Learn how your business may be able to help you save more in taxes!

In this episode, I’m joined by Mike Jesowshek, CPA and host of the Small Business Tax Savings Podcast as we discuss how to unlock the true benefits of an S-Corporation.

Having a better understanding of your business shouldn’t be complicated. Whether you’re new to the business world, or semi-retired with a thriving family business, this episode is packed with strategies presented “in crayon” just for you.

More specifically, we discuss:

• What is an S-Corporation, and how does it work?
• What are the main tax benefits of an S-Corporation election?
• Who should consider an S-Corp election, and who shouldn’t? What are possible disadvantages?
• What are the costs associated with being taxed as an S-Corporation?
• How should you run and manage your S-Corporation?
• What do business owners need to know before stepping away from their business?
• Tax strategies you can implement in your business:
  • Maximizing everyday deductions
  • Retirement plan
  • Charitable giving
  • Hiring your children

Resources:

• Mike’s Podcast: Small Business Tax Savings Podcast
• Retired-ish Newsletter Sign-Up
• Ask Cameron A Question!
• Free 4-Step Retirement & Tax Analysis for Ages 50+
• Additional Episode Related Resources Here

LPL Financial and Planable Wealth are not affiliated with or endorsed by Mike Jesowshek or the Small Business Tax Savings Podcast.

 

The key moments in this episode are:


00:02:10 -  Overview of S Corporations

00:04:21 - Basics of S Corporations

00:07:19 - Advantages of an LLC

00:09:59 - Disadvantages of S Corporations

00:13:34 - Disadvantages of an S Corporation for Small Profits

00:14:21 - State-Specific Disadvantages of S Corporations

00:15:00 - Additional Taxes for LLCs in California

00:16:29 - Importance of Proper Bookkeeping

00:21:23 - Cash Flow Management in an S Corporation

00:25:58 - Understanding Taxes for Business Owners

00:27:01 - Advantages of an S Corp Structure

00:29:45 - Stepping Away from the Business

00:30:16 - Tax Savings through Retirement Plans

00:38:52 - Maximizing Charitable Deductions

00:39:48 - Using Charitable Giving for Advertising

00:42:23 - Hiring Children in the Business

00:47:18 - Long-Term Benefits of Funding a Roth IRA

00:50:24 - The Power of Compound Savings

00:50:42 - Tax Strategies Made Easy

00:51:39 - Maximizing Deductions

00:52:32 - Taking Action on Tax Opportunities