🔑Retroactive S selection on your LLC can save you taxes on an operational business.
💰Peg your payroll to save on self-employment tax and maximize deductions.
📈Make a sale to unlock write-offs and deduct startup expenses.
🤝Hold a board meeting during the holidays to deduct travel and dining expenses.
🩺Get a health savings account to deduct and save on medical expenses.
Do I need to be rich to implement these strategies?
—No, these strategies can be implemented by anyone, regardless of their income level.
Can I deduct medical expenses without a health savings account?
—Medical expenses can only be deducted if they exceed a certain amount of your adjusted gross income, unless you have a health savings account.
Are these strategies legally allowed?
—Yes, all of these strategies are legal and commonly used by business owners to minimize taxes.
How can I implement retroactive S selection on my LLC?
—You can file Form 2553 with the IRS to make the retroactive S selection for your LLC.
What is the benefit of holding a board meeting?
—By holding a board meeting, you can deduct travel and dining expenses as business expenses.
00:00Introduction to the importance of year-end tax strategies.
06:40Explanation of retroactive S selection as a tax-saving strategy for LLCs.
09:59Importance of pegging your payroll to save on self-employment tax.
06:26Advice on making a sale to unlock write-offs and deduct startup expenses.
07:52Benefits of holding a board meeting during the holidays to deduct travel and dining expenses.
08:44Explanation of the advantages of getting a health savings account for deducting medical expenses.
09:30Overview of the process and benefits of implementing health savings accounts.
10:52Conclusion and final remarks on year-end tax strategies.
