Podcasts about s corp

In this conversation, Larry Pendleton, a CPA specializing in real estate, shares his insights on achieving financial independence through passive income and effective tax strategies. He discusses various passive income strategies, common tax mistakes individuals make, the benefits of S-Corps for real estate investors, the intricacies of 1031 exchanges, and the importance of involving family in business for tax benefits. Larry emphasizes the need for education in navigating the tax code and estate planning, debunking myths about trusts and their tax implications.   Professional Real Estate Investors - How we can help you: Investor Fuel Mastermind:  Learn more about the Investor Fuel Mastermind, including 100% deal financing, massive discounts from vendors and sponsors you're already using, our world class community of over 150 members, and SO much more here: http://www.investorfuel.com/apply   Investor Machine Marketing Partnership:  Are you looking for consistent, high quality lead generation? Investor Machine is America's #1 lead generation service professional investors. Investor Machine provides true ‘white glove' support to help you build the perfect marketing plan, then we'll execute it for you…talking and working together on an ongoing basis to help you hit YOUR goals! Learn more here: http://www.investormachine.com   Coaching with Mike Hambright:  Interested in 1 on 1 coaching with Mike Hambright? Mike coaches entrepreneurs looking to level up, build coaching or service based businesses (Mike runs multiple 7 and 8 figure a year businesses), building a coaching program and more. Learn more here: https://investorfuel.com/coachingwithmike   Attend a Vacation/Mastermind Retreat with Mike Hambright: Interested in joining a “mini-mastermind” with Mike and his private clients on an upcoming “Retreat”, either at locations like Cabo San Lucas, Napa, Park City ski trip, Yellowstone, or even at Mike's East Texas “Big H Ranch”? Learn more here: http://www.investorfuel.com/retreat   Property Insurance: Join the largest and most investor friendly property insurance provider in 2 minutes. Free to join, and insure all your flips and rentals within minutes! There is NO easier insurance provider on the planet (turn insurance on or off in 1 minute without talking to anyone!), and there's no 15-30% agent mark up through this platform!  Register here: https://myinvestorinsurance.com/   New Real Estate Investors - How we can work together: Investor Fuel Club (Coaching and Deal Partner Community): Looking to kickstart your real estate investing career? Join our one of a kind Coaching Community, Investor Fuel Club, where you'll get trained by some of the best real estate investors in America, and partner with them on deals! You don't need $ for deals…we'll partner with you and hold your hand along the way! Learn More here: http://www.investorfuel.com/club   —--------------------

What We Cover In This Episode: The difference between an LLC and an S-Corp, and how that affects liability, taxation and future growth [4:31] What the purpose of a legal entity is, and how it protects your personal assets from business lawsuits [7:04] How to negotiate commercial leases effectively, plus the strategies you can use to protect your wealth [15:45] What makes membership and staff agreements critical for a new gym business and why not having these in place isn't an option [19:33] The significant financial risks of misclassifying staff and how the true costs this type of mistake can have [25:17] What specific lease clauses gym owners should negotiate, and how to get better protection within those contracts [29:32] What you need to keep in mind as you future plan for the sale of your business [35:08]   Quotes:    “The whole purpose of the legal entity is to protect your personal assets. Think about it as we're basically putting a roof over your head so that the lawsuit comes at you, at the legal entity, and it's going to bounce off you personally, and it's going to stick to the legal entity." [Matt, 6:59]  “The lease is a contract and every contract is negotiable. So the landlord will present you with an initial copy of the lease and recommend that you hire somebody to go through and basically say, we like this language. We don't like this language." [Matt, 15:27]  "So it's not really a question of whether or not you think you should have a membership agreement. You have to. By law." [Matt & Nick, 22:26]  “We want to make sure that we are building an asset, this is an investment, this is an asset that is growing and it is nice and packaged up, because it's a nice little LLC and the more you operate in it the more you can remove yourself from the business it is going to increase its evaluation and then ultimately, we are going to try to sell it.” [Matt, 36:40]   LINKS:  Gym Lawyers Website  Gym Wealth Strategies Website  Their Gym Ventures & New Gym Owner Services Matt's Previous Episode on fitSpot Guru Learn More About All of Our Partners & Get Exclusive Offers Visit the fitDEGREE Knowledge Base Send Megan Your Playlist or Discuss the Podcast Here!  fitDEGREE's Business Portal https://calendly.com/fitdegree-support  support@fitDEGREE.com https://www.instagram.com/fitdegree/ ​​https://www.instagram.com/fitspot_guru/  https://www.fitdegree.com/blog  https://www.youtube.com/channel/UChJ5rK6zWPXjbxtUQx3ys9Q https://www.tiktok.com/@megan_fitdegree  

Business owners planning their next chapter often face a tough decision: how to exit without compromising their legacy or selling to private equity.As baby boomers age out of ownership, many are turning to Employee Stock Ownership Plans (ESOPs) for their unique blend of liquidity, tax benefits, and cultural continuity. Yet, understanding the mechanics and long-term impact of an ESOP can feel overwhelming.Join Matt Di Francesco and Kelly Finnell, Premier ESOP Consultant and President at EFS ESOP Consultants, as they explore how ESOPs offer business owners a powerful way to exit on their terms—while turning employees into owners and preserving what matters most.Matt and Kelly also talk about:(02:30) Why are more business owners turning to ESOPs(05:45) What is an ESOP?(06:29) Three key ways ESOPs provide more than just a retirement plan(07:58) How ESOPs provide a powerful performance incentive(08:19) Can a 401(k) and an ESOP work together?(09:33) How are ESOP shares distributed among employees?(10:56) How ESOP shares are valued(12:28) Who should be the trustee of your ESOP trust(19:03) Why 95% of 100% ESOP-owned companies are S-Corps(22:03) What type of business would be a good candidate for an ESOP?(26:26) The four key questions addressed during the ESOP feasibility study() How long does an ESOP feasibility study and implementation take?Connect With Kelly FinnellLinkedIn: https://www.linkedin.com/in/esopcoach/Website: https://execfin.comOrder Kelly's book - The ESOP Coach here: https://www.amazon.com/ESOP-Coach-Ownership-Succession-Planning/dp/0578046997Check out these other resources as referenced in this episode:National Center for Employee Ownership - https://www.nceo.org/The ESOP Association of America - https://www.esopassociation.org/Connect With Matt DiFrancesco:matt@highliftfin.com(814)201-5855LinkedIn: Matt DiFrancescoLinkedIn: High Lift FinancialFacebook: High Lift Financial Instagram: @high_lift_financialYoutube: @highliftfinancialAbout the guest:Kelly Finnell is widely regarded as the nation's premier ESOP consultant, with over 40 years of experience helping business owners design and implement Employee Stock Ownership Plans. He has presented at more than 300 conferences across the U.S. and internationally, sharing his deep expertise in ESOP strategy and succession planning.Kelly is the author of The ESOP Coach: Using ESOPs in Ownership Succession Planning, published in 2010—a definitive guide that continues to be a go-to resource in the field today. He is also an Accredited Investment Fiduciary®, a designation awarded through the Center for Fiduciary Studies at the University of Pittsburgh, demonstrating his commitment to always acting in the best interest of his clients.A magna cum laude graduate of the University of Memphis, Kelly brings both academic rigor and decades of hands-on experience to every engagement. If you're considering an ESOP for your business, Kelly is truly the guy you want in your corner.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.

Money doesn't have to be complicated—and talking about it shouldn't be taboo. In this episode of Spa Marketing Made Easy, I'm joined by Danielle Hayden, founder of Kickstart Accounting and a former hairstylist turned CPA, to normalize money conversations and share the vital role that financial visibility plays in building a sustainable spa business. From building your “money team” to knowing when it's time to become an S Corp, Danielle breaks down financial concepts into approachable, actionable strategies that empower spa CEOs to make confident business decisions. We also share a big announcement—Kickstart Accounting is officially a partner inside the Addo Professional Alliance! If you've been searching for a reliable, woman-led accounting firm that truly understands the spa and aesthetics industry, you're going to love this episode. What you'll learn during this episode: The 4 essential members of your “money team” and how they work together Why your bookkeeper should be your first hire—not your CPA How to make financial decisions based on your life goals (not just revenue) The 3 benchmarks that indicate you're ready to switch to an S Corp The difference between bookkeeping, tax planning, and CFO strategy—and why you need all three How Kickstart Accounting supports spa businesses with clarity, confidence, and care Resources Mentioned in Episode #429: Using Your Numbers to Make Better Business Decisions with Danielle Hayden Visit Danielle's business website, Kickstart Accounting Follow Danielle on Instagram: @kickstartaccounting Tune into Danielle's podcast Business by the Books Keep the conversation going inside the Spa Marketing Made Easy Community by clicking here. IG / @addoaesthetics WEB / addoaesthetics.com YOUTUBE / @addoaesthetics LINKEDIN / @addoaesthetics WANT MORE FROM ADDO AESTHETICS? Take just 5 minutes and find out YOUR biggest area of opportunity by taking my FREE Spa Business Assessment here → scorecard.addoaesthetics.com Join the Addo Professional Alliance (APA), an association dedicated to empowering women and strengthening their community by helping aesthetic professionals build meaningful connections with one another and fostering support and guidance to create businesses that align with the lives they love → https://www.addoaesthetics.com/addo-professional-alliance/ ABOUT THE SPA MARKETING MADE EASY HOST      About Your Host, Daniela Woerner Daniela Woerner is the founder of Addo Professional Alliance, a leading spa association for aesthetic professionals, and the creator of the Growth Factor Framework—a proven system that has helped 582 six- and seven-figure spa owners scale their businesses with strategy and systems. With nearly two decades in the aesthetics industry, Daniela has trained alongside top physician-dispensed brands, consulted with leading dermatologists, and helped thousands of spa professionals streamline their operations and maximize profitability. Her mission? To transform overworked aesthetic professionals into Spa CEOs—building a business and life they love with the strategic systems needed for long-term financial growth. As the host of the Spa Marketing Made Easy podcast, Daniela brings expert insights, real-world strategies, and in-depth conversations to help spa owners elevate their marketing, optimize their operations, and create sustainable success. With over 400 published episodes, 1 million+ downloads, and a ranking in the top 1% of all podcasts worldwide, Spa Marketing Made Easy is the go-to resource for spa and aesthetic professionals looking to level up. Tune in each week for actionable strategies, expert interviews, and inspiration to help you build a thriving, systemized, and scalable spa business!

Most business owners are paying way more in taxes than they should—and they don't even know it. In this episode, we reveal the #1 mistake that's costing entrepreneurs $10,000 to $20,000 (or more) every single year: picking the wrong business structure. Whether you're an LLC, S-Corp, or C-Corp, your setup could be helping or hurting your bottom line. You'll learn the truth about how each entity is taxed, how to know when it's time to switch, and the exact numbers to watch for if you want to start keeping more of what you earn. If you're running a business and want to stop handing extra money to the IRS, this episode is for you.

Today, we want to talk about social media in an age of complicated social media. This is more about how we focus our efforts on social media when there is a lot of tumult in the space, whether it's due to political concerns or their own mental health concerns.This season is brought to you by Collective, and they're giving you your first month free! Just use code FWCP at checkout.Tax season is stressful—no doubt about it. Are you overpaying? Are you even doing it right? It's a headache, but here's the good news: you don't have to figure it all out alone. Collective is built exclusively for solopreneurs and is here to help. If you're a freelance writer, you could be leaving major savings on the table by not having an S Corp. Collective helped me make the switch last year, and they handled everything—S Corp election, bookkeeping, payroll, taxes—you name it. Now, I get to focus on what I love, without stressing over receipt tracking and tax forms.

Are you making costly tax mistakes without even knowing it? In this episode of Gimme Some Truth, tax pros from WC Tax Services reveal common personal and business tax errors—from filing misconceptions to missed deductions, backdoor Roth mishaps, and LLC misclassifications. Learn how to protect your wallet, avoid IRS penalties, and streamline your tax filing strategy.

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In this episode of The Perfect RIA, Matthew Jarvis and Catherine Tindall, CPA ,explore the intricate world of tax strategies specifically tailored for financial advisors. Their conversation cuts through the complexity of S-Corp structures and tax planning, offering practical wisdom for professionals looking to optimize their financial approach. Catherine brings her expertise to the forefront, challenging traditional thinking about retirement planning and business investment. The discussion reveals how financial advisors can make more strategic decisions about compensation, business structure, and tax optimization. Rather than following conventional wisdom, they explore how reinvesting in one's business can potentially create more value than standard retirement contributions. Matt and Cathering dive into critical areas often overlooked by financial professionals, including the nuances of reasonable compensation, the importance of meticulous documentation, and the strategic implications of different income sources. The S-Corp Advantage: What You Need to Know with Guest Catherine Tindall [Episode 303] Resources in today's episode: - Matt Jarvis: Website | LinkedIn - Catherine Tindall, CPA: LinkedIn | Website - Fleischer Case

In this episode of the Machine Shop MBA series, we go beyond vision boards and get into the meat and potatoes of launching your shop legally—with the right entity type and structure to support your short and long-term goals. Whether you're looking to stay solo, bring on partners, or position for future investment or acquisition, your business formation choice can be the foundation—or the friction—of your growth.  In this episode, the team dives deep into the critical, yet often overlooked, process of legally forming a manufacturing business. The hosts, alongside experts Nick Vargosko and Brad Botcher from CliftonLarsonAllen, break down the most important steps in choosing the right legal entity, from sole proprietorship to S-corporation and LLCs. They also touch on how these decisions will impact your long-term goals, including potential exits and tax benefits. Why does the structure of your business matter? It's all about protecting your personal assets, optimizing your tax strategy, and setting your business up for future growth or eventual sale. The team discusses real-world examples and offers insights into what business owners often miss when it comes to entity selection. With the right foundation, your machine shop can thrive, but getting it wrong early could mean expensive and painful mistakes down the road. Tune in as we walk you through the legal nuts and bolts of starting your shop, with expert advice on how to build a business that can scale and survive. If you're planning on making chips, don't miss this critical episode that could shape the future of your manufacturing business. Segments (0:00) Introduction to Episode 2 of the Machine Shop MBA series (1:12) Learn how you can grow your top and bottom-line with CLA (3:50) Introducing Nick Vargosko and Brad Boettcher (5:39) The importance of long-term thinking in business formation (10:02) Overview of what a Sole Proprietorship is (12:02) Breaking down LLCs and the different election options (15:30) LLC vs Sole Proprietorship: Which one should you choose? (16:35) Why you need to complete the Top Shops survey (18:14) What to do if you chose the wrong structure (19:07) The difference between S-Corps and C-Corps (28:02) When to choose a partnership (and why it might offer flexibility) (29:47) What do you need to do to change your structure?  (31:32) Horror stories when things have gone wrong (38:01) Why you need to check out Buy the Numbers Resources mentioned on this episode CliftonLarsonAllen (CLA) Take The Modern Machine Shop Top Shops Survey Connect with Nick Vargosko on LinkedIn Connect with Brad Boettcher on LinkedIn Connect With MakingChips www.MakingChips.com On Facebook On LinkedIn On Instagram On Twitter On YouTube

Maybe you're at a stage in your career where you're looking to pivot away from freelancing and into something new. Emma and I are considering this ourselves! In this episode, we get into how to think about what's next for you post-freelancing, get out of your own way when it comes to limited beliefs, and take real, incremental steps toward something new.This season is brought to you by Collective, and they're giving you your first month free! Just use code FWCP at checkout.Tax season is stressful—no doubt about it. Are you overpaying? Are you even doing it right? It's a headache, but here's the good news: you don't have to figure it all out alone. Collective is built exclusively for solopreneurs and is here to help. If you're a freelance writer, you could be leaving major savings on the table by not having an S Corp. Collective helped me make the switch last year, and they handled everything—S Corp election, bookkeeping, payroll, taxes—you name it. Now, I get to focus on what I love, without stressing over receipt tracking and tax forms.

Hey Friend, You already know—the legal side of business can feel like a whole thing. When I first started, I was overwhelmed trying to figure out what contracts I needed, how to set up my business structure, and whether trademarks were even worth considering. But let me tell you, finding Andrea Sager and discovering The Legalpreneur was a game-changer! In this episode, we're getting all the legal tea straight from Andrea herself. If you're a Jesus-led working mom with over 10 years of professional experience, launching your first coaching or service-based business, this is for you. We're talking about: The must-have legal steps before you launch Business structures—LLC, Sole Proprietor, S-Corp—what's right for you? The legal protections most entrepreneurs overlook (don't get caught slipping!) Why contracts are your best business bestie—and the key clauses you need When to start thinking about trademarks and how they protect your brand The #1 legal mistake new business owners make (so you can avoid it) Listen, I bought my first contract bundle from The Legalpreneur, and it took all the stress out of getting my legal foundation right. Now, Andrea is here to help you do the same! Tune in, take notes, and let's make sure your business is legally protected from day one. I pray this empowers you! .

Between tariffs and budget resolutions, it's been an eventful and busy week here at S-Corp central. To cover it all, we're joined by three-time podcast guest Ryan Ellis, the President of the Center for a Free Economy and an IRS Enrolled Agent. Ryan gives us his unvarnished take on the tariffs, the Senate budget resolution, baseline budgeting, SALT Parity, Republican tax hikes and more.

Catch up with your hosts Kaleigh and Emma and hear about what's changed for them since the last season (spoiler alert: a LOT) as well as how we're feeling about the freelance writing landscape in 2025.This season is brought to you by Collective, and they're giving you your first month free! Just use code FWCP at checkout.Tax season is stressful—no doubt about it. Are you overpaying? Are you even doing it right? It's a headache, but here's the good news: you don't have to figure it all out alone. Collective is built exclusively for solopreneurs and is here to help. If you're a freelance writer, you could be leaving major savings on the table by not having an S Corp. Collective helped me make the switch last year, and they handled everything—S Corp election, bookkeeping, payroll, taxes—you name it. Now, I get to focus on what I love, without stressing over receipt tracking and tax forms.

What if you could pay yourself tax-free using your own home? In this episode of The Rich Somers Report, Rich sits down with Karlton Dennis, tax strategist and founder of Tax Reduction Company, to break down one of the most overlooked tax-saving strategies for business owners—the self-rental loophole, also known as the Augusta Rule.Rich and Karlton discuss:How to rent your personal residence to your business and collect tax-free incomeThe specific documentation and setup required to make this strategy audit-proofCommon mistakes entrepreneurs make when trying to implement tax strategiesWhy mindset matters just as much as tax code when building long-term wealthHow to think like a CFO and stop overpaying the IRS year after yearKarlton shares practical examples of how high-income entrepreneurs and real estate investors are using advanced strategies like the Augusta Rule, S-Corp structuring, and entity stacking to build generational wealth. If you're ready to stop leaving money on the table and start using the tax code to your advantage, this episode is a must-listen.Join our investor waitlist and stay in the know about our next investor opportunity with Somers Capital: www.somerscapital.com/invest. Want to join our Boutique Hotel Mastermind Community? Book a free strategy call with our team: www.hotelinvesting.com. If you're committed to scaling your personal brand and achieving 7-figure success, it's time to level up with the 7 Figure Creator Mastermind Community. Book your exclusive intro call today at www.the7figurecreator.com and gain access to the strategies that will accelerate your growth.

In this flashback episode, I talk with Daniel Rowe, a CPA and tax attorney from Charlotte, North Carolina, as he shares invaluable insights into financial planning, bookkeeping, and business formation for mental health professionals and other service providers.Key takeaways:Understanding Business Formation: Daniel emphasizes the importance of having tailored advice for forming your business entity, whether it's a PLLC or an S Corp, and why understanding these structures is crucial to your financial health.Bookkeeping Simplified: Daniel discusses the importance of professional bookkeeping and the benefits of integrating tools like QuickBooks and Xero to streamline your financial processes.Proactive Financial Planning: Don't wait until tax season to address your finances. With the right CPA who understands your industry, you can set yourself up for success year-round.If you're a business owner in the mental health or medical field looking for neurodivergent-affirming financial advice, this episode is a must-listen!More about Daniel:Daniel is a CPA and tax attorney who works with people and businesses in the creative and professional services fields. His firm advises large and small businesses that operate in the space of making people feel good, moved - something. This includes a focus on therapists, doctors, coaches, and others who sell their time and their expertise to help improve their clients' lives.Daniel has over 20 years of tax advisory and compliance experience at firms of varying sizes. Prior to forming D.Rowe Tax, he was a tax partner in a Los Angeles-based public accounting firm and legal of-counsel to a Chicago-based law firm. He has authored numerous tax articles and presented tax seminars to thousands of CPAs and tax professionals around the country. Daniel has also taught masters-level tax courses at Loyola Marymount University in Los Angeles and the University of North Carolina, Chapel Hill. His passion for teaching and learning is what sets him apart and allows him to communicate with clients in a way that makes tax law both understandable and manageable.D.Rowe Tax's mission is to make the complicated tax code and legalese more approachable and less stressful, allowing clients to focus on their business of doing meaningful work.Website (updated): droweco.comLinkedIn: linkedin.com/in/drowetax–––––––––––––––––––––***This episode is the 9th of 10 episodes that All Things Private Practice is re-releasing for 2025. Please enjoy, and we'll be back with new content, resources, and guests in a couple of months. –––––––––––––––––––––

Episode 55:  In this episode, Timalyn explains what the failure to file penalty is and why it is adding so much to your tax bill. She will not only talk about what it is but how it's calculated, and how to potentially get it removed. Can't File Your Taxes On Time? You can avoid the failure-to-file penalty by filing a timely tax return or tax extension. If you're an individual needing to file an extension you can do so by filing Form 4868. Timalyn will have a video to walk you through filing the 2024 4868 on her YouTube channel, coming out on March 31st.   The Failure to File Penalty This is the penalty that the IRS assess to taxpayers when they file their tax return late. For individuals and corporations, it can be up to 25% of the balance owed.  For Partnership and S-Corp returns the penalty is $245 for each partner/shareholder for each month, up to 12 months. This penalty can easily cripple small business who just doesn't understand their filing obligations.  Getting the penalty removed Timalyn has covered penalty abatement in previous episodes of this podcast. There is first time penalty abatement and there is also reasonable cause abatement. This is a service that Timalyn offers in her firm. But it's best to get the information to understand if it's something you'd qualify for. You can check out the previous episodes by using the links below: IRS Penalties - First Time Penalty Abatement IRS Penalties - Removing them for Reasonable Cause Need Tax Help Now? If you need answers to your tax debt questions, book a consultation with Timalyn via her Bowens Tax Solutions website.  Click this link to book a call.  Please consider sharing this episode with your friends and family.  There are many people dealing with tax issues, and you may not know about it.  This information might be helpful to someone who really needs it.  After all, back taxes shouldn't ruin their life either. As we conclude Episode 55, we encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Spotify, Apple Podcasts, Google Podcasts, and many other podcast platforms.   Remember, Timalyn Bowens is America's Favorite EA and she's here to fill the tax literacy gap, one taxpayer at a time.  Thanks for listening to today's episode. For more information about tax relief options, visit https://www.Bowenstaxsolutions.com/ . If you have any feedback or suggestions for an upcoming episode topic, please submit them here:  https://www.americasfavoriteea.com/contact. Disclaimer:  This podcast is for informational and educational purposes only.  It provides a framework and possible solutions for solving your tax problems, but it is not legally binding.  Please consult your tax professional regarding your specific tax situation.

Giorgio Andonian is the Managing Director at FOCUS Investment Banking, where he specializes in mergers and acquisitions within the Consumer and Automotive Aftermarket industries. He joined FOCUS in 2019, bringing over 15 years of operational experience, including his role as Vice President of a regional tire chain in Southern California, where he oversaw sales, marketing, finance, and human resources, ultimately preparing the business for a successful exit to a private equity platform. Giorgio holds a MBA with an emphasis in finance from Pepperdine University's Graziadio School of Business and Management and maintains several professional licenses, including Series 79, Series 82, Series 63, and a California Real Estate License. In this episode… The tire and auto repair industry is experiencing a wave of consolidation as shop owners consider mergers, acquisitions, and succession planning. What steps should business owners take to maximize the value of their business, whether they plan to sell or grow? According to Giorgio Andonian, Managing Director at FOCUS Investment Banking, preparation is key to achieving the best outcome. Business owners should start by evaluating their financial structure, understanding fair market rent, and optimizing operations well before considering a sale. Giorgio emphasizes that having a clear succession plan, even if an immediate sale isn't in the works, can significantly impact long-term profitability and stability. Additionally, for those looking to expand rather than exit, securing the right capital and investment partners can help fuel growth while maintaining control over their business. On this episode of Gain Traction, Mike Edge chats with Giorgio about market trends in the tire industry, how to prepare for an acquisition, and the role of private equity in fueling business growth. They also discuss why many shop owners overlook key financial details, such as fair market rent, and how proper planning can prevent costly mistakes. Here's a glimpse of what you'll learn:  [01:52] Giorgio Andonian discusses his background in the tire industry and his role at FOCUS Investment Banking [04:13] The value of having a second set of eyes on a business for operational improvements [05:52] The importance of exit strategies and succession planning for tire shop owners [07:27] How FOCUS helps business owners prepare for a sale years in advance [17:00] Key factors buyers evaluate in a tire shop, including cleanliness and efficiency [17:41] The most-overlooked factor in selling a business: fair market rent [19:20] Buyer preference in purchasing both the business and the real estate or just one [20:22] How long-term lease agreements with national tenants can increase property value Resources mentioned in this episode: Giorgio Andonian on LinkedIn  FOCUS Investment Banking  Les Schwab Tires Mike Edge on LinkedIn Tread Partners Quotable Moments:  "Preparation is key; start planning your exit strategy years in advance to maximize your business's value." "Understanding your corporate structure, like C Corp versus S Corp, can significantly impact the taxes you pay upon selling." "Charging yourself fair market rent is crucial; many owners overlook this, affecting their business valuation." "It's not just about the sale price; the right buyer ensures your company's legacy and employees are in good hands." "Our industry experience allows us to identify operational improvements that can enhance profitability before a sale." Action Steps:  Assess your financials: Conduct a thorough evaluation of your tire shop's financial performance, including profit margins and detailed financial statements, to present an attractive profile to potential buyers. Enhance curb appeal: Improve your shop's exterior by cleaning surfaces, updating signage and lighting, and organizing display areas to create a positive first impression. Streamline operations: Optimize inventory management and invest in employee training to increase efficiency and customer satisfaction, making your business more appealing to buyers. Gather legal documents: Compile all necessary legal paperwork, such as business licenses, tax filings, employee contracts, and insurance policies, to ensure compliance and facilitate a smooth transaction.  Set a realistic price: Determine a fair market value for your tire shop based on thorough market analysis to attract serious buyers and facilitate a successful sale. Sponsor for this episode... This episode is brought to you by Tread Partners.  At Tread Partners, we provide digital marketing for multi-location tire dealers and auto repair shops.  By using our strategy, branding, and marketing services, we help shops sell more tires and put more cars in bays. We've helped companies like Action Gator Tire, Colony Tire and Service, and Ulmer's Auto Care Center bring extreme growth in paid leads, ROI, and searches.  So, what are you waiting for? Visit www.treadpartners.com or email info@treadpartners.com to learn more.

 It's tax time. No, we're not referring to a specific date. For your business, every day is tax time. Guests Jackie and Adam Williams are married and co-own Pennywise Tax Strategies, a firm focused on helping small businesses navigate tax codes to keep more of their hard-earned money. Jackie Williams is a CPA and veteran tax specialist, and Adam Williams is an attorney and serial entrepreneur who became frustrated with large tax bills.  Managing a business and your business taxes is more than handing over a stack of receipts to an accountant once a year. Many business owners don't know enough about the tax system and miss opportunities to maximize earnings through intentional tax strategies throughout the year. Look at the future, not the past, when you think about taxes.  Payroll, cash flow, metrics, records all matter and all fit together every day, not just at the end of the tax year. This requires a shift in your mindset. Keep more of your money, reinvest it in your business, and get more out of life.  Tax strategy is not just for billionaires, it's for you. Understand incentives baked into the tax code and how you can use tactics including the switch from sole proprietor to LLC or S Corp structures. Think this isn't for you? Wait until you hear how much money, real money, you can save. Hear the actionable things you can start doing today. Mentioned in This Episode: The Un-Billable Hour podcast website Join the next Community Table live. What's on your mind? 

 It's tax time. No, we're not referring to a specific date. For your business, every day is tax time. Guests Jackie and Adam Williams are married and co-own Pennywise Tax Strategies, a firm focused on helping small businesses navigate tax codes to keep more of their hard-earned money. Jackie Williams is a CPA and veteran tax specialist, and Adam Williams is an attorney and serial entrepreneur who became frustrated with large tax bills.  Managing a business and your business taxes is more than handing over a stack of receipts to an accountant once a year. Many business owners don't know enough about the tax system and miss opportunities to maximize earnings through intentional tax strategies throughout the year. Look at the future, not the past, when you think about taxes.  Payroll, cash flow, metrics, records all matter and all fit together every day, not just at the end of the tax year. This requires a shift in your mindset. Keep more of your money, reinvest it in your business, and get more out of life.  Tax strategy is not just for billionaires, it's for you. Understand incentives baked into the tax code and how you can use tactics including the switch from sole proprietor to LLC or S Corp structures. Think this isn't for you? Wait until you hear how much money, real money, you can save. Hear the actionable things you can start doing today. Mentioned in This Episode: The Un-Billable Hour podcast website Join the next Community Table live. What's on your mind?  Learn more about your ad choices. Visit megaphone.fm/adchoices

Real estate taxes can be tricky—passive vs. active income, deductions, LLC vs. S Corp... it all matters! Watch this breakdown to make sure you're not overpaying the IRS. John Briggs | Tax Geniusinfo@incitetax.comVisit our website @ Incite Tax Schedule A CallFollow us on…FacebookLinkedInInstagramYouTube

Do you know the biggest hidden drain on your wealth? It's not bad investments, risky business moves, or even extravagant spending. It's tipping the government—paying more taxes than you actually owe.And that's just one of the four silent killers of efficiency that are quietly eating away at your financial future.I recently had the privilege of hosting an epic Montana Mastermind Skiing Adventure, where 25 high-level entrepreneurs came together to mastermind, ski, and talk shop. One of our guest speakers was my brother from another mother, the legendary Garrett Gunderson—New York Times bestselling author, wealth strategist, and straight-up financial genius.Garrett dropped some serious knowledge on the Four I's of Efficiency, a framework he shares with his millionaire and billionaire clients. And I'm about to break it down for you—so buckle up, take notes, and let's make sure you keep more of what you earn.These four areas are where most entrepreneurs unknowingly lose thousands (or even millions) of dollars over their lifetime. Fix these, and you'll be on your way to financial freedom.IRS – Stop Tipping the GovernmentThe IRS is the number one silent wealth killer. Taxes are likely your biggest business expense, yet most entrepreneurs don't have a solid tax strategy in place. If you're just handing over whatever your CPA tells you to pay, you're probably leaving a ton of money on the table.How to fix it:Be proactive, not reactive. Most CPAs are just paper pushers—they file your taxes but don't actively strategize for you. Work with a tax planner who can help minimize what you owe.Optimize your business structure. Whether you're an LLC, S-Corp, or C-Corp, your choice of entity can save (or cost) you thousands every year.Maximize deductions. Home office, travel, business meals, health insurance—if it's a legitimate business expense, make sure it's written off.Leverage advanced tax strategies. Cost segregation on real estate, R&D credits, retirement plans—these aren't just for big corporations. They're for you, too!Happy Hustle Takeaway: The tax code is designed to benefit entrepreneurs. Learn the rules, play the game, and keep more of your hard-earned money—ethically, of course.Interest – The Hidden Cost of BorrowingDebt is sneaky. It's not just about what you borrow—it's about how much interest is quietly stacking up against you.How to fix it:Know your rates. If you've got debt above 8% interest, that's a red flag. Credit card debt at 20%+? That's straight-up robbery.Refinance smart. If rates drop or your credit improves, renegotiate your mortgage, car loan, or business debt.Pay off high-interest debt first. Prioritize the most expensive debts and get rid of them ASAP.Use low-interest business credit instead of personal credit. Protect your personal score and leverage better financing options.Happy Hustle Takeaway: Every dollar wasted on interest is a dollar you could be using to fund your dream life, travel, or invest in your next big idea.Investment Fees – The Silent Wealth DrainCompounding fees can quietly eat away at your investment returns over time. Even a "small" 1% management fee can cost you hundreds of thousands of dollars over decades.How to fix it:Audit your investment accounts. Check your 401(k), IRAs, brokerage accounts—what are you actually paying in fees?Shift to low-fee funds. Index funds and ETFs usually have lower fees than mutual funds.Work with fee-only advisors. Avoid financial "advisors" who earn commissions from selling you products. Pay for advice, not someone's hidden agenda.Happy Hustle Takeaway: Compound interest can make you rich, but compound fees can keep you broke. Know what you're paying and eliminate unnecessary costs.Insurance – Protect Yourself Without OverpayingInsurance is crucial, but overpaying for coverage you don't need is just as bad as not having enough coverage.How to fix it:Conduct an annual insurance audit. Prices change, and so do your needs. Make sure your coverage is still the best fit.Insure for the catastrophic. Cover the big stuff—like life-altering events—not minor expenses.Raise your deductibles. This can significantly lower your premiums.Eliminate redundant coverage. Make sure you're not paying for overlapping policies.Happy Hustle Takeaway: Insurance is peace of mind, but it shouldn't drain your bank account. Be strategic and only pay for what truly matters.By optimizing these four areas, you'll not only stop the leaks but also create a stronger financial foundation for yourself and your business.If you want to dive deeper into these strategies, don't miss this episode. Trust me, this knowledge is worth thousands—probably more—so tune in and start Happy Hustlin your way to financial freedom!Connect with Cary!https://www.instagram.com/caryjack/https://www.facebook.com/SirCaryJackhttps://www.linkedin.com/in/cary-jack-kendzior/https://twitter.com/thehappyhustlehttps://www.youtube.com/channel/UCFDNsD59tLxv2JfEuSsNMOQ/featured Get a free copy of his new book, The Happy Hustle, 10 Alignments to Avoid Burnout & Achieve Blissful Balance https://www.thehappyhustle.com/bookSign up for The Journey: 10 Days To Become a Happy Hustler Online Coursehttps://thehappyhustle.com/thejourney/Apply to the Montana Mastermind Epic Camping Adventurehttps://thehappyhustle.com/mastermind/“It's time to Happy Hustle, a blissfully balanced life you love, full of passion, purpose, and positive impact!”Episode Sponsor: Magnesium Breakthrough from BiOptimizers (https://bioptimizers.com/happy)If you've been on a restricted diet lately or maybe even taken some meds to shed those pounds for the summer, I gotta warn ya—be careful! You might have unknowingly created a nutrient deficiency that could not only mess with your health but also jeopardize those weight loss goals.Did you know that over 75% of Americans are already deficient in magnesium? Yeah, it's wild! Magnesium is this powerhouse mineral that's involved in over 600 biological reactions in your body. It helps with everything from sleep to stress management to hormone balance—all key players in keeping your weight on track.And if you're still on those meds, you might be dealing with some side effects like sleepless nights, digestive issues, or irritability, which can totally throw off your commitment to your goals. Whether you're taking meds or not, setting up healthy habits is crucial to maintaining your weight over time. One of the best things you can do? Make sure you're getting all the magnesium your body needs.Don't let a magnesium deficiency derail your progress! Give Magnesium Breakthrough by BIOptimizers a shot. Unlike other supplements, this one's got all 7 forms of magnesium that your body can actually absorb, so you get the full spectrum of benefits.This approach will help you crush your goals and maintain a healthy weight while keeping your overall health in check. For an exclusive offer, head to bioptimizers.com/happy and use the promo code 'happy10' at checkout to save 10%. And if you subscribe, you'll snag amazing discounts, free gifts, and a guaranteed monthly supply.

Taxes can feel overwhelming—especially for us photographers, filmmakers, and social media pros.. But what if you could save up to $10,000 per year just by structuring your business the right way and following a clear tax savings plan - less headaches, more money in your pocket.In this episode, Joey sits down with Hooman Radfar, CEO of Collective, to break down the exact tax strategies self-employed creatives should be using to keep more of their hard-earned money.We cover:✅ The #1 tax mistake most creatives make (and how to fix it!)✅ How electing as an S-Corp can drastically lower your tax bill✅ The best way to separate personal and business finances✅ The smartest retirement savings strategy for solopreneurs✅ How to ditch financial headaches and stay legally protectedIf you're a photographer, filmmaker or social media pro this episode is a must-listen if you want to pay less in taxes and maximize your profits.

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Law Firms Taxed as S-Corps do NOT get Audited More. Law firm owner with a trust account? Want to know an EASY way to reconcile your account and avoid the big bad bar association? Check out my new guide - Trust Account Reconciliation Made Easy: 3 Simple Steps a Cheatsheet to Keep You Compliant - https://bigbirdaccounting.com/trustaccount

It's tax season crunch time, so we are resharing a timely episode debunking the 1120-S tax return. In this episode, Brian will walk you through the S-Corporation income tax return to help you better understand what you're filing and hopefully catch mistakes before it's too late. He provides a section-by-section analysis of Form 1120-S and highlights key areas that business owners and tax professionals make mistakes. Episode Highlights Part 1: Heading, Income, Deductions, Tax and Payments Most of this information is drawn from your business's Profit and Loss Statement. Here's a breakdown of what's on the first page: Calendar year: The very top of the form asks for the calendar year. If the corporation has a calendar year-end, leave this blank. If a fiscal year or short year put in the appropriate dates. Address: Underneath the calendar year, the form asks for a name and address. Use the name set forth in the charter or other legal documents, such as your Employer Identification Number (EIN) letter. Item A: Located to the left of the address, Item A asks for your S election effective date. You should have a letter from the IRS (CP 261) with your S-Corp starting date. This date should stay the same every year. Item B: Your business activity code. This code shows the IRS exactly what you do. Item C: Item C only applies if you have assets of $10 million or more. Most of the time, Item C will not be checked. Item D: Put your EIN in Item D. Make sure to verify it's correct before you file your form. Item E: Your date of incorporation should match the articles of incorporation. This date may or may not be the same date as your S-election. Like the S-election date, the date of incorporation won't change. Item F: Total assets at the end of the year. Item G: If the corporation is electing to be an S-Corp beginning with the current filing tax year, check the appropriate box. If the S-Corp did not already file the S-Election, attach Form 2553 with the return. Item H: These boxes should be self-explanatory. Check the boxes that apply. Item I: Enter the number of shareholders in the firm (e.g. yourself and your partners). Item J: Most of the time, Item J will not be checked. If you believe that one of the Item J items applies, follow up with your tax accountant. Income: Report gross revenue your business has earned for the year and any additional income or interest income that you may have incurred. Only report trade or business income. Do not list rental income, portfolio income, or tax exempt income (those go on your Schedule K). Expenses: Report all deductions on your Profit and Loss statement. Pay special attention to the following lines: Line 7: Compensation of officers should have something on it. S-Corporations must pay shareholder/employee reasonable compensation for services rendered, and failing to put reasonable compensation could lead to an IRS audit. Also included on this line are fringe benefits, including employer contributions to health plans and group term life insurance, for shareholders/employees owning more than 2% of the corporation stock. If your S-Corp has total receipts of $500,000 or more, you'll need to attach Form 1125-E to explain what was paid to each officer. Line 8: Salary and wages paid to employees (other than officers) of the corporation. Line 17: An S-Corporation can deduct contributions made for its employees under a qualified pension, profit sharing, annuity, SEP plan, Simple plan, or any other retirement deferred compensation plan. This includes shareholders/employees owning more than 2% of the corporation stock. Line 18: Employee fringe benefits provided to officers and employees owning less than 2% go on this line, such as health insurance, disability insurance, and educational assistance. Line 19: Line 19 includes any other deductions. There should be an attached statement, and it should match your profit and loss. The numbers should be close to your Profit and Loss statement. Taxes and payments: In general, an S-Corporation does not pay taxes at the corporate level, so this section will be blank. Signature: It's important to sign the return only after verifying all of the information, including the following sections. Part 2: Schedule B This section is mostly self-explanatory questions. Make sure to read and understand each question. Below are two lines to pay special attention to: Box 1: This easy-to-miss box can change your entire return if you're not careful, since it's where you select whether you're a cash or accrual basis taxpayer. Once you choose an accounting method, you generally cannot change without approval from the IRS. Box 2: Here is where you explain what you do. Part B is an either/or question, so state whether you sell products or services. Also, if you hire contractors, say yes to question 14 -- and hopefully you got out your 1099 forms by January 31. Part 3: Schedules K and K-1 Schedule K reports the pro rata share items in total for the Corporation. Schedule K-1, which you receive in your personal name, reports the percentage of pro rata share items allocable to each shareholder.  Lines 1-17 on Schedule K correspond to Boxes 1-17 on Schedule K-1. Most items on Schedules K and K-1 are self-explanatory and come from other parts of the return. Part 4: Schedule L  This is where many taxpayers make a mistake. Schedule L matches your business' balance sheet and should agree with your books and records. If it doesn't, find out why before you file. The first two columns match what your accounts were at the beginning of the year and should match what the accounts were at the end of last year. If this is your first year filing an 1120-S return, these two columns should be blank. The second two columns are for what the accounts had on December 31 of the previous year and will carry over to next year's return. Some of the most common assets on Schedule L are: Line 1: Write the amount of cash in your bank account on the last day of the year. Line 7: Loans to shareholders are loans from the corporation to the shareholder. Keep in mind, these loans need to be documented and should have a repayment schedule and interest rate. Line 10a: Buildings and other depreciable assets are fixed assets that the business owns that have been depreciated, such as real estate, furniture, or machinery  Some of the most common liabilities on Schedule L are: Line 18: Other current liabilities are expenses incurred at the end of the year but not paid until January of the next year. Current expenses often include wages, state taxes, federal taxes, and payroll taxes payable at the end of the year.  Line 19: Loans from shareholders are loans from the shareholder to the corporation. As with the other loans, these loans should be documented and include a repayment schedule and interest rate. Line 22: The par value or stated value of the capital stock issued by the corporation. This amount stays the same each year unless the S-Corporation issues additional stock after incorporation. The corporate charter or minutes should identify the stock. Line 23: Enter the beginning and ending balances of additional paid-in capital. This includes the amount contributed to the S-Corp by shareholders for which the corporation did not issue stock or amounts contributed in excess of the stated or par value. Line 24: This section is especially tricky. You should base the retained earnings on the S-Corporation's books and records. Most of the time, retained earnings should match the Accumulated Adjustments Account (AAA), other adjustments account (OAA), and previously taxed income (PTI) balances on Schedule M-2. Line 27: This line represents the total liability and shareholders equity. This line must match line 15. If you answered “yes” to question 11 on Schedule B that your total receipts were less than $250,000 and total assets were less than $250,000, then you aren't required to file a Schedule L. However, it may be beneficial to file Schedule L anyway because it will be crucial for future balance sheets. Part 5: Schedules M-1 and M-2 Schedule M-1 helps explain discrepancies between the books and your tax return. This section should explain any differences you notice.  Some common items reported on Schedule M-2 include: Meal expenses (100% on books, 50% on taxes) Entertainment (100% on books, 0% on taxes) Life insurance premium expense (100% on books, 0% on taxes) Certain fines and penalties (100% on books, 0% on taxes) Political contributions (100% on books, 0% on taxes) Book depreciation expense (100% on books, 0% on taxes) Tax depreciation expense (%0 on books, 100% on taxes) Tax-exempt income (100% on books, %0 on taxes)  Schedule M-2 tracks the income and losses and separately states items that the shareholder should report on their tax return. Resources + Links  Bank Reconciliation 101 Lessons from the 1099-NEC deadline Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

This week, Brian and Jeremiah break down the latest market swings and what they mean for your portfolio. With the NASDAQ dipping into correction territory, should you be worried? Not if you've got a solid plan! We talk about why staying invested through the ups and downs is key and how to avoid panic-driven mistakes. Plus, we dive into estate planning—because let's be real, nobody likes thinking about it, but having a plan in place can save your family a ton of headaches. Ever wonder if those micro-investing apps actually work? We share a real-life success story that might surprise you. And for all the small business owners out there, we cover how choosing the right business structure—like an S-Corp—could save you serious money on taxes.   Listen, Watch, Subscribe, Ask! https://www.therealmoneypros.com Hosts: Brian Wiley & Jeremiah Bates ————————————————————— SPONSORS: Guild Mortgage: https://guildmortgage.com Ataraxis PEO https://ataraxispeo.com Tree City Advisors of Apollon: https://www.treecityadvisors.com Apollon Wealth Management: https://apollonwealthmanagement.com/ Formations: https://get.formationscorp.com/real-money-pros —————————————————————

W-2 is a wage and tax statement and is sent by an employer to an employee to show the earned income the employer paid the employee during the prior tax year.1099-NEC (or 1099-MISC before 2020) are issued to independent contractors. K-1's are issued by Partnerships, S-Corps, or Estates and Trusts to partners, shareholders, and beneficiaries to report financial information like income and earnings, losses, deductions, and credits. Three are a number of other types of 1099s issued to report some sort of compensation or distribution of assets as well as losses. Please subscribe and leave a review on your favorite Podcasting platform. If you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbook You can learn more about Elisa at her website or follow her on social media.Website: https://ww.GrowYourWealthyMindset.comInstagram https://www.instagram.com/GrowYourWealthyMindsetFacebook https://www.facebook.com/ElisaChianghttps://www.facebook.com/GrowYourWealthyMindsetYouTube: https://www.youtube.com/c/WealthyMindsetMDLinked In: www.linkedin.com/in/ElisaChiang  Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast is for informational and entertainment only and should not be considered professional investment, legal, or tax advice. Dr Elisa Chiang is not a certified financial planner, attorney, or accountant.  The views expressed are the personal opinion of Elisa Chiang and her guests and should not be taken as advice specific to you, the listener of the podcast. Personal finance is personal and your personal financial decision need to be made based on your personal financial situation and risk tolerance after having completed your own due diligence.   

Melissa Broughton is a tax and accounting specialist and the founder of Busy Bee Advisors, helping business owners and entrepreneurs get savvy about complex, even frustrating, tax and bookkeeping situations. Her background in corporate accounting and auditing complements her desire to serve as a financial translator, of sorts, to sole proprietors and small business owners so that they feel confident in their financial decisions. With her husband Eric, a tax professional, Melissa co-hosts a popular podcast, The Real Buzz: Taking the Sting Out of Taxes. She is a member of Business Network International, Rotary, FU Nights, Women in Consulting, and previously served as finance chair on the Sacramento Children's Receiving Home Board of Directors.

Welcome back to another episode of the Female EmpowerED Podcast! I'm your host, Christa Gurka, and today we're diving deep into the financial side of business with Danielle Hayden, founder and CEO of Kickstart Accounting. If you've ever felt overwhelmed by bookkeeping, taxes, or figuring out how much to pay yourself, this episode is for you!Danielle is an expert in helping business owners understand their numbers, so they can make better financial decisions that support growth and sustainability. In this conversation, we break down some of the most essential financial strategies for entrepreneurs—like how to separate personal and business finances, when it makes sense to become an S-Corp, and why saving for taxes (before tax season hits!) is a non-negotiable.Some of the key takeaways from the episode are…Get your finances in order. Learn why separating personal and business finances is a crucial first step in managing your money effectively.S-Corp advantages. Find out if electing S-Corp status is the right move for your business and what criteria you need to meet.Pay yourself like a CEO. Understanding reasonable compensation as an S-Corp owner is key to avoiding IRS scrutiny and ensuring financial stability.Prepare for tax season year-round. Danielle shares tips on tax-saving strategies, including setting aside money in a high-yield savings account.Know your financial benchmarks. Get insights into healthy financial ratios for payroll, facility costs, and profit margins to ensure your business stays on track.If you're ready to get serious about your business finances, Danielle has a free resource for you! Head over toKickstartAccountingInc.com/gift to download her Top 10 Deductions Worksheet and start keeping more of your hard-earned money.And if you want to dive deeper into financial strategies, check out Danielle's podcast, Business by the Books, where she covers these topics in even greater detail.If you enjoyed this episode, don't forget to subscribe, leave a review, and share it with another business owner who could benefit! Let's normalize financial confidence and take control of our numbers. Until next time, keep empowering yourself and your business!

So you've made the leap and elected to become an S Corp—congratulations! Now what? One of the most crucial (and often confusing) steps is figuring out how much to pay yourself through payroll. In this episode, Danielle Hayden, CEO and founder of Kickstart Accounting, Inc., is joined by Kickstart's Lead Account Manager, Kelsey Chester, to break it all down for you, from finding a payroll provider to understanding "reasonable compensation" and how to stay compliant with the IRS. They also dive into the common missteps business owners make as S Corps, seasonality in your income, and why treating yourself like the CEO of your business is instrumental to its success. If you've ever wondered how to balance paying yourself and taxes as an owner, this episode is for you! Key Takeaways:  What is “Reasonable Compensation”: What factors the IRS considers to calculate a "reasonable" salary, and how to determine how much to pay yourself to stay tax compliant.  Payroll Setup: How to set up payroll, even if you're a solo business owner, and choose the right provider. Payroll vs. Owner's Draws: The differences between payroll wages and owner's draws, and how each impacts your taxes. Financial Stability: Navigate and plan for seasonal fluctuations in revenue so you can maintain consistent paychecks and avoid cash flow issues. Year-End Tax Planning: Avoid the mistake of waiting until the end of the year to pay yourself, and how to proactively plan to reduce tax stress. Topics Discussed: Payroll Setup and Payroll Providers (00:0:48 – 00:04:49) How to Determine “Reasonable Compensation” (00:05:13 – 00:07:39) Paying Yourself a Stable Salary and Planning for Taxes (00:09:26 – 00:12:37) CEO Mindset and Paying Yourself What You Deserve (00:12:37 – 00:14:57)   Resources: Episode 189 | LLC vs. S Corp: Which Is Right for Your Business? KSA Tax Partners | Reasonable Compensation Analysis Free Gift | ‘How Much to Pay Yourself as a Business Owner' Calculator  KSA Tax Partners | https://ksataxpartners.com/  Preferred Payroll Provider | Gusto  *This content is not sponsored by Gusto   Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book    Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks  Facebook | https://www.facebook.com/kickstartaccountinginc  

So you've made the leap and elected to become an S Corp—congratulations! Now what? One of the most crucial (and often confusing) steps is figuring out how much to pay yourself through payroll. In this episode, Danielle Hayden, CEO and founder of Kickstart Accounting, Inc., is joined by Kickstart's Lead Account Manager, Kelsey Chester, to break it all down for you, from finding a payroll provider to understanding "reasonable compensation" and how to stay compliant with the IRS. They also dive into the common missteps business owners make as S Corps, seasonality in your income, and why treating yourself like the CEO of your business is instrumental to its success. If you've ever wondered how to balance paying yourself and taxes as an owner, this episode is for you! Key Takeaways:  What is “Reasonable Compensation”: What factors the IRS considers to calculate a "reasonable" salary, and how to determine how much to pay yourself to stay tax compliant.  Payroll Setup: How to set up payroll, even if you're a solo business owner, and choose the right provider. Payroll vs. Owner's Draws: The differences between payroll wages and owner's draws, and how each impacts your taxes. Financial Stability: Navigate and plan for seasonal fluctuations in revenue so you can maintain consistent paychecks and avoid cash flow issues. Year-End Tax Planning: Avoid the mistake of waiting until the end of the year to pay yourself, and how to proactively plan to reduce tax stress. Topics Discussed: Payroll Setup and Payroll Providers (00:0:48 – 00:04:49) How to Determine “Reasonable Compensation” (00:05:13 – 00:07:39) Paying Yourself a Stable Salary and Planning for Taxes (00:09:26 – 00:12:37) CEO Mindset and Paying Yourself What You Deserve (00:12:37 – 00:14:57)   Resources: Episode 189 | LLC vs. S Corp: Which Is Right for Your Business? KSA Tax Partners | Reasonable Compensation Analysis Free Gift | ‘How Much to Pay Yourself as a Business Owner' Calculator  KSA Tax Partners | https://ksataxpartners.com/  Preferred Payroll Provider | Gusto  *This content is not sponsored by Gusto   Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book    Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks  Facebook | https://www.facebook.com/kickstartaccountinginc  

Send us a textAlaska State Senator Rob Yundt was born and raised in Wasilla and stumbled into wrestling as a 7th grader. Little did he know that wrestling would change his life ultimately leading to a career as a professional Mixed Martial Arts fighter with a professional record of 9 wins and five losses – his UFC match against Ricardo Almeida in 2008 (which is available on YouTube) was a pay-per-view event streamed live from the Mandalay Bay casino in Las Vegas and was watched by millions of people worldwide. After a couple decades of managing his own construction companies, he ran for the MatSu Borough Assembly and won serving from 2020 to 2024. Last year, he defeated incumbent Wasilla Senator David Wilson. We talk about all of that and his bill that would close the S-Corp loop hole that allows certain companies to pay less taxes than others. 

Demystifying Taxes: Insights for Business Owners | The Mills Knows Bills Podcast Episode 43, Season 5 Link to video podcast episode: https://youtu.be/CykZRwgPKZQ Welcome to Season 5 of The MKB Podcast! Host Mills Bender, founder and CEO of Mills Knows Bills, discusses strategies for business owners and variable income earners to manage their finances effectively. Let's get to those burning financial questions! In this episode, Mills is joined by tax strategists Drew Clukey and Tyler Tebault of Clukey & Tebault to discuss crucial topics around tax planning and strategies for business owners. They explore the importance of proactive tax planning, differentiate between accountants and tax strategists, and debunk common tax myths. The guests also share personal anecdotes from their careers, provide advice for new business owners, and highlight the value of consistent communication with your tax professional. This episode is packed with expert insights to help you navigate your taxes more effectively and avoid common pitfalls. To connect with Tyler and Drew:  Website: https://www.clukeyandtebault.com/ Tel: (904) 679-3119 Email: Info@ClukeyAndTebault.com Do you have your own burning financial question for Mills or the MKB team? Email: info@MillsKnowsBills.com Website: https://MillsKnowsBills.com Instagram: https://instagram.com/@millsknowsbills LinkedIn: https://www.linkedin.com/company/mills-knows-bills Subscribe on YouTube for the latest from MKB @MillsKnowsBills 00:00 Introduction to Mills Knows Bills 00:53 Meet the Guests: Drew and Tyler 02:12 Nationwide Services and Common Tax Myths 02:55 Social Media Tax Advice: Myths and Realities 06:51 The Importance of Tax Planning 13:52 Understanding Tax Strategies vs. Accounting 17:29 Common Tax Questions and Misconceptions 22:49 Debunking the Myth: Is It Too Late to Establish an LLC? 23:19 S Corp vs. Other Business Structures: What You Need to Know 24:18 Common Misconceptions About Business Taxes 24:59 The Importance of Consistent Communication with Your CPA 26:05 Why Business Owners Hesitate to Reach Out to Their Accountants 28:14 Favorite Industries and Clients: A CPA's Perspective 31:13 Building Strong Client Relationships 36:11 Handling Tax Questions and Common Pitfalls 37:53 Biggest Challenges and Success Stories 41:52 Innovative Tools and Team Collaboration 43:30 Final Thoughts and Contact Information #millsknowsbills #financialpodcast #mkb #podcast #businesstaxes #businessowner #entrepreneurfinances #variableincome

Should I form an LLC?  What are the pros and cons of an S Corp?  Or C Corp? How does that affect how I pay taxes? I get this question from so many entrepreneurs. And to answer the question property, you first have to consider your business goals. Secondly, you have to differentiate between a corporate structure (LLC) and a tax entity (S Corp). To make this all much clearer, I invited Brandon Trammell--author, podcast host and financial advisor/insurance agent--to speak on the pros and cons of each. Brandon's career in financial services has spanned 15+ years. His firm, Purpose Financial & Insurance Services, was born in 2018 out of a desire to serve in a way that seemed to be missing from the industry; empowering community members with critical knowledge so they may take charge of their financial lives.  in this episode, Brandon walks you through: What a pass-through entity is and why it's important; The questions to ask yourself when choosing a corporate structure; The value of understanding the difference between ordinary and necessary business expenses when adding up your deductions. There's no better time that to dive into this than during tax season, {{contact.first_name}}.  Follow Brandon on YouTube or to his website. Access his book, Leave It Better - A Financial Blueprint: How Savvy Business Owners Use the Tax Code to Grow Wealth And Leave a Lasting Legacy. Download my 3-session money magnetism activation, PROSPER, to increase your financial confidence and cash flow:  https://ishavela.com    Apply to book your free financial strategy session: https://vortex-financial.ck.page/71853aa421   Apply to join our team of wealthy witches empowering conscious wealth: https://docs.google.com/forms/d/e/1FAIpQLScjU5QXtEnJiBA6kNK46JB4C9M5zJGOHhY2RsZJXwK66gYqjQ/viewform   Access free content on my YouTube channel: https://www.youtube.com/@isha_vela   Follow me on IG:  https://www.instagram.com/isha_vela

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

In this episode, Kyle Hunt breaks down the essentials of tax planning for remodelers, sharing insights and strategies to understand and optimize the taxes you pay. Using his practical tax planning worksheet as a guide, Kyle covers key topics like tax brackets, deductions, S-Corp benefits, and the Qualified Business Income deduction—arming you with the knowledge to manage your biggest expense with confidence. Download the worksheet here and start taking control of your tax strategy today! Today's episode is sponsored by Contractor Growth Network. Discover how to build a brand that stands out at contractorgrowthnetwork.com. -----  Explore the vast array of tools, training courses, a podcast, and a supportive community of over 2,000 remodelers. Visit RemodelersOnTheRise.com today and take your remodeling business to new heights! ---- Takeaways Understanding taxes is crucial for business owners. Regular meetings with your CPA are essential. You should not be surprised by your tax bill. Itemized deductions can significantly reduce taxable income. The tax bracket you fall into does not reflect your overall tax rate. Qualified Business Income (QBI) deductions can lower your tax burden. Planning for taxes should be a year-round activity. Keeping accurate financial records aids in tax preparation. Being informed about tax laws can lead to better financial decisions. Proactive tax planning can alleviate stress during tax season.

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 

From Side Hustle to Seven Figures: Tax-Saving Secrets with Barbara from Your Tax Coach™What if the key to unlocking financial freedom was as simple as restructuring your business? In this episode, we sit down with Barbara Schreihans, the CEO and founder of Your Tax Coach™, who went from a solo accountant trying to pay off $22K in student loans to running a multi-seven-figure firm with 30 employees across 16 states. She shares her game-changing tax strategies for business owners and real estate investors, breaking down complex concepts into simple, actionable steps. Learn why an S-Corp could save you thousands, the biggest tax write-offs you're probably missing, and why most accountants are giving you bad advice. Whether you're making $150K or scaling past $1M, Barbara's insights will help you keep more of your hard-earned money.Meet Barbara SchreihansBarbara Schreihans (pronounced ShREE-hands) is the Founder and CEO of Your Tax Coach, the Creator of the Write Off Your Life™ Course, and voice behind the Life-Changing Money podcast. She's a kickass tax strategist, business coach, and all-around master when it comes to wealth and finances. Barbara aids business owners and high net-worth individuals in saving tens of millions of dollars in taxes while also growing their profits. When she's not leading her team, coaching clients or dreaming up new goals for her company, you can find her drinking coffee, hanging out with her family and traveling the world.Follow Barbara on Instagram Learn more about Barbara and her services on her website If you enjoyed this episode, make sure and give us a five star rating  and leave us a comment on iTunes, Podcast Addict, Podchaser and Castbox about what you'd like us to talk about that will help you realize that at any moment, any day, you too can decide, it's your turn!Have a topic you'd like discussed or a situation in your life that you're having trouble making a decision about? Leave Christina a voicemail at 501-402-0085 to be featured on the next episode!  

Trusts, LLC's - How to form and structure your business? Today I bring on my attorney, Kris Mukherji to help me guide you through it. Join us!00:00 Introduction01:48 What is a Trust?04:11 Does a Trust protect you from liability?05:25 How complex should your structure be? 07:26 Difference between Sole Proprietor, LLC, C-Corp, S-Corp?11:54 Advantage of having an entity12:31 Certain businesses require certain entities15:00 How should my complex business be structured?18:22 When should you talk to a CPA?19:59 Should you open your LLC in another state?22:41 My new entity24:28 Who is Kris Mukherji?25:20 Best Advice?30:20 Bucket List32:20 Advice for me36:35 ConclusionContact Kris Mukherji:https://kmsdlawoffice.com/Instagram:https://www.instagram.com/lawofficeofkrismukherji/?hl=enWelcome to The Ryan G Hensley Show, where we dive into a little bit of everything! This weekly podcast is all about exploring the things that inspire us, from dope interviews with legendary guests to the latest in sports, current events, and hustle.We'll break down business, real estate, current events, finances, and the winning mindset. Hit subscribe and let's vibe—real talk starts now!Become a member to The Ryan G Hensley Show for special rewards and videos: https://www.youtube.com/channel/UChFF_54ijsLGGoUNftX5vCQ/joinPowered By: The Law Offices of Kris Mukherji - Personal Injury, Estate Planning & Business Law - Visit:https://kmsdlawoffice.com/Fix your Credit with Blue Water Credit: https://ryanghensley.com/credit-repairUnderdog Promo Code ‘Hensley' https://play.underdogfantasy.com/p-ryan-hensleyFollow the Audio Version: https://podcasters.spotify.com/pod/show/ryan-g-hensleyAll my links. Connect and contact me here: https://ryanghensley.com/links

Andy Frye EA and Andrea MacDonald CPA will cover when and how to move your clietns off of Sch C to Scorp.   For more information about the episode visit us at prontotaxschool.com or email us to support@prontotaxschool.com

Alan Fredendall // #LeadershipThursday // www.ptonice.com  In today's episode of the PT on ICE Daily Show, ICE Chief Operating Officer Alan Fredendall continues a series on starting your own practice, focusing on the important topic of S-Corp election. Alan clarifies that an S-Corp election is not a different type of incorporation but rather a tax status that provides significant benefits for small business owners. Listeners will learn about the implications of double taxation, where businesses face corporate income tax at both federal and state levels, and how electing S-Corp status can protect owners from this issue. Alan emphasizes the importance of understanding the process and benefits of S-Corp election for anyone who has recently incorporated their business. Tune in for essential insights that can help optimize your practice's financial structure! Take a listen to the podcast episode or check out the full show notes on our blog at www.ptonice.com/blog. If you're looking to learn more about courses designed to start your own practice, check out our Brick by Brick practice management course or our online physical therapy courses, check out our entire list of continuing education courses for physical therapy including our physical therapy certifications by checking out our website. Don't forget about all of our FREE eBooks, prebuilt workshops, free CEUs, and other physical therapy continuing education on our Resources tab.

In this episode of Becoming Work Optional, Matt and Rachael focus on the benefits and considerations of electing S-Corp status for business owners, particularly regarding self-employment tax savings. Key points included the importance of determining a reasonable salary, the implications of QBI deductions, and the necessity of maintaining clean financial records. They emphasize consulting with professionals to navigate the complexities of S-Corp elections and ensure compliance with tax laws.Key Points Discussed:S-Corp election can significantly reduce self-employment tax for profitable business owners.S-Corp is a tax status, not an entity type; requires LLC or corporation first.Electing S-Corp adds payroll and separate tax return requirements.Reasonable salary must be justified to avoid IRS penalties.QBI deduction and retirement contributions impact tax savings and salary decisions.Commingling personal and business funds can lead to legal issues.Some states may not favor S-Corp status; check local regulations.Professional guidance is essential for navigating S-Corp complexities and compliance.Join Rachael and Matt as they provide practical advice for navigating the complex world of personal finance, helping listeners make informed decisions to secure their financial future.RachaelX/Twitter - @camp_wealthrachaelcampwealth.comMattX/Twitter - @matthew_garasicunrivaledwm.comDisclaimer: This podcast provides general information and discussion about finance, investing, and related subjects. The content provided in this podcast is not intended as investment advice and should not be taken as such. Always seek the advice of a professional or conduct your own research before making financial decisions.Rachael Camp offers advisory Services are offered through Creative Financial Designs, Inc., a Registered Investment Adviser, and Securities are offered through cfd Investments, Inc., a Registered Broker/Dealer, Member FINRA & SIPC, 2704 S. Goyer Rd., Kokomo, IN 46902. 765-453-9600.Neither Camp Wealth or Unrivaled Wealth Management are affiliated with the CFD companies or each other.

In this episode of "The Encore Entrepreneur," Lori Lyons continues her "Building a Strong Foundation" series, focusing on the critical legal and financial aspects of running a business. Lori emphasizes the importance of choosing the right business structure, such as sole proprietorship, LLC, S Corp, or C Corp, to protect personal assets and ensure compliance. She highlights the necessity of contracts, separating personal and business finances, and effective cash flow management. Lori provides practical advice and personal anecdotes to guide entrepreneurs in establishing robust legal and financial systems, essential for protecting their businesses and facilitating future growth. Resources: Are you frustrated that your business isn't growing? "Messy to Magnetic: Unlocking the Secret to Effective Marketing" is a free course that goes over the top 10 mistakes small business owners make with attracting their ideal client and converting those clients to leads. Click here for your free gift!  Join Lori's private Facebook group - Make Your Marketing Simple. Lori interviews her guests in the group (giving you advance listening!) and has a community of small business owners just like yourself to connect and grow their businesses.  Join now!  Schedule a Website Biz Accelerator call. Answer just a few questions and Lori will audit your website for the ONE biggest change you can make to your site to get more clients.  Schedule here!  Connect with Lori

My guest today is the incredible “Dr. Dorothy.”  Dorothy A. Martin-Neville, PhD, speaker, author, consultant/master coach, and a psychotherapist with a practice for 25+ years, with a six-month waiting list throughout. As a Clinical Instructor at the University of Connecticut Medical School, Co-Chair of the Advisory Board of a multi-million-dollar NIH grant, and recipient of NIH grant funding to research her work, she is a pioneer in CAM in the United States. As the founder of 4 companies, 2 LLCs, a 501c 3, and an S Corp, Dr. Dorothy has first-hand knowledge of the challenges facing leaders in business and in life.   As an Executive Business/Life Coach, she has supported leaders from all levels of success, from Park Ave firms, heads of hospital divisions, and entrepreneurs in a small town in Maine. Her focus on Mindfulness, Emotional Intelligence, and Neuro-Linguistic Programming, to develop healthier responses to stress, risk, and life challenges.   Her recognition that mindset and communication skills set us apart with her ability to make the complicated simple, Dr. Dorothy is someone to learn from so that your company, and you, live a life of purpose, personal power, and the realization that anything is possible if you are willing to look in the mirror, grow, risk, and make the changes necessary.   Dr. Dorothy shared 3 SIMPLE (and Powerful) Solutions to Reduce Stress Right Now! If you're ready to “Jump into the Joy of Life” this is a must-see episode for you!   Grab a copy of Dr. Dorothy's book here: https://amzn.to/3VztXte   Get my FREE Visibility training here: https://tvstarhost.com/tvstar   To learn more about Dr. Dorothy, visit https://www.askdrdorothy.com  

Let's talk about everyone's favorite topic (just kidding!) - taxes! I've brought my friend and financial expert Amanda Handquist onto the show to break down six brilliant tax strategies that could save you serious money this year. Whether you're still trying to figure out if you should be an LLC or S-Corp, or wondering if you can really write off your home office (hint: yes!), we're diving into all the details you need to know. Plus, I'm getting real about my own IRS audit experiences and sharing what I learned the hard way so you don't have to!Here's what you'll learn in this value-packed episode: [2:45] The must-know tax write-offs you might be missing (and yes, they're totally legit!)[12:35] The real deal on when to level up from LLC to S-Corp (it's not as scary as you think)[18:20] How to use the Augusta Rule to your advantage (this one's a game-changer for home-based businesses)[22:15] Smart ways to get your family involved in your business (and save on taxes while doing it)[27:40] Retirement planning strategies that help you keep more of your hard-earned moneyHere are the resources mentioned in the show:The Jewelry Brand Makeover Masterclass: flourishthriveacademy.com/makeoverLaying the Foundation Program: flourishthriveacademy.com/LTFConnect with Amanda:Website: www.fitwealthadvisors.comInstagram: @thefitfinancial_Are you enjoying the podcast? We'd be so grateful if you gave us a rating and review! Your 5 star ratings help us reach more businesses like yours and allows us to continue to deliver valuable content every single week. Click here to review the show on Apple podcast or your favorite platformSelect “Ratings and Reviews” and “Write a Review”Share your favorite insights and inspirationsIf you haven't done so yet, make sure that you subscribe to the show wherever you listen to podcasts and on Apple Podcast for special bonus content you won't get elsewhere.xo, Tracy MatthewsFollow on Social:Follow @Flourish_Thrive on InstagramFollow @iamtracymatthews  InstagramFollow Flourish & Thrive Facebook

Welcome to Tax Tuesday. Anderson Advisors attorneys Toby Mathis, Esq., and Eliot Thomas, Esq., tackle various tax-related questions. Topics include retroactively claiming real estate deductions and depreciation, handling health insurance premiums for an S-corp, understanding the rules around setting up a trading account under an S-corp, and how to qualify for Real Estate Professional (REP) status while working a W2 job. The attorneys also discuss deadlines for S-election, converting properties for tax purposes, alternative methods for substantiating business expenses, and more. Tune in for valuable insights on managing your tax strategies effectively. Send your tax questions to taxtuesday@andersonadvisors.com. Highlights/Topics: "I need to retroactively claim my real estate deduction or depreciation for my 2022 and 2023 taxes. I actively manage my own rental and have over 700-plus hours per year for real estate management. How do I claim accelerated depreciation for the past years?" - Yes, you can go back and retroactively capture previous depreciation, including accelerated depreciation or bonus depreciation, you do it n the current year. It's a form called 3115. "I didn't have my health premiums added to my payroll statements for 2024. I have an S-corp and pay myself and another employee but wanted to deduct health insurance payments. Is there anything I can do at this point? Regarding asset protection, we have a rental property. We'd like to move this to a trust and then to an S-corp. Would that work?" - If the S-Corp it paying the premiums, on our 1040, we can make an adjustment on Schedule 1 for the insurance premiums because we're considered sole proprietor. "I have seen some of your videos and had a question about setting up a trading account under an S-corporation. Is this correct? Can I pay my wife $15,000 from it and then match that amount toward a 401(k)? "My wife is a homemaker with low income. If we file just married filing jointly, are there any implications with this move? We are not traders but more investors."- Typically no, we would put it into an S-Corp. "My employer recently went through a restructuring. They offered me one year's pay as severance. My last paycheck will be January, 2026. I feel confident that I'll be able to fulfill the REP status requirement for time spent on material real estate management activities in 2025. I will not make more money from my real estate investments as compared to my severance pay. Can I still qualify for the REP status? I used my solo 401(k) to invest in a real estate deal as a passive investor. The bank recently foreclosed the deal. It was a total loss. Is there any deduction that I can take for the loss?" - It's a common misconception that you can't get REP status with a W2. It's about time, not how much you make. "When is the deadline to make an S-election for 2025? Can you switch back to sole proprietorship after you elect S-corp in the same year or future years? Do you have to run payroll as an S-corp LLC? What are good indicators or reasons to switch to an S-corp for taxation?" - there's something called late election, very common, we do it all the time. The IRS is very good about allowing it. To be safe it should be done by March 15th. "I'm converting a barn on my property to an auxiliary dwelling unit for realm purposes. I also have a separate building on the property that I use as a shop office for my construction business. How do I treat these properties for liability and tax purposes?" - the ADU, the Auxiliary Drilling and Dwelling Unit, that's going to be either a long-term rental or a short-term. You could use the shop office as an admin office. I'd wrap it in an LLC and strip the equity out. “My business doesn't have traditional receipts for its expenses. We primarily rely on bank statements to track our spending. What supporting documentation would I need to provide to the IRS or my tax preparer substantiate these expenses and ensure accurate tax deductions? Are there any alternative methods to proving these expenses without traditional receipts?" - A bank statement, credit card statements, can be used, proof of payments, cancelled checks, etc. "My business partner and I co-bought a condo in New York City by paying $900,000. He put in $700,000 and own 75%, and I put in $300,000 and own 25%.  I'm deeding my ownership to him for $0. What would be his cost basis for future resale?" - Basically this is a gifting, it wasn't, they didn't sell it. So for any amount, so you just carry over the basis. File a 709. Check out our free Emergency Binder on our website! Resources: Schedule Your FREE Consultation https://andersonadvisors.com/strategy-session/?utm_source=how-to-move-a-rental-property-to-a-trust-s-corp-for-asset-protection&utm_medium=podcast Tax and Asset Protection Events https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=how-to-move-a-rental-property-to-a-trust-s-corp-for-asset-protection&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  

Ep 116 -

Welcome to the first Tax Tuesday episode of 2025. Anderson Advisors attorneys Toby Mathis, Esq., and Eliot Thomas, Esq., discuss topics including whether hours spent on personal and rental properties count towards real estate professional status, the tax implications of using an LLC for a brokerage account that generates short-term capital gains, and how to handle HOA dues when calculating the cost basis of a condominium. They also discuss the consequences of failing to issue a 1099 to contractors, how to navigate a tricky 1031 exchange, and strategies to minimize capital gains taxes when selling a rental property. You'll hear about ways to structure personal and business finances for educational deductions, managing a 401(k) loan from a tax perspective, and tips for maximizing tax benefits as a 1099 medical professional. Send your tax questions to taxtuesday@andersonadvisors.com. Highlights/Topics: "I have a solo handyman business, do my hours performing services for homeowners and real estate investors properties count towards rep hours. Do my hours working on my residence count towards rep hours if I plan to move out and rent the house?" - Absolutely. That's exactly what you're supposed to do. That time is exactly what we're looking for to get over 750 hours of material participation in the management of your properties, et cetera. "I am selling weekly options and was advised to put my brokerage account into an LLC taxed as a partnership. Doesn't this expose me to the same tax liability I have now with no LLC? What is the best tax strategy for a brokerage account that is making a large profit that is all from short-term capital gains?" -No, you're not going to have the same tax liability by putting it in that type of partnership. But there's a lot of other things you can do. "When calculating the cost basis of a condominium, how does one identify and add the portion of HOA dues spent for capital improvements to the property?" - If it's your personal residence, we don't deduct HOA costs. "What happens if I don't issue a 1099 to an outside contractor? How do you spend a virtual assistant who made over $15,000?" - You can get penalized up to $600, perhaps more, if you don't get the 1099 out. VA's overseas, if not a US taxpayer, you don't need to send a 1099. "How many properties must I acquire to meet the real estate professional status?" - The number of properties is irrelevant. You could have one, you could have a hundred. It's how much time you put into it. "I have a rental property that I would like to sell. I purchased it in 1999 for $175, 000. The current value is $450,000–$500,000. How can I reduce capital gains taxes?" - The quick, real easy, no brainer answer, you could do a 1031-like kind of exchange. "I'm in a 1031 exchange gone bad. The funds are with the intermediary in the escrow account. The replacement property seller did not cooperate and the deal is falling through. Now what can I do?" - Quick answer, you can pay tax. You could try and make the payments in installments. "Can I structure and set up something through my business and nonprofit or personally that will allow me to deduct my child's college education expenses." "I'm aware of state-specific 529 programs." - You don't get a tax deduction for a 529 plan. "I currently have a loan on my solo 401(k) and I want to pay it off early and turn around and take out another loan. How do I handle that from a tax perspective?" - You need to check with your particular plan. I just throw that out there for people who are thinking maybe of doing the same. "I am a 1099 medical professional. What can I do from now on to properly prepare myself to maximize my tax situation? I'm on the payroll for my S-Corp and managing the 1099 income through the S Corp." "I don't know if I should be doing anything else." - Quarterly tax meetings. That's always the answer. Putting it in an S-Corp was the right thing. Resources: Schedule Your FREE Consultation https://andersonadvisors.com/strategy-session/?utm_source=how-to-reduce-capital-gains-taxes-when-selling-a-long-held-rental-property&utm_medium=podcast Tax and Asset Protection Events https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=how-to-reduce-capital-gains-taxes-when-selling-a-long-held-rental-property&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  

It's time to tackle one of our most requested topics: MONEY. How do you manage it? How do you save it? And how do you plan for the future?  In this episode, we're answering YOUR questions about real estate finances, including: How much to save in your emergency fund? What percentage of your income to allocate for taxes, marketing, and fun? When and why to consider an LLC or S Corp? How to structure your commission checks and plan for quarterly taxes? Why it's okay to start small when building your financial safety net? Whether you're in your first year or your fifteenth, this episode will give you practical tips to feel more in control of your money.