Tax Strategies for Business Owners

In this episode, I'm joined by Chad Huebsch from Blueprint Tax to break down the importance of tax planning for business owners doing $1 million to $10 million. Chad shares valuable insights on entity selection, including the pros and cons of sole proprietorships, S-corporations, partnerships, and C-corporations. Some highlights:

• PTET (Pass-Through Entity Tax): How to maximize deductions for state and local taxes

• QBI (Qualified Business Income) Deduction: Understanding the thresholds and how to optimize your tax situation

• Retirement Planning: Exploring options like 401(k)s and cash balance plans to save on taxes while preparing for the future

• Hiring Family Members: The benefits and considerations of paying your children or spouse for work in your business

• Real Estate Strategies: Using short-term rentals and property ownership to offset income

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✅ Financial planning for 30-50 year old entrepreneurs: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.allstreetwealth.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

✅ My personal blog & newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.thomaskopelman.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Disclaimer: None of this should be seen as financial advice. It is just for informational purposes.