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S corporation Owner Compensation Tax Strategy

  Рет қаралды 19,785

Boris Musheyev, CPA

Boris Musheyev, CPA

Күн бұрын

Пікірлер: 52
@borismusheyevcpa
@borismusheyevcpa Жыл бұрын
Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know bit.ly/3DPw5UZ Schedule your FREE Tax Advisory Session: www.TaxPlanningCall.com
@marilynnu5567
@marilynnu5567 3 ай бұрын
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
@ellaterrell8091 Жыл бұрын
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
@borismusheyevcpa Жыл бұрын
Hey Ella! Thank you for your comment! If there are any topics you'd like me to cover let me know!
@manassasman2002
@manassasman2002 3 жыл бұрын
This was a very informative video. Thanks for sharing
@josephinebardot8403
@josephinebardot8403 5 ай бұрын
It is a great video thanks for the great information and well delivered. This is exactly what I was looking for.
@borismusheyevcpa
@borismusheyevcpa 5 ай бұрын
Glad it was helpful!
@CryptoQueen8888
@CryptoQueen8888 6 ай бұрын
You are such a genius and you apply your wisdom.
@changingfashionsinc
@changingfashionsinc Жыл бұрын
Thank you
@borismusheyevcpa
@borismusheyevcpa Жыл бұрын
You're welcome
@nguye1971
@nguye1971 3 ай бұрын
Great content. Thanks.
@laparo3
@laparo3 8 ай бұрын
Very valuable! Thank you!!
@BinLiutrianglehomes
@BinLiutrianglehomes Жыл бұрын
I love it. keep it coming
@samphares8057
@samphares8057 Жыл бұрын
Great content, this was awesome!
@borismusheyevcpa
@borismusheyevcpa Жыл бұрын
Thanks Sam!
@girlwonder6
@girlwonder6 Жыл бұрын
I loved the video!! Keep. it up ....
@borismusheyevcpa
@borismusheyevcpa Жыл бұрын
Thank u
@Streams375
@Streams375 Жыл бұрын
Thanks for this video. It has been very helpful. I have a C Corp and am pretty lost.
@borismusheyevcpa
@borismusheyevcpa Жыл бұрын
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
@Streams375 Жыл бұрын
There’s so much I don’t know. My company is an S Corp. I am paying so much money in taxes.
@professor-dad
@professor-dad Жыл бұрын
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? 😁
@lifesjourney7219
@lifesjourney7219 Жыл бұрын
Thank very much
@EEZYEEEE
@EEZYEEEE 3 ай бұрын
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?
@garydownes1594
@garydownes1594 Жыл бұрын
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
@headlibrarian1996 Жыл бұрын
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.
@ElizabethMartinez-pf9wc
@ElizabethMartinez-pf9wc Ай бұрын
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?
@timmcclive
@timmcclive Жыл бұрын
Regarding health insurance and such if I do not own the S Corp myself? My S Corp is owned by a WY Holding Company.
@annguyen231
@annguyen231 3 жыл бұрын
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
@borismusheyevcpa 3 жыл бұрын
Hi An, if you would like more info on that please schedule a call with us at www.taxplanningcall.com
@alfredohernandez7475
@alfredohernandez7475 2 жыл бұрын
LOVE IT! How can I contact your services?
@borismusheyevcpa
@borismusheyevcpa 2 жыл бұрын
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
@serenaverolla8910 Жыл бұрын
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
@headlibrarian1996 Жыл бұрын
They are the same thing for tax purposes.
@CryptoQueen8888
@CryptoQueen8888 6 ай бұрын
So distributions are not taxed??
@manuvns
@manuvns Жыл бұрын
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
@mariselaporras712
@mariselaporras712 Жыл бұрын
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
@borismusheyevcpa Жыл бұрын
Great news! It doesn’t matter under who’s name is health insurance, business or personal
@officewife
@officewife 3 жыл бұрын
Do you have this info in writing? Hard to do videos/zoom for me with limited bandwidth on my Internet. Thank you.
@borismusheyevcpa
@borismusheyevcpa 3 жыл бұрын
yes, we will be posting the transcript shortly. thanks
@Kdankwah
@Kdankwah Жыл бұрын
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?
@remitribelevelup
@remitribelevelup Жыл бұрын
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
@borismusheyevcpa Жыл бұрын
As long as for the year a total of reasonable comp is paid!
@remitribelevelup
@remitribelevelup Жыл бұрын
@borismusheyevcpa I suppose that's where I'm looking for more grounding. Hard to define what may be reasonable for a side business.
@peterchand9804
@peterchand9804 Жыл бұрын
Hello Boris. I would like to start an S Corp and would appreciate some help from your company before I do.
@beavertonneurofeedback2363
@beavertonneurofeedback2363 3 жыл бұрын
What's the minimum profit you recommend before converting from a sole proprietorship to an S-corp and why? Thank you!
@borismusheyevcpa
@borismusheyevcpa 2 жыл бұрын
Hey Beaverton - I have a video being posted on this on Tuesday! I will send it to you
@matronayakunin1785
@matronayakunin1785 Жыл бұрын
Io
@bamboostedgarage9955
@bamboostedgarage9955 Жыл бұрын
What about if it’s partnered s-corp for construction can we deduct two home office and a storage garage for our equipment
@borismusheyevcpa
@borismusheyevcpa Жыл бұрын
Yes u can!
@knpstrr
@knpstrr Жыл бұрын
If you depreciate your home office that amount will be recaptured at 25% tax rate if you sell your house, correct?
@borismusheyevcpa
@borismusheyevcpa Жыл бұрын
Recaptured at ur ordinary tax rate
@isaacniasoff9294
@isaacniasoff9294 Жыл бұрын
100% of home expenses are deductible?
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