Main Street Business #549 5 Year-End Tax Strategies The IRS Wants You To Ignore…
Nov 29, 2024
30:26
In this episode of the Main Street Business Podcast, Mark J. Kohler shares valuable insights on year-end tax strategies that can help business owners save money and optimize their financial planning. With over 20 years of experience as a CPA and attorney, Mark breaks down five key strategies that every business owner should consider before the year ends. From retroactive S elections to maximizing health savings accounts, this episode is packed with practical advice for navigating the complexities of tax season.
Here are some of the highlights:
- Mark explains the importance of making a retroactive S election to potentially save thousands in self-employment taxes.
- He discusses how to determine reasonable payroll amounts for S corporations, emphasizing the benefits of strategic compensation.
- The episode highlights the necessity of making a sale before year-end to unlock deductions for startup costs.
- Mark introduces the concept of holding a board meeting as a tax write-off opportunity, encouraging listeners to engage family and friends in their business discussions.
- He emphasizes the significance of health savings accounts (HSAs) and the upcoming open enrollment period, detailing how HSAs can provide substantial tax advantages.
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