Small Business Tax Savings Podcast
Business:Entrepreneurship
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How should you reimburse yourself for business expenses? The truth is the answer will depend on what kind of business you have. In this episode, Mike dives into reimbursing oneself for business-related costs and introduces an accountable plan; What is it and why you might need it? He also covers the four major requirements for this plan to ensure the IRS will accept reimbursements as legitimate.
This episode is a must-listen for business owners aiming to navigate the often tricky terrain of personal and business expense separation!
[00:25] Reimbursing Yourself As a Sole Proprietor or Single Member LLC
[03:45] Reimbursing Yourself As A S-Corporation or C-Corporation
[05:36] How to Set Up An Accountable Plan
[12:30] Closing Segment
Key Quotes
“How we reimburse ourself is going to depend on how our business is organized.” – Mike Jesowshek, CPA
“An accountable plan is just a fancy word for reimbursement policy…it’s a tool to make sure that reimbursement is being done according to law and that the IRS will accept it." – Mike Jesowshek, CPA
Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
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To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
Listener Q&A with Mike Jesowshek, CPA
What Is an S Corp and Should I Become One in 2023?
How Is My Income Taxed?
What Retirement Plan Options Are Available For My Business in 2023?
How Do I Avoid an IRS Audit as a Business Owner?
How Can I Maximize Meals and Travel Deductions?
How Can I Maximize Office Expenses and Employee Benefits?
How Can I Maximize Advertising and Gift Deductions?
How Can I Maximize Deductions in My Business?
Listener Q&A with Mike Jesowshek, CPA
How Does The SECURE 2.0 Act Affect 401Ks?
What Are Estimated Taxes and How Do I Pay Them
Why Do You Need a Trademark or Copyright For Your Business?
What Contracts Do You Need For Your Business?
Do You Need an LLC For Your Business?
What Do I Do If I Cannot Pay My Tax Bill? What Options Do I Have To Pay For My Tax Bill?
What Do I Need To Know About Tax Extensions?
Listener Q&A with Mike Jesowshek, CPA
How Can I Lower My Tax Bill After Year End?
What Does the M&A Process Look Like?
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