Growth & Inspire
I am inspired by the vines that grow outside our house. Everyday, it climbs higher and higher.
Learning is the same. If you keep learning, you will climb higher and higher. .
Tax Strategies for Business Owners
In this episode, Bonnie Yam explores tax complexities for entrepreneurs with expert Donna Yam. They discuss corporate structures, tax implications, deductible expenses, and the importance of record-keeping. Key topics include home office deductions, asset depreciation, payroll taxes, business tax credits, and tax-advantaged retirement plans. Strategies for reducing taxable income, managing sales tax, and understanding state-specific regulations are highlighted. The episode concludes with essential tax planning tips and the benefits of entity restructuring.
Key Points
- Choosing the right corporate structure, such as an LLC or S-Corp, can significantly impact your tax liabilities and provide essential liability protection.
- Maintaining accurate accounting records and understanding the timing of expenses and deductions are crucial for optimizing tax benefits and compliance.
- Business owners should explore various tax credits and deductions, such as those for employee benefits, retirement plans, and research and development, to maximize savings and reinvest in their businesses.
Chapters
| 0:00 | |
| 1:15 | |
| 2:06 | |
| 7:42 | |
| 10:16 | |
| 12:10 | |
| 15:15 | |
| 18:00 | |
| 22:03 | |
| 24:49 | |
| 25:21 | |
| 27:09 | |
| 28:22 | |
| 29:19 | |
| 29:41 |
Transcript
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