The year is finally coming to an end. But are you and your business properly equipped for it?
In this episode, Mike shares the tax strategies that should be taken into consideration as the end of the year approaches. He focuses on taxation for small businesses and the use of S Corporations. He also details some information on maximizing deductions and optimizing the benefits of LLC setups, salary considerations, retirement account funding, and board meetings. Mike also offers insights on the value of home office deductions, the importance of reasonable salaries, the benefits of accountable plans, and the 14-day home rental 'Augusta' rule.
Get everything ready before 2024 by tuning in!
[01:17] Understanding and Utilizing S Corporations
[09:53] Maximizing Deductions and Utilizing Board Meetings
[14:02] The 14-Day Home Rental Rule and Retirement Accounts
[17:30] Summary and Final Checklist for Year-End Tax Strategies
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Key Quotes:
"If you're operating as a sole proprietorship and you're starting to see some progress and think an S Corp might be in the future, do some legwork now to get that LLC set up." - Mike Jesowshek, CPA
"Every time you're swiping your card, ask yourself: Is there a business purpose for this? Can I back it up? Is it reasonable and necessary in my business to make this purchase?" - Mike Jesowshek, CPA
"Every small business owner should have some type of board. It serves as a great opportunity to again get tax deductions for some of those traveling, some of these meals." - 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
Facebook Group: https://www.facebook.com/groups/taxsavings/
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