Advanced Tax Strategies for Business Owners | Home Office Deductions, Augusta Rule, and More

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In this episode, we dive deep into various tax strategies tailored specifically for business owners. We cover essential topics such as home office deductions, the Augusta Rule, paying your kids on payroll, Solo 401(k)s, and advanced strategies like captive insurance. The first half of the podcast is dedicated to potential tax changes currently under review by the Senate. We discuss extensions of the Tax Cuts and Jobs Act, increases in qualified business income deductions, and more. In the second half, we bring on guest Patrick Lonergan to discuss specific strategies for business owners and how to optimize personal taxes linked with business operations.

00:00 Introduction to Today's Podcast

00:18 Overview of Potential Tax Changes

00:41 Extension of Tax Cuts and Jobs Act

01:26 Bonus Depreciation and Section 179

03:13 Qualified Opportunity Zone Program

03:57 State and Local Tax Cap Increase

04:33 Lifetime Estate and Gift Tax Exemption

06:19 Additional Tax Changes and Implications

08:03 Infomercial: Family Office Ohana Mastermind

08:35 FOOM and Real Estate Professional Status

11:33 Tax Strategies for Business Owners

14:00 Home Office Deduction

17:09 The Augusta Rule

21:28 Family on Payroll

24:37 Qualified Business Income Deduction

29:18 Level Two Tax Strategies

37:27 Setting Up Retirement Plans for Solopreneurs

38:46 Navigating IRS Audits and Employee Classifications

39:17 Overview of Level Two Tax Strategies

39:37 Understanding ROBS and Roth Conversions

41:08 Introduction to Level Three Tax Planning

41:22 Captive Insurance: Benefits and Risks

46:38 Investing Through Captive Insurance

55:31 Level Four: Tax Fraud and Evasion

57:30 Common Pitfalls and CPA Involvement

01:05:39 Final Thoughts and Contact Information

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