EP69: Tax Strategies and Deductions with Beth Wilson of Tax Savers
SUMMARY:
In this episode of the DYB Podcast, Steve is joined by Scott, April, and special guest, Beth Wilson. Beth is the president of Tax Savers, a company based in Florida that helps businesses move forward by offering simplified accounting and advisory solutions and great tax planning strategies.
In the podcast, Beth differentiates between LLC, S-Corp and C-corp and clarifies which one is right for a given type of business. She tackles tax strategies, the do’s and don’ts of tax preparation, and how to make the best out of a company’s earnings, deductions, and accounting.
Keep listening to the end for her favorite way to help clients reduce their tax burden!
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WHAT YOU’LL LEARN:
- Differences between LLC, S Corp, and C Corp
- Tax strategies for your painting business
- The do’s and don’ts of tax preparation
- How to make the best of your company’s earnings and tax deductions
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LISTEN HERE:
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QUOTES:
“You generally want [a Tax Planner] who’s federally licensed, like a tax attorney or an enrolled agent or a state license, which is a CPA.”
“If you’re a corporation, you then have a choice to be an S-Corp for taxation purposes where you can make an election or you are taxed as a C-Corp. An LLC is a real chameleon..”
“The motivation [LLC, S-Corp, or C-Corp] generally has to do with controlling the second tier of tax that most people don’t think about consciously, and that’s social security tax. Your bottom line as a sole proprietor is a hundred percent taxable for social security tax.”
“You need to have a partnership that is only husband and wife or a sole proprietorship that is one parent to be able to pay your children tax-free.”
“If you’re an employee, there’s no such thing anymore, under the tax code for employee business deductions.”
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HIGHLIGHTS:
1:53 LLC, S Corp, and C Corp
6:12 Children as tax deductions
11:29 How should an owner be compensated?
15:01 Tax deductions
24:22 Charity as a business expense
25:56 Reliable tax preparers
Bonus: Her favorite tax-saving strategy that she loves to use!
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LINKS & RESOURCES MENTIONED IN THIS EPISODE:
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ADDITIONAL FREE RESOURCES:
Schedule Your Free Strategy Call With Steve
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Connect with Beth Wilson on Facebook here
Connect with Steve on Facebook here
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