Ever wondered how your business could benefit if you could reduce your tax liability and increase savings all while ensuring compliance with the IRS? In this episode, Danielle Hayden, CEO & Founder of Kickstart Accounting Inc., and Kelsey Chester, Lead Account Manager, spill the beans on some of the most powerful tax-saving strategies for business owners. From choosing the right entity type to diving into the intricacies of becoming an S-Corp, they break down the criteria you need to know. Don’t leave any deductions on the table! Whether you’re a seasoned entrepreneur or just starting, there’s a strategy for you. Ready to transform your approach to taxes? 

Key Takeaways:

  • S-Corps: net income, expense separations, and solid bookkeeping for your S-Corp Status. 

  • Health Saving Accounts (HSA plans) as an essential investment for tax-free growth, high-deductible insurance, and taking care of yourself. 

  • Secure your financial future by leveraging 401k and IRA contributions while reducing your taxable income.

  • How your home can turn into a deductible business expense.

  • Tax advantages of hiring your kids into the business.

  • Don’t leave any tax deductions on the table!

 

Topics Discussed: 

Intro (0:00)

Favorite Tax Season Strategies (0:04)

Stop Co-mingling Business and Personal Finances (1:47)

S-corps and  Paying Yourself Reasonable Compensation (2:40)

Have Bookkeeping in Place (3:12)

Strategies for Scorps (4:41) 

Mindset Mastery Framework (6:24)

HSA Plans  (7:26)

Retirement (8:22) 

Why Do S-corps Need an Accountable Plan? (9:20)

Document Home Office Deductions Properly (10:57) 

Last Strategy: Hire Your Kids (13:00)

Additional Strategies (13:46)

For help with your tax deductions and more, visit:

https://kickstartaccountinginc.com/get-started/

Connect with Kickstart Accounting Inc.:

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YouTube | @EntrepreneurMoneyStories

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