In this episode, where we dive into the valuable Home Office Deduction. But who is eligible for this deduction, and how can you maximize it without raising any red flags with the IRS? In this episode, we explore the key points you need to know about the Home Office Deduction. We'll discuss who can take advantage of this deduction and provide insights into the rules and guidelines that need to be followed. Lastly, we'll explain why S-Corps need to pay extra attention to this deduction and provide tips on how to stay compliant. By the end of this episode, you'll have a better understanding of the Home Office Deduction and how to make the most of it. So, sit back, relax, and tune in to this informative episode on maximizing the Home Office Deduction.

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HOME OFFICE DEDUCTION TEMPLATE

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On the show today, Katie Nentwick, the owner of Nentwick Legal Services, LLC. Katie is a business, tax, and estate planning attorney who assists business owners, real estate investors, and families all over the country.

In this episode, we discuss the topic of trusts, specifically revocable and irrevocable trusts. Katie provides us with a thorough explanation of what a revocable trust is and when it might be useful to have one. She also explains what an irrevocable trust is and the circumstances under which it would be necessary.

Katie offers valuable insights into the different types of trusts that you should avoid and why. She also discusses the importance of choosing the right trustee for your trust and the considerations that should be taken into account when making this decision.

Whether you are a business owner, real estate investor, or simply looking to protect your family's wealth, this episode is a must-listen. So, tune in and join us as we delve deeper into the world of trusts, and learn how you can use them to build your wealth and secure your financial future.

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Katie's Website

Email: [email protected] 

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In this episode, I discuss my experience setting up a parent company for my firm. I share the reasons why I changed the ownership structure of my firm. Additionally, I delve into the tax benefits of having a subsidiary company and provide some practical tips on how to optimize tax savings through careful planning and structuring. Finally, I share a mistake I made during the process of setting up my parent company and the lessons I learned from it. This episode provides valuable insights and information for those considering setting up a parent company and subsidiaries for their business.

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With the right knowledge, you can also save money on your taxes by deducting some of the costs associated with fitness programs. Knowing what qualifies and how to properly document your expenses is essential for claiming tax deductions. In this episode, you will learn the rules for deducting fitness program expenses from your taxes and how to maximize your tax savings.

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Publication 502

IRS FAQ Update

When it comes to planning for your financial future, two of the most important taxes to consider are capital gains tax and estate tax. These can have a significant impact on both your current and future finances, so understanding the differences between them is essential. This episode will explain the key differences between avoiding capital gains tax versus avoiding estate tax, including what each entails and the potential implications for you.

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Dan Duran is the Vice-President of Content & Partnerships with the International Sports Sciences Association (ISSA). Dan is an ultra-triathlete, having completed numerous Ironman’s, two Double Ironman’s, a Triple Ironman, and a Quintuple Ironman.  

Dan shares what makes ISSA different from its competition and how they're helping fitness professionals succeed in a highly competitive industry. With a focus on education and providing support for their coaches, ISSA is helping to elevate the standard of the fitness industry.

If you're a new coach looking to build a successful and sustainable business, or if you're interested in learning more about the fitness industry, you won't want to miss this episode. Let's dive in!

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As an Online Entrepreneur, you likely do a fair amount of traveling for business, whether it's attending conferences, meeting with clients, or collaborating. But did you know that many of these travel expenses are actually tax-deductible?

In this episode, we'll be sharing some valuable tips and tricks for getting the most out of your travel deductions. We'll discuss how to write off a weekend getaway, even if it includes some personal leisure time, as well as how to write off food expenses when you didn't actually eat. We'll also cover important retirement deadlines that you need to be aware of as a business owner.

If you're looking to maximize your deductions and keep more of your hard-earned money in your pocket, you won't want to miss this episode. Let's get started!

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Many business owners are looking for ways to reduce their overhead costs, and one often overlooked way to do this is to pay less payroll tax. Business owners can use several strategies to minimize the amount they owe. This episode will provide an overview of how online business owners can save money on payroll tax.

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Department of Labor link

As an online entrepreneur working with a business partner, making the decision between forming an S-Corporation or a Partnership can be daunting. With both entities offering advantages and disadvantages, it is important to consider which option best suits the specific needs of your business. To provide clarity, this episode covers the distinctions between S-Corp and Partnerships for online entrepreneurs so that you can make an informed decision when structuring your business.

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If you get stressed thinking about the Internal Revenue Service (IRS), it might help to think about them like a bank. In this podcast episode, we explore the concept of using the IRS payment plan options rather than “hiding” from them. We'll cover topics such as:

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