February 20, 2025 • 13 mins
How will Trump's Tax Plan impact YOU; a profitable business owner and entrepreneur? This podcast breaks down key tax strategies, deductions, and tax savings opportunities under his proposed policies. Learn how bonus depreciation, cost segregation, vehicle loans, and research and development tax credits could help lower your tax bill. We’ll also cover Social Security benefits, no tax on tips, and how overtime pay affects reasonable compensation for S-Corporation owners. Understanding these tax planning strategies is crucial for maximizing write-offs and keeping more of your hard-earned money. Plus, we’ll discuss changes to corporate tax rates, pass-through income, and potential deductions that could benefit profitable businesses. Don’t miss out on these valuable insights!
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/
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*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 are a profitable business owner, the
Trump's tax plan for 2025 andbeyond is going to affect you by
a lot how much money you pay intaxes, what type of deductions
you take, and so forth.
Now I'm going to put all thenoise on the side, the biggest
noise out there no tax on socialsecurity, no tax in overtime.
(00:20):
What I want to focus on is you,the business owner.
How is it going to affect yourbusiness taxes?
We're going to keep it short,we're going to keep it to the
point and also below, you willsee on this YouTube channel
chapters for each thing thatwe're going to talk about, so
it's easier for you to navigatethrough the channel.
My name is Boris Moshe, I'm aCPA and I'm about to bring you
(00:43):
amazing tax strategies forTrump's tax plan.
Ready, let's get started.
Speaker 2 (00:47):
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
(01:08):
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 (01:20):
Okay, before we continue, it's really, really
important to know that today'sFebruary 10th of 2025,
everything that Trumpadministration has announced is
not yet law.
Most likely, majority of themwill pass in Congress, and that
is exactly what we're going totalk about here Now, one of the
(01:41):
things that we're going to talkabout I'm really going to focus
on six things over here thatit's going to affect you, the
business owner the vehicle loanswhen you take out a loan on the
vehicle.
Okay, I've always talked abouthow can you write off your
personal car on your businesstaxes if you're not using it a
hundred percent.
Well, what happens to the otherpercentage that is used for
personal?
Mr President, trump hasactually some great plans for
(02:04):
you.
We're going to talk about that.
We're also going to talk aboutbonus depreciation.
It finally may come back, and Ithink it will strongly come
back to 100%.
That is going to affect you ifyou're buying cars over 6,000
pounds for your business or ifyou are investing in real estate
.
Huge opportunity for those thatinvest in real estate Research
and development tax credits.
(02:25):
If you think your business doesnot qualify for research and
development, think twice.
You might want to research thisa little bit more in depth,
speak to your tax advisor.
But research and developmenttax credits took a huge hit in
the past couple of years.
We're going to talk about that.
It's coming back, ladies andgentlemen.
It's coming back 100%.
Well, I hope so.
(02:46):
Okay.
Social security benefitsPresident Trump, on his campaign
, was saying there will be notaxes on social security
benefits to the retirees.
What does that mean for you,the wealthy business owner that
is about to retire and receivenice social security?
Is that going to be taxable?
And then there's also no tax ontips.
We're going to talk a littlebit about that and how it may
(03:07):
affect you if you're a businessowner of a restaurant.
So again, jump through thechapters over here and we're
going to talk about overtime pay.
What I'm curious about overtimepay, the reasonable
compensation that I always talkabout a lot.
Would we be allowed torestructure it a little bit so
we have some overtime pay andnot pay any income tax on it?
I'll be very curious to see howthat's going to work out for a
(03:29):
business owner.
But let's dive deep into eachone of these.
All right, auto loans.
So, on a campaign travel,president Trump was saying that
there will be.
You can itemize deductions right.
Itemize the interest that youpay for financing your personal
vehicle.
Now, what does itemizingdeduction mean?
Now?
You pay for financing yourpersonal vehicle.
Now, what does itemizingdeduction mean now?
(03:49):
When you file your personaltaxes, you either take a
standard deduction, which is, ifyou are married, thirty
thousand dollars, or you takeitemized deductions, which
majority of business owners takeitemized because they own a
home.
They get to write off theirmortgage interest, charitable
donations, property taxes andwhat's not.
Now what happens is that one ofthose itemized deductions,
(04:10):
president Trump is saying youcan write off the finance
charges, the interest that youpay on your vehicles.
Wait what?
How is that going to benefityou, the business owner?
Well, because some businessowners don't necessarily use
their personal car 100% for thebusiness.
They could be using it 60%, 50%, 40%.
Well, president Trump comesback and says hey, I've got
(04:32):
another way for you to write offyour car expenses on an
itemized deduction.
Is that going to pass in thelaw?
I am not sure, but it'ssomething he toyed around with
and usually, when he sayssomething is going to pass, most
likely it will.
So definitely keep an eye outon that.
If you are working with a taxpreparer, you do not have a tax
advisor that's advising you onthese tax law changes.
(04:54):
Please speak to your taxadvisor.
Speak, excuse me, get yourselfa tax advisor and don't speak to
your preparer.
Okay, awesome, let's move on toa bonus depreciation Now.
We all know when 2017 Tax Cutsand Jobs Act was passed and
don't speak to your preparer.
Okay, awesome, let's move on toa bonus depreciation Now.
We all know when 2017 Tax Cutsand Jobs Act was passed, one of
the biggest things there was100% bonus depreciation.
(05:15):
Now a lot of people think oh myGod, trump gave us 100%
deduction, not on everything,ladies and gentlemen.
You still had a Section 179that you could use to take 100%
deduction and you can pick andchoose how much depreciation to
take this year, but with bonus,it benefits those individuals
that buy a car that is more than6,000 pounds for their business
(05:39):
.
Okay, now that if the car is100% business use, it's 100%
bonus depreciation deduction onthe entire cost of the vehicle.
The biggest other thing is forthose that invest in real estate
.
If you invest in real estate,you may want to use a cost
segregation that basicallyallows you to accelerate your
(06:00):
depreciation deduction.
If bonus depreciation is back,the items that are part of the
cost segregation, that have auseful life less than 15 years,
will be subject to 100%deduction in your first year.
It's a huge opportunity forthose of you that are looking to
invest in real estateshort-term rentals, long-term
rentals and if those losses canbe deducted to you against your
(06:23):
business income, wow.
Especially in some cases,business owners actually buy
their own piece of real estatewhere they house their business.
If you combine those twoactivities together, okay, that
real estate losses generatedfrom that using cost segregation
, bonus depreciation on top ofthat can all be deducted against
(06:45):
your business income.
Again, let's continue withresearch and development tax
credit.
Now I've read that America,united States, is one of the
countries that is way behindthis right.
We don't really incentivizethis for business owners.
To make matters worse, abouttwo years ago the law has
changed.
(07:05):
If you were a business ownerand you had research and
development, now if you had, forexample, $100,000 in research
and development tax credits, irssaid not only are you going to
get a 10% credit, but you'realso going to get a 100%
deduction on those qualifiedexpenses after you minus the
credit.
(07:25):
But let's just leave thatmathematical calculation on the
side.
The point is that you couldtake a deduction and a credit.
As of about two years ago, thathas changed.
The government said you canstill take the credit, but the
deductions you have to amortizeover five years.
Do you know how many startupbusinesses actually went out of
business Because, wait, I cannotdeduct my expenses but I can
(07:49):
take credit?
I need those deductions.
It really hurt a lot ofbusinesses.
I personally have tax advisoryclients that.
It hurt them a lot.
The good news is that this willcome back to incentivize the
business owners to put moremoney into research development,
get 100% credit well, not 100%,excuse me, whatever the credit
(08:09):
calculation is and 100% taxdeduction.
That is part of this Trump'stax plan for profitable business
owners.
Now we are going to be backright after this break.
Speaker 2 (08:20):
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
(08:43):
start using in your business toinstantly start saving money on
taxes.
Click on the link in thedescription below for a free
download.
Speaker 1 (08:50):
Okay, welcome back again.
If you're watching this long,you're probably a fan already,
so please go ahead and subscribeto my channel.
Let's continue with socialsecurity benefits for wealthy
business owners that are aboutto retire from their business.
They've got tons of money, tonsof income coming in.
They had a tax advisor.
Everything was plannedaccordingly.
Amazing.
(09:13):
Now you're receiving socialsecurity benefits, are they
going to be taxable to you?
No, as of the law stands rightnow, that is not going to be
taxable for those that don'thave any other income, but even
for those that have all theother income.
Because right now, the way thelaw is written is that if you're
receiving and I'm just going touse general terms, not going to
get into the limits and all ofthat stuff If you're a retiree,
your only income is SocialSecurity benefits, those Social
Security benefits are nottaxable to you.
(09:35):
Now, if you're receiving SocialSecurity benefits as the law
stands right now and you haveother sources of income, you are
reaching that point where about85% of your social security
benefits right up to 85% of thesocial security benefits will be
taxable to you.
Now, when I used to be back inthe day when I was not a tax
(09:55):
advisor.
I know shame on me.
When I was a tax preparer I dida lot of returns for seniors
okay, and it really hurt to seethat a lot of seniors that are
receiving social securitybenefits and a little bit of
pension income which puts themover the top where social
security benefits became taxableto them.
The reason I don't like it somuch personally is because you
(10:19):
work on a W-2.
You pay into the socialsecurity system, you pay social
security taxes.
When you retire, the little bitof the social security income
that you receive, you startpaying tax on it.
I personally never liked it.
So I'm very, very happy to seethis that social security
benefits will not be taxable Now, regardless of how wealthy the
(10:39):
individual is, because rememberwho paid into the Social
Security benefits?
It's everybody, right, whetheryou're the business owner, not
the business owner, everybodywho has worked, even teachers,
right.
My wife used to be a teacher.
Every time she received apaycheck that was a big Social
Security tax on that right For ateacher.
So I never agreed that SocialSecurity benefits should be
(11:00):
taxable and this administrationactually is coming up with
something that says it's notgoing to be taxable to you,
which is really, really awesome.
Now, tips will not be subject toincome taxes.
What I really I am reallycurious about is that it may not
be subject to income taxes.
Is it going to be subject tosocial security, medicare tax
again?
And if you are a business ownerin any way, the the fact that
(11:23):
the tips are excuse me, ifyou're a restaurant owner, the
fact that the tips are not goingto be taxable to your waiters
or waitresses, right, it's notreally going to make a dent for
you because you're not payingany income taxes on those tips.
You're just distributing thosetips out.
Actually, ted Cruz was one ofthe original people who wanted
to pass this, and one of thethings that he was saying is
(11:44):
that you get a deduction on thetip income that was taxed to you
.
So how is this really going toplay out?
I don't know, but Trump'sadministration is going very,
very strong on it.
I don't think it's going tohave that big of an effect or
any effect on a business owneror business owner's taxes.
All right, the last thing.
Let's talk about overtime pay.
Now, I'm very curious aboutthis because you, as a
(12:05):
profitable business owner, youprobably work a lot overtime,
right?
So you're the business owner,you definitely work over 40
hours.
Now you pay yourself a salaryespecially if you have an S
corporation.
You pay yourself a reasonablecompensation.
Generally, that reasonablecompensation is calculated on
the 40-hour workday.
What if you work over that andyou pay yourself overtime?
(12:26):
Will that be taxable to you?
I'm very curious to see howthat's going to work out.
I'm going to start payingmyself an overtime pay.
If this applies to everybody, itcould be that, you know, highly
compensated employees doesn'tapply.
It applies to administrativestaff.
Doesn't apply to exemptemployees that are exempt from
overtime, such as professionalslike accountants or attorneys or
(12:48):
whatever that may be.
So it's very, very interestingto see how that's going to turn
out and if it's going to benefitthe business owners in any way,
because there's going to be ahuge strategic opportunity for
you, the business owner, to workwith your tax advisor to
restructure your pay forovertime pay.
So again, I'm not sure how thisis going to work out.
I'm definitely keeping an eyeon this because I think this
(13:10):
could be also a greatopportunity for a business owner
, and I just want to say thankyou and until the next time.
Speaker 2 (13:15):
That's it for today's episode.
Be sure to check out thedescription below for some free
tax reduction resources thatBoris 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
(13:37):
next strategy is released.
If you are a profitable business owner, the
Trump's tax plan for 2025 andbeyond is going to affect you by
a lot how much money you pay intaxes, what type of deductions
you take, and so forth.
Now I'm going to put all thenoise on the side, the biggest
noise out there no tax on socialsecurity, no tax in overtime.
(00:20):
What I want to focus on is you,the business owner.
How is it going to affect yourbusiness taxes?
We're going to keep it short,we're going to keep it to the
point and also below, you willsee on this YouTube channel
chapters for each thing thatwe're going to talk about, so
it's easier for you to navigatethrough the channel.
My name is Boris Moshe, I'm aCPA and I'm about to bring you
(00:43):
amazing tax strategies forTrump's tax plan.
Ready, let's get started.
Speaker 2 (00:47):
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
(01:08):
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 (01:20):
Okay, before we continue, it's really, really
important to know that today'sFebruary 10th of 2025,
everything that Trumpadministration has announced is
not yet law.
Most likely, majority of themwill pass in Congress, and that
is exactly what we're going totalk about here Now, one of the
(01:41):
things that we're going to talkabout I'm really going to focus
on six things over here thatit's going to affect you, the
business owner the vehicle loanswhen you take out a loan on the
vehicle.
Okay, I've always talked abouthow can you write off your
personal car on your businesstaxes if you're not using it a
hundred percent.
Well, what happens to the otherpercentage that is used for
personal?
Mr President, trump hasactually some great plans for
(02:04):
you.
We're going to talk about that.
We're also going to talk aboutbonus depreciation.
It finally may come back, and Ithink it will strongly come
back to 100%.
That is going to affect you ifyou're buying cars over 6,000
pounds for your business or ifyou are investing in real estate
.
Huge opportunity for those thatinvest in real estate Research
and development tax credits.
(02:25):
If you think your business doesnot qualify for research and
development, think twice.
You might want to research thisa little bit more in depth,
speak to your tax advisor.
But research and developmenttax credits took a huge hit in
the past couple of years.
We're going to talk about that.
It's coming back, ladies andgentlemen.
It's coming back 100%.
Well, I hope so.
(02:46):
Okay.
Social security benefitsPresident Trump, on his campaign
, was saying there will be notaxes on social security
benefits to the retirees.
What does that mean for you,the wealthy business owner that
is about to retire and receivenice social security?
Is that going to be taxable?
And then there's also no tax ontips.
We're going to talk a littlebit about that and how it may
(03:07):
affect you if you're a businessowner of a restaurant.
So again, jump through thechapters over here and we're
going to talk about overtime pay.
What I'm curious about overtimepay, the reasonable
compensation that I always talkabout a lot.
Would we be allowed torestructure it a little bit so
we have some overtime pay andnot pay any income tax on it?
I'll be very curious to see howthat's going to work out for a
(03:29):
business owner.
But let's dive deep into eachone of these.
All right, auto loans.
So, on a campaign travel,president Trump was saying that
there will be.
You can itemize deductions right.
Itemize the interest that youpay for financing your personal
vehicle.
Now, what does itemizingdeduction mean?
Now?
You pay for financing yourpersonal vehicle.
Now, what does itemizingdeduction mean now?
(03:49):
When you file your personaltaxes, you either take a
standard deduction, which is, ifyou are married, thirty
thousand dollars, or you takeitemized deductions, which
majority of business owners takeitemized because they own a
home.
They get to write off theirmortgage interest, charitable
donations, property taxes andwhat's not.
Now what happens is that one ofthose itemized deductions,
(04:10):
president Trump is saying youcan write off the finance
charges, the interest that youpay on your vehicles.
Wait what?
How is that going to benefityou, the business owner?
Well, because some businessowners don't necessarily use
their personal car 100% for thebusiness.
They could be using it 60%, 50%, 40%.
Well, president Trump comesback and says hey, I've got
(04:32):
another way for you to write offyour car expenses on an
itemized deduction.
Is that going to pass in thelaw?
I am not sure, but it'ssomething he toyed around with
and usually, when he sayssomething is going to pass, most
likely it will.
So definitely keep an eye outon that.
If you are working with a taxpreparer, you do not have a tax
advisor that's advising you onthese tax law changes.
(04:54):
Please speak to your taxadvisor.
Speak, excuse me, get yourselfa tax advisor and don't speak to
your preparer.
Okay, awesome, let's move on toa bonus depreciation Now.
We all know when 2017 Tax Cutsand Jobs Act was passed and
don't speak to your preparer.
Okay, awesome, let's move on toa bonus depreciation Now.
We all know when 2017 Tax Cutsand Jobs Act was passed, one of
the biggest things there was100% bonus depreciation.
(05:15):
Now a lot of people think oh myGod, trump gave us 100%
deduction, not on everything,ladies and gentlemen.
You still had a Section 179that you could use to take 100%
deduction and you can pick andchoose how much depreciation to
take this year, but with bonus,it benefits those individuals
that buy a car that is more than6,000 pounds for their business
(05:39):
.
Okay, now that if the car is100% business use, it's 100%
bonus depreciation deduction onthe entire cost of the vehicle.
The biggest other thing is forthose that invest in real estate
.
If you invest in real estate,you may want to use a cost
segregation that basicallyallows you to accelerate your
(06:00):
depreciation deduction.
If bonus depreciation is back,the items that are part of the
cost segregation, that have auseful life less than 15 years,
will be subject to 100%deduction in your first year.
It's a huge opportunity forthose of you that are looking to
invest in real estateshort-term rentals, long-term
rentals and if those losses canbe deducted to you against your
(06:23):
business income, wow.
Especially in some cases,business owners actually buy
their own piece of real estatewhere they house their business.
If you combine those twoactivities together, okay, that
real estate losses generatedfrom that using cost segregation
, bonus depreciation on top ofthat can all be deducted against
(06:45):
your business income.
Again, let's continue withresearch and development tax
credit.
Now I've read that America,united States, is one of the
countries that is way behindthis right.
We don't really incentivizethis for business owners.
To make matters worse, abouttwo years ago the law has
changed.
(07:05):
If you were a business ownerand you had research and
development, now if you had, forexample, $100,000 in research
and development tax credits, irssaid not only are you going to
get a 10% credit, but you'realso going to get a 100%
deduction on those qualifiedexpenses after you minus the
credit.
(07:25):
But let's just leave thatmathematical calculation on the
side.
The point is that you couldtake a deduction and a credit.
As of about two years ago, thathas changed.
The government said you canstill take the credit, but the
deductions you have to amortizeover five years.
Do you know how many startupbusinesses actually went out of
business Because, wait, I cannotdeduct my expenses but I can
(07:49):
take credit?
I need those deductions.
It really hurt a lot ofbusinesses.
I personally have tax advisoryclients that.
It hurt them a lot.
The good news is that this willcome back to incentivize the
business owners to put moremoney into research development,
get 100% credit well, not 100%,excuse me, whatever the credit
(08:09):
calculation is and 100% taxdeduction.
That is part of this Trump'stax plan for profitable business
owners.
Now we are going to be backright after this break.
Speaker 2 (08:20):
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
(08:43):
start using in your business toinstantly start saving money on
taxes.
Click on the link in thedescription below for a free
download.
Speaker 1 (08:50):
Okay, welcome back again.
If you're watching this long,you're probably a fan already,
so please go ahead and subscribeto my channel.
Let's continue with socialsecurity benefits for wealthy
business owners that are aboutto retire from their business.
They've got tons of money, tonsof income coming in.
They had a tax advisor.
Everything was plannedaccordingly.
Amazing.
(09:13):
Now you're receiving socialsecurity benefits, are they
going to be taxable to you?
No, as of the law stands rightnow, that is not going to be
taxable for those that don'thave any other income, but even
for those that have all theother income.
Because right now, the way thelaw is written is that if you're
receiving and I'm just going touse general terms, not going to
get into the limits and all ofthat stuff If you're a retiree,
your only income is SocialSecurity benefits, those Social
Security benefits are nottaxable to you.
(09:35):
Now, if you're receiving SocialSecurity benefits as the law
stands right now and you haveother sources of income, you are
reaching that point where about85% of your social security
benefits right up to 85% of thesocial security benefits will be
taxable to you.
Now, when I used to be back inthe day when I was not a tax
(09:55):
advisor.
I know shame on me.
When I was a tax preparer I dida lot of returns for seniors
okay, and it really hurt to seethat a lot of seniors that are
receiving social securitybenefits and a little bit of
pension income which puts themover the top where social
security benefits became taxableto them.
The reason I don't like it somuch personally is because you
(10:19):
work on a W-2.
You pay into the socialsecurity system, you pay social
security taxes.
When you retire, the little bitof the social security income
that you receive, you startpaying tax on it.
I personally never liked it.
So I'm very, very happy to seethis that social security
benefits will not be taxable Now, regardless of how wealthy the
(10:39):
individual is, because rememberwho paid into the Social
Security benefits?
It's everybody, right, whetheryou're the business owner, not
the business owner, everybodywho has worked, even teachers,
right.
My wife used to be a teacher.
Every time she received apaycheck that was a big Social
Security tax on that right For ateacher.
So I never agreed that SocialSecurity benefits should be
(11:00):
taxable and this administrationactually is coming up with
something that says it's notgoing to be taxable to you,
which is really, really awesome.
Now, tips will not be subject toincome taxes.
What I really I am reallycurious about is that it may not
be subject to income taxes.
Is it going to be subject tosocial security, medicare tax
again?
And if you are a business ownerin any way, the the fact that
(11:23):
the tips are excuse me, ifyou're a restaurant owner, the
fact that the tips are not goingto be taxable to your waiters
or waitresses, right, it's notreally going to make a dent for
you because you're not payingany income taxes on those tips.
You're just distributing thosetips out.
Actually, ted Cruz was one ofthe original people who wanted
to pass this, and one of thethings that he was saying is
(11:44):
that you get a deduction on thetip income that was taxed to you
.
So how is this really going toplay out?
I don't know, but Trump'sadministration is going very,
very strong on it.
I don't think it's going tohave that big of an effect or
any effect on a business owneror business owner's taxes.
All right, the last thing.
Let's talk about overtime pay.
Now, I'm very curious aboutthis because you, as a
(12:05):
profitable business owner, youprobably work a lot overtime,
right?
So you're the business owner,you definitely work over 40
hours.
Now you pay yourself a salaryespecially if you have an S
corporation.
You pay yourself a reasonablecompensation.
Generally, that reasonablecompensation is calculated on
the 40-hour workday.
What if you work over that andyou pay yourself overtime?
(12:26):
Will that be taxable to you?
I'm very curious to see howthat's going to work out.
I'm going to start payingmyself an overtime pay.
If this applies to everybody, itcould be that, you know, highly
compensated employees doesn'tapply.
It applies to administrativestaff.
Doesn't apply to exemptemployees that are exempt from
overtime, such as professionalslike accountants or attorneys or
(12:48):
whatever that may be.
So it's very, very interestingto see how that's going to turn
out and if it's going to benefitthe business owners in any way,
because there's going to be ahuge strategic opportunity for
you, the business owner, to workwith your tax advisor to
restructure your pay forovertime pay.
So again, I'm not sure how thisis going to work out.
I'm definitely keeping an eyeon this because I think this
(13:10):
could be also a greatopportunity for a business owner
, and I just want to say thankyou and until the next time.
Speaker 2 (13:15):
That's it for today's episode.
Be sure to check out thedescription below for some free
tax reduction resources thatBoris 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
(13:37):
next strategy is released.
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