In this podcast episode, Tax attorney Jasmine DiLucci discusses identifying gray areas in tax law. She emphasizes the importance of thorough research and clarifies common misconceptions, offering insights for confidently navigating complex tax issues.

Welcome to Tax Leverage, where we talk about the tax laws that you can leverage in business. The information on this podcast is for educational purposes only and does not constitute professional legal or tax advice..

Business owners make better business decisions and minimize tax when they understand the financial implications of their business. In this episode, Jasmine talks about the biggest mistake she sees for business owners related to their financials and how to solve the issue

Welcome to Tax Leverage, where we talk about the tax laws that you can leverage in business. The information on this podcast is for educational purposes only and does not constitute professional legal or tax advice.

Tax Planning is crucial. In this episode, Jasmine DiLucci talks about her top three favorite tax planning opportunities right now.

Welcome to Tax Leverage, where we talk about the tax laws that you can leverage in business. The information on this podcast is for educational purposes only and does not constitute professional legal or tax advice.

Having the right company/operating agreement is crucial. Today, Lynnsee Starr, Corporate and Real Estate Attorney, talks about how these agreements protect your legal rights with third party creditors and business partners

Welcome to Tax Leverage, where we talk about the tax laws that you can leverage in business. The information on this podcast is for educational purposes only and does not constitute professional legal or tax advice..

Chapters

(00:00:00) -Introduction

(00:00:27) - What is a Company or Operating Agreement

(00:01:45) – The Biggest Mistake Made by Business Owners(

00:03:27) – Practical Situations Where You Need a Company/Operating Agreement

(00:07:02) – Legal Rights When You Have Business Partners

(00:10:09) – Creative Legal Provisions for a Company/Operating Agreement

When you start a business, you choose a legal entity and tax entity. Understanding the difference can allow you to maximize the benefits of both. Today, Jasmine DiLucci, JD, CPA, EA and Lynnsee Starr, JD, explain the difference between the two and review when to choose which type of tax entity.

Welcome to Tax Leverage, where we talk about the tax laws that you can leverage in business. The information on this podcast is for educational purposes only and does not constitute professional legal or tax advice.

Chapters

(00:00:00) - Introduction

(00:00:50) - Legal Entity v. Tax Entity

(00:05:19) - Tax Entity Choices of an LLC

(00:06:25) - Pros and Cons of Tax Entity Types

Employee retention is crucial and can improve when employer's profit share, but there are costly mistakes to avoid both for legal and tax purposes. Jasmine DiLucci, JD, CPA, EA, and Lynnsee Starr, JD, talk about when it makes sense to profit share with employees and how you can mitigate potential negative consequences.

Welcome to Tax Leverage, where we talk about the tax laws that you can leverage in business. The information on this podcast is for educational purposes only and does not constitute professional legal or tax advice.

Chapters

(00:00:00) - Introduction

(00:00:10) - Why Employers Profit Share

(00:02:25) - Two Most Common Options for Profit Sharing

(00:03:20) - The Biggest Mistake to Avoid When Profit Sharing

(00:08:59) - How to Mitigate the Risk of Adding an Employee to Ownership

(00:11:43) - Tax Impact of Adding Employees to Ownership

Delaware entities are known as a tax haven. Today, Jasmine DiLucci, JD, CPA, EA, talks about how forming your entity in Delaware may likely result in spending extra money rather than tax savings.

Welcome to Tax Leverage, where we talk about the tax laws that you can leverage in business. The information on this podcast is for educational purposes only and does not constitute professional legal or tax advice.

Chapters

(00:00:00) – Introduction

(00:00:46) – Delaware’s “Tax Loophole”

(00:04:47) – Two Reasons to Form a Delaware Entity

S-Corps can have very detrimental tax consequences. Today, Jasmine DiLucci, JD, CPA, EA, talks about how choosing an S-Corp could be a bad tax decision for your business.

Welcome to Tax Leverage, where we talk about the tax laws that you can leverage in business. The information on this podcast is for educational purposes only and does not constitute professional legal or tax advice.

Timestamps:

(00:00:00) Introduction

(00:01:37) Why people recommend S-Corporations for tax savings

(00:05:38) The huge tax mistake businesses can make when choosing an S-Corp

(00:13:16) Jasmine’s personal strategy in avoiding S-Corporation basis issues

(00:13:41) Which businesses should be careful in choosing an S-Corporation

Tax Leverage: Income and Estate Tax Upon Death

Welcome to Tax Leverage, where we talk about the tax laws that you can leverage in business. The information on this podcast is for educational purposes only and does not constitute professional legal or tax advice.