um, doing even mail marketing campaigns. You're kind of just throwing everything out there and then seeing what sticks because a lot of times you may have mail marketing not work out, but in some locations it works out because the demographics still checks her mail in Hollywood.Mail marketing for me does not work. Right. But PPC campaigns and local ad campaigns with Google works out for me, having my, website, really honed in on keywords and all that kind of stuff and having good SEO that's going to manage. the traffic that's coming in is really important for Hollywood for Beverly Hills.There's an older demographic there's a bunch of homes around there. these male marketing campaigns and even being in magazines or whatever it is, those tend to actually work. we still, of course, run our Google. Everybody still uses Google or we're going to, uh, aside that we're talking about other things.Facebook. It's still working with that. Calabasas is the same. These locations are, if they're mostly have homes around you rather than apartments and stuff like that, because I think the apartments, it's a very transient, uh, living situation. You may have some people coming in for a couple of months and leaving mail marketing campaigns don't always work out. these, uh, physical, uh, news articles and whatever it is, may not be working out, but, uh, I also have found, um, being in Hollywood, I was reached out a couple of times by magazines, right? And so like our lure, BBC, MSNBC, I was on Forbes for Hollywood's, they called me the most stylish dentist.I don't know. Okay. But I think it sounds like I was a stylish dentist, but I think they were talking about practice when you were getting into the article, but like the style, the brand was there and it was recognized by Forbes, um, as being a nice office, a nice dental office, and then offering some services to patients that were.Really high tech. But anyhow, we digress on that. But I'm saying that these are some things that I was reached out to. And then my online presence grew because they put me in online articles, right? So they kind of all just fueled each other. And it, and sometimes some people Are not as lucky in that area to find out what works right away.But you want to try different marketing strategies. Um, not every practice is going to feel a good strategy with one as opposed to another. I remember when I was in Orange County. So my first, uh, practice location was up there. HMO one, but That one did really well with like those, but this was a couple of years ago.I don't know, but those apps where you can kind of make your own appointment like ZocDoc and, Oh yeah. Uh huh. Uh huh. Yeah. So they were doing really well there with that. Same with Hollywood because there's are like techie, uh, younger generations, right? Like, so you may want to look, put yourself on one of those platforms where they can get onto your, appointment scheduler and put themselves in there because people don't want to call.Some demographics don't want to call you. Right. And so like there's a younger generation who completely functions a hundred percent on their phone. They emailed a text. They don't even have laptops, right? They're all, everything's on their phone. So even optimizing your website to look good on a cell phone is also incredibly important.You can hop onto different dental offices and you'll see that maybe their website for the phone is not easy. It's like a mess. You have to shrink it really low, move it up this way. It's like, you can't find their number because it hasn't been optimized for mobile. these are some things that you definitely want to look into your practice to make sure that you are marketing to the right group.Who's your demographic that you're trying to aim for? And, uh, what keywords are you using for your SEO? If you're doing primarily Invisalign, where do you rank on the Invisalign when somebody puts Invisalign in? I'm picking on Arkansas. I don't know, but there's a line Arkansas, right?Like I want to go to Arkansas too. Michael: You're like, man. Okay. So that's interesting. When it comes to this, you said you front load a lot at the beginning of marketing. I guess specifically, how much did you front? Rhonda: Yeah. A lot, uh, 15, 000, um, in marketing the first month. Michael: Uh, every month for or just the first month, Rhonda: every month for almost like a year.But now in terms of marketing, we're way past that. We're at like 30, 000. It's still going to grow. It's not going to get smaller, but you have to think about it as your ROI. You're spending that much and you have to think, okay, how much am I spending per patient to come in? if you spent a 15, 000 and let's say that the person, the patient came in and the price on their head was 150, but they came in.And they spent 2000, they spend a thousand, whatever it is, you have to be able to know your, your numbers of the practice and, and be able to decipher if some of those marketing campaigns are helpful. And you have to also make sure you train your staff and be part of your systems to ask the patient, whoever is calling, how did you hear about us?Because that is going to be key for you not to overspend marketing. Oh, Google. Okay. Well, let's put a tick on Google. website referrals. At this juncture, I'm actually now, this is what also people need to understand. You can get really high in marketing, but you don't need to spend that amount every single month.Right? There's some points where you're noticing you're getting 50 new patients. Okay. That's amazing. A month for practice is great. 50 new patients is wonderful. Should I fall back on my marketing? Maybe not. Just don't spend more. Okay. And then what we found is we're getting new patients, but mostly now it's referrals.So I'm actually haven't spent more on marketing in the last year. It's just been kind of the same. So over time, when your brand develops and your practice develops, you may not need to spend this money all the time. You may not need to add more fuel to the fire. it can carry on in itself by creating the environment that a patient will want to come back and see you guys and maybe refer a family member because referrals are above all the best.They are the best. That's why reviews. You always want to make sure your reviews are very good. you really want to get everyone involved and gamify your reviews and gamify your practice so that everybody in the practice is aiming towards making sure that your ratings online is always at its best.and it's because this unfortunately in our society will hurt you the most. And it doesn't matter who you are, what your name is, blah, blah, blah. one time I referred, I know he's an excellent doctor. He's amazing actually. he's on a study club with me and does all this stuff. I was referring him over to someone and I went on his Yelp and I'm like, Oh no. I know. He's really good. What are these on there? Right. And then like, I was like, Oh my God, that's his reviews. And then it makes you even question if this guy is good. Right.And you're like, no, he's awesome. What is that? And then, uh, you know, that's going to make your practice suffer. And it's also going to, uh, definitely create a taste in someone's mouth when they come into your practice that they immediately think you're going to be bad, but have to always maintain those reviews.You always have to put a positive, self out there, even if you're having super crappy day, which a lot of us do, obviously we, this is why also this practice lifestyle is stressful because you can have a crappy day, but you have to walk in and be all smiles. It is good. No one is dying next door. You know, like, Oh, like, you know, you want to be really, I didn't come inand, and give that kind of persona.And it really helps build up those reviews and just make sure that you are constantly also asking for them. You don't want to just assume they're going to leave you a review because the person who's going to leave you the reviews that when you don't want leaving a review, but the person who was like, you guys are awesome.You should ask them. Even as the dentist, I don't know why we think we're above that. We're not above that. This is still, this is your practice, right? this is what you spent your money and your time and your blood and your self, your all that on. And if someone is, saying, wow, and giving you some credence on your practice, they love it.Then ask them, you know, I know it's going to take a lot of time out of your day. I really appreciate if you just do that. Um, if you don't want to, no problem, but I just like, it really helps us out and humble yourself. you should always humble yourself in life and in your practice and in your chair is nothing that glorified you above anybody else.You know, stoop down to always look at the patient when they're talking to you, not at their mouth, but in their eyes. sit at their level. Don't stand above them, bring them up when you're talking to them, not lay them down. You, these, this is never have a opinion of yourself.You certainly just always to just level yourself up with your staff and with your patient. And I parent promise you, these reviews are going to read for themselves because now you are. You're real. you're not fakely asking, Hey, you want to leave us a review?And like you were just a dick to them the whole time. Now you're asking for, right? so make sure you keep up with that the whole time. Michael: Yeah, I like that authenticity, right? So then when it comes to, you mentioned there's something, you do, you have a system that you like to reproduce. When it comes to these practices, what is it? Rhonda: Yeah, so the systems are and they can vary between different offices, but systems it's such a word that's so loaded because a lot of times like we have systems and what does that mean? Right? What is the system? So a systems is. the time a patient calls your office and even before that, how did you get that call?How did that call get intercepted? how did the person answering the phone answer that phone? How are they put into your scheduler? How are they followed up with? These are systems. So the step by step by step by step of getting a patient ultimately in the chair in your office.going over your treatment plan and now appointing them for the treatment because you have to appoint them. You can't just say, I got you in the chair. I did a profi and now you're gone. That's not how you need to reappoint them. an order for that patient to be successful and in your chair and having, and I don't want to, I'm going to just divert a little bit, a patient. value comes from their recare and recall and reemergence of them back into your system. One person comes in and you never see them again. That was not a successful new patient encounter. That patient goes on an inactive list. That patient is essentially Lost. You spent marketing dollars on them.You spent all the time on them. You paid the hygienists to see them. You did saw the assistant. You spent the time with them and it's lost, right? You need to create a systems. where a patient that sits in the chair reappoints themselves for either follow up cleaning or follow up care or whatever it is and stays within your practice, right?And so they stay within your active patient pool. Uh, we consider like active patients, someone who's been at least in within the year or 18 months or whatever it is. So keep mindful of that. This patient needs to be seen for recare. don't call it recall because recall sounds like something's wrong with you, right?So I would recommend that you say recare appointment rather than a recall appointment. and then I give that that's credit to UCLA's Dr. Goldstein practice management class, because I remember that was a, one of the slides on his, uh, I never appreciated that until practice where I remember saying, we'll see you on recall.And then the patient was like, Is it like, wrong, like something is wrong, like it's recalled, like, right? So, like, no, no, we just need to re carry, right? And so it's re carrying, the vocabulary is also important. Anyways, these are all part of systems, right? The vocabulary, the way you speak, the way you point them, the way you follow up with them.And it needs to be laid out. in a way where it's not printed and in a binder and put somewhere collecting dust. Welcome to 2023. Everything is online, right? Everything is online. Choose whatever system you want to do, but make sure it's accessible to everyone and that everybody knows your systems from the front office to the back office.Everyone needs to be aware of the way that your practice runs and how you would handle certain situations. Because once you, as a business owner, Leaves or moves away or whatever not leaves like physically leaves this practice and now comes into a perspective where I'm at where I'm mostly Managing I need to make sure people are aware of how to handle a situation without calling me a hundred times, Michael: right?Yeah, gotcha. So you created this systems how like you just record every single thing you're doing and you're like, what's working? And then pivot To do better and better and better, or? Rhonda: Absolutely. And how many times I've been asked, like, can I have a layout of your manual?And I would say, honestly you need to look at your practice, from a specific, It's, not subjective, it's really objective the way that you should be looking at your, practice. Like, so you need to handle each and every practice needs to be done differently. And so if one thing works in one practice may not work in another, but make sure you are understanding what worked.What marketing tactics worked, uh, how your systems are, the way that you walk a patient to the back, do you have a routing slip, because that's part of our system. Some people don't have routing slips, where it says next visit, where it says when the last cleaning was. These are part of systems.Does a routing slip work for you? Do you want your assistant to write your notes? If they want to write your notes, you have templates for them. These are specific things that may work for practice to practice, but see what works for you and get that written down somewhere. That's accessible. And not only in your head, it needs to be transcribed because it's going to be ultimately in order to scale and not only to scale, you can remain in your own practice, but maybe over a couple of years, add more dental chairs, maybe by the building, whatever it is, you don't have to go into multiple practices.There is some dentists. that are very near and dear to me, which I love, and they're killing it with one practice, giant location, like one location. It's huge. Right there. They see as many patients as I do, but just in one location. And so they've scaled. their practice, their one practice to an extraordinary size and they have, worked their systems to what works for them.Michael: Gotcha. Interesting. Okay. So then the systems is tailored to like the practice, obviously, right. But at the same time. I guess it's more like we have to start documenting everything right now and then kind of continue to pivot and pivot. Yeah. Rhonda: There's a lot of like, HubSpot may have something, but like also there's something called training all that also has like an online app, um, that you can do.There's a lot of sites that you can actually create, uh, like leaderboards. For your practice, and that's really good because you can put quizzes on there, like when you're training someone, how do you train them? Do you physically have to train them? Like, because some people learn differently, you may need to, um, Train them, physically show them, show them pictures, show them video, and then maybe take a quiz at the end, like, you know, so yeah, there is a lot of systems that you can look into that may fit your practice, different pricing and all that kind of stuff, but I would recommend is online stuff, app, you can even right now, you can find a bunch of developers that can develop stuff just for you. I utilize a lot of AI in my practice. and, with the development of AI, I've utilized AI where a lot of people have never even thought to use AI, but I've gotten people who develop AI to specifically build stuff for my practice that I think that has helped. I've paid them out and it's just mine. It's not anybody else's. You can't actually go buy it, but I thought this is what I need. And with the cloud based systems, like, so I used to have All my practices were on a server and we were using, but they're now cloud based systems, like, I'll use a different word besides systems but practice management systems, So practice management systems, sometimes it used to be on a server. Now you'll find a lot of them on the cloud. The cloud based servers are a lot better because you can really build. softwares within them that can function for your practice and specifically for them. And you can get the coding and all that kind of stuff.You can find them on like squad help or whatever. Um, but you'll, you can find people who are really good in development and build stuff for your practice. Um, and then that goes into even apps. Maybe you can make an app for all your videos and your, web, information, like your employee handbook and stuff can be on there too.Michael: What have you created with, so far Rhonda: for your practice? So far I have a robot that calls all the dental insurances that are, because we're out of network and we still have concierge dental. So the concierge style. So even if they have dental insurance, we tell them, sure we'll get a breakdown for you and send it out.Ri

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen give their 25-year-end tips for saving BIG on taxes. Mark and Mat reveal the complex realm of legal entities, discuss the imminent changes brought about by the Corporate Transparency Act, and much more!Here's what you can expect:The common missteps when setting up a multitude of legal entities such as LLCs, trusts, and corporations. The new mandate requires business owners to register every LLC with FinCEN to avoid hefty penalties of $500 daily fine and potential imprisonment. How to choose between an LLC or an S Corp, and how these entities can be used for asset protection and maintaining privacy. An insightful discussion about the usage of C Corporations, cautioning small business owners about the potential tax implications. The importance of business owners getting an annual review with a proficient tax lawyer.The need to properly dissolve unused entities in light of the new Corporate Transparency Act, to steer clear of hefty penalties and potential legal complications. Listen to this episode to stay updated and navigate your business through these legal changes with ease! Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo. You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360 Curious what my new certification is all about? Learn More Looking to connect with a rock star law firm? KKOS is only a click away! Grab my FREE Ultimate Tax Strategy Guide HERE! Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!

Business owners are constantly oversold legal strategies they don't need, even if it's working for others. Always take the time to understand your needs!Legal strategies should be tailored to your specific situation. Otherwise, you end up paying more in fees, maintenance costs, and unnecessary complexity. Don't be persuaded by fear or the fact that everyone else is doing it.For an affordable and simple consultation to build your strategy please book a call with one of our tax lawyers serving business owners nationwide at kkoslawyers.comIn this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen explore the tricky world of legal entities and the upcoming changes due to the Corporate Transparency Act. Here's what they cover:The common pitfalls of creating too many legal entities such as LLCs, trusts, and corporations.The new requirement to register every LLC with FinCEN, with penalties including a $500 per day fine and potential jail time.The importance of understanding when to set up an LLC or an S Corp, and how these entities can be used strategically for asset protection and privacy.A discussion on the use of C Corporations, cautioning small business owners about the potential complexities and tax implications.The need for business owners to consider an annual review with a competent tax lawyer and the importance of a tailored approach to small businesses.The importance of properly closing unused entities in light of the new Corporate Transparency Act to avoid hefty penalties and potential legal complications. Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo. You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360 Curious what my new certification is all about? Learn More Looking to connect with a rock star law firm? KKOS is only a click away! Grab my FREE Ultimate Tax Strategy Guide HERE! Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!

In this episode, I'm discussing risk mitigation. More specifically, I'm going to look at the insurance coverages you need to have as an RIA owner. Now, I know insurance may not be the most fun topic, but it is important and it could significantly impact the value of your business. So, don't tune out!  I'll be covering increases to your required coverages and the core coverages you should have. However, I'll also discuss how your firm's legal entity could work to mitigate potential risks to you, as the owner. Finally, I'll explain how each of these components can affect your eight-figure exit. The information I'm sharing today can't be missed, regardless of the industry your company operates in!   This week on The Financially Simple Podcast:  (02:00) Defining risk management (04:15) Advice policies you should carry as an RIA owner (08:52) Core business policies you should carry as a business owner (12:34) Cybersecurity insurance (14:12) Business Disruption Policy (16:11) Your business entity (18:14) C-Corporations, double taxation, and the eight-figure exit (21:52) When should you review your coverages? (23:13) Exit planning is good business planning   Our Favorite Quotes: “The type of entity we are will directly impact the exit—style, quality, value, etc.—as we drive forward.” - Justin Goodbread   “We don't know what tomorrow holds. Insurance is not our enemy; it's our friend. The business entity selection is not an enemy; it's an asset that helps us drive the value of our main asset… the business.” - Justin Goodbread    About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you've come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business to prepping it for sale, to growing your personal wealth. Justin's combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.     If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher   Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.    Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).    This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast's hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances. 

In today's Tax Tuesday episode, tax experts Toby Mathis, Esq., and returning guest Jeff Webb, CPA, CFO of Anderson Business Advisors, discuss the usual mix of complex and simple tax questions including questions around paying minor children through your LLC, gifting vs. inheriting property, structuring your stock trading business, and how and when to use cost segregation to get the biggest tax benefits. Submit your tax question to taxtuesday@andersonadvisors. Highlights/Topics: “When dissolving a C-Corporation with a single share holder and having a net operating loss, does the loss go on the shareholder's personal return and can the loss be offset against personal income?” No, because that C-Corporation is its own entity. However you probaby finance some of those losses. Anything that you invest in the company that you don't get back will be a capital loss to you. “I jointly-own an inherited property that is currently on the market. Can the expenses that I have (utilities, staging, maintenance, repair, taxes) be added to the cost value?” It depends on how the property is being used once you inherit it. “Can I deduct expenses for working at home and what forms can I use?” That depends. If you're an employee, then no deduction anymore for employee work expenses. “My wife's father wants to sign his house over to us and her brother.  What tax advantage is that to her dad? And what tax issues does it raise for us? Should we start an LLC or some other structure?” No tax advantages for Dad. When dad transfers the property over, it's a gift. And when you give an appreciated asset you receive the basis of the gifter. If it is an investment, it is best to start an LLC. “When you have a C-Corp (no income at this point, a Wyoming LLC that owns two LLCs with rentals), which entity pays for general expenses like memberships, cell phones, internet, education, etc?” When you have an LLC with rental (C-Corp), then you pay the C-Corp and management fee. The C-Corp then covers all the expenses. “How does paying for your child (under 18) help with taxes, if any?” If under 18 through LLCs, there is no employment tax. “Can you benefit from cost segregation at any time?” The longer you wait, there's nothing left to depreciate. A tiny benefit, if any. “Need to move from sole proprietorship to some form of business entity. [...] C-corp? Something else?” Jeff is not a fan – there's a lot of landmines out there. If you're doing well, you want the capital gains. Put your cash in an LLC with an 80/20 split. Watch how to structure a trading business! “I currently own a home in one state (Oregon) and I am looking to purchase an investment property in another state and plan to do so using an LLC or an S-Corp. [...] What would be the easiest way to go about this?” Do not own in an S-Corp! Buy the AZ property in a land trust and LLC.  Have someone guide you through this process “If I invested $30,000 in a marketing class to start a marketing company, do I have to amortize it over 15 years to see any of it back? Can it be a business investment and get it all back?” The only ones that can do this are C-Corps. “Is 1245 property subject to depreciation recapture if the rental property is sold with capital gain?” Gain is subject to recapture. You're going to pay ordinary income tax. Send us your questions, and check out the event schedule listed in the resources section. Resources: Infinity Investing https://infinityinvesting.com/ Email us at Tax Tuesday taxtuesday@andersonadvisors.com Tax and Asset Protection Events https://andersonadvisors.com/real-estate-asset-protection-workshop-training/ Anderson Advisors https://andersonadvisors.com/ Toby Mathis YouTube https://www.youtube.com/@TobyMathis Toby Mathis TikTok https://www.tiktok.com/@tobymathisesq    

I frequently receive a common question: "How should you compensate yourself as a business owner?" The answer to this question depends on the unique structure of your business. During this episode, I will delve into the various payment options available to business owners, including those operating as sole proprietors, single-member LLCs, multi-member LLCs or partnerships, S-Corps, and C-Corps. I will share valuable insights into determining the optimal amount and frequency for your payments, emphasize the importance of meticulous financial record-keeping, and explain the tax ramifications associated with each payment arrangement.   Whether you find yourself at the helm of a sole proprietorship or the proprietor of a thriving corporation, grasping the intricacies of compensating yourself in alignment with your business structure is paramount to sustaining financial stability and achieving success. Tune in to this episode as I explain the specifics of each business structure and offer guidance on how to ensure fair and efficient payment to yourself.   What you'll hear in this episode: [1:45] Exploring Payment Methods for Sole Proprietors and Single-Member LLCs. [4:00] Deciphering the Ideal Amount and Frequency of Self-Payment. [6:28] Navigating Compensation in Multi-Member LLCs and Partnerships. [7:45] Unveiling Payment Strategies for S-Corporations. [9:37] Strategies for Self-Compensation in C-Corporations.   If you like this episode, check out: Will Artificial Intelligence Become Your Accountant? The Cure for Ineffective Meetings with Mamie Kanfer Stewart Building a Strong Company Culture with Caroline Pennington   Want to learn more so you can earn more? CFO On Demand click here Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/   The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

In this episode of the Main Street Business podcast, hosts Mark J Kohler and Mat Sorensen discuss the complexities and potential pitfalls of the Qualified Small Business Stock (QSBS) tax strategy. Here are some of the key points they discussed:An explanation of the QSBS strategy, its allure for small businesses, and the role of C Corporations in this strategy.The three major problems associated with the QSBS strategy - The requirement of having a qualifying business, the need to show significant profit, and issues with potential buyers.The significance of earnings before interest, taxes, depreciation, and amortization (EBITDA) in determining the value of a business.The types of businesses that qualify for the QSBS strategy, and the potential roadblocks that could hinder a QSBS.Real-world examples of situations where the QSBS strategy worked successfully, specifically in venture capital scenarios.TAX AND LEGAL 360Secure your tickets to my most significant tax & legal event of the year!The Ultimate Tax and Legal Conference Phoenix, AZ - Nov 30 thru Dec 2CPAs, Attorneys, Business Owners, AND Entrepreneurs! You don't want to miss this event!CLICK HERE TO GET YOUR TICKETS! Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo. You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360 Curious what my new certification is all about? Learn More Looking to connect with a rock star law firm? KKOS is only a click away! Grab my FREE Ultimate Tax Strategy Guide HERE! Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!

What Is an S Corp and Should I Become One in 2023? In this episode of the Small Business Tax Savings Podcast, Mike provides an in-depth analysis of the advantages of becoming an S-corporation. Mike reviews the different entity types and explains why an S-corporation is often a better option.  Mike covers topics of what an S-corporation is, when to become one, how to set it up, what constitutes a reasonable salary for an S-corporation owner, and how to maintain an S-corporation after.Tune in now as Mike discusses all the details on how to minimize self-employment taxes and save money legally by electing to be taxed as an S-corporation![00:28] What is an S-Corp and should I become one in 2023?Today's episode is, “What is an S-Corp, and Should I become one in 2023?”Mike discusses everything you need to know about S-corporations[06:01] When Does An S-Corporation Make Sense?Self-employment taxes are roughly 15% of business profitsAn S-corporation makes sense when the business starts to profit around $40, 000 - $50, 000 per yearYou pay self-employment taxes on the reasonable salary option that you take as an owner of the companyBy electing for S-corporation status, you can avoid self-employment taxes on income over and above the reasonable salary[10:32] What Are The Downsides Of An S-Corporation?What are the downsides of an S-corporation?Having separate business tax returns which is more complex and costlyIn order to be an S-corporation, you need to have an LLC or C-corporation set upS-corporations help minimize self-employment taxes[16:54] Closing SegmentMike discusses all the details on how to minimize self-employment taxes and save money legally through electing be taxes as an S-corporation!Final WordsKey Quotes“S Corp is simply a tax election. It is not an entity type. We're just electing for an LLC that we already have set up, or a C Corporation that we already have set up. We're electing for that entity to be taxed as an S Corporation. And really, the main reason for an S Corporation is to help lower the amount of self-employment taxes you pay.” – Mike Jesowshek, CPA--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

What do you need to know about tax extensions? On this episode of the Small Business Tax Savings Podcast, Mike provides an in-depth look at tax extensions and how they can help you.Mike Jesowshek discusses the difference between an extension of time to file and an extension of time to pay, potential reasons for needing a tax extension, how to request one, and the associated deadlines for different business structures.The potential risks associated with filing late and the penalties that could come with it. He provides tips on how to reduce your risk of an audit and what options are available for payment if you can't afford to pay your tax bill. Get all this helpful information and more in this episode of the Small Business Tax Savings Podcast.Tune in now and learn more information on how to pay your tax bill and what happens if you don't have the funds available! [00:01] Securing Your Business And Personal Tax Returns With Tax ExtensionsMike talks about tax extensions can be done for both business and personal tax returnsA tax extension is an extension of time to file your taxes, not to pay taxes owed[05:08] Dates To Remember: Filing Your Tax Return Or Extensions RequestExtensions are requested from the IRS or other government agenciesHe provides reasons for needing an extension that includes:Waiting on documentsBookkeeping not being completedWanting more time to ensure accuracyFor S-Corporations and Partnerships, file a tax return or an extension request by March 15th, 2023For C-Corporations and Personal Tax Returns (including Schedule C and E), file a tax return or extension request by April 18th, 2023[09:07] File Your Tax Return by the Extended Date to Avoid Interest and Audit RiskIf you've successfully extended, make sure to file the return by September 15th (for S-Corporations and Partnerships or October 16th (for C-Corporations and Personal Tax ReturnsInterest may be added if taxes are not paid on timeFiling an extension does not increase the risk of audit and may decrease itThe extension request must be filed by the original due date, and include payment with the extension request with an estimated tax bill [15:50] Closing SegmentMike will be discussing the options available to pay tax bills next week!  Final WordsKey Quotes“We don't want to just keep pushing things back because that's going to put more stress on you if you're waiting to file your tax return because you have, “Bookkeeping not completed”, and things like that. Just take some time, get it done, that stuff that we want to be forgetting about. We want to be filing and getting it past our minds. So don't try to just push these continually to the next deadline.” – Mike Jesowshek--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

How to Avoid Paying Taxes as an Independent Contractor?An independent contractor is someone who has a 1099 income or self-employed income. This allows you to take advantage of the same tax code that large corporations, like Fortune 100 companies take.To file your taxes, you first are going to have to determine how you've set up the entity structure for your income. We have lots of videos and information on the best way to figure that out, you can follow the link to our YouTube Channel below. Ultimately, you want to choose the right choice between Sole proprietor, LLC, S Corporation, or C Corporation partner. As an independent contractor, you're a business owner, and so you need one of those business structures.Follow the link below for how to avoid paying taxes as an Independent Contractor:John Briggs | Tax Geniusinfo@incitetax.com801-999-8295Visit our website @ Incite Tax Schedule A CallIRS Sucks T-shirts now for sale @ Incite Shop Follow us on…FacebookLinkedInInstagramTwitterYouTube

Investing in real estate is one of the most significant assets anyone could have. But other than that, a retirement plan is also crucial for you to really enjoy the fruits of your hard work and success. Investing in your retirement can give you many benefits, from purchasing properties to medical care and many more!   In this episode, John Bowens, Equity University's Director of Education at Equity Trust Company, has extensive knowledge of the self-directed IRA/401(k) process and will share his expertise with us. He discusses the three critical steps to optimizing your retirement accounts and how you can buy real estate properties using your IRA.   He also took the time to remind you not to raid your retirement plan! Tune in now and know why.   Highlights and Resources: John's Real Estate Background Public market's limited investment opportunities The Modern Portfolio Theory The EARN Act legislation Three steps of optimizing your IRA for custodian  What you need to know about IRA Why you should not raid your retirement plan Buying a Real Estate property with IRA Equity Trust - www.trustetc.com   About The Guest John Bowens, who is the Director of Education at Equity University, knows a lot about how the self-directed IRA/401(k) process works. John was personally taught how to invest in a self-directed IRA by Equity Trust's founder, Dick Desich. As a result, John has made a compelling educational program that goes into great detail about the technical parts of investing in a self-directed IRA. John incorporates real-world case studies and current market-focused applications and excites, energizes, and engages audiences.   Specialties: Assisting individual investors to purchase real estate and various other alternative assets with a self-directed IRA, 401(k), or another retirement account. These assets include, but are not limited to, rental properties, apartment complexes, commercial real estate, private equity funds, privately held LLCs, C-Corporations, tax liens, oil and gas partnerships, raw land, and a lot more.   Join the Community I'd love to hear your comments and questions about this episode.    Here are some great ways to stay in touch or get involved in the My Freedom Foundry community!   FREE Facebook Group - My Freedom Foundry - Free Yourself With Real Estate Investing | www.facebook.com/groups/myfreedomfoundry   Freebies and Resources  To Assist You in Growing Your Business | www.pauldavidthompson.com/work-with-me   Grab your copy of my best-selling book: ESCAPE: Money Mindset to Freedom with Stocks, Real Estate, and Starting Your Own Business is available at Amazon: www.amazon.com/ESCAPE-Mindset-Freedom-Starting-Business/dp/194987365X.      If you like what you hear, please subscribe and leave a rating or review!

On today's episode of the podcast I'm revisiting LLCs and business entities. If you're new to the podcast, or need a refresher on LLCs, I'm diving into my small business blueprint during this episode and I've created a timeline of past episodes (listed below) where I dive into specific aspects of LLCs. Be sure to download the copy of my Small Business Blueprint, included at the bottom of these show notes. I was recently talking with my marketing manager, Emily, and she pointed out I haven't had an episode about LLCs recently. I've covered this topic several times, but I know that not everyone listens to the podcast all the time or you may have listened for 6 months to a year and then felt like you had a pretty good grasp of the content I cover. If I'm doing my job correctly, my hope is that at some point you will have fully implemented all of the things I have to teach and your business will be in tip-top shape and maybe you will have hired us for on-going bookkeeping and tax services. Rather than go back and rehash everything I've said in past episodes and make a new, long episode, I made a timeline of these past episodes and the order you should listen to them to essentially create your own free mini course on LLCs. Check them out in the order listed below. 078 - How LLCs are like a magic bubble - You'll learn how LLCs legally protect your personal assets 080 - How LLCs are like science - Like episode 78, these is also an audio version snippet from the LLC chapter in the first copy of my book. 083 - What are the tax benefits of an LLC - Learn what juicy tax benefits come from having an LLC. 116 - Can I Form My Own LLC? - Now that you're sold on LLCs, we'll talk about if you form your LLC on your own. 081 - Starting an LLC & Banking - How to form your LLC and the banking requirements that go along with it. 042 - When is it Time to Form an S Corp - An S Corp is a tax status, not a type of entity. You have an LLC first, then you elect for your LLC to be taxed as an S Corp. 231 - My S Corp Cost Me MORE in Tax Last Year - One of my favorite, most downloaded episodes ever, I talk about how having an S Corp cost me more in taxes for the year. 104 - Is There a Tax Advantage for a Corporation? - Most of you probably don't need to be a C Corporation, but if the thought has ever crossed your mind, this episode will answer your questions. 147 - Answering your tax and business classification questions - A Q&A that wraps up this mini LLC podcast series. Now, onto my Small Business Blueprint, which is featured in Module 2, Lesson 4 in my Profit Rx curriculum. After we decide what your business entity should be, we go through the blueprint, which you can get here.

Choosing the right business structure can be overwhelming for most business owners. That's mainly because not everyone has a background in accounting or tax law. And it's no surprise that there is often some confusion about what S Corp and C Corp mean, their benefits and disadvantages, and what factors should be considered in choosing which one would work best. Join Matt DiFrancesco and Stuart Sorkin, Founding Member at The Business and Legal Advisors, as they discuss industry insights and the key differences between the two business structures to help entrepreneurs and collision shop owners make an informed decision about which is right for their business. They also talked about: (02:46) How Stuart got involved in planning with automotive collision shops (05:12) What lifestyle practice means (07:17) The biggest challenge in the industry (07:47) How can shop owners overcome the shortage of talent (09:20) The importance of having employees sign a training bonus agreement (13:04) S Corp vs. C Corp (16:22) The biggest problem with S Corporations (18:59) Two drawbacks of becoming a C Corporation (20:57) What goodwill means (25:42) What business owners should consider in choosing a business structure (27:20) The real issue with most entrepreneurs Connect with Stuart Sorkin Email: SSORKIN@SHSPC.COM Websites: https://stuartsorkin.com/ https://businessandlegaladvisors.com/, LinkedIn: https://www.linkedin.com/in/stuart-sorkin-84a528/ Phone: +1 (301) 320-1152 Connect With Matt DiFrancesco: matt@highliftfin.com (814)201-5855 LinkedIn: Matt DiFrancesco LinkedIn: High Lift Financial Facebook: High Lift Financial About Our Guest: Stuart Sorkin is the founder of The Business and Legal Advisors, a consulting firm specializing in the financial and legal protection of business owners, executives, and entrepreneurs throughout the United States and overseas at every stage of their business life cycle. As a former entrepreneur, CPA, and attorney with more than 30 years of experience, he possesses a unique set of capabilities to assist a business owner with the challenges of growing and/or exiting a business. He works with startups and small to mid-size business owners to integrate their personal financial and estate planning goals with the development and implementation of growth and/or succession or exit strategy for their business. Stuart is also the co-author of "Expensive Mistakes When Buying & Selling Companies...and How to Avoid Them in Your Deals." Stuart Sorkin has been interviewed by the Wall Street Journal, Time Magazine, USA Today, Money Magazine, and BankRate.com on a wide range of tax matters. He is also a frequent lecturer on exit strategies, estate planning, and asset protection to various professional and small business organizations and associations. DISCLAIMER The information compiled and posted here solely represents the opinions and views of the guest. It might not be similar to the opinions and views of High Lift Financial. It is not a substitute for tax or legal advice or professional investment. Always consult your financial advisor with any personal or business planning queries. DiFrancesco Financial Concierge, LLC. d/b/a High Lift Financial is a Registered Investment Advisor registered with the State of Pennsylvania and subject to the State of Pennsylvania's regulatory oversight.

What's the difference between a DBA, LLC, Partnership, S-Corporation, and C-Corporation? As you can imagine, these different legal entities, founded by one or more natural persons to conduct business activities, come with significant implications related to taxation, ownership, and asset protection.  Whether you are creating a new business, operating an existing organization, or managing a part of the company, it's important to understand how legal entities work. In this episode, I talk with Briana Reidle, the Co-Owner of Accounting and Tax Solutions, Inc. about how these organizational structures work and the key things you should know when working in business.  Visit www.byfiq.com for more episodes and resources to empower your financial life.Helpful links:Join the Strategic Financial Mastery programJoin Our Free CommunityTrain your team with an on-site workshopDisclaimer:BYFIQ, LLC is a wholly owned entity of Coltivar Group, LLC. The views expressed here are those of the individual Coltivar Group, LLC (“Coltivar”) personnel quoted and are not the views of Coltivar or its affiliates. Certain information contained in here has been obtained from third-party sources. While taken from sources believed to be reliable, Coltivar has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendations. The Company is not affiliated with, nor does it receive compensation from, any specific security. Please see https://www.byfiq.com/terms-and-privacy-policy for additional important information.Support the show

IRA Financial's Adam Bergman Esq. discusses the C Corporation blocker strategy, domestic or foreign, and how that could potentially block the application of the Unrelated Business Income Tax (UBTI) on your Self-Directed IRA investment.

Stop Struggling Now #1 - How Setup A Business Now. How to get an LLC or C Corporation. EIN, business bank account and more.❤️️Opus Virtual Office give you a Business Phone and a Fax Number are Included. Reports a business tradeline. Get the $99 Special from Opus Virtual Offices: https://www.opusvirtualoffices.com/ida/idevaffiliate.php?id=688_2_3_6 . Promo Code YG1 to get $100 off setup fee.❤️️EIN Number with IRS.Gov: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-onlineSS4 EIN Form: https://www.irs.gov/pub/irs-pdf/fss4.pdf❤️️$5000 Tax Deduction for your business startup expenses. $5,000 also for Operational Expenses: https://quickbooks.intuit.com/r/taxes/3-tax-deductions-available-only-to-startup-businesses/❤️️Business Checking Account with Blue Vine Business Checking. Credit Lines, Loans based on revenue: https://www.bluevine.com

ROYAL LEGAL SOLUTIONS Learn how to free your time, protect your assets, and create lasting wealth with asset protection attorney and long-time real estate investor, Scott Royal Smith. When a close friend lost over $3 million in a single lawsuit, Scott decided to leave his litigation practice to help people protect themselves from frivolous lawsuits. His law firm, Royal Legal Solutions, now helps thousands of real estate investors and entrepreneurs protect more than $1.2 billion in assets. Join Scott as he deconstructs the lawsuit game and shows you how to protect yourself and your hard-earned wealth.*********************************************************************************MEET THE HOSTSScott Royal Smith, Esq., CEO, Real Estate Investor. As the founder of Royal Legal Solutions, I am an asset protection attorney and long-time real estate investor in every asset class in 10+ states. My background in litigation and investing uniquely has provided me with insights into how to best use the law for maximum legal advantage while streamlining operations, taxes, and compliance.Megan Templeton, Esq. Megan Templeton is from Birmingham, Alabama. She attended Auburn University and graduated in three years with a Bachelor's in Psychology. While attending Auburn University, Megan was actively involved in the Auburn Honors College and Omega Phi Alpha, a service sorority. Upon graduation from Auburn University, she pursued her Juris Doctorate from Samford University's Cumberland School of Law and her Master's of Public Administration from the University of Alabama at Birmingham. Megan obtained both her JD and MPA in December 2015. Megan's previous law positions have included clerk at the U.S. Attorney's Office of the Northern District of Alabama, manager of a closing and title company, and currently the owner and principal attorney of Iron City Law, a boutique law firm in Birmingham, AL serving small businesses and the real estate community.*********************************************************************************KEY TAKEAWAYSRoyal Legal Solution's CFO, Pete Schindele, led an informal discussion about appropriate entity selection for real estate investors to maximize tax savings. Many people start out as a Sole Proprietorship that sets up an LLC for asset protection from personal loss. As your business grows, you will find that an S Corporation or C Corporation may be more beneficial to lower your tax burden by avoiding the self-employment tax. Pete shared a simple cost benefit analysis guideline to help determine which entity structure is the best relative to current business size or earned income. Also, learn how your decision may be affected depending on if your income is active or passive.Want a refresher or to see what you missed? Watch the replay. REGISTER FOR ROYAL INVESTING and attend LIVE on Zoom, Wednesdays at 11:30 p.m. CST.Ready to go beyond basics and take your education to the next level? Get FREE Access to the Asset Protection Vault. This resource contains our top 5 video Masterclasses and ebooks.*********************************************************************************ENGAGE WITH USAre you ready to take action on Asset Protection, Tax Strategy, or Estate Planning? Take our Financial Freedom Quiz, where we will gather your general information to have a productive conversation. At the end of the quiz, you will have the opportunity to schedule your consultation. https://hubs.la/Q014rfVz0*********************************************************************************DISCORD COMMUNITYhttps://discord.gg/KKS7rZG5kM*********************************************************************************WEBSITE: http://royallegalsolutions.comLINKEDIN: Check out what folks are saying and make a professional connection with Scott Royal Smith https://www.linkedin.com/in/scott-royal-smith/ FACEBOOK: Join our exclusive group to discover the tax, legal, & asset protection secrets every real estate investor needs to know. https://www.facebook.com/groups/495820367909918/

Choosing the right entity for your business is one of the most important decisions a business owner makes. In this edition, we focus on corporations. Should you establish your business as a corporation? And if you do, is it better for your business to be taxed as a C Corporation or an S Corporation? CT Corporation Publications Attorney Sandra Feldman explains what characteristics you need to qualify as a corporation and walks us through the tax advantages and disadvantages of filing as a C Corp or an S Corp.

Welcome to the 112th episode of Hot Topics! Gabrielle Crichlow talks to guest Cecelia Morris about the legalities of structuring your business as a sole proprietorship, partnership, C-Corporation, S-Corporation, or LLC. (Original air date: June 28, 2022)You can find Cecelia Morris:On the web: https://ceceliafmorris.com/On Facebook: https://www.facebook.com/successwithceceliaOn Instagram: https://www.instagram.com/ceceliafaymorris/On LinkedIn: https://www.linkedin.com/in/cecelia-morris/On Twitter: https://twitter.com/cecelia_tcibizOn YouTube: https://www.youtube.com/channel/UCQi8Ppi-efXGzZ3s1LkY7fwWatch this episode on YouTube: https://youtu.be/OnWbAEc3Xzo***************************************************************************************Follow A Step Ahead Tutoring Services:Facebook: https://www.facebook.com/AStepAheadTutoringServicesInstagram: https://www.instagram.com/astepaheadtutoringservicesTwitter: https://twitter.com/TutorASATSYouTube: https://www.youtube.com/channel/UC_f96O9Z7qtuWlotc_fub4Q Eventbrite: https://astepaheadtutoringservices.eventbrite.com Visit us on the web: https://www.astepaheadtutoringservices.com Sign up for our email list: https://squareup.com/outreach/a41DaE/subscribe Sign up for our texting list: https://eztxt.s3.amazonaws.com/534571/widgets/61fc686d8d6665.90336120.html Support us:Cash App: https://cash.app/$ASATS2013PayPal: https://paypal.me/ASATS2013Venmo: https://venmo.com/u/ASATS2013Zelle: success@astepaheadtutoringservices.com

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In today's episode, Solomon and Allan welcome Brinn Serbanic. Brinn is a CPA and Certified Financial Planner, serving as a director at BKD CPA and Advisors. BKD is one of the largest US Accounting firms and advisory firms that recently created a department catered towards the pest control service industry. Brinn answers commonly asked questions regarding accounting and depreciating capabilities for pest control businesses. In addition, Brinn discusses the differences between LLC's, S-Corporations, and C-Corporations.

When to Setup a C-Corporation For Maximum Tax Savings ► $5 of Bitcoin from Coinbase http://coinbase-consumer.sjv.io/x9OGm3 ► Schedule a FREE Consultation with My Team https://go.karladennis.com/consultation-application1597858391406 ► Schedule A Call With Me https://bit.ly/3ml1953 ► To Join My Mentorship Through Patreon: https://www.patreon.com/karltondennis ►My Forbes articles for more tax tips: https://bit.ly/3dss8Yu ► Follow for more tax tips: https://www.instagram.com/karltondennis/ Recommended Video For You https://youtu.be/IVAtbduc4ec Running a business, paying employees, paying yourself... Here's how to pay yourself through your LLC. In this video we discuss: How To Pay Yourself As An LLC in 2022 as a multi-member and single member LLC, Moving money over via Check and Payroll. When to receive a tax deduction, as well as the benefits of switching to the S-Corp for a Payroll Deduction! *Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

Tax Deductions for Business Trips (Watch This Before You Travel) ► $5 of Bitcoin from Coinbase http://coinbase-consumer.sjv.io/x9OGm3 ► Schedule a FREE Consultation with My Team https://go.karladennis.com/consultation-application1597858391406 ► Schedule A Call With Me https://bit.ly/3ml1953 ► To Join My Mentorship Through Patreon: https://www.patreon.com/karltondennis ►My Forbes articles for more tax tips: https://bit.ly/3dss8Yu ► Follow for more tax tips: https://www.instagram.com/karltondennis/ Recommended Video For You https://youtu.be/IVAtbduc4ec Running a business, paying employees, paying yourself... Here are Tax Deductions for Business Trips (Watch This Before You Travel) This video will be beneficial for Sole Proprietors, LLC (Limited Liability Company), S Corporation and C Corporation. In this video we discuss: How To Pay Yourself As An LLC in 2022 as a multi-member and single member LLC, Moving money over via Check and Payroll. When to receive a tax deduction, as well as the benefits of switching to the S-Corp for a Payroll Deduction! *Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

Filing as an S Corporation, forming a C Corporation, and defining "Reasonable Wage" - 3 tax concepts that every small anesthesia partnership & sole practitioner needs to be aware of. A huge welcome to our expert guest speaker: Glenn Henderson, CPA/ABV, CVA, AEP, and partner at CCK Strategies, PLLC.An LLC that Files As An S CorporationOne of the most important things that sole practitioners or small partnerships of anesthesiologists can do is actually become an LLC that files for federal income tax as an S corporation. If they didn't do anything else, that helps to split their income into earned income as well as a return on equity. Put in tax terms, we can avoid payroll taxes on the return on equity while we still pay them what's considered to be a reasonable wage. What we avoid, then, is actually more than just the payroll tax. If your wages are over 250,000, you're required to pay what we call ObamaCare taxes, which are an add-on to your income tax. However, S corporation income is not included in that income that's taxed at a higher rate. That's an additional 3.8%. Although that starts off sounding like a small amount, when some of your income is already unnecessarily being taxed at 19% or 20%, basically already adding 50% to your tax burden. So just with some basic restructuring, we can avoid some of those taxes and reduce your income tax burden by about a third, so that it becomes significant when you add those things up.Forming a C CorporationFor our clients who already have an S corporation, another structural change that we suggest and accommodate is forming a C corporation with a fiscal year end. That C corporation's purpose is to help with the marketing, the strategic planning, and with logistics of an anesthesia practice. Deferral is a significant and important part of this structure. We can defer some of the net income of your S corp into a C corp for up to 11 more months until the tax is due. Then, at the same time, we can also set up some other things and look at some other opportunities, especially for retirement in that new C corp. “Reasonable Wage”And finally, I did wanna tell everybody that you have to have what's called a “reasonable wage” for those that are providing services to the S corp or the C corp. So while we can't eliminate payroll taxes altogether, we can minimize that wage to a reasonable amount, and then everything that exceeds that wage would enjoy the benefits of the reduced tax. And that's really what I would offer as the first advice for any sole practitioners and small partnerships. It's really just some simple structural changes, but they can make an enormous impact by saving about one-third of the tax on a large chunk of the providers' incomes.Questions?If you'd have any questions about taxes and your anesthesia practice, you can reach out directly to Glenn via email at glennh@cckcpa.com.About The SpeakerGlenn Henderson has been a CPA for over 43 years. After running his own practice for 27+ years, Glenn saw an opportunity to partner with a forward thinking practice and expand service offerings to his clients. He merged his practice with the CCK Strategies team and now specializes in mergers and acquisitions as the partner over the Texas office. He has worked successfully with small and large anesthesia practices throughout the years.About CCK Strategies, PLLCCCK Strategies is a Tax and Business Consulting firm that combines a broad scope of expertise with personalized service. With a team of more than 125 people serving clients worldwide, CCK provides innovative solutions and creates value at every stage of a business's life cycle.CCK offers the depth of resources, both domestic and international, required to be successful in today's business marketplace. We are more than a firm, we are your partners.CCK Strategies, PLLC Website: https://www.cckcpa.com/

Learn what you need to know about C Corporations (and why investors prefer them) before you decide on which entity type is best for your business. Join Dark Horse CPA, Erik Hegstad, as he takes you through the quick & dirty on C Corps.