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@electrowashyelect9715 7 күн бұрын
What incentive is better for Field technical. and production technician
@bncpa 2 ай бұрын
Underrated video.
@Daviedrin 3 ай бұрын
Awsm Keep going!! Do you need a video editor bro? I can do a sample video ;)
@trainfarb 3 ай бұрын
How concise is concise? 1 page? 2? 3?
@jessicawalker5299 4 ай бұрын
thank you
@Brian-ve6kv 4 ай бұрын
IRS states it is NOT deductable by your business and tax free to you. Per IRS Pub 538 on accounting methods: "Related Persons: Business expenses and interest owed to a related person who uses the cash method of accounting are not deductible until you make the payment and the corresponding amount is includible in the related person's gross income."
@atng6609 5 ай бұрын
very helpful. i just subscribed
@karanpatel63 5 ай бұрын
Awesome energy! Very useful tips. Thanks for the video.
@lovelygirl2216 6 ай бұрын
I own my own business as a CPR Instructor. Can I use this to host CPR Classes in my basement?
@realrajiv 8 ай бұрын
Thank you. I have an S-Corp and my primary home of stay is also my primary place of business. Can I still do Augusta/14 days rule. On a side note, I am reimbursing home expenses on 1120S via my S-corp accountable plan and employee expense reimbursement.
@bredtoplease 8 ай бұрын
Very useful. Thank you!
@zbdsgvb 9 ай бұрын
Nov 2023 - nv
@kalvinclein 9 ай бұрын
just to be clear ..this commission, fixed fee that you are suggesting ...is it the only Salary of personnel or is it an addition to a fixed salary ?
@victorpowei3977 10 ай бұрын
This page has taught me so much in such a short time. Thank you for sharing.
@jayceon4466 10 ай бұрын
⭐ *promosm*
@marilynyates 10 ай бұрын
Your explanation has been the most concise and informative. Thank you 👍🏾
@1mat234 11 ай бұрын
Great info for big ticket coaching programs. What strategy do you recommend for lower price points, like $500 or $750?
@MorgansWorldOregon 11 ай бұрын
Thank you running a plumbing business and this helps
@loganhill7077 11 ай бұрын
Fantastic video. Very informative and encouraging as an aspiring chiro. Subscribed!
@oscarpayan890 11 ай бұрын
Thank you for sharing !! This was sooo useful
@CleverProfits 11 ай бұрын
Hi Oscar, thank you so much - we're glad you found it useful!
@savingdogs7200 Жыл бұрын
Will it be worth to get reimbursement of home from scorp using accountable plan from one side and decrease your deduction on the same amount on property taxes, interst when you use itemized deduction?
@todd.westra Жыл бұрын
Wow! This approach will not only help us grow but also maintain a healthy balance in our operations. Thank you for sharing this valuable tip!
@keshaharris9126 Жыл бұрын
Thank you for your insight! I own a small freight brokerage but I’m new to sales. I hired two sales agents with a ton of experience. I’m struggling with creating a sales structure that’s fair but profitable. They are currently working customers but are neglecting prospecting for new customers. This was helpful as a foundation for the structure. Thanks again😊
@shahabas_-vd2oh Жыл бұрын
Hi Brother, You have specified that we would give target for the area they are controlling. Can i ask you one thing, if it is a Grocery shop then how can we give them incentive based on sale when the profit on the sale will be only 1 or 2 percentage of sale?
@theorganstudio4478 Жыл бұрын
Great video. Thank you.
@cherylpickard4485 Жыл бұрын
Brilliant! Thank you!
@CleverProfits Жыл бұрын
Thank you for watching, Cheryl!
@RayaFlora Жыл бұрын
This is just the best video on the internet which explains all the procedures so efficiently.
@markthomas8563 Жыл бұрын
Two Questions about my wifes S-corp. We can easily have a monthly shareholder meeting and go over items and use the house as a rental space for the meeting. I have created invoices to invoice her S-corp. But what is the best rental agreement to have with her Corporation, Most are lease or month to month typical rental agreements, anything you reccommend? 2nd, I did not quite get the 1099-misc. So I have here Comapny 1099-misc for the income from the corp? How should it be noted so does not have to me declared on personal taxes?
@Brian-ve6kv 4 ай бұрын
IRS states this is NOT both deductable by your business and tax free to you. Per IRS Pub 538 on accounting methods. "Related Persons: Business expenses and interest owed to a related person who uses the cash method of accounting are not deductible until you make the payment and the corresponding amount is includible in the related person's gross income."
@KCcool23456 Жыл бұрын
Can you deduct the equivalent of per hour hotel business room in the area instead of the daily rent of a house. Meanings if an hotel charge for a meeting room $100 per hour. I use 8 hours then my write off is $800 for that day? Then take that amount and multiply by 14, Instead of the house rental is $4,000 a month to charge almost $2,000?
@chikenlegs5 Жыл бұрын
Question: the 1.5 is multiplied by ONE month projection or the entire Quarter 1 projection of bills and expenses?
@MrKhurshidmughal Жыл бұрын
Too much BS, less substance
@sufyansahril6248 Жыл бұрын
Wdym?
@jjaf4055 Жыл бұрын
Hello, Thanks, For one member S corp who owns the house, if using one room, the Rent will not be as an income?
@rossmoravsky1354 Жыл бұрын
As a realtor/ independent contractor, can I use the Augusta Rule?
@CleverProfits Жыл бұрын
Hi Ross! If the property is owned by you, then yes, however - if this is not the case, would you mind providing some more context so we can determine if this would apply to you?
@josephinebardot8403 Жыл бұрын
Usually, I never comment on videos, but your video is so convincing that I become unable to stop myself from doing something about it. You’re doing a great job Man, Keep it up.
@CleverProfits Жыл бұрын
Thank you so much for the kind comment Josephine!
@iamKevinLee Жыл бұрын
Oh this helped me so much today. I will have to deal with this Spring of 2023 as I launch my purpose discovery coaching programs. So it was super helpful to a non business person. thx you
@CleverProfits Жыл бұрын
So happy to hear that, Kevin! That's why we're here ;) Best of luck for the new quarter!
@iamKevinLee Жыл бұрын
@@CleverProfits 😁
@MsDoryLinda 2 жыл бұрын
This was super helpful. This will quickly become my favorite new channel.
@CleverProfits Жыл бұрын
Thank you so much, Dory. We hope to continue adding value!
@virquote632 2 жыл бұрын
What kind of business you are dealing with? Is this dealing in consumer goods?
@alanfrank7104 2 жыл бұрын
🎉 【p】【r】【o】【m】【o】【s】【m】
@AttnBusyMoms 2 жыл бұрын
Excellent video and advice!
@CleverProfits 2 жыл бұрын
Thanks I'm glad you enjoyed! :)
@DIYhomeimprovementguy 2 жыл бұрын
Can I just pay 30% of the income I make each quarter and pay the rest in April?
@CleverProfits 2 жыл бұрын
30% is usually more than enough, however everyone is different, and I'd suggest getting with a tax advisor if you have one!
@urjlo111 2 жыл бұрын
Are you taking new clients ?
@bundakissa 2 жыл бұрын
this is excellent! I've been researching tax saving strategies for small business and I too wouldve zoned in on these same 3 as the most valuable yet not widely known strategies.
@bundakissa 2 жыл бұрын
thx for explaining not just the concept but the process; makes all the difference. I was wondering about the 1099-MISC from the corp, and whether that would cause IRS to look for a Sched E. thx for explaining you should exclude it from E, with a notation about 280(a) I guess. Hopefully the related party rules don't ruin this.
@CleverProfits Жыл бұрын
Thanks for watching!
@Brian-ve6kv 4 ай бұрын
You are correct, this strategy is prohibited by the IRS. Per IRS Pub 538 "Related Persons: Business expenses and interest owed to a related person who uses the cash method of accounting are not deductible until you make the payment and the corresponding amount is includible in the related person's gross income."
@mastermindusa 2 жыл бұрын
💪💪💪
@CleverProfits 2 жыл бұрын
Appreciate you watching the videos!
@marketbuy 2 жыл бұрын
Hi Bryan, Since there is enough time for me to edit my 1120S, how do I properly record the Accountable Plan amount on my 1120S Form (via TurboTax Business edition). HOW and WHERE to record the amount on 1120S? Will it be called Accountable Plan under “Other Expense” or something like that? Thank you. (Unfortunately, I had been paying my home expenses under my business account. All expenses were recorded in my Quickbooks. As you can imagine, my P&L and Balance Sheet is off.)
@bundakissa 2 жыл бұрын
kzfaq.info/get/bejne/eNR1gsaT08Xbip8.html See at 1:50
@KA-rt2vh 2 жыл бұрын
Bruh how deducting like less than 1000 bucks can help to lower the taxes? This is useless.
@CleverProfits 2 жыл бұрын
Hello Bruh, can you please expand on what you think is useless? We would love to help explain this further!
@marketbuy 2 жыл бұрын
What if my SCorp is already paying for my home insurance, utilities, property tax, HOA, directly from my business checking account? I’m confused as to why an Accountable Plan is needed for our home business? ,
@CleverProfits 2 жыл бұрын
We don't recommend paying for your personal housing expenses directly from your business checking account. Deducting personal expenses relating to your home on your business return is not allowed within the tax code. The best practice is to pay for personal expenses from your personal accounts and claim a reimbursement for the business use portion out of your business.
@marketbuy 2 жыл бұрын
@@CleverProfits Thank you. Since this was my first year doing SCorp for 2021, I had been paying those expenses under my business account. In fact, Ive been doing this since LLC days. Hopefully, I will not get into trouble although the outcome is still the same (direct payments vs reimbursements). I noticed when I was doing LLC Schedule C, a portion of the home office expenses were prorated based on my office square footages vs total home footages. So when I did my 1120S, I was thinking how do I prorate it under SCorp? I didn’t know any better until I saw this video. Accountable Plan eh? Got it!
@emmanuelcann1750 2 жыл бұрын
Thank you soo much this was helpful
@CleverProfits Жыл бұрын
Glad it helped!
@cwent610 2 жыл бұрын
Great content. I will speak to my tax advisor regarding this. Out of curiosity. Can this deduction apply to a vacation home?
@CleverProfits Жыл бұрын
This can only apply to a primary residence, i.e. where the taxpayer lives.
@kaelynholten7871 2 жыл бұрын
Second question. If the business has to issue a 1099 MISC, isn't it required of the recipient of the 1099 to report that income? How do they exclude it on their 1040?
@CleverProfits Жыл бұрын
They would report the income and then take a deduction for the same amount. They could just call that deduction "Augusta rule."
@kaelynholten7871 Жыл бұрын
@@CleverProfits I just don't understand how it is eliminating the tax burden if they have to report the income. Expense it for the business but report the income? Can you explain?