EP69: Tax Strategies and Deductions with Beth Wilson of Taxsavers
In this episode of the DYB Podcast, Steve is joined by Scott, April, and special guest, Beth Wilson. Beth is the president of Tax Savers, a company based in Florida that helps businesses move forward by offering simplified accounting and advisory solutions and great tax planning strategies.
In the podcast, Beth differentiates between LLC, S-Corp and C-corp and clarifies which one is right for a given type of business. She tackles tax strategies, the do’s and don’ts of tax preparation, and how to make the best out of a company’s earnings, deductions, and accounting.
Keep listening to the end for her favorite way to help clients reduce their tax burden!
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WHAT YOU'LL LEARN: Differences between LLC, S Corp, and C Corp Tax strategies for your painting business The do’s and don’ts of tax preparation How to make the best of your Company Earnings and tax deductions--------------
LISTEN HERE:XXXXXXX
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QUOTES:“If you’re a corporation, you then have a choice to be an S-Corp for taxation purposes where you can make an election or you are taxed as a C-Corp. An LLC is a real chameleon..”
“You need to have a partnership that is only husband and wife or a sole proprietorship that is one parent to be able to pay your children tax-free.”
“The motivation generally has to do with controlling the second tier of tax that most people don’t think about consciously, and that’s social security tax. Your bottom line as a sole proprietor is a hundred percent taxable for social security tax.”
“If you’re an employee, there’s no such thing anymore, under the tax code for employee business deductions.”
“You generally want somebody who’s federally licensed, like a tax attorney or an enrolled agent or a state license, which is a CPA.”
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HIGHLIGHTS:1:53 LLC, S Corp, and C Corp
6:12 Children as tax deductions
11:29 How should an owner be compensated?
15:01 Tax deductions
24:22 Charity as a business expense
25:56 Reliable tax preparers
Bonus: Her favorite tax-saving strategy that she loves to use!
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LINKS & RESOURCES MENTIONED IN THIS EPISODE:Join DYB
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ADDITIONAL FREE RESOURCES:Schedule Your Free Strategy Call With Steve
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Connect with Beth Wilson on Facebook here
Connect with Steve on Facebook here
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