Podcasts about S corporation

If you're a dental practice owner—or planning to become one—this episode could save you thousands. Wes Read, CPA and CFP, breaks down the financial fundamentals every dentist needs to master, especially when it comes to getting money out of your business without triggering IRS penalties.Wes unpacks the critical role of choosing the right business structure—S Corporation, LLC, or sole proprietorship—and how that decision directly impacts your taxes. You'll learn why S Corps are often the go-to for dentists, and how your “stock basis” plays a central role in what you can legally distribute from your business.What's the danger? “Excess distributions”—taking more out of the business than your basis allows. Do this, and you could be looking at capital gains taxes and serious IRS scrutiny.Wes explains the three primary ways dentists take money out of their practices—payroll, direct distributions, and personal expenses—and how to do it smartly. If you're in the middle of a buildout, just bought a practice, or making big equipment purchases, this episode is a must-listen.With clear explanations and actionable advice, Wes helps you sidestep costly tax traps and plan your cash flow more strategically.What You'll Learn:How excess distributions work—and why they're a silent profit killerWhat “basis” really means, and how it affects your ability to take money outThe pros and cons of S Corps, LLCs, and sole proprietorships for dentistsThe three most common ways money exits a dental practice—and the tax implications of eachHow to work with your CPA to avoid penalties and optimize your income #DentalBoardroom #DentalCPA #DentalFinance #ExcessDistributions #SCorporation #DentalPracticeOwner #DentistTaxTips #DentalPo

In this episode, Anderson attorneys Amanda Wynalda, Esq., and Eliot Thomas, Esq., address several listener questions on a variety of tax topics. They cover the tax implications of selling stocks to purchase rental properties, explaining capital gains strategies and depreciation options. The duo discusses using LLCs and management corporations for rental properties, including how property management fees can generate tax-free income. They explore inheritance tax considerations for 401(k)s, the benefits of short-term rentals for generating tax losses, and the implications of moving back into a rental property. Other topics include setting reasonable salaries for S-Corporation owners, maximizing depreciation to offset W2 income, claiming natural disaster losses, depreciating remodel costs for rental properties, and properly implementing the 280A/Augusta Rule for tax-free home rentals. Submit your tax question to taxtuesday@andersonadvisors.com Highlights/Topics: "I would like to sell my stocks and use the money to help purchase a rental property. Is there a strategy to minimize or avoid paying taxes on capital gains or any other tax-saving advice?" - Loss harvesting and short-term rental tax benefits. "Would a rental property not in an LLC also be reported under the Management Corporation or a 1040?" - Report rental on 1040, management fee on 1120. "What would the tax implication be when a spouse passes and the surviving spouse inherits a 401k?" - Lump sum, continue distributions, or rollover options. "What would be the tax consequences concerning W2 income, depreciation, etc., of purchasing a rental property, using it as a short-term rental with material participation in the tax year that it was purchased, then selling it the following tax year?" - First-year losses, later depreciation recapture on sale. "What are the tax implications if I've moved back into my rental and use it as my primary residence? I'm not planning on selling anytime soon." - Reduced Section 121 exclusion, depreciation recapture later. "What is a reasonable salary range we should set for ourselves to remain compliant but still maximize our S Corporation Tax savings?" - 30-60% of net business income typically. "If a person is a W2 wage earner and wants to start real estate as a side job, what needs to be true when picking real estate options to maximize asset depreciation to help offset my W2 taxes owed?" - Short-term rentals with material participation (100+ hours). "If I experienced a loss from a flood that was declared a natural disaster in 2024, how do I take that credit on my taxes?" - Personal: federal declaration required. Business: none needed. "How do you depreciate remodel costs for an income property? So, a rental property. You purchased the property, for example, 10 years ago for 100k, and began depreciating it. This year, you put 30K into a remodel that included floors, paint, kitchen cabinets, and appliances." - Separate depreciation schedules for each improvement type. "I'm interested in using the 280A/Augusta rule rental of my home for an upcoming seminar that I'll be attending online. Am I allowed to use this strategy since I'm the only one attending? Also, I reviewed the document that Anderson put together for the 280A. It mentions getting three quotes. If I call a hotel and ask for a conference room quote for one person, I imagine I won't be taken seriously. Do you just request a small conference room for five people or less?" - One-person meetings allowed; request quotes for small groups. Resources: Schedule Your Free Consultation https://andersonadvisors.com/strategy-session/?utm_source=how-to-sell-stocks-tax-efficiently-to-buy-rental-property&utm_medium=podcast Tax and Asset Protection Events https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=how-to-sell-stocks-tax-efficiently-to-buy-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

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

SUMMARYMark Kohler, a top tax attorney, CPA, and best-selling author, joins the show to break down powerful tax and wealth-building strategies specifically for entrepreneurs and high-income earners. With decades of experience simplifying tax law for the everyday business owner, Mark dives deep into how smart structuring and proactive planning can help you legally pay less in taxes while building generational wealth.Throughout the conversation, Mark unpacks how to leverage S Corporations, write off daily expenses, and even pay your kids while saving thousands annually. He also walks through advanced retirement strategies like the Mega Backdoor Roth and self-directed accounts that allow investments in real estate, crypto, and even cows. This episode is packed with golden nuggets for anyone earning between $250k to $1M+ looking to get serious about long-term financial freedom and bulletproofing their wealth.CHAPTERS02:35 – How the Rich Pay Less in Taxes (Legally)04:54 – Tax Write-Offs You Didn't Know You Could Take07:21 – Why You NEED an S Corporation ASAP09:40 – How to Legally Pay Your Kids & Save on Taxes12:08 – Real Estate + Business = The Ultimate Wealth Hack14:37 – How to Write Off Travel, Dining & Your Home Office17:02 – Buying Cows & Crypto with Your Retirement Accounts19:00 – Mega Backdoor Roth Explained Simply21:08 – What to Ask Your Accountant if You Make Over $250k23:10 – Should You File a Tax Extension This Year?GUEST DETAILSWebsite: https://markjkohler.comYouTube: Mark J Kohler (500k+ subscribers)Instagram: @markjkohlerBooks: The Tax and Legal Playbook, The Business Owner's Guide to Financial FreedomPodcasts:The Directed IRA PodcastMain Street Business PodcastLive Events: Hosts 2 affordable national conferences annuallyConnect with Rudy Mawer:LinkedInInstagramFacebookTwitter

In this episode of The Artful Dollar podcast, host Ryan Roi tackles the essential but often daunting subject of taxes with the help of tax professional Adam from Nomadica Solutions. Together they emphasize the importance for tattoo artists to understand their finances and take the correct steps to avoid potential IRS problems.  This discussion covers topics including the common tax-related questions from tattoo artists, the importance of keeping good financial records, and the nuances of operating under an S Corporation. The discussion also touches on strategies for saving on taxes and the benefits of various business structures.  Whether you're an artist looking to end the yearly cycle of tax nightmare or considering leveling up your business and personal financial goals, this episode is packed with valuable insights to help navigate the financial intricacies of the tattoo industry. —————————————————————————————————————— Follow Adam and Nomadica Solutions for more information on bookkeeping and tax preparation.  “Nationwide accounting and tax prep services for small businesses of any kind, specializing in tattoo artists & shops” Website: Nomadicasolutions.com Email: info@nomadicasolutions.com Instagram: https://www.instagram.com/nomadica_solutions/ Facebook: https://www.facebook.com/p/Nomadica-Solutions-100094173031812/ —————————————————————————————————————— Chapters: 00:00 Introduction 05:39 Navigating Tax Challenges and Solutions 12:15 The Importance of Accurate Bookkeeping 27:45 Common Tax Questions and Misconceptions 47:07 Navigating S Corporations 01:03:04 The Importance of Financial Guidance 01:18:32 Conclusion and Final Thoughts —————————————————————————————————————— Are you feeling uncertain about your financial future? You're not alone.  Get clear on what actions you need to take to build financial security and freedom.  Book your Financial Future 1-on-1 Strategy Call Now: https://Theartfuldollarbooking.as.me/?appointmentType=65930199 —————————————————————————————————————— Hear what people think about what we do at The Artful Dollar: https://www.theartfuldollar.com/testimonials Find more Artful Dollar podcast episodes on Spotify: https://open.spotify.com/show/4P0j85W6U6tG6KTCTQidL4 —————————————————————————————————————— Follow me on Instagram-  IG: ryanroitattoo   https://www.instagram.com/ryanroitattoo/ Check out my website- https://www.theartfuldollar.com/ #tattooartist #taxes

As tax season looms, many travel advisors find themselves in unfamiliar waters. Organizing finances and preparing for tax filings can be daunting, but with the right knowledge and strategies, this annual chore becomes much more manageable. In this episode, tax expert Andrew Roed shares tips to help travel advisors stay organized, save money, and avoid costly mistakes. From choosing the right business structure to smart payment strategies and avoiding IRS penalties, Andrew covers what every advisor needs to know. He also clears up common deduction myths, explains estimated tax payments, and reveals how to use your financial data to grow your business. Don't let tax season stress you out - tune in now and take control of your finances! About Andrew Roed: Andrew Roed is an IRS Enrolled Agent, husband to a Travel Advisor and owner of a Company called Taxes For Travel Agents, LLC. Taxes for Travel Agents, LLC focuses on providing tax preparation, tax planning and most importantly financial education for Travel Advisors. taxesfortravelagents.com Facebook Group: Taxes for Travel Agents Today we will cover: (01:20) Andrew's background; becoming a tax expert for travel advisors (04:50) Sole Proprietorship vs. LLC (08:25) Treating your LLC as a separate entity (10:25) Switching to an S Corporation status: is it right for you? (14:10) Strategies for paying yourself as a business owner (19:45) Planning for taxes; setting aside funds and estimated payments (28:40) Tax deductions and write-offs; examples of business expenses (35:10) Tax surprises and hidden costs; hiring a professional for tax preparation (40:45) Utilizing tax data and planning for the future (53:40) Retirement planning options for travel advisors; Solo 401(k) SEMI CUSTOM BRAND KITS Browse our collection of pre-designed brand kits that are customized to your brand's unique personality by our talented Creative Director! _____ JOIN OUR NICHE COMMUNITY: tiquehq.com/niche FOLLOW ALONG ON INSTAGRAM: instagram.com/tiquehq CHECK OUT OUR SERVICES & PROGRAMS: tiquehq.com

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.

It's tax time! Which means you're probably thinking about how to ensure that 2025 is different and better than 2024. In this episode, we share one potentially impactful tax strategy: electing to file as an S-Corporation. We cover when you should consider making this switch, what's needed to do it, and most importantly how do you need to operate differently on a day to day basis once you make the election.Need help with your tax strategies and plan for 2025? Schedule a free business analysis meeting with us at www.elitebusinessadvisors.com!

Send us a textBrandon West, CPA walks you through various tax planning strategies to help you keep more of your hard earned money. Today, we talk about how an S Corporation can save small business owners TONS of taxes. We also explore many of the less often discussed reasons S Corporation owners may benefit beyond the tax implications.

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

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

Send us a textHave you ever considered how advanced tax strategies, from customized retirement contributions to optimizing home office deductions, might lower your overall tax burden? In this Q&A episode, host Mike Jesowshek answers listener questions on various tax topics. He covers issues ranging from retirement planning strategies, such as after‑tax contributions and Roth conversions in a solo 401(k), to the proper methods for paying oneself as a sole proprietor versus an S corporation. Mike also explains home office deductions, board meeting expenses, handling duplicate tax forms, and business entity conversions. [00:00 -  05:02] Retirement Contributions and Solo 401(k) OptionsMike discusses using after‑tax contributions and a Roth conversion in a solo 401(k) for high‑income earners.New members receive immediate access to a comprehensive suite of tax-saving tools and consultations.[05:02 - 10:42] Owner Draws, Home Office Deductions, and Board Meeting ExpensesMike explains how to oneself as a sole proprietor using owner draws versus payroll for S corporations.Understand that taking money out of a business as an owner draws does not reduce taxable profit.Ensure that business spaces are used exclusively for business, and document meetings carefully when using home space.[10:42 -  15:32] Hiring Family Members, Deducting Mileage Expenses, and Entity ConversionMike discusses claiming mileage expenses when an employee uses a personal vehicle for business.Recognize that converting a C corporation back to an LLC may trigger taxable events; professional consultation is advised.[15:32 - 20:17] Handling Duplicate 1099 Forms and Short-Term Rental DeductionsWork with the issuer to correct mistakes or offset the extra reporting with a matching expense entry.Understand the timing of deductions and whether expenses need to be capitalized based on service start dates.[20:17 - 27:20] S Corporation and Subsidiary Structures; Home Office with Additional FacilityMike details the benefits of an S corporation holding company structure for multiple LLCs and addresses home office deductions when using a separate facility.Proper structuring can consolidate profit and loss reporting, and the administrative office rule allows a home office deduction even when an additional business location exists.Direct Quotes:"If you are helping out family members, and those family members can also do some work for your business, why not get a business deduction for that help that you want to do anyways?" - Mike Jesowshek, CPACheck out this episode's blog post! Visit https://www.taxsavingspodcast.com/blog/tax-q-a-short-term-rentals-1099-confusion-entity-conversions-and-creative-tax-strategies Click 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.

In this episode of Main Street Matters, Jordan speaks with Brian Reardon about the Corporate Transparency Act and its implications for small businesses. Reardon explains the law's requirements, the legal challenges it faces, and the ongoing efforts to repeal or amend it. The conversation also covers the importance of extending the Taxes and Jobs Act, which provides significant tax benefits to small businesses. Reardon emphasizes the need for advocacy and education to ensure that small business owners are aware of their obligations and the potential impacts of these laws. Main Street Matters is part of the Salem Podcast Network. For more visit JobCreatorsNetwork.comSee omnystudio.com/listener for privacy information.

Unlock the secrets behind the Affordable Care Act's ripple effect on businesses and employees across various industries. Are you curious why many companies have turned to reclassifying employees as independent contractors? You'll gain insights into the strategic maneuvers companies employ to sidestep the financial burden of providing comprehensive benefits, and how this shift impacts the work environment and operational dynamics. We dissect the nuances of employee versus independent contractor status using clear examples, like the operations of a widget company, to paint a vivid picture of this workplace evolution.Navigate the intricate maze of employment classifications with us, as we shed light on the IRS's criteria to differentiate between employees and independent contractors. The journey through the IRS's 20-factor test is both enlightening and essential for understanding the grey areas in professions such as restaurant waitstaff and virtual assistants. We confront the ongoing debate between employers and regulatory bodies with real-life examples, illustrating the delicate balance of worker classification and the implications of these decisions on both sides of the employment spectrum.The conversation extends to the complexities of contracting and payment structures, emphasizing the importance of clear, well-drafted contracts to define relationships and avoid unintended legal consequences. Discover the vital role of business entity reporting requirements to FinCEN, the intricacies of S-Corporation tax implications, and the nuances of pass-through taxation. With practical advice and a nod to the importance of mentorship and personal growth, our episode wraps up with a call to action: consult with financial experts and engage with our community for guidance and Continuing Education credits.Get your step by step guide to private practice. Because you are too important to lose to not knowing the rules, going broke, burning out, and giving up. #counselorsdontquit.

What's the cost of procrastinating on your taxes? Josh explores this with CPA, attorney, and financial strategist Mark J. Kohler, host of The Main Street Business Podcast. Known for helping entrepreneurs and families navigate tax, legal, and wealth-building strategies, Mark breaks down actionable tips like leveraging S Corporations, family board meetings, and Roth IRAs for kids, while sharing his expertise on year-end tax moves and financial planning essentials. Together, Josh and Mark dig into why S Corporations can be a game-changer for cutting self-employment taxes, how to turn family board meetings into tax deductions, and ways to use Roth IRAs for your kids to save now and build their financial future. The two also cover year-end moves like buying vehicles or equipment for bonus depreciation, leveraging HSAs for tax benefits, and making sense of crypto taxation as it continues to evolve. Check out more from Mark Kohler on his website and his educational platform for small business owners. Can't get enough of The Financial Quarterback? Click 'Subscribe' to never miss a play. Loving the playbook? Drop us a 5-star rating and share your thoughts in a review. Your feedback fuels the game plan!

Send us a textWhat if a few simple shifts in your business structure and financial habits could set you ahead of 99% of companies?In this episode, Mike Jesowshek, a CPA and founder of Taxelm, shares practical strategies for small businesses to gain a competitive edge without requiring massive investments or risky tactics. He emphasizes the importance of establishing a proper entity structure as the foundation for growth, maintaining an accurate and cloud-based bookkeeping system, and utilizing financial data to make informed business decisions. Mike also highlights key tax deductions and offers resources to help business owners optimize their financial strategies effectively.[00:00 - 04:50] Introduction: Setting the StageMike introduces the theme of outpacing 99% of businesses with simple, effective strategies.Success doesn't require excessive risk or investment; it starts with foundational business practices.Transitioning to an S Corporation can lead to significant tax savings. A well-structured entity is essential for tax efficiency and long-term growth.[04:51 - 10:00] Building a Solid Foundation for Growth and The Backbone of BusinessMike shares the importance of creating a management company structure for multiple business entities.Clear and organized entity structures reduce risks and enhance scalability.Consistent bookkeeping helps identify inefficiencies and drives better financial decisions.[10:01 - 19:26] Leveraging Financial Data and ResourcesIt is vital to use accurate financial statements for tax planning and business strategy.Mike offers a free document outlining tax deductions to maximize savings.Proactive financial management unlocks opportunities for growth and profitability.Direct Quotes:“Your entity structure is the foundation of how your business operates and grows.” - Mike Jesowshek“Bookkeeping isn't just for taxes; it's the backbone of understanding your business's financial health.” - Mike Jesowshek“A cloud-based system done correctly gives you actionable insights. Done poorly, it gives you nothing.” - Mike Jesowshek“With the right foundation, you can grow into the 1% of business owners who succeed at scale.” - Mike JesowshekCheck out this episode's blog: The Ultimate Guide to Maximizing Business Deductions and Write-Offs______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 

In part three of this four-part series, Kevin Salters explains why he operates as an S-Corporation, how he prepares for taxes, and why leveraging tax advantages and compound growth through investing is essential for building long-term financial security in the lawn care industry. Connect with Paul: Click Here Upcoming Events: Lawn Care Life Conference: Get Your Tickets Here (Coupon code: CHRISTMAS saves 30% off tickets) Save 50% off Equip Exposition Tickets Paul's Recommended Professionals: Try the CRM Jobber Get a Professional Website - Footbridge Media The Landscaping Bookkeeper Call Rail Paul's Books: How to Build a Thriving Lawn Care Business Cut That Grass and Make That Cash Paul's Business Building Resources: Price Increase Letter Template Contract Templates Know Your Numbers

In this episode of "Do More With Your Money," T.J. van Gerven is joined by John Briggs, CEO of Incite Tax. John shares his entrepreneurial journey and insights into tax planning, client relationships, and the importance of understanding actual profits. Key topics include the benefits of electing S Corporation status for tax savings, the Qualified Business Income deduction, and the importance of proactive tax planning. John also discusses the value of boredom for creativity, effective breaks for productivity, and practical financial tips like setting up a tax savings account and prioritizing high-interest debt repayment. The episode offers a holistic approach to financial and mental well-being.   Learn more about John's firm, Incite Tax here: https://incitetax.com/

Click here to watch video version In this episode of "From Busy to Rich," hosts Wes Young and Justin Lakin focus on year-end planning strategies for financial advisors. They emphasize the importance of adding value to year-end planning by maximizing tax efficiency for clients. They discuss various tax-saving opportunities such as S Corporation elections, the Augusta Rule, cost segregation studies, and more! Wes encourages advisors to proactively engage with clients and their CPAs to uncover potential tax savings, thereby enhancing clients' profitability and quality of life. In today's episode we will cover: Year-end planning strategies and ideas Importance of helping maximize tax efficiency for clients Need for financial advisors to improve tax knowledge Proactive engagement with clients and their CPAs Identification of potential tax savings opportunities Use of tools like Holistiplan for tax analysis Positioning advisors as trusted partners in clients' financial journeys We hope you enjoy this episode, and we would love to hear your feedback by having you leave a review. Have a question for us to answer on the podcast? Let us know here! If you're an advisor and want to further explore these or other topics, you can learn more at www.wesyounglive.com. Maybe you're interested in taking your own planning journey in a new direction, in that case we would love to have you join us in one of our coming Transform University series.

Choosing the right business structure isn't just about compliance – it's about maximizing tax efficiency and aligning with your long-term goals. Larry Heller, CFP®, CDFA®, and William Huether, CPA, CGMA, MBA, discuss how S-Corporations can help business owners save on taxes, streamline compliance, and drive growth. They compare S-Corps to C-Corps, LLCs, and partnerships, offering … Read More Read More

Hiring Your Children – Belk on Business – Episode 198 1) Complete all normal employment paperwork 2) Wage must be reasonable and comparable to other employees or others doing the same work 3) If your LLC is taxed as a disregarded entity or is a multimember LLC owned by the parents, no FICA if under 18 and your child and no FUTA if under 21 4) If Corporation, S Corporation or LLC taxed as a corporation, can set up management company owned by parent (sole proprietor or SMLLC) – pay legitimate management fee then pay child 5) Child must be paid through payroll as a W-2 employee. No federal income tax up to standard deduction ($14,600 in 2024). State withholding amount will depend on state's exemption amount. Federal and state tax returns generally should be filed 6) The work performed by the child must be related to the business. Separate work and personal jobs 7) Can fund IRA or Roth IRA up to the lesser of earned income or $7,000 (2024) 8) Federal law generally permits children to work for businesses entirely owned by their parents, except mining, manufacturing, and any other occupation the Secretary of Labor has declared to be hazardous 9) Some states have age restrictions on top of the federal law, so check the specific labor laws in your state. States will have a minimum age for employment, what type of work is prohibited and what hours are permitted for work that cover both during school time and non-school time. Subscribe on these platforms: Apple Podcast: https://apple.co/2Zp6hgj Spotify: https://lnkd.in/gcWDnFZ Stitcher: https://bit.ly/34aRgO2 YouTube: https://youtu.be/t0QcKT44v5Q

Send us a textAre you making the most of your tax-saving strategies before the year closes?In this episode, Mike Jesowshek provides a comprehensive checklist of essential tax strategies to implement before the end of 2024. As a CPA and founder of Tax Helm, he emphasizes maximizing tax deductions, making necessary payments, and properly documenting strategies to avoid IRS issues. Mike covers everything from pre-tax versus after-tax spending and utilizing the Augusta Rule to managing self-employed health insurance and year-end retirement contributions. With a focus on practical application, he also offers advice on planning for business expenses, using credit cards strategically, and the importance of completing necessary documentation, like the BOI report, before December 31st.Discover practical steps to keep more of your hard-earned income in this essential episode![00:00 - 05:10] Pre-Tax vs. After-Tax SpendingMike gives a reminder that most tax strategies must be implemented by December 31.He explains how business owners can convert personal spending to business expenses.Utilize pre-tax spending opportunities for valid business expenses like meals, travel, and more.[05:11 - 11:45] Travel, Augusta Rule, and Implementing Board MeetingsBusiness-focused travel, where the majority of the day is spent on work, can qualify as a deductible business day.The Augusta Rule allows homeowners to rent their home tax-free for up to 14 days.Mike shares the importance of board meetings for accountability and tax deductions.Even solo business owners can benefit from holding board meetings and documenting them.[11:46 - 19:20] Hiring Your Kids, IRAs, and Health Savings AccountsHiring children allows for tax-free income for children and provides eligibility for Roth IRA contributions.HSAs offer tax-deductible contributions and tax-free withdrawals for medical costs.[19:21 - 230:20] S Corporations and Self-Employed Health InsuranceHealth insurance premiums must be included on W-2s for valid deductions.Mike gives a reminder to organize receipts, log business mileage, and complete the BOI report.Proper documentation ensures compliance and peace of mind during IRS reviews.Direct Quotes:“Let this serve as your final reminder—implement these strategies by December 31st to keep your hard-earned money.” - Mike Jesowshek, CPA “A valid tax strategy, incorrectly implemented, becomes illegal. Understanding and correct implementation are key.” - Mike Jesowshek, CPA “Hiring your kids in your business not only provides a tax deduction but allows them to start growing a tax-free retirement account.” - Mike Jesowshek, CPA ______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 

If there is only one thing you take away from the show this year, make it this one: Comply with the CTA. The Corporate Transparency Act (“CTA”) is one of the scariest legislative actions in the history of the United States, effectively turning tens of millions of Americans into felons on January 1, 2025 unless they somehow learn about the reporting requirements of this new law and get a lawyer to file a form with the U.S. Treasury by January 1, showing the details of their small business operations. Billed as an anti-money laundering law, the CTA requires disclosure of the details of your LLC, S Corporation, HOA, etc., to FINCEN - which might not seem like such a big deal until you learn that failure to do so could result in over $500 in daily fines and two years in prison!! Surveys show that a very small percentage of small business owners know about this new law, which appears to be a trap by which the government can ensnare and gain leverage over the small business community. Surely the newly elected federal legislature will reverse this law, but until it does, you are on the line whether you operate a mom-and-pop oil company or a hair salon. Call your lawyer NOW. See NSBAAdvocate.org/CTA for more information. Follow Jacki: X: @JackiDailyHost TruthSocial: JackiDaily Rumble: TheJackiDailyShow YouTube: TheJackiDailyShow Instagram: JackiDaily Facebook: The Jacki Daily Show

Did you know S corporations (S corps) can provide significant financial benefits for therapists and their private practices? Andrew Riesen, Co-founder and CEO of Heard, joins our host Michael Fulwiler to break down the process of electing S Corp status and using it to your advantage. He explains how it can help private practice owners save on taxes while also outlining the additional administrative responsibilities it entails.Tune in to learn when it makes sense to elect S corp status, the financial thresholds to keep in mind, and the common misconceptions surrounding this tax designation. In the conversation, they discuss:The tax savings therapists can achieve by electing S corp status and the associated costsThe importance of setting a reasonable salary as an S corp owner and the risks of not following best practicesThe misconceptions about quarterly taxes and other key financial details related to S corpsResources:The Complete Guide to S Corporations for Therapists - https://www.joinheard.com/articles/the-complete-guide-to-s-corporations-for-therapists Tax Optimization Strategies for S Corporation Therapy Practices - https://www.joinheard.com/articles/tax-optimization-strategies-for-s-corporation-therapy-practices S Corp Tax Savings Calculator for Therapists - https://www.joinheard.com/tools/s-corp-calculator Connect with the guest:Andrew on X: https://x.com/andrewjriesenAndrew on LinkedIn: https://www.linkedin.com/in/andrewriesen/Visit the Heard website: https://www.joinheard.com/ Connect with Michael and Heard:Michael's LinkedIn: https://www.linkedin.com/in/michaelfulwiler/Newsletter: https://www.joinheard.com/newsletter Book a free consult: https://www.joinheard.com/welcome-form Jump into the conversation:(00:00) Welcome to Heard Business School(00:56) Meet Andrew Riesen(01:16) Understanding S Corporations(02:12) Electing S Corp Status(03:47) Benefits and Burdens of S Corporations(07:25) Financial Implications and Examples(10:28) Administrative Costs and Considerations(15:15) State-Specific Considerations(18:59) How to Elect S Corp Status(23:49) Filing Deadlines and Late Election Relief(30:19) Maintaining Compliance as an S Corporation(35:44) Common Misconceptions and Myths(43:07) Closing Thoughts and ResourcesThis episode is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult their own attorney, business advisor, or tax advisor with respect to matters referenced in this episode. 

Understanding self-employed borrower income can be challenging, especially when it comes to S-Corporations. In this episode of Loan Officer Training, we tackle the complexities of analyzing income for borrowers who operate as S-Corp owners, guiding you through key strategies to confidently assess their financial stability.Learn how to interpret K-1 forms, identify distributable vs. retained earnings, and accurately assess shareholder wages, all while taking into account the nuances of S-Corporation tax structures. We'll cover essential documents like the 1120S tax return, Schedule E, and financial statements, providing practical tips on identifying income trends, evaluating debt-to-income ratios, and recognizing red flags in S-Corp financials.Packed with real-world scenarios, this episode equips you with actionable skills for working with self-employed clients, helping you make informed lending decisions and streamline the approval process. Whether you're a seasoned loan officer or new to self-employed borrower analysis, tune in to elevate your expertise and close more loans with confidence.Join The Mortgage Calculator at https://themortgagecalculator.com/joinAbout The Mortgage Calculator:The Mortgage Calculator is a licensed Mortgage Lender (NMLS #2377459) that specializes in using technology to enable borrowers to access Conventional, FHA, VA, and USDA Programs, as well as over 5,000 Non-QM mortgage loan programs using alternative income documentation! Using The Mortgage Calculator proprietary technology, borrowers can instantly price and quote thousands of mortgage loan programs in just a few clicks. The Mortgage Calculator technology also enables borrowers to instantly complete a full loan application and upload documents to our AI powered software to get qualified in just minutes!Our team of over 350 licensed Mortgage Loan Originators can assist our customers wiCatch all the episodes of the Loan Officer Training Podcast at https://themortgagecalculator.com/Page/Loan-Officer-Training-Series-Podcast Catch all the episodes of the Loan Officer Training Podcast at https://themortgagecalculator.com/Page/Loan-Officer-Training-Series-PodcastLoan Officers for Unlimited Free Non-QM Leads & Trainings Join The Mortgage Calculator at https://themortgagecalculator.com/joinThe Mortgage Calculator is a licensed Mortgage Lender (NMLS #2377459) that specializes in using technology to enable borrowers to access Conventional, FHA, VA, and USDA Programs, as well as over 5,000 Non-QM mortgage loan programs using alternative income documentation! Using The Mortgage Calculator proprietary technology, borrowers can instantly price and quote thousands of mortgage loan programs in just a few clicks. The Mortgage Calculator technology also enables borrowers to instantly complete a full loan application and upload documents to our AI powered software to get qualified in just minutes! Our team of over 350 licensed Mortgage Loan Originators can assist our customers with Conventional, FHA, VA and USDA mortgages as well as access...

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

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

Tax planning for S Corporations can bring high value and today we're uncovering the complexities that come with it. Together we tackle a fascinating client scenario featuring a New York attorney facing a tax dilemma with their S Corporation. As we explore the intricacies of navigating New York State's tax system, we break down how different rules and regulations can impact businesses in unexpected ways.We'll also walk you through another unique client scenario that illustrates the importance of personalized tax advisory services. These real-world examples shed light on why having the right advisory team can make or break your financial strategy. If you're curious about how offering tax planning can elevate your business or you just love digging into challenging tax cases, this episode is for you!What you'll hear in this episode:[0:30] Diving into Tax Planning for S Corporations[2:20] Case Study: New York Attorney's S Corporation Dilemma[3:50] Navigating New York State's Tax System[16:35] Exploring Unique Client Scenarios[22:20] The Importance of Tax Advisory ServicesConnect with Kelly https://www.linkedin.com/in/kellyrohrs/Connect with Bilal https://www.linkedin.com/in/bmehanna/

Have questions about running your child care business with a spouse or navigating a challenging economy? Tune in to this special Q&A episode of the Child Care Genius Podcast, where hosts Brian and Carol Duprey answer real questions from listeners like you! With years of experience both as child care business owners and coaches, they share practical advice and personal stories to help you succeed. In this episode, Brian and Carol tackle a tricky situation: how to work alongside a spouse without driving each other crazy! From defining roles to improving communication, they offer tips on maintaining harmony in your business partnership. Brian opens up about his own experience working with Carol, highlighting the lessons they've learned along the way. The duo also discusses the benefits of incorporating your business, especially if you're growing or managing multiple centers. They break down the advantages of forming an LLC or S Corporation, helping you protect your assets and optimize your tax benefits. If you're still a sole proprietor, this is essential advice you won't want to miss. Finally, as recession concerns loom, Brian and Carol share strategies to safeguard your business. Learn how to build financial resilience, fill your centers now, and prepare for economic shifts. Listen in as they answer your most pressing questions and offer guidance to help your child care business thrive, even in uncertain times. Mentioned in this episode:   GET TICKETS to the Child Care Genius LIVE Conference: https://bit.ly/ccglive25   Need help with your child care marketing? Reach out! At Child Care Genius Marketing we offer website development, hosting, and security, Google Ads creation and management, done for you social media content and ads management. If you'd rather do it yourself, we also have the Genius Box, which is a monthly subscription chock full of social media & blog content, as well as a new monthly lead magnet every month! Learn more at Child Care Genius Marketing. https://childcaregenius.com/marketing-solutions/  Schedule a no obligation call to learn more about how we can partner together to ignite your marketing efforts. If you need help in your child care business, consider joining our coaching programs at Child Care Genius University. Learn More Here. https://childcaregenius.com/university   Connect with us:  Child Care Genius Website Like us on Facebook Join our Owners Only Private Mastermind Group on Facebook    Join our Child Care Mindset Facebook Group Follow Us on Instagram Connect with us on LinkedIn Subscribe to our YouTube Channel Buy our Books Check out our Free Resources 

In this episode of LIGHT TALK, The Lumen Brothers and Sister discuss everything from Cheese Curds to Stan's "Secret Announcement".  Join Ellen, Stan, and Steve as they pontificate about: Live Nation's new Seasonal Stadium in Toronto; Stan's LDI Business decisions; Focus priorities; Matching colors among different moving lights;  LLC, S-Corporation, or a Collective?; "Puff... The Magic Dragon Fogger"; Succession planning; Is Tungsten officially dead?; and Free LDI Passes at lighttalk@www.ldishow.com Nothing is Taboo, Nothing is Sacred, and Very Little Makes Sense.

Watch the YouTube version of this episode HEREIn this episode of the Maximum Lawyer Podcast, co-hosts Jim and Tyson engage with tax attorney and CPA Daniel Rowe. Daniel, licensed in multiple states, shares his expertise on crucial tax considerations for law firms. Key highlights to this episode include: the importance of selecting the right business structure (LLC, S Corporation), tax treatment of legal settlements, and common mistakes by new law firm owners, such as poor record-keeping and inadequate tax compliance. Daniel stresses the value of education, collaboration with advisors, and maintaining mental and physical health for overall success in managing a law firm. As well as, Daniel shares about how he manages his two separate firms! Listen in for more details. Jim's Hack: Read the book “Stay Sane in an Insane World: How to Control the Controllables and Thrive” by Greg Harden. Daniels's Tips:  Two key tips: Maintaining good records and seeking knowledgeable advisors for your business.Tyson's Tip: Your health matters! There is a connection of physical activity to mental health, so make a plan for the colder months ahead! 03:06 Tax Considerations for Law Firms 04:42 Law Firm Setup and Structure 08:07 Common Mistakes by New Law Firm Owners 11:04 Independent Contractors vs. Employees 13:04 Managing Two Separate Firms Tune in to today's episode and checkout the full show notes here.Connect with Daniel:daniel@drowelawgroup.com

This week on GRIT, host Brian Charlesworth welcomes Shahar Plinner, founder and CEO of Formations, to discuss an often-overlooked aspect of running a real estate business: taxes. Shahar brings decades of expertise in tax planning for the self-employed, particularly real estate agents and team leaders. From his roots in Israel to building one of Seattle's top accounting firms, Shahar has always been driven by one goal—helping entrepreneurs keep more of their hard-earned money. In this insightful conversation, Shahar reveals how real estate agents can save tens of thousands of dollars annually by structuring their businesses correctly. “Ninety percent of the agents who come to us aren't set up as S Corps—and they're losing significant money because of it,” he explains. Shahar walks through the process of shifting from a sole proprietor or LLC to an S Corporation, which allows agents to reduce their tax liability while still growing their business. The episode also touches on how real estate agents often procrastinate tax planning until it's too late, leading to missed opportunities. Shahar emphasizes the need for intentional tax management throughout the year rather than scrambling at tax time. “The sooner you start thinking about your taxes, the better the outcome. It's not just about saving on taxes; it's about creating a long-term strategy that supports your business growth.” Brian and Shahar also discuss the exciting new partnership between Sisu and Formations, offering real estate professionals a seamless integration between business performance tracking and tax optimization. This collaboration allows agents to have a holistic view of their business and finances in real-time, enabling smarter decisions year-round. Top Takeaways: (4:27) Why real-time financial planning beats last-minute tax fixes.  (9:47) Making sense of real estate taxes—Depreciation, aggregation, and more. (11:19) How does having a dream team simplify real estate investing? (12:27) The untapped tax benefits for 1099 real estate agents.  (18:10) Automating 90% of real estate tasks (23:01) Why live financial data is the key to business confidence.  (24:21) Sisu and Formations—The integration every real estate agent needs.  (28:08) How to eliminate data friction with Sisu's seamless integration. (33:27) What are the benefits of S Corps for real estate agents?  If you're looking to gain a better understanding of how smart tax planning can support your real estate business, this episode is a must-listen. Shahar's expertise will change the way you think about taxes and how they can be used to fuel your success. About Shahar Plinner: Shahar Plinner is a tax and accounting expert with over 20 years of experience. After moving from Israel to Seattle, he built and sold one of the top tax firms in the area. Now, as the founder and CEO of Formations, he focuses on helping self-employed professionals manage their taxes and maximize financial efficiency.   Connect with Shahar Plinner Formations

Today, Shannon breaks down how S Corporation owners can determine what to pay themselves as a reasonable salary. Shannon simplifies this complex topic, exploring both internal and external factors, the importance of thorough documentation, and shares real-life audit experiences. This episode equips listeners with a clear understanding of staying compliant with IRS rules while optimizing financial benefits. Plus, Shannon offers a valuable resource to help S Corp owners manage their responsibilities more effectively. Tune in for practical tips and insights to make your financial journey smoother and more rewarding!   What you'll hear in this episode: 03:26 Salary as an employee, profit as owner. 08:08 Job posting documentation: use screenshots, not just links. 10:39 Calendar shows business focus, justify lower salary.   If you like this episode, check out: Think Twice Before Forming a Multi-Owner Business Moving to a Tax-Free State - Worth it? A Shortcut to Business Travel Deductions   Want to learn more so you can earn more? Get $50 off your HR audit with People Principles by using code SHANNON50 here. Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/   The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

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

In this latest episode of the Main Street Business Podcast, Mark J. Kohler explores the benefits and processes involved in converting to an S Corporation. Learn how making the switch can save your clients money, the critical timelines for filing, and how the Kohler Payroll Matrix can guide setting reasonable compensation. Here are some of the highlights:Mark recommends converting to S Corporations when net income reaches $40,000-$50,000.Mark advises and breaks down how to convert an LLC to S Corp using Forms 8832 and 2553.How tax professionals can present the S Corporation strategy as a new tax-saving opportunity to clients.The significance of implementing payroll before year-end for retroactive elections.How to use the Kohler Payroll Matrix as a tool for determining reasonable compensation.Using retroactive S election with Rev. Rule 2013-30 for mid-year conversionsAfter-the-fact quarterly payroll recommended for flexibility. Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo. You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360 Curious what my new certification is all about? Learn More Looking to connect with a rock star law firm? KKOS is only a click away! Grab my FREE Ultimate Tax Strategy Guide HERE! Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!

Join Mark J. Kohler and Mat Sorensen in this episode of the Main Street Business Podcast for a comprehensive guide on setting up and running LLCs and S Corporations. From crucial legal requirements to strategic financial practices, get equipped with knowledge on new BOI reporting rules and how these could impact your business in 2024.Here are some of the highlights:Mark and Mat stress the importance of properly setting up and maintaining LLCs and S CorpsMark and Mat advise opening separate bank accounts for entities.Use entity names on contracts, agreements, and property titles.How BOI applies to most small businesses, exemptions for large companies.Mark and Mat debate the crucial effectiveness of BOI reporting.The severity of penalties for non-compliance.The significance of maintaining accurate bookkeeping. Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo. You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360 Curious what my new certification is all about? Learn More Looking to connect with a rock star law firm? KKOS is only a click away! Grab my FREE Ultimate Tax Strategy Guide HERE! Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!

In this episode, Thomas and Ryan sit down with tax attorney Matthew Rappaport to dive into some of the most sophisticated tax strategies available to real estate investors. Here's what they cover: - Partnership divisions and how they can offer a strategic advantage in 1031 exchanges. - The nuances of combining Section 121 and 1031 exchanges for optimal tax benefits. - The challenges and opportunities of real estate holdings within S-Corporations. - Creative strategies like construction exchanges and preferred partnership freezes. If you're looking to elevate your tax planning game as a real estate investor, this is an episode you don't want to miss. To become a client, request a consultation from Hall CPA, PLLC at go.therealestatecpa.com/3KSEev6 Get the Top 8 Mistakes Real Estate Investors Make: go.therealestatecpa.com/3ygHVrJ Join the Tax Smart Insiders Community: go.therealestatecpa.com/3Xx1Cpd Connect with Matt: mer@frblaw.com The Tax Smart Real Estate Investors podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests.

In this episode of the Main Street Business podcast, host Mark J. Kohler guides you through the strategic advantages of S corporations. Find out how to leverage them for maximum tax savings, secure your retirement, and maintain pristine corporate records, ensuring your business thrives for years to come.Here are some of the highlights:Mark begins by mapping out the 'trifecta' model: operations, assets, and trust/1040 tax returnExplains how S Corporation allow for splitting income into salary and pass-throughHow this strategy works well for various professionals making $50,000 or moreImportance of diversifying wealth building between business operations and retirement account via Solo 401kHow a Board of Advisors generates more legitimate write-offs for the S corporationS corporations have 1500% less chance of audit compared to LLCsHow to take advantage of tax deductions on travel, meals, and equipment for board members Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo. You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360 Curious what my new certification is all about? Learn More Looking to connect with a rock star law firm? KKOS is only a click away! Grab my FREE Ultimate Tax Strategy Guide HERE! Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!

In this episode of the Main Street Business podcast, host Mark J. Kohler and special guest Ashley Burr focus on optimizing business structures and tax benefits. They cover the pitfalls of using rewards points for business expenses, converting 401Ks to Roth IRAs, and selecting the right business structure for spouses. Mark and Ashley also unpack strategies for leveraging HSAs, real estate tax tips, and maintaining a corporate veil, concluding with tax-saving tips via S Corporations.Here are some of the highlights:Mark and Ashley introduce tactics to mitigate tax burden from Roth conversionsSingle-member LLC vs. partnership for spousal businessesStrategies for real estate professionals to offset taxable incomeImportance of proper business structure for asset protectionHow to use Roth conversion to eliminate Required Minimum Distributions (RMDs)Significance of comprehensive operating agreements for family business transfersBalancing S Corp salary with Qualified Business Income (QBI) deduction Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo. You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360 Curious what my new certification is all about? Learn More Looking to connect with a rock star law firm? KKOS is only a click away! Grab my FREE Ultimate Tax Strategy Guide HERE! Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!

In episode of Wealthion, Andrew Brill speaks with renowned CPA and lawyer Mark Kohler. As the founder and senior partner at KKOS Lawyers, Mark is dedicated to helping people financially achieve their American dream. Kohler shares his expert strategies on how to build and protect wealth through smart tax and legal planning. Some of the key strategies they discuss include:  How to utilize Roth IRAs from an early age The benefits of side hustles and rental properties Advanced tax strategies to minimize liabilities Did you like this video? Hit the like button and let us know in the comments! Timestamps:0:00 - Introduction 0:27 - Does the American Dream Still Exist?  2:24 - Teaching Financial Responsibility to Kids  5:04 - Benefits of Early Roth IRA Contributions 8:27 - The Rise of Side Hustles and Wealth Building 10:06 - Real Estate Investment Strategies 12:48 - Choosing the Right Type of Real Estate 15:41 - Partnering for Real Estate Investments 17:57 - Self-Directed IRA for Real Estate 20:44 - Setting Up LLCs for Self-Directed IRAs 22:04 - The Importance of Revocable Living Trusts 24:17 - Advantages of S Corporations for Subcontractors 26:48 - Converting 401k to Roth IRA 30:44 - Tax-Free Wealth with Roth IRA 33:17 - Alternative Investment Strategies: Hard Money Lending 35:31 - Investing in Cryptocurrency with Self-Directed IRA 38:10 - Upcoming Crypto Tax Summit Details 40:04 - Political Impacts on Tax Legislation 41:48 - Closing

Send us a Text Message.Are you leveraging the right tax strategies to minimize your business's tax liability and maximize your savings?In this episode, Mike Jesowshek offers a comprehensive guide on tax strategies for business owners to minimize tax liability and optimize financial planning. He emphasizes the importance of understanding the appropriate business structure, maintaining accurate bookkeeping, maximizing deductions, and implementing effective tax planning strategies. Throughout the episode, he shares practical advice and examples to help business owners make informed decisions and avoid common tax pitfalls.[00:00 - 05:21] Introduction and Business StructureMike Jesowshek emphasizes the importance of choosing the right business structure (e.g., LLC, S Corporation).He discusses common mistakes and the impact of business structure on tax liability.[05:22 - 08:16] Importance of Accurate BookkeepingMike highlights the necessity of maintaining separate business and personal accounts.He also recommends using cloud-based accounting systems like QuickBooks Online or XERO.Update your bookkeeping systems monthly to stay organized and plan for estimated taxes.[08:17 - 12:05] Maximizing DeductionsWhat are the concepts of pre-tax vs. after-tax spending?Mike provides examples of common deductions, such as home office, cell phone, internet, and travel expenses.Documenting expenses properly is important to take advantage of deductions.[12:06 - 16:04] Tax Planning vs. Tax PayingWhat are the differences between tax planning (strategizing to save on taxes) and tax paying (filing taxes)?Mike encourages learning and implementing tax strategies to optimize tax savings.He emphasizes the significance of proper implementation of tax strategies for effective tax savings.Direct Quotes:"The problem is not that it's hard to structure everything in a way to beat the IRS. The problem is simply that you have not been educated on how to do that." - Mike Jesowshek, CPA"Bookkeeping is the backbone of your business. Without solid bookkeeping, you don't know how you are performing, and you have increased stress during tax season." - Mike Jesowshek, CPA"Our goal as business owners is to move after-tax spending into pre-tax spending. Find a business purpose for spending you're already doing and get a business deduction for it." - Mike Jesowshek, CPA"Tax planning is about learning strategies and then putting them into practice. Implementation is the key to actual tax savings." - Mike Jesowshek, CPAResources Mentioned:QuickBooks OnlineXERO______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com

In this episode of the Main Street Business Podcast, host Mark J Kohler tells you all you need to know about S Corporations. Learn how to effectively balance your payroll with profit, understand the fundamentals of business structures, and discover tips to optimize your tax benefits.Here are some highlights:Mark points out the confusion around determining the right payroll amount.Introduction to the Kohler Payroll Matrix as a solution.Mark breaks down the trifecta: revocable living trust, operations, and assets.Details on how LLCs and S corporations fit into the trifecta.Importance of taking a salary from the S corporation to save on self-employment tax.How the payroll percentage decreases as profit increases.Emphasis on not overcomplicating the payroll determination process. Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo. You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360 Curious what my new certification is all about? Learn More Looking to connect with a rock star law firm? KKOS is only a click away! Grab my FREE Ultimate Tax Strategy Guide HERE! Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!

In this episode of the Main Street Business Podcast, host Mark J Kohler presents simplified tax strategies for business owners beginning their journey. Learn essential tips to safeguard your assets, reduce your taxes, and confidently control your financial path.Here's what you can look forward to:Mark introduces and breaks down the Trifecta concept for tax savings and asset protection.How the Trifecta design can be used as a tool for visualizing and achieving financial goals.Importance of separating business and personal assets for protection.Explanation of the benefits of setting up an S Corporation.Encouragement to invest retirement accounts in non-Wall Street products.Significance of having a tax advisor who understands advanced tax strategies. Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo. You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360 Curious what my new certification is all about? Learn More Looking to connect with a rock star law firm? KKOS is only a click away! Grab my FREE Ultimate Tax Strategy Guide HERE! Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!

Thanks to our partners, NAPA TRACS and PromotiveMore listener questions answered! This week is all about S Corporation tax benefits, determining fair market rent when renting property to yourself, and the details of sales tax on internal transactions. Optimize your tax strategy and enhance your business operations.• Understanding the advantages and state-specific impacts of transitioning to an S Corporation.• The importance of charging fair market rent to avoid future complications when selling your business.• Clarifying the difference between sales tax and use tax for internal transactions and ensuring compliance.• Real-life examples and answers to common tax planning and business structuring questions from listeners.https://www.tn.gov/revenue/2024franchisetax.htmlThanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it. After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business. Find NAPA TRACS on the Web at NAPATRACS.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: podcast@paarmelis.comGet a copy of my Book: Download HereAftermarket Radio Network

Send us a Text Message.Are you making the most of your tax strategies and deductions this year?In this episode, Mike Jesowshek provides a mid-year tax savings check-in for small business owners. He emphasizes the importance of reviewing tax strategies, implementing them correctly, and maximizing deductions. Key topics include entity structure review, retirement planning, incorporating children into the business, utilizing the Augusta rule, tracking automobile expenses, and keeping bookkeeping up to date. Mike highlights the need for proactive planning and correct implementation to achieve significant tax savings.[00:00 - 06:37] Maximizing Deductions and Accountable Plans for S CorporationsMike Jesowshek emphasizes the importance of assessing and implementing tax strategies.He shares the importance of setting up an accountable plan for S Corporations.How do you evaluate the appropriateness of the current structure based on profit levels?[06:37 - 12:10] Other Tax Strategies and Correct ImplementationMike discusses the importance of setting up and funding retirement accounts.He highlights the importance of associating business purposes with travel to gain deductions.He also emphasizes the need for correct implementation of tax strategies.Year-end rush and errors can be avoided through regular bookkeeping.[12:10 - 20:51] Tax Payments and the Importance of BookkeepingMike reminds the listeners to keep up with estimated tax payments and proper documentation.Benefits of regular bookkeeping: better tax planning, accurate estimated tax payments, and reduced errors.Direct Quotes:"If you're swiping a card, let's see if we can find a business purpose for this." - Mike Jesowshek, CPA"Correct implementation is key. You can take a completely legal strategy and make it illegal by incorrect implementation." - Mike Jesowshek, CPA"Bookkeeping is the backbone of your business. It's not just for tax purposes.""Learning's great, but Implementation saves taxes." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com

Finally! Taxes explained for OnlyFans Creators! In episode 93 of On the Whorizon, host and SWCEO founder Melrose Michaels speaks with Katherine Studley, founder of The Only Consultant and Prisma Tax Group about the unique financial challenges OnlyFans models and adult creators face.  They discuss the importance of separating business and personal finances, the benefits of LLCs and S Corporations, common tax misconceptions, and valuable tips for long-term financial sustainability.  Katherine also highlights the significant issues of financial discrimination and offers actionable tax planning strategies. This episode is essential for any adult creator seeking financial clarity and peace of mind in their entrepreneurial journey. FEATURED GUEST → Katherine Studley

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

Send us a Text Message.Ever wondered if you can retroactively claim depreciation on a rental property or how to effectively structure multiple business entities for tax benefits?In this episode, Mike answers various listener questions related to tax strategies for small business owners. He covers topics including retroactive depreciation for rental properties, structuring multiple business entities, handling business-related vehicles, quarterly estimated tax payments, charitable contributions, hiring spouses, and the benefits of S corporations. He also provides detailed advice, including potential pitfalls and alternative strategies to optimize tax savings and compliance.[00:00 - 05:33] Retroactive Depreciation and Structuring Multiple BusinessesKaty asks about claiming depreciation on a rental property retroactively.Jeff inquires about setting up a new division within an existing business.[05:33 - 10:11] Business Vehicles, Quarterly Estimated Tax Payments, and Education ExpensesJulia asks about transferring a personal vehicle to a business.Gigi questions whether quarterly estimated tax payments need to be equal.Curtis asks about deducting tuition, books, and commuting costs for his daughter.[10:11 - 16:19] Charitable Contributions, Hiring a Spouse, and COGSTony inquires about the deductibility of charitable contributions.Scott asks about hiring his spouse for clerical work in his financial advisory business.Laurie asks about handling tax deductions for unsold inventory.[16:20 - 21:16] Payroll Taxes for Spouses and S Corporation vs. Sole ProprietorshipJasper asks about the benefits of hiring a spouse who works as a real estate professional.Angie and an anonymous Facebook group member ask about the benefits of filing as an S corporation.[21:16 - 25:15] Closing RemarksDirect Quotes:"The problem with charitable contributions is that they're an itemized deduction now, and a lot of people no longer take itemized deductions because the standard deduction is much higher." - Mike Jesowshek, CPA"99 percent of the time, the S corporation plays out as a better option if you're making $50,000 or more per year." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com/@TaxSavings 

In this episode of the Main Street Business Podcast, host Mark J. Kohler presents simplified tax strategies for business owners beginning their journey. Learn essential tips to safeguard your assets, reduce your taxes, and confidently control your financial path.Here's what you can look forward to:Mark introduces and breaks down the Trifecta concept for tax savings and asset protection.How the Trifecta design can be used as a tool for visualizing and achieving financial goals.Importance of separating business and personal assets for protection.Explanation of the benefits of setting up an S Corporation.Encouragement to invest retirement accounts in non-Wall Street products.Significance of having a tax advisor who understands advanced tax strategies. Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo. You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360 Curious what my new certification is all about? Learn More Looking to connect with a rock star law firm? KKOS is only a click away! Grab my FREE Ultimate Tax Strategy Guide HERE! Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!

In this episode of the Main Street Business Podcast, hosts Mark J Kohler and Mat Sorensen delve into a variety of tax topics, offering their valuable insights and addressing your burning questions. Follow along as they cover everything from key tax savings strategies to estate planning, property management, and more.Here's what you can look forward to:Advice on balancing personal and business expenses for tax write-offs.Emphasis on estate planning for smooth asset transition, avoiding probate, and clarifying wishes.Thoughts on the suitability of professional employment organizations for small businesses and complexities of solo 401(k) ownership within S Corporations.In-depth look at investment tips and the importance of relationship building. Simplified strategies for farming operations and tax planning. Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo. You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360 Curious what my new certification is all about? Learn More Looking to connect with a rock star law firm? KKOS is only a click away! Grab my FREE Ultimate Tax Strategy Guide HERE! Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler Craving more content? Check out my Instagram!