EP69: Tax Strategies and Deductions with Beth Wilson of Tax Savers
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!
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
“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.”
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!
LINKS & RESOURCES MENTIONED IN THIS EPISODE:
ADDITIONAL FREE RESOURCES:
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