In this episode, Bonnie Yam explores tax complexities for entrepreneurs with expert Donna Yam. They discuss corporate structures, tax implications, deductible expenses, and the importance of record-keeping. Key topics include home office deductions, asset depreciation, payroll taxes, business tax credits, and tax-advantaged retirement plans. Strategies for reducing taxable income, managing sales tax, and understanding state-specific regulations are highlighted. The episode concludes with essential tax planning tips and the benefits of entity restructuring.

(0:00) Introduction and overview of tax complexities for entrepreneurs

(1:15) Introduction of guest expert Donna Yam

(2:06) Corporate structures and their tax implications

(7:42) Business tax structure determination and estimated taxes

(10:16) Deductible expenses and the importance of record-keeping

(12:10) Home office deductions and asset depreciation

(15:15) Navigating payroll taxes

(18:00) Exploring business tax credits

(22:03) Retirement plans and tax advantages

(24:49) Strategies to reduce taxable income

(25:21) Understanding and managing sales tax complexities

(27:09) State-specific tax regulations and summary of key points

(28:22) Essential tax planning tips

(29:19) Benefits of entity restructuring

(29:41) Closing remarks