S Corps, Gym Membership Deductions, Solo 401(k)s, and Family Hires: Listener Q&A with Mike Jesowshek CPA
Podcast: Small Business Tax Savings PodcastPublished On: Wed Aug 14 2024
Description: Send us a textAre you leaving money on the table when it comes to your business taxes? In this Q&A episode, Mike Jesowshek answers your tax questions! From S corporation salary conundrums to the surprising deductibility of gym memberships, Mike provides actionable insights that could save you thousands.[00:00 - 07:15] S Corp Salaries and Retirement AccountsCan an S corporation owner take only dividends and no salary?How to determine a reasonable S corp salary?Can I start a solo 401k in my side hustle without breaking control group rules?[07:16 - 13:30] Deductible Expenses and Hiring FamilyIs a gym membership with business offices tax-deductible?How to allocate costs between personal and business use?What are the tax implications of hiring my teen in a sole proprietorship?[13:31 - 21:00] Solo 401(k)s and BookkeepingWhat are the contribution options for solo 401(k)s for both spouses?How to structure businesses for married couples?Can bookkeeping be automated? What software is recommended?[21:01 - 26:30] Accountable Plans and Cash PurchasesDo husband-wife-owned LLCs need accountable plans?How to handle partnership filing in non-community property states?How to document and prove business purchases from Facebook Marketplace?[26:31 - 35:00] Tax Deductions and Management FeesWhat expenses can self-employed pastors deduct?Should I set aside taxes based on gross revenue or profit?What's a reasonable fee for a family management company?Direct Quotes:"Don't invest something just for a tax benefit. Like they always say, ‘Don't let the tax tail wag the dog.’" - Mike Jesowshek, CPAResources Mentioned:Life Inc Retirement ServicesXero accounting softwareQuickBooks Online______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/YouTube: https://www.youtube.com
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