Year-End Wrap-Up Part 1: Proactive Tax-Saving Strategies for Business Owners

The year is finally coming to an end. But are you and your business properly equipped for it?In this episode, Mike shares the tax strategies that should be taken into consideration as the end of the year approaches. He focuses on taxation for small businesses and the use of S Corporations. He also details some information on maximizing deductions and optimizing the benefits of LLC setups, salary considerations, retirement account funding, and board meetings. Mike also offers insights on the value of home office deductions, the importance of reasonable salaries, the benefits of accountable plans, and the 14-day home rental 'Augusta' rule. Get everything ready before 2024 by tuning in![01:17] Understanding and Utilizing S CorporationsWith an S Corporation, you need to take a reasonable salary as the owner of the businessHealth insurance should be taken as a business expense in the business before the deduction can be takenAn accountable plan is a way that you can reimburse yourself for items that you paid for[09:53] Maximizing Deductions and Utilizing Board MeetingsEvery small business owner should have some type of boardThe 14-day home rental rule or the ‘Augusta Rule’[14:02] The 14-Day Home Rental Rule and Retirement AccountsSolo 401k is the best option to put the most toward retirement[17:30] Summary and Final Checklist for Year-End Tax StrategiesThe Time Is NOW To Start Paying Less In Taxes. Join Our Tax Minimization Program (with Stress-Free Bookkeeping Training)! Join Our Tax Minimization Program Today!Key Quotes:"If you're operating as a sole proprietorship and you're starting to see some progress and think an S Corp might be in the future, do some legwork now to get that LLC set up." - Mike Jesowshek, CPA"Every time you're swiping your card, ask yourself: Is there a business purpose for this? Can I back it up? Is it reasonable and necessary in my business to make this purchase?" - Mike Jesowshek, CPA"Every small business owner should have some type of board. It serves as a great opportunity to again get tax deductions for some of those traveling, some of these meals." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/