Mailbox - Self Rentals, S-Corps and Sales Tax [E124] - Business By The Numbers

Thanks to our partners, NAPA TRACS and PromotiveMore listener questions answered! This week is all about S Corporation tax benefits, determining fair market rent when renting property to yourself, and the details of sales tax on internal transactions. Optimize your tax strategy and enhance your business operations.• Understanding the advantages and state-specific impacts of transitioning to an S Corporation.• The importance of charging fair market rent to avoid future complications when selling your business.• Clarifying the difference between sales tax and use tax for internal transactions and ensuring compliance.• Real-life examples and answers to common tax planning and business structuring questions from listeners.https://www.tn.gov/revenue/2024franchisetax.htmlThanks to our partners, NAPA TRACS and PromotiveDid you know that NAPA TRACS has onsite training plus six days a week support?It all starts when a local representative meets with you to learn about your business and how you run it.  After all, it's your shop, so it's your choice.Let us prove to you that Tracs is the single best shop management system in the business.  Find NAPA TRACS on the Web at NAPATRACS.comPaar Melis and Associates – Accountants Specializing in Automotive RepairVisit us Online: www.paarmelis.comEmail Hunt: podcast@paarmelis.comGet a copy of my Book: Download HereAftermarket Radio Network