September 5, 2024 • 15 mins
In this podcast, let's dive deep into the art of tax planning, revealing the top five strategies that have helped our clients achieve significant savings. From leveraging S-Corporation structures and understanding reasonable compensation to optimizing retirement planning, and unlocking tax-free cash, we cover it all.
Plus, learn about the power of the Pass-Through Entity Tax (PTET) and the benefits of S-Corp Health Insurance in your tax planning arsenal.
I've put together this FREE resource for you:
7 Write-Offs Every S-Corporation Business Owner MUST Know
🆓 Download FREE PDF here: https://7taxwriteoffs.com/
Ready to start saving money on your taxes?
☎️ Schedule your FREE Tax Advisory Session: https://taxplanningcall.com/
🤩 If you are looking for easy-to-use payroll software, I personally use and recommend to my clients Gusto Payroll Software - https://gusto.com/r/boris466
P.S. When you sign up for Gusto, you get a $100 Visa gift card
*Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, ...
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
If you're not using tax planning strategies in your
profitable business, I canguarantee you right now you are
overpaying tens, if not hundredsof thousands of dollars in
taxes in your business.
I'm going to talk about thefive tax planning strategies
that saved our clients last yearover $40,000 on average per
(00:21):
each client.
So what if you could take that$40,000 and put it in your
pocket, and that is exactly whatwe're going to talk about.
Ready, let's go.
Speaker 2 (00:28):
Welcome to the Tax Reduction Podcast for
money-making entrepreneurs withBoris Mushaev.
Boris has helped entrepreneursacross the United States
collectively save millions ofdollars in taxes with the power
of tax planning and advisory.
The only way you, the businessowner, can save money on taxes
is by using proactive taxstrategies, and this podcast is
(00:49):
all about saving you money ontaxes.
Boris will share with youin-depth and easy to understand
tax reduction strategies thatyou can implement in your
business within 30 days or less.
Let's jump into today's episode.
Speaker 1 (01:03):
Let's get started.
So, first of all, we're goingto talk about what is really tax
planning and are you reallygetting it as a business owner.
Then we're going to talk aboutthe five tax planning strategies
.
All right, that equal $40,735in tax savings.
This number is an averagenumber our clients saved using
these exact tax strategies.
I'm just going to shareeverything with you.
(01:24):
And, last but not least, howcan we implement tax strategies?
Now, I can't go over all fiveof them, but I put together how
to implement one of thestrategies that will save you or
I should say, save our clientson average, $8,850.
I will take you step by step.
Make sure you have your notepadand your pen, because after
(01:45):
this, you're going to be callingyour accountant.
All right, cool, let's getstarted right now.
So what is really tax planningand what's this term that you
keep hearing?
As a matter of fact, taxplanning is being taken very
seriously by accounting industry, especially by American
Institute of Certified PublicAccountants, because it has
become a big thing.
A lot more business owners arenow in America and a lot more
(02:08):
business owners want to savemoney on taxes, but the
accounting industry is changing.
It used to be that there was alot of tax preparers and there
still are a lot of tax preparers, but very, very, very, very,
very, very few selectaccountants will actually help
you save money on taxes.
Those are called tax advisors.
So tax advisors are the one whouse tax planning strategies.
(02:30):
Using tax planning strategiesor having a tax plan, that means
being proactive.
A lot of people are used tocoming to their accountant after
the year is over, ready to filetheir taxes.
They get their tax bill andthey say is there anything else
that could be done?
There's got to be somethingelse.
Oh, my accountant is just.
He's a knucklehead like I.
He couldn't say me anythinglike that's because you maybe
(02:53):
were not using tax planningright.
So and you might be like boy,is that some accusation?
Look, you're a profitablebusiness owner.
You know it hurts to pay taxes,but you know what hurts the.
I can tell this to you as abusiness owner myself.
What hurts the most is thatwhen not knowing right, when you
know there's something that canbe done but you just don't know
how to.
You just wish you knew how to.
(03:14):
And that is what tax planningis.
Tax planning is really aneducation by your tax advisor
Exactly what can be done to savemoney on taxes.
It is not tax preparation.
Tax preparation is literallyjust getting numbers from you,
tax documents, putting the rightnumbers in the right boxes.
But I'll tell you how much Iwas surprised that even the
(03:35):
right numbers are not put in theright boxes, which results in
overpaying in taxes.
Now, before we talk about fivetax planning strategies, I hope
you understand what tax planningis.
The tax strategies that I'mabout to talk to you, that I'm
about to tell you about, issomething that needs to be done
proactively.
It is not something all rightgreat, I'll wait until the year
is over, then I'll go and dosome things on my taxes.
(03:56):
Nope, that won't work either.
Okay?
So now that we've talked aboutwhat is really tax planning,
let's talk about the top fivetax planning strategies that you
can use for 2024, right afterthis break.
Speaker 2 (04:08):
If you have a tax preparer and you do not have a
tax advisor, the only way youcan save money on taxes is by
using proactive tax planningstrategies that only a tax
advisor can give you.
Boris put together a free PDFfor you, the business owner
Seven tax write-offs everyS-corporation business owner
must know.
In this PDF, you can find seventax strategies that you can
(04:31):
start using in your business toinstantly start saving money on
taxes.
Click on the link in thedescription below for a free
download.
Speaker 1 (04:39):
Welcome back.
So let's talk about the fivetax planning strategies.
So, like I said before, Iactually got these numbers
savings this is the averagesavings for each one of these
strategies for our clients forlast year, okay, which total
$40,735.
Just these five tax strategiesalone.
First of all, entity election.
A lot of business owners mayalready have an S corporation
(05:01):
and I applaud you Great job Ifit, especially if it is your
main operating business.
Now some entities don't have anS-corporation and I applaud you
Great job, especially if it isyour main operating business.
Now some entities don't have anS-corporation and they have
what's called a limitedliability company, an LLC, that
is not being taxed as anS-corporation.
If you're not being taxed as anS-corporation, you might want
to speak to your tax advisor andassess whether S-corporation
(05:23):
makes sense to you or not.
Because with an S-corporation,you do not pay payroll taxes,
which is the social security andMedicare tax and the entire net
profit.
You only pay it on your salary.
Okay, that is an S-corporation.
When you have a single memberLLC, you pay that tax, that
extra 15.3% tax, on their entirenet profit.
(05:44):
Now you might say, boris, Ialready have an S corporation.
Then you might want to focus onyour reasonable compensation.
Irs says that you, as an Scorporation business owner, must
pay yourself a reasonablesalary, not too much, not too
little.
As a matter of fact, beforePresident Biden was running for
office or while he was runningfor office you can actually just
(06:04):
Google it he was paying himselfthrough an S corporation,
saving at least half a milliondollars on payroll taxes.
He was using the exact sameloophole and when he was asked,
or his tax team was asked, theycited the exact IRS tax code
that I'm telling you right now,which is like hey, as an S
corporation owner, you have topay yourself a reasonable
compensation.
(06:24):
So his reasonable compensationwas assessed and that is what he
was paid.
So he set up an S corporation.
I'm telling you, I kid you not,this is a legitimate tax
strategy that even our presidentused before, when he was
running for office.
So check it out, because whathappens is that business owners
that have an s corporation, theytend to overpay themselves in
taxes, excuse me, in salary.
(06:45):
That results in overpayment ofpayroll taxes.
What we want to do is we wantto lower that to reasonable
compensation.
Our clients, which we do areasonable compensation analysis
every year as part of their taxplan.
As part of the tax advisory, weassess that and average savings
for each client when they'reusing S-Corporation, combined
(07:07):
with a reasonable compensation,report $8,387.
Now $8,387 back in their pocket.
Okay, now it's still not toolate in 2024 to take advantage
of this tax strategy.
Now we had a situation a clientthat actually started paying
himself on a salary, but he didnot file for an S corporation
(07:28):
and 2023 already passed.
We made a late S election forhim because he was compliant and
he was doing everything as an Scorporation, and 2023 already
passed.
We made a late S election forhim because he was compliant and
he was doing everything as an Scorporation.
So if you are in that situation, believe me, this can be fixed,
but I strongly recommend beingproactive about it, because you
cannot, after the year is over,go back and reduce your salary
Okay.
Or if you were operating as asingle member LLC, you can do a
(07:50):
late S election but you didn'thave a W2 salary, all right.
Then number two top fivestrategy is retirement.
So many business owners save alot of money on taxes by having
a proper retirement tax strategy, whether you have employees or
you don't have employees Okay.
If you have employees, considersetting up a regular 401k,
(08:11):
because you can put away up to$23,000 from your paycheck into
your 401k.
If you don't have employees,you can do a solo 401k, a SEP
IRA.
On average, our clients saved$11,230.
This is the strategy that youneed to be super proactive about
, because if you wait untilyear-end, it may be too late,
(08:34):
especially if you're using asolo 401k or a regular 401k.
It has to be processed throughyour payroll, especially if you
have an S corporation.
The third strategy is PTET,pass-through entity taxation.
I like to call it a made-up taxby your state.
Most states made up this tax togive you a benefit.
You get a credit on yourpersonal taxes but at the same
(08:57):
time, you get it as a businesstax deduction, something that
was created to combat tax cutsand jobs act in 2017.
I'm not going to bore you withdetails, but if your accountant
haven't spoken to you about it,especially if you're in a
high-paying tax such as in NewYork or California, man, we've
got a bunch of clients fromCalifornia saving tens of
(09:17):
thousands of dollars, newYorkers or most of the states in
the in the country averagesavings per client seven
thousand three hundred seventyone dollars.
Guess what's the best thingabout this strategy?
You actually don't have tospend money on anything.
You just have to rearrange howyou pay your taxes.
I'm telling you it's like it'sa winner, okay.
The next thing is tax-free cashwithdrawals.
(09:39):
Like what do you mean, boris?
Tax-free cash withdrawals?
What happens is you canactually reimburse from your
business for the expenses thatyou use for the business in your
own home.
That could be your home office,a separate area in your home
where you're conducting business.
Whether you have a separatelocation or not, irs still
allows you to reimburse yourselfif you use it for
(09:59):
administrative purposes.
The second, what do we call it?
A tax-free cash reimbursementIf you hold meetings in your
home up to 14 days, which iscalled an Augusta rule.
This tax strategy is part of2024.
Saved you.
Saved my clients, excuse me onaverage $4,889 on taxes.
(10:22):
Now.
S-corporation Health Insurancethat's the big one, okay, and
that's what we're gonna talkabout how to implement it.
Saved my clients $8,850 ontaxes.
Now.
If you own an S corporation andyou're more than 2% shareholder
, irs actually lets you take adouble dip into this deduction.
Not only do you get a taxdeduction if you properly report
(10:43):
on your W-2, but you alsoreduce your taxable social
security Medicare.
Now a lot of business ownerssay, boris, this is too much
information for me, this is toomuch technical terms.
I agree, so that is why you'vegot to be working with a tax
advisor.
This is, your tax preparer isnot doing any of this stuff.
They're just too busy preparingtax returns.
(11:04):
All right, s corporation healthinsurance say there are clients
an average of $8,850 totalsavings Adding up all of these
strategies was $40,735 per eachbusiness owner.
Now we're going to talk abouthow to implement the health
insurance strategy in yourbusiness where you can start
saving money right away, rightafter this break.
Speaker 2 (11:26):
If all your accountant does is taxes, you
may be overpaying in taxes bythousands of dollars every year.
Every week, Boris releases atax strategy on his podcast so
that you, the business owner,can pay less in taxes every
single year.
Be sure to subscribe to ourpodcast to be notified when a
new tax strategy is released.
If you're ready to work with atax advisor on your tax strategy
(11:47):
and planning, be sure toschedule your call by heading
over to wwwtaxplanningcallcom.
Again, that'swwwtaxplanningcallcom.
Again, that'swwwtaxplanningcallcom.
Speaker 1 (11:58):
Welcome back.
Now let's talk about how toimplement at least one of these
strategies.
Boris, give us the juice, okay.
So let's talk about ownerhealth insurance.
If you're an S-corporationowner, you've got to do this
proactively.
If you have a health insuranceand, excuse me, if you own more
than 2% of the S corporation andyou pay for health insurance,
irs lets you double dip intothis deduction what I call
(12:20):
double dip.
Okay, irs lets you to doubledip into this deduction, like
what I call to double dip,meaning to say you get a tax
deduction but you also save onpayroll taxes.
Now, the policy of the healthinsurance can be either in your
name or the business name.
It can be paid by you or by thebusiness.
If it's paid by you, just havethe business reimburse you.
(12:41):
Okay, that's simple.
It's really not thatcomplicated.
What gets complicated is how toreport it and, honestly, all
payroll softwares have this whatdo you call it?
Option in their payroll whereyou log in and say, hey, I'm an
s corporation owner, I own morethan two percent and this is how
much I pay for premiums everymonth.
What happens when your payrollis processed?
(13:03):
That will automatically berecorded on the w2 box 14 when
you file your taxes.
And number two it willautomatically deduct it from
your social security, medicaretaxable wages.
It's a small fix without youspending any money.
So if you're not working with atax advisor, I personally do not
recommend doing this on yourown.
(13:24):
Why is that?
Number one?
Let's say, a few months in theyear already passed and you want
to implement this strategy, youcan actually go back to the
beginning of the year andinclude this.
That's's number one.
Number two you need to properlyset it up on a monthly basis.
I would strongly recommenddoing this with a tax advisor.
Definitely seek a professionaladvice from your tax advisor
Hopefully you have one okay Tobe able to properly implement
(13:46):
this strategy, because thisstrategy alone saved our clients
an average of $8,850 on taxessimply by switching a couple of
things around on their business.
Ladies and gentlemen, I justwant to tell you right now if
you have a profitable business,you're overpaying in taxes, if
not by tenths, then by hundredsof thousands of dollars.
If you don't have tax planning,if you don't have tax
(14:09):
strategies and you just have atax preparer who you speak to
once a year, that is not the way, as a business owner, to save
money on taxes.
That is not the way, as abusiness owner, to operate your
business.
When you buy items, equipment,you always look for deals on
sale, right?
You sign up for marketing tomake money, to advertise your
services, and yet you give itall away by not properly having
(14:32):
tax strategies and tax planning.
So hopefully after this you'llbe able to implement top five
tax strategies and get yourselfa tax advisor Till the next time
, that's it for today's episode.
Speaker 2 (14:43):
Be sure to check out the description below for some
free tax reduction resourcesthat Boris put together for you.
If you're ready to work with atax advisor on your tax planning
, Be sure to schedule your callby heading over to
wwwtaxplanningcallcom.
That's wwwtaxplanningcallcom.
And be sure to subscribe to ourpodcast to be notified when the
next strategy is released.
If you're not using tax planning strategies in your
profitable business, I canguarantee you right now you are
overpaying tens, if not hundredsof thousands of dollars in
taxes in your business.
I'm going to talk about thefive tax planning strategies
that saved our clients last yearover $40,000 on average per
(00:21):
each client.
So what if you could take that$40,000 and put it in your
pocket, and that is exactly whatwe're going to talk about.
Ready, let's go.
Speaker 2 (00:28):
Welcome to the Tax Reduction Podcast for
money-making entrepreneurs withBoris Mushaev.
Boris has helped entrepreneursacross the United States
collectively save millions ofdollars in taxes with the power
of tax planning and advisory.
The only way you, the businessowner, can save money on taxes
is by using proactive taxstrategies, and this podcast is
(00:49):
all about saving you money ontaxes.
Boris will share with youin-depth and easy to understand
tax reduction strategies thatyou can implement in your
business within 30 days or less.
Let's jump into today's episode.
Speaker 1 (01:03):
Let's get started.
So, first of all, we're goingto talk about what is really tax
planning and are you reallygetting it as a business owner.
Then we're going to talk aboutthe five tax planning strategies
.
All right, that equal $40,735in tax savings.
This number is an averagenumber our clients saved using
these exact tax strategies.
I'm just going to shareeverything with you.
(01:24):
And, last but not least, howcan we implement tax strategies?
Now, I can't go over all fiveof them, but I put together how
to implement one of thestrategies that will save you or
I should say, save our clientson average, $8,850.
I will take you step by step.
Make sure you have your notepadand your pen, because after
(01:45):
this, you're going to be callingyour accountant.
All right, cool, let's getstarted right now.
So what is really tax planningand what's this term that you
keep hearing?
As a matter of fact, taxplanning is being taken very
seriously by accounting industry, especially by American
Institute of Certified PublicAccountants, because it has
become a big thing.
A lot more business owners arenow in America and a lot more
(02:08):
business owners want to savemoney on taxes, but the
accounting industry is changing.
It used to be that there was alot of tax preparers and there
still are a lot of tax preparers, but very, very, very, very,
very, very few selectaccountants will actually help
you save money on taxes.
Those are called tax advisors.
So tax advisors are the one whouse tax planning strategies.
(02:30):
Using tax planning strategiesor having a tax plan, that means
being proactive.
A lot of people are used tocoming to their accountant after
the year is over, ready to filetheir taxes.
They get their tax bill andthey say is there anything else
that could be done?
There's got to be somethingelse.
Oh, my accountant is just.
He's a knucklehead like I.
He couldn't say me anythinglike that's because you maybe
(02:53):
were not using tax planningright.
So and you might be like boy,is that some accusation?
Look, you're a profitablebusiness owner.
You know it hurts to pay taxes,but you know what hurts the.
I can tell this to you as abusiness owner myself.
What hurts the most is thatwhen not knowing right, when you
know there's something that canbe done but you just don't know
how to.
You just wish you knew how to.
(03:14):
And that is what tax planningis.
Tax planning is really aneducation by your tax advisor
Exactly what can be done to savemoney on taxes.
It is not tax preparation.
Tax preparation is literallyjust getting numbers from you,
tax documents, putting the rightnumbers in the right boxes.
But I'll tell you how much Iwas surprised that even the
(03:35):
right numbers are not put in theright boxes, which results in
overpaying in taxes.
Now, before we talk about fivetax planning strategies, I hope
you understand what tax planningis.
The tax strategies that I'mabout to talk to you, that I'm
about to tell you about, issomething that needs to be done
proactively.
It is not something all rightgreat, I'll wait until the year
is over, then I'll go and dosome things on my taxes.
(03:56):
Nope, that won't work either.
Okay?
So now that we've talked aboutwhat is really tax planning,
let's talk about the top fivetax planning strategies that you
can use for 2024, right afterthis break.
Speaker 2 (04:08):
If you have a tax preparer and you do not have a
tax advisor, the only way youcan save money on taxes is by
using proactive tax planningstrategies that only a tax
advisor can give you.
Boris put together a free PDFfor you, the business owner
Seven tax write-offs everyS-corporation business owner
must know.
In this PDF, you can find seventax strategies that you can
(04:31):
start using in your business toinstantly start saving money on
taxes.
Click on the link in thedescription below for a free
download.
Speaker 1 (04:39):
Welcome back.
So let's talk about the fivetax planning strategies.
So, like I said before, Iactually got these numbers
savings this is the averagesavings for each one of these
strategies for our clients forlast year, okay, which total
$40,735.
Just these five tax strategiesalone.
First of all, entity election.
A lot of business owners mayalready have an S corporation
(05:01):
and I applaud you Great job Ifit, especially if it is your
main operating business.
Now some entities don't have anS-corporation and I applaud you
Great job, especially if it isyour main operating business.
Now some entities don't have anS-corporation and they have
what's called a limitedliability company, an LLC, that
is not being taxed as anS-corporation.
If you're not being taxed as anS-corporation, you might want
to speak to your tax advisor andassess whether S-corporation
(05:23):
makes sense to you or not.
Because with an S-corporation,you do not pay payroll taxes,
which is the social security andMedicare tax and the entire net
profit.
You only pay it on your salary.
Okay, that is an S-corporation.
When you have a single memberLLC, you pay that tax, that
extra 15.3% tax, on their entirenet profit.
(05:44):
Now you might say, boris, Ialready have an S corporation.
Then you might want to focus onyour reasonable compensation.
Irs says that you, as an Scorporation business owner, must
pay yourself a reasonablesalary, not too much, not too
little.
As a matter of fact, beforePresident Biden was running for
office or while he was runningfor office you can actually just
(06:04):
Google it he was paying himselfthrough an S corporation,
saving at least half a milliondollars on payroll taxes.
He was using the exact sameloophole and when he was asked,
or his tax team was asked, theycited the exact IRS tax code
that I'm telling you right now,which is like hey, as an S
corporation owner, you have topay yourself a reasonable
compensation.
(06:24):
So his reasonable compensationwas assessed and that is what he
was paid.
So he set up an S corporation.
I'm telling you, I kid you not,this is a legitimate tax
strategy that even our presidentused before, when he was
running for office.
So check it out, because whathappens is that business owners
that have an s corporation, theytend to overpay themselves in
taxes, excuse me, in salary.
(06:45):
That results in overpayment ofpayroll taxes.
What we want to do is we wantto lower that to reasonable
compensation.
Our clients, which we do areasonable compensation analysis
every year as part of their taxplan.
As part of the tax advisory, weassess that and average savings
for each client when they'reusing S-Corporation, combined
(07:07):
with a reasonable compensation,report $8,387.
Now $8,387 back in their pocket.
Okay, now it's still not toolate in 2024 to take advantage
of this tax strategy.
Now we had a situation a clientthat actually started paying
himself on a salary, but he didnot file for an S corporation
(07:28):
and 2023 already passed.
We made a late S election forhim because he was compliant and
he was doing everything as an Scorporation, and 2023 already
passed.
We made a late S election forhim because he was compliant and
he was doing everything as an Scorporation.
So if you are in that situation, believe me, this can be fixed,
but I strongly recommend beingproactive about it, because you
cannot, after the year is over,go back and reduce your salary
Okay.
Or if you were operating as asingle member LLC, you can do a
(07:50):
late S election but you didn'thave a W2 salary, all right.
Then number two top fivestrategy is retirement.
So many business owners save alot of money on taxes by having
a proper retirement tax strategy, whether you have employees or
you don't have employees Okay.
If you have employees, considersetting up a regular 401k,
(08:11):
because you can put away up to$23,000 from your paycheck into
your 401k.
If you don't have employees,you can do a solo 401k, a SEP
IRA.
On average, our clients saved$11,230.
This is the strategy that youneed to be super proactive about
, because if you wait untilyear-end, it may be too late,
(08:34):
especially if you're using asolo 401k or a regular 401k.
It has to be processed throughyour payroll, especially if you
have an S corporation.
The third strategy is PTET,pass-through entity taxation.
I like to call it a made-up taxby your state.
Most states made up this tax togive you a benefit.
You get a credit on yourpersonal taxes but at the same
(08:57):
time, you get it as a businesstax deduction, something that
was created to combat tax cutsand jobs act in 2017.
I'm not going to bore you withdetails, but if your accountant
haven't spoken to you about it,especially if you're in a
high-paying tax such as in NewYork or California, man, we've
got a bunch of clients fromCalifornia saving tens of
(09:17):
thousands of dollars, newYorkers or most of the states in
the in the country averagesavings per client seven
thousand three hundred seventyone dollars.
Guess what's the best thingabout this strategy?
You actually don't have tospend money on anything.
You just have to rearrange howyou pay your taxes.
I'm telling you it's like it'sa winner, okay.
The next thing is tax-free cashwithdrawals.
(09:39):
Like what do you mean, boris?
Tax-free cash withdrawals?
What happens is you canactually reimburse from your
business for the expenses thatyou use for the business in your
own home.
That could be your home office,a separate area in your home
where you're conducting business.
Whether you have a separatelocation or not, irs still
allows you to reimburse yourselfif you use it for
(09:59):
administrative purposes.
The second, what do we call it?
A tax-free cash reimbursementIf you hold meetings in your
home up to 14 days, which iscalled an Augusta rule.
This tax strategy is part of2024.
Saved you.
Saved my clients, excuse me onaverage $4,889 on taxes.
(10:22):
Now.
S-corporation Health Insurancethat's the big one, okay, and
that's what we're gonna talkabout how to implement it.
Saved my clients $8,850 ontaxes.
Now.
If you own an S corporation andyou're more than 2% shareholder
, irs actually lets you take adouble dip into this deduction.
Not only do you get a taxdeduction if you properly report
(10:43):
on your W-2, but you alsoreduce your taxable social
security Medicare.
Now a lot of business ownerssay, boris, this is too much
information for me, this is toomuch technical terms.
I agree, so that is why you'vegot to be working with a tax
advisor.
This is, your tax preparer isnot doing any of this stuff.
They're just too busy preparingtax returns.
(11:04):
All right, s corporation healthinsurance say there are clients
an average of $8,850 totalsavings Adding up all of these
strategies was $40,735 per eachbusiness owner.
Now we're going to talk abouthow to implement the health
insurance strategy in yourbusiness where you can start
saving money right away, rightafter this break.
Speaker 2 (11:26):
If all your accountant does is taxes, you
may be overpaying in taxes bythousands of dollars every year.
Every week, Boris releases atax strategy on his podcast so
that you, the business owner,can pay less in taxes every
single year.
Be sure to subscribe to ourpodcast to be notified when a
new tax strategy is released.
If you're ready to work with atax advisor on your tax strategy
(11:47):
and planning, be sure toschedule your call by heading
over to wwwtaxplanningcallcom.
Again, that'swwwtaxplanningcallcom.
Again, that'swwwtaxplanningcallcom.
Speaker 1 (11:58):
Welcome back.
Now let's talk about how toimplement at least one of these
strategies.
Boris, give us the juice, okay.
So let's talk about ownerhealth insurance.
If you're an S-corporationowner, you've got to do this
proactively.
If you have a health insuranceand, excuse me, if you own more
than 2% of the S corporation andyou pay for health insurance,
irs lets you double dip intothis deduction what I call
(12:20):
double dip.
Okay, irs lets you to doubledip into this deduction, like
what I call to double dip,meaning to say you get a tax
deduction but you also save onpayroll taxes.
Now, the policy of the healthinsurance can be either in your
name or the business name.
It can be paid by you or by thebusiness.
If it's paid by you, just havethe business reimburse you.
(12:41):
Okay, that's simple.
It's really not thatcomplicated.
What gets complicated is how toreport it and, honestly, all
payroll softwares have this whatdo you call it?
Option in their payroll whereyou log in and say, hey, I'm an
s corporation owner, I own morethan two percent and this is how
much I pay for premiums everymonth.
What happens when your payrollis processed?
(13:03):
That will automatically berecorded on the w2 box 14 when
you file your taxes.
And number two it willautomatically deduct it from
your social security, medicaretaxable wages.
It's a small fix without youspending any money.
So if you're not working with atax advisor, I personally do not
recommend doing this on yourown.
(13:24):
Why is that?
Number one?
Let's say, a few months in theyear already passed and you want
to implement this strategy, youcan actually go back to the
beginning of the year andinclude this.
That's's number one.
Number two you need to properlyset it up on a monthly basis.
I would strongly recommenddoing this with a tax advisor.
Definitely seek a professionaladvice from your tax advisor
Hopefully you have one okay Tobe able to properly implement
(13:46):
this strategy, because thisstrategy alone saved our clients
an average of $8,850 on taxessimply by switching a couple of
things around on their business.
Ladies and gentlemen, I justwant to tell you right now if
you have a profitable business,you're overpaying in taxes, if
not by tenths, then by hundredsof thousands of dollars.
If you don't have tax planning,if you don't have tax
(14:09):
strategies and you just have atax preparer who you speak to
once a year, that is not the way, as a business owner, to save
money on taxes.
That is not the way, as abusiness owner, to operate your
business.
When you buy items, equipment,you always look for deals on
sale, right?
You sign up for marketing tomake money, to advertise your
services, and yet you give itall away by not properly having
(14:32):
tax strategies and tax planning.
So hopefully after this you'llbe able to implement top five
tax strategies and get yourselfa tax advisor Till the next time
, that's it for today's episode.
Speaker 2 (14:43):
Be sure to check out the description below for some
free tax reduction resourcesthat Boris put together for you.
If you're ready to work with atax advisor on your tax planning
, Be sure to schedule your callby heading over to
wwwtaxplanningcallcom.
That's wwwtaxplanningcallcom.
And be sure to subscribe to ourpodcast to be notified when the
next strategy is released.
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