Small Business Tax Savings Podcast

He Makes $300K+ with an S-Corp… But Paid Way Too Much in Taxes! Live Tax Audit

22 snips
Nov 19, 2025
Guest
Matt Parrish
Matt Parrish, owner of DIY Retaining Wall LLC, shares his journey as a small business operator who recently raked in $300K+ but still saw a hefty $30K tax bill. He discusses critical tax strategies he could implement to save money, from maximizing meal deductions to turning personal expenses into business write-offs. Insights on travel deductions and the often-overlooked Augusta Rule showcase simple shifts with significant financial benefits. Matt's exploration of advanced tax planning is a must-listen for S-Corp owners looking to optimize their tax situation.
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ADVICE

Lock Down Core S‑Corp Basics

  • Do set up and maintain an accountable plan, home office, and mileage tracking to capture common S‑Corp deductions.
  • Review and maximize these core strategies before moving to advanced planning.
ANECDOTE

Real Case: Seven‑Figure S‑Corp Owner

  • Matt Parrish runs DIY Retaining Wall LLC, an S‑Corp with revenue between $500K and $1M and expected profit of $300K plus salary.
  • He paid $30,000 in taxes last year and expects revenue to increase 50–100% next year.
INSIGHT

Move Spending From After‑Tax To Pre‑Tax

  • Shifting ordinary personal spending into legitimate business categories converts after‑tax dollars into pre‑tax savings.
  • Meals and small regular expenses are frequent overlooked opportunities for immediate tax benefit.
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