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
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Podcast Website: https://www.TaxSavingsPodcast.com
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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 yo
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