3 S Corporation Tax Strategies Explained
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- Опубліковано 3 лип 2024
- If you’re like me, then you’re interested in how you can keep more of the money you make.
So get ready - here are 3 straightforward S Corporation tax strategies explained that you need to take advantage of ASAP!
I provide tax tips and resources to help you keep the most of your money from your business. So go ahead and browse the tax strategy videos I already have up and, after you subscribe, hit that bell icon so you don’t miss any future money-making tax strategies.
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Related Videos:
💰Owner Compensation Tax Strategy - bit.ly/3akZiLx
🏡 Real Estate Deprecation Tax Strategy - bit.ly/3t6jA1M
🌟 SERP IRA vs. SOLO 401k - bit.ly/3z9qmHW
*Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your own attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.
00:00 Introduction
00:18 What is S-Corp
01:33 What is the purpose of your S-Corp Entity?
04:13 Dividend distributions
05:44 Accountable Plan Tax-FREE Reimbursement
10:40 Kids on payroll = $12,950 deduction
13:56 Fringe benefits for S-Corp Owners...
16:02 Section 127 tuition reimbursement under CARES ACT
19:25 Tax Planning vs. Tax Preparation
🆓 Download FREE PDF: 7 Write Offs Every S-Corporation Business Owner MUST Know bit.ly/3DPw5UZ
☎ Schedule your FREE Tax Advisory Session - www.TaxPlanningCall.com/
I am setting up my company now and want to set it up right.
Can you help put me on the right path.
Thank you so much, I have never understood this as much as I have the way you've explained it 💯.
Happy to help!
I love this information 💯💯💯💯
Love the quality of your videos and the value you're providing! Thank you very much for your hard work.
I appreciate that!
I just found your channel! this is some good stuff!
Thanks for sharing such a video. Much needed. It was so convincing. Nice work.
Thank you that is so great
What a brilliant video. Great advice, simple and practical.
Amazing value provided in this video. Thanks Boris!
Glad it was helpful!
best video! keep it coming!
Excellent advice !
Thank you. I am setting up my LLC for S Corp election right now and have many questions! Wpuld love to catch you on another stream
Thanks for all the good data. There is so much to go through.
Glad it was helpful!
Thank you Boris
Excellent !!!!!
Thank you so much. My prayers have been answered. A few years short, but never too late
You are so welcome
wow! Just found you, just started a business, will definitely be following you.
This is so helpful! Breaking it down!
Glad you think so!
Now we’re talking. Great advise!
I am in the process of changing my LLC to an S Corp and I hope the CPA I hired is as on the ball as you . I appreciate your knowledge and insight
Thanks for this useful session!
Glad it was helpful!
Thanks!
This is next level
Boris, you are phenomenal!! I'm going to follow you like a lost puppy! Thanks!!
Lol thanks! We always take care of lost puppies!
awesome training
These strategies are amazing! About to hire you as my CPA :)
This is awesome content thanks Boris! Tax Planning Yes
Peter schedule your call with my team at www.taxplanningcall.com
Omg, i should of found you years ago!! I am working on filing my raxes now
😊 amazing!!!
really appreciate all the info share here< Thx Boris
My pleasure Carlos! Is there any topic you'd like to see me cover?
Amazing info!!!
Ty!!
I just sold a property in Portland and I'm thinking of putting the cash in stocks, I know everyone is saying it's ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains with months, I'm really just confused at this point.
@AnnaSPerez-zk5eq It all depends on how long you're willing to hold for, stocks might likely tank further, but making serious gains in this downtrend wouldn't be a problem if you're a pro.
@AnnaSPerez-zk5eq Hi, please who is the expert assisting you and how do I reach out to them?
Great video
Thank you for sharing 💪
My pleasure!
You and Mark J Kohler are my go to for tax advice
Please do a video on the tax codes you mentioned. I think that would be very helpful to all of us that listen.
great video
Great info
Subscribed ✅
Good guy!
As a CPA who does both tax and audit… I find your videos extremely helpful. Thanks, Boris!
Thanks Cory!
Even with my knowledge I know I need help with my business structure
Hopefully by now we should get it the idea 💡.
Thankyou
I am glad I am near your office in Queens NY! Will visit you soon :)
Ha ha only by appointment😆
Thanks for the awesome video, very helpful for me. I opened by company in 2022 Feb and I am the only employee of my scorp and work from home.My CPA like you explained says cannot deduct anything. He said no to even paying kids. Is it too late to pay kids for 2022 and all these accountable plan you mentioned. I heard you can deduct for first year company opening expenses too but he says no to it too. Where is that Costco video you mentioned?
very good info
Glad it was helpful!
Very informative wish you were my tax man
Great vid I’m a cpa in Modesto California and always trying to expand my knowledge and this was great. Love your energy I think you could be in the wwe
Awesome I love to hear that! I'm glad you found it helpful :)
I'm also in the 209. Can we connect about tax strategy? I am currently working with an EA but haven't talked strategy. New to this! Your Time and consideration would be greatly appreciated. Thank you.
Awesome!
Thanks!
Your awesome
By now we shouldn't be surprised in our previous time with our parents and they're connection to life's lessons learned.
you are amazing
Thank you for sharing this information. Can you explain a little more and possibly show an example of how to go back and "catch up" on the health premiums through payroll so that it will appear on the W2 be able to take advantage of the tax savings? thank you!
Check out this video: ua-cam.com/video/kKvCAuHPrdU/v-deo.html
You got love
Enjoying your videos, we are starting out with a new business and want to make sure we do everything the right way, do you offer tax planning services for companies that are just starting out? Or would you be able to recommend someone who does?
Good content 👍
Thanks Rick! Is there any topic you'd like to see more of?
@@borismusheyevcpa ...Thanks for asking. I'll certainly ask if something comes to mind in the future.
Good Stuff
Im next! Tax planning!
Hey Sunny! You can schedule a call with my team here: www.taxplanningcall.com
some love
Boris, great video. Can you do 1099 for our kids who worked for the business?
I just saw this 2/27/2024.
Love learning on this subject. Where can I further my learning?
thanks Boris. Subsribed.
Can you do a breakdown 1120s vs 1065? We have 2 1065's and do draw and distribution after income end of year, vs 1120's, where you have to have payroll and w2. pros and cons if you can do. thanks
# Tax Preparation #Tax Planning Lots of questions
Tax Planning!!
Wow I need to hire you for my tax planning, asap
Lets do it! calendly.com/tax-strategy/tax-strategy-session-yt
😮 love in the comments!!!!
Is there a video for pre launch tax strategies, for new business? Particularly s-corp?
love
If you work out of the home office, how much is the mortgage and utilities can you claim. Only the square footage of the area? So a percentage of the payment? Or can you do the entire aps bill, entire garbage bill? With the accountable plan. Currently we are an s corp and have the electric bill directly from th3 business account.
TWO questions. so I cut trees in the woods my home is definetly my office, and the woods is where i perform my work falling trees , can I write the milleage off when i drive from my home to the woids , the location of my cutting changes .
Great video Boris! Thank you so much! 👍 Question: if I'm a 2% S-Corp owner, I know I can't get the fringe benefit of my company paying for my health insurance, but can they reimburse me for my health insurance premiums? And if not, can I deduct this on my personal tax return?
Yes and yes. Start a Health Reimbursement Arrangement by formally adopting a plan, then the plan reimburses you (after you substantiate them, so keep it formal in case of audit) for premiums and any other eligible expense. The company adds those reimbursements as non-FICA wages on your W2, and you deduct them as self-employed insurance. It is best if you are the only employee, then you can do a full section 105 HRA with unlimited reimbursements. If you have employees and no group insurance plan I would do an ICHRA, which in theory has no reimbursement limits, but if you want a high reimbursement limit for yourself you must also give it to your employees. They can then buy an ACA individual plan for themselves, which you reimburse through your HRA. If you have a group insurance plan paid by the company then your HRA can only reimburse you for the premiums you actually pay out of pocket, the company portion becomes a taxable fringe benefit to you as a 2% owner, which is clearly not ideal.
I’m NEXT
Great stuff. You also sound like Adam Sandler. I'm sure that's not the first time you've heard that.
Actually first time! Lol
Going from sole proprietor to S Corp
Can I use Accountable Plan in other types of entities (LLC, C Corp, Partnership, etc)?
Hey, i like your channel! I have a couple questions: 1) what if the s-corp doesnt make any money, how do you pay yourself? 2) If the business does make money, do you have to distribute the entire profit, or can you leave some in the business for growth and expansion?
1. You do not have to pay payroll if you didn’t make any money; if you’re not making money, you likely elected S Corp too soon; 2. You do not have to distribute all profits.
Great video, very well explained! Where can I find or get your book?
Check it out here: www.scorptaxbook.com
Is buying a home with an S-corp possible?
I have a HVAC contractors license in California and I’m looking into buying a home that will be also where I do lots of paperwork .
You have a great way of explaining these complex strategies very clearly. I live in NJ and want to work with you.
Can I set up a call to speak with you?
Yes you can speak to my team at www.taxplanningcall.com
Can you take distributions and classify them as return of invested capital and pay no tax as its simply a return of your invested capital? Also how is your basis determined when debt is involved. For instance, I buy a 2 million dollar business. I put 400k down and finance the rest. How does the debt affect the basis?
I’m starting a new business and would love some help with tax planning
I’m sorry if I missed this in your video. But besides the fact with section 127 I’m helping my kid get some extra money for tuition, what is the personal tax savings for me as a business owner of an S-Corp to offer tuition reimbursement? How will this lower my tax liability? {I really hope my question makes sense to you and thanks in advance!}
Are 280A ("Augusta Rule") days accountable plan reimbursements or are those done separately?
Love it ..... Go hide lock your doors and write the check...ahhahhahahha Love your videos brother.
What is the downfall of using depreciation of my home? Is it true that the depreciation percentage will be deducted from the profits when I sell my house?
What's a reasonable price for preparing an 1120-S?
Tax preparation
Boris, great stuff! Retirement plan specialist here. Let me know if you want to chat sometime about 401k plans.
is it easier to pay your kids through a family management company rather than paying them a w2 from your business?
I have a s corp for granite countertops and I also have a job as a 1099 truck driver that I only drive. Should I or am I able to get my check wired to my countertop business account or should I open up a new S corp or LLC or C corp? Or what would you recommend I do?
About if my son went just a semester to a private university, hes currently 19, and he works full time with us. Should I wait till he is 21 to pay that student loan, with the business money? Even if he didnt finished. Or he would have to finish a career?
Great video. I would like to discuss with your team
You can schedule a call with my team here www.TaxPlanningCall.com
Noce 👌
I'm next.
Can you do taxes for a S Corp in Missouri?
I'm next. Please reach out.
Do you host workshops ?
Hi just came across your vid. Is there a way for a C corp to help me with my studnet loans that has acquired prior to working for that company? Much thanks