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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The Importance of Bookkeeping
Owner Draws or Dividends for Small Business Owners
Tax Cuts and Jobs Act - Overview of Important Items
Being Prepared for Tax Season
Last Minute Year-End Important Items
S-Corp Retirement Considerations Before Year-End
Guest Hosts: Life Insurance Basics
S-Corp Reasonable Salary Prior to Year-End
Small Business Health Insurance Items for Year-End
1099's: What You Need To Know
Income Deferment For Year-End
Expense Acceleration Before Year-End
"Bunching" Itemized Deductions in One Year
Small Business Retirement Planning - Qualified & Non-Qualified Options
Meal Expenses NOT Gone!
Deadline Reminder: 2017 Tax Return Extension (Business and Personal)
Bookkeeping and Tax Essentials to Save Businesses Thousands
Avoiding an IRS Audit
Entertainment Expenses GONE but what about meals?
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