Optimize Your Tax Savings: Must-Know Strategies for Women Business Owners - Ep 153

Ever wondered how your business could benefit if you could reduce your tax liability and increase savings all while ensuring compliance with the IRS? In this episode, Danielle Hayden, CEO & Founder of Kickstart Accounting Inc., and Kelsey Chester, Lead Account Manager, spill the beans on some of the most powerful tax-saving strategies for business owners. From choosing the right entity type to diving into the intricacies of becoming an S-Corp, they break down the criteria you need to know. Don't leave any deductions on the table! Whether you're a seasoned entrepreneur or just starting, there's a strategy for you. Ready to transform your approach to taxes?

Key Takeaways:

• S-Corps: net income, expense separations, and solid bookkeeping for your S-Corp Status.

• Health Saving Accounts (HSA plans) as an essential investment for tax-free growth, high-deductible insurance, and taking care of yourself.

• Secure your financial future by leveraging 401k and IRA contributions while reducing your taxable income.

• How your home can turn into a deductible business expense.

• Tax advantages of hiring your kids into the business.

• Don't leave any tax deductions on the table!

Topics Discussed:

Intro (0:00)

Favorite Tax Season Strategies (0:04)

Stop Co-mingling Business and Personal Finances (1:47)

S-corps and Paying Yourself Reasonable Compensation (2:40)

Have Bookkeeping in Place (3:12)

Strategies for Scorps (4:41)

Mindset Mastery Framework (6:24)

HSA Plans (7:26)

Retirement (8:22)

Why Do S-corps Need an Accountable Plan? (9:20)

Document Home Office Deductions Properly (10:57)

Last Strategy: Hire Your Kids (13:00)

Additional Strategies (13:46)

For help with your tax deductions and more, visit:

https://kickstartaccountinginc.com/get-started/

Connect with Kickstart Accounting Inc.:

Instagram | @Kickstartaccounting

Website | Kickstart Accounting, Inc.

YouTube | @EntrepreneurMoneyStories

Facebook | Kickstart Accounting, Inc.