Small Business Tax Savings Podcast
Business:Entrepreneurship
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Ever wondered how an S-Corp's retirement contributions differ from a sole proprietor's? Or why the salary of an S-Corp owner is under scrutiny by the IRS?
Dive into today's episode as Mike answers the questions you submitted! We dive into the intricacies of S-Corp tax strategies, answer questions about ad spends and late S-Corp conversions, and delve into the practicality of hiring children in business. Plus, get tips on navigating errors in transactions and staying ahead with the latest in tax planning.
[01:12] Insights on S-Corps, LLCs, and Retirement Planning
[11:38] Tax Implications for Home-Based Work, S Corp Salaries, and Business Losses
[17:24] Questions on 1099 Mechanics, Hiring Minors, and Maximizing S Corp Deductions
[22:17] Navigating 1040 ES Payments and Initial Capital Contributions on 1120-S
[24:20] Final Thoughts
Key Quotes
“When we look at retirement plans, look at two things. Who are we looking to take care of? And there can be multiple choices. Is it the business owner or is it their employees or both? And then what is the purpose of the plan?"– Mike Jesowshek, CPA
“Now is the opportunity if you have not started tax planning yet or if you have not completed the implementation of the tax strategies that we talk about every single week on the podcast here. Now is the time to take action." – Mike Jesowshek, CPA
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax
IncSight Packages: https://incsight.net/pricing/
Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
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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 questi
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Financing Small Businesses and Franchises (w/ Special Guest Paul Bosley)
Deducting Travel For Business
Preparing Your Bookkeeping for Year-End
Marketing in the Digital Era (w/ Special Guests Jeff Van Kampen and Nick Urso)
Expensing Items Under $2,500 (Safe Harbor Method)
Accountable Plan Importance (Expense Reimbursement)
Home Office Deduction for S Corporations
Appearance on The Mind Body Business Show with Brian Kelly
Quarterly Estimated Taxes for Business Owners
CRM and Digital Marketing (w/ Special Guest Fred Varin and Jackie Brajner)
Business Meal Tax Deductions After Tax Law
Using Habits to Attain Goals
Stop Commingling Personal and Business Items
Tax Savings for Real Estate Investors (w/ Special Guest Paul Moore)
Sole Props and Partners Mistakenly Paying Themselves Illegal W2 Wages
Hiring Your Children in Your Business
Mortgages for the Self Employed (w/ Special Guest Bill Moeller)
Looking Ahead to 2019 Taxes
Xerocon and Free Bookkeeping Training Program
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