Tax Technical

Core 4 overview

The "Core 4" - the easiest, quickest way to get started with your clients with tax planning

It doesn't require a lot of time or money to set up, and there's never a net cash loss with these 4.    

1. S-Corp

2. 14 day rental

3. Hire kids

4. MERP / HRA

S corp Basics

Why choose an S-Corp, rules, electing an S-Corp, late elections (I wanted to be an S-Corp but didn't file the paperwork), where to register the S-Corp, S-Corp downsides

11 Min - Overview

S corp cash flow

Paying yourself payroll is an important part of the S-Corporation. It's also the #1 reason that S-Corp's get audited by the IRS, so you want to make sure you do it right. The profit of the business is not taxed social security and medicare, but your wages are.

S-Corp Reasonable Compensation

Action Items:

1. Fill out the RC Worksheet (below) and submit to us. Be sure to track your # of hours spent on each task, or the percentage of time spent performing tasks relative to your total time spent working.

2. Receive the completed RC report and file it 

3. Draft a corporate resolution to set the R.C. to the amount shown on the aforementioned report.  

4. Decide the frequency of pay and setup payroll (see payroll page) 

Rinse and repeat yearly

S Corp Accountable plan

Choosing a business entity/ structure

LLC Vs. Corp Vs. S-Corp 

The "Core 4" - the easiest, quickest way to get started with your clients with tax planning

It doesn't require a lot of time or money to set up, and there's never a net cash loss with these 4.    

1. S-Corp

2. 14 day rental

3. Hire kids

4. MERP / HRA

LLC /  S Corp State Registration

Choosing the right business entity

The "Core 4" - the easiest, quickest way to get started with your clients with tax planning

It doesn't require a lot of time or money to set up, and there's never a net cash loss with these 4.    

1. S-Corp

2. 14 day rental

3. Hire kids

4. MERP / HRA

Rent your Home

Rent your home to your Corporation, up to $14,000/yr tax free!​

Using your dining room as a conference room for a monthly business meeting can save you thousands on your taxes. 

Hire Kids (Family)

Rent your home to your Corporation, up to $14,000/yr tax free!​

Using your dining room as a conference room for a monthly business meeting can save you thousands on your taxes. 

A (MERP / HRA)​ with an S-Corp

Rent your home to your Corporation, up to $14,000/yr tax free!​

Using your dining room as a conference room for a monthly business meeting can save you thousands on your taxes. 

13 Easy Tax & Money Saving Tips for 2018 Year End Tax Savings

Business owners- 13 Easy Tax & Money Saving Tips for 2018 Year End Tax Savings! - not tax advice - consult your tax professional

Travel

Retirement Accounts - IRA vs 401k - 

With Edin Cuskovic, EA, CFA

Time Management Techniques

Eisenhower Matrix - Make time to take care of important things 

As tax pros, we constantly have things coming at us all the time. Utilizing the Eisenhower Matrix will help you block out the time to do the important (but not urgent) things that will help you grow yourself and your business grow successfully.

 

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Boomerang for Gmail: Scheduled sending and email reminders

https://www.boomeranggmail.com/