In the realm of business, entrepreneurs often utilize personal assets for professional purposes, often missing out on potential tax advantages. While familiar with deductions like home offices and vehicle mileage, S corporation owners can tap into even more opportunities. This episode dives into the accountable plan—a tax-saving strategy beyond the inherent benefits of being an S Corp. Discover what the accountable plan entails, why it's crucial for your business, and the steps to seamlessly implement the necessary paperwork. Tune in for insights on maximizing your tax efficiency as an S corporation owner.

What you'll hear in this episode:

[1:05] Curious about the ins and outs of an accountable plan?

[2:30] Wondering about the expenses you can reimburse with an accountable plan?

[5:18] Is there a specific procedure to adhere to when reimbursing yourself?

[7:50] If you're already claiming certain deductions on your standard tax return, why should you bother with an accountable plan?

[11:45] Can you opt for an annual lump sum reimbursement, or is there a specific timeframe to meet?

[12:40] What essentials are required to put an accountable plan into action?

 

If you like this episode, check out: 3 Steps to Hire Your Kids the RIGHT WayProtecting Your Legacy Through Estate Planning with Clara Delgado RossellUnderstanding Criminal Tax Activity and The Repercussions with Robert Nordlander

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.