Small Business Tax Savings Podcast
Business:Entrepreneurship
Send us a text
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
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
-------
Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
--------
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
What Tax Strategies Are Available After the Year Is Over? Tax Strategies After 12/31/21
What 3 Mistakes Do New High-Income Entrepreneurs Make and How Can They Avoid Them?
What's the Difference Between a Hobby and Business?
When Are 2021 Tax Returns Due? How Can I Make This Tax Season Stress Free?
Tax Savings Summit + Guest Appearance on the Financial Flossing Podcast
Tax Minimization Program + Guest Appearance on The Free Retiree Show
What Do I Need To Know About 1099s? (For Business Owners)
What Is Depreciation for My Business? When Does a Capitalization Policy Make Sense?
What Year-End Tax Strategies Are Available to Business Owners?
What Is a Cost Segregation Study and When Does It Make Sense?
How Do I Reimburse Myself From the Business? When Does An Accountable Plan Come Into Play?
What Is the Research and Development (R&D) Credit and How Do I Qualify?
What Health Benefit Options are Available for Small Businesses With Employees?
What Options Are Available to Business Owners With High Medical Costs?
What Is An HSA and How Do They Work?
How Does the Deduction For Self-Employed Health Insurance Work?
What Is the Employee Retention Tax Credit and How Do I Qualify and Receive the Credit?
Small Business Tax Savings Summit - Registration Now Open!
Interview with MJ DeMarco a International Best-Selling Author (The Millionaire Fastlane)
Starting a Business Series - Q&A Session - Part 2 of 2
Create your
podcast in
minutes
It is Free
Make Me Smart
Tax Chats
WSJ Your Money Briefing
NerdWallet’s Smart Money Podcast
The Indicator from Planet Money