End of Year Tax Strategies EVERY Small Business Needs To Know

[@javieracosta5528]

You have the absolute BEST content. Hands down. You’ve inspired my wife and I to jump into the small business world.

[@sonjamccart1269]

I am a CPA and have received so much excellent, timely ideas for myself and my clients. I "know" this stuff but forget the benefits and deadlines.

[@mikeg5987]

Thank you Mark, great info and so glad I found you…working with one of your tax experts as of this past Tuesday!

[@DougBursonCPA]

The late election is a powerful way to save a ton. As a general rule the IRS always approves these. Mark is dead on with this point.

[@John009-m5l]

What happens to the last 12 months of payroll when late electing now? I assume most smllc electing late have already transferred profits to personal accounts. In this case, would one transfer the $$ back & run payroll for the last 12 months & take advantage of distribution?

[@bucky8346]

Can a sole proprietor have a family board meeting and do right offs for the food and travel?

[@anthonyl.m.8307]

Hi Mark J. K., THE BOARD OF MEETING APPLIES TO A SOLO OWNER OF A S-CARP WHERE YOU'RE JUST THE ONLY PERSON PRACTICING IN IT YOU STILL HAVE TO DO THE FAMILY BOARD MEETING ONCE A YEAR

[@THEtaxstrategists]

Mark - have you read Rev Proc 2013-30? It appears there is a reasonable cause REQUIREMENT. Are you suggestion that this requirement be ignored? Am I misreading the rev proc?

[@lnkinc6823]

I have a question as to your comment... At what part is he indicating or suggesting that the requirements be ignored?

[@THEtaxstrategists]

@@lnkinc6823 At ~1:49 he is telling people to make a retroactive S election back to the beginning of the year. The DUE date for an S Election to be effective for 1/1 is ~ 3/15 (75 days). Rev Proc 2013-30 provides "relief" if you meet the requirements including you had "reasonable cause" for missing the 75 day deadline. Not knowing about the potential benefits of an S election (e.g his so called strategy) is NOT a reasonable cause. Reasonable cause would be something like "I told my CPA I wanted to be an S Corp and he thought I was filing the election and I thought he was filing the election". Learning about the potential benefits and deciding on 12/18 when I watched Marks video is NOT reasonable cause. He does not even mention that you must have reasonable cause. As a CPA with 35+ years experience with major firm, I think this "GOAT" is being very loose with this advice and it borders on misrepresentation . It certainly seems to run afoul of tax advisor responsibilities under Circ 230 -what say you?

[@andrewvangils3112]

Could these write offs count if your kids/Significant other are employees but not board members? I assume you’d keep minutes and what was discussed still.

[@TheSystematicInvestor]

Please remind me, what is the minimum age for a child to be on the board?

[@leeowen773]

I own an s-corp and am retiring, my daughter is going to run the business but I still own it. I was just going to take rent. Problem?? You said I need to take a reasonable salary. What do I do here?

[@sonjamccart1269]

Oh yeah, one more comment, I have never heard any good advice from an EA. They are advocates for the IRS and that is where they get their training and rules. (That doesn't mean there are no EA's who are good, I just have not had that experience.)

[@marceloessabba7415]

I would like to reach someone at your office for more info. Please provide or have someone reach me please and thx

[@marceloessabba7415]

I would like to reach someone at your office for more info. Please provide or have someone reach me please and thx