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
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