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Main Street Business
#539 The 4 Best Tax-Write Offs NO ONE Talks About... w/ Karlton Dennis
Oct 29, 2024
Karlton Dennis, an enrolled agent and tax strategist with a notable YouTube following, joins the conversation to share hidden tax-saving gems. He discusses the advantages of switching from an LLC to an S corporation, emphasizing self-employment tax reductions. Strategies for involving kids on payroll as a tax deduction are explored, potentially saving families significant amounts. Dennis highlights the importance of year-end retirement contributions and the use of self-directed accounts for investing. A must-listen for entrepreneurs eager to optimize their taxes!
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Quick takeaways
- Reclassifying an LLC as an S corporation can significantly reduce self-employment taxes, providing substantial financial benefits for self-employed individuals.
- Utilizing bonus depreciation and strategic board meetings can enhance tax deductions for small business owners while fostering asset protection and family engagement.
Deep dives
The Rise of Side Hustles
A significant trend in the workforce is the rise of side hustles, with approximately 45% of working Americans engaging in such endeavors. This phenomenon has led to over 100 million side hustles across the country, often involving activities such as freelance work, transportation services like Uber, and small-scale landscaping jobs. These side hustles serve as an entry point into entrepreneurship, but they also come with unique tax implications that entrepreneurs must navigate cautiously. Understanding the tax liabilities associated with side hustles is crucial for avoiding unexpected financial burdens.
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