Taxes: are you paying to much? What about write offs like home offices and reducing your bill with proper entities like an S-corp and K distributions? Have you thought about 401k retirements yet? Let’s review.

A doctor’s perspective net many sewed this time is cash practice PT with Jared Carter Episode 70 taxes it’s about most small businesses can qualify for a new pass-through income 20% savings whereas before this like secrets that could do that.

He was still a little vague on it the answer the guests so really can’t talk much about it be honest other than if you make 167 single or 315 as a total married couple, it may not be to that you need to worry about the first quarter is kind of the limit for your secret situation. Otherwise, you may not be able to use it.

As many voices always talk to your CPA now instead of waiting until April 10. And of course, you need to make sure you have a lawyer involved as well. One thing to note most people need to do you know we spend more time saving for the card and we do set up a business entity in from our taxes when you form your business.

 Is it ap LLC is an LLC Do you want an S corp sometimes? Look at your goals and business. And other times it’s the state laws that dictate what kind of business you’re going to be in. As a perk for S corp is that you can have your regular employee, you know, as yourself as an employee getting paid, but then you can also take k one or K through distribution and pretty much cycling, paying 15% taxes. And instead of saying, my employee and pay 150,000, you might pay to say, 70. And the rest of it is a k distribution.

You know, when you’re looking at this, you also want to ask questions like, are you just a private practice the online sales Do you do consult? All of these might dictate what type of Corporation setup also should you have LLC for each one for a parent company and you have like DBS or LLC underneath that it can get complicated. To find out, did you know that you could potentially hire your kids and your spouse, you want to find out what the rules are for that.

 Also. when you’re talking about your home office, what is needed to document like internet videos, can you get to do at least 14 hours a week at your home office has anyone to talk to CPA to find out. What are the rules because maybe you can qualify. There are lots of apps out there to calculate the mileage tune from your house to work. So if you have a home office, this the only to work office, and back and forth, could actually all be counting, but you got to make sure you talk to your accountant about that.

And then we talked a little bit about our Roth IRAs, simple steps, for one K’s, and all of that. And remember the 401k if you want to match, whatever you put in like a 2%. You have to offer that to your employees as well, because technically, you’re an employee, as well. So you can’t just say I just want to do it and not offer to them.

So you got to make a decision. Do you want your business to contribute or not? And he had availability, his new book if you want to get it in there, and I will still be active coding company.com slash cash-based, but that was a pretty cool offer he gave. I will have a guest to show you soon.

 I think it’d be like Episode 130 ish, called Jason Rainier CFP, certified financial planner. We’re going to go into great detail about some of the things that we’re talking about here today. So stay tuned for that on the program.

 As always, check out the resources page for all the technology products that I recommend, like blueberry, for hosting your podcast if you’re interested in that. She’ll have audio speakers, missing letters for automated social media posts, and more. That about does it not just Trosclair went #behindthecurtain

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