S corporation Owner Compensation Tax Strategy

[@borismusheyevcpa]

Hey Everyone, Boris here. Make sure you check out these links. 🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: bit.ly/download7TaxWriteOffs ☎ Schedule your FREE Tax Advisory Session - www.TaxPlanningCall.com 👉 Make sure you SUBSCRIBE so you do not miss out on future tax-saving tips and strategies - bit.ly/3AXHUtM

[@JulianBenjamin3d]

Tax laws can be so complex, and it’s super helpful to break them down like this. Understanding how different policies can impact our finances is crucial for making informed decisions.

[@SofiaJames9H]

Making profitable investments during this time of political change can be risky without that insight. For me, working with an adviser is the best first step to navigate these complexities and make informed choices.

[@ElizabethElijah2g]

I think having an investment advisor is the way to go. I've been with one because I lack the expertise for the market. I made over $490K during the recent dip, highlighting that there's more to the market than we average folks know.

[@ElizabethElijah2g]

Nicole Anastasia Plumlee can't divulge much. Most likely, the internet should have her basic info, you can research if you like.

[@patiencetumitalla3817]

I can't wait to have the phone call meeting on Tuesday. Thank you

[@marilynnu5567]

Boris, I appreciate your videos so much! I’m an accountant and an EA. Listening to you inspired me to want to learn more about tax strategies. I just became a member of the AICTP in pursuit of my CTC designation. I opened my firm a few months ago and I’m excited to be able to offer proactive tax planning to my clients. Thank you!

[@ellaterrell8091]

You're amazing, I'm learning more about savings in a corporation that I didn't know was available. I just started a homecare business and was browsing the internet to learn how to reduce my taxes and how the S-corporation works. I don't have clients yet to produce income but I want to get educated. Thank you for your videos

[@borismusheyevcpa]

Hey Ella! Thank you for your comment! If there are any topics you'd like me to cover let me know!

[@manassasman2002]

This was a very informative video. Thanks for sharing

[@Goddess8888-Winner]

You are such a genius and you apply your wisdom.

[@davidberry3126]

Where do you put home office expense reimbursement on the LLC sub S books?

[@laparo3]

Very valuable! Thank you!!

[@timgean8954]

Great video!! Question - when do you have to declare an owner compensation plan for health insurance? I have an S-corp (electrical contracting) and I don't think my accountant has ever filed an owner compensation plan. I am also on SSI with an advantage plan with a monthly premium of $173.00 a month. Can this be in the owner compensation plan? Thanks

[@SterlingSellsHomes]

You’re awesome Boris!

[@Xyz-jn4jq]

If you depreciate your home office when selling a house will debt affect the depreciation on it?

[@professor-dad]

I am very much looking forward to implementing an actual "tax strategy" next year. And I'm going to do my best to get this year sorted. But unfortunately I didn't get the S-corp election submitted in time for this year. I don't suppose there's an IRS form for late S-corp declaration? 😁

[@changingfashionsinc]

Thank you

[@borismusheyevcpa]

You're welcome

[@nguye1971]

Great content. Thanks.

[@EEZYEEEE]

Do we just write a check for all of the reimbursements at the end of the year or what is the best way to go about paying ourselves back the reimbursements?

[@samphares8057]

Great content, this was awesome!

[@borismusheyevcpa]

Thanks Sam!

[@BinLiutrianglehomes]

I love it. keep it coming

[@girlwonder6]

I loved the video!! Keep. it up ....

[@borismusheyevcpa]

Thank u

[@manuvns]

Is 50% of the profits reasonable compensation? And how do I take deductions for travel to clients location like flights, cars and short term stay

[@Streams375]

Thanks for this video. It has been very helpful. I have a C Corp and am pretty lost.

[@borismusheyevcpa]

Happy to help Pamela! Do you have any topics you'd like to see covered? We can add them to our content calendar for you!

[@Streams375]

There’s so much I don’t know. My company is an S Corp. I am paying so much money in taxes.

[@timmcclive]

Regarding health insurance and such if I do not own the S Corp myself? My S Corp is owned by a WY Holding Company.

[@Goddess8888-Winner]

So distributions are not taxed??

[@annguyen231]

Hello, would you have a template to set up the owner Comp package that can be file with the IRS as part of your owner comp / plan? Thanks,

[@borismusheyevcpa]

Hi An, if you would like more info on that please schedule a call with us at www.taxplanningcall.com

[@lifesjourney7219]

Thank very much

[@mariselaporras712]

Hi Boris!Thank you so much for all your videos! If I want to include my health insurance in my W2 then is the health insurance on my name or on the company’s name? I have an S corp with just one member. Thank you so much☺️

[@borismusheyevcpa]

Great news! It doesn’t matter under who’s name is health insurance, business or personal

[@garydownes1594]

Yes very informative. Can you narrow down advice on types of businesses. Such as semi truck owners etc. What deductions certain businesses can take in S Corp? Also when one says S Corp., Is that actually an S LLC? Thank you.

[@headlibrarian1996]

When you hear "s-corporation" think "entity electing to be taxed as an s-corporation". Could be an LLC, a partnership or a C-corporation.

[@Kdankwah]

Hi Boris I have a business that I think I can make about 150k this year. I just got my S Corp approved. I have paid any estimated Taxes yet. How do I estimate my taxes using 1040 ES? Do you have a spreadsheet I can use for the calculations?

[@bamboostedgarage]

What about if it’s partnered s-corp for construction can we deduct two home office and a storage garage for our equipment

[@borismusheyevcpa]

Yes u can!

[@ElizabethMartinez-pf9wc]

What if an owner can't take a reasonable salary for their industry because they're trying to pay off business debt in order to start cash flowing better?

[@conniesowens]

Do you have this info in writing? Hard to do videos/zoom for me with limited bandwidth on my Internet. Thank you.

[@borismusheyevcpa]

yes, we will be posting the transcript shortly. thanks

[@remitribelevelup]

What should one do if they have an Scorp but the work is commission? It makes money, but there are fears of taking out too much pay in case dry seasons hit. They've hit before.

[@borismusheyevcpa]

As long as for the year a total of reasonable comp is paid!

[@remitribelevelup]

@borismusheyevcpa I suppose that's where I'm looking for more grounding. Hard to define what may be reasonable for a side business.

[@isaacniasoff9294]

100% of home expenses are deductible?

[@knpstrr]

If you depreciate your home office that amount will be recaptured at 25% tax rate if you sell your house, correct?

[@borismusheyevcpa]

Recaptured at ur ordinary tax rate

[@alfredohernandez7475]

LOVE IT! How can I contact your services?

[@borismusheyevcpa]

Hey Alfredo - thank you for the kind words. My team would love to jump on a free tax strategy session with you - here is the link bit.ly/3o0D3hO

[@serenaverolla8910]

Hi Boris! Love your informative videos!! When you refer to S-Corp is this the same as an LLC taxed as an S-Corp? I just filed Form 2553.

[@headlibrarian1996]

They are the same thing for tax purposes.

[@peterchand9804]

Hello Boris. I would like to start an S Corp and would appreciate some help from your company before I do.

[@beavertonneurofeedback2363]

What's the minimum profit you recommend before converting from a sole proprietorship to an S-corp and why? Thank you!

[@borismusheyevcpa]

Hey Beaverton - I have a video being posted on this on Tuesday! I will send it to you

[@matronayakunin1785]

Io