Product Startup · 14 Feb 2017 · 42m
Diane Gardner of Tax Coach 4 You explains how small business owners can reduce tax liability through proper record-keeping and strategic entity selection. She highlights common missed deductions, such as business mileage, legitimate business meals, and hiring family members like children or aging parents. Gardner advises on choosing between sole proprietorships, LLCs, and S-Corps, noting that S-Corp status often becomes cost-effective once net profit exceeds approximately $70,000. She also discusses retirement plans like SEP and SIMPLE IRAs, and medical expense reimbursement plans as tools for tax optimization.
early-stage companies
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Torie Charvez, owner of Tax Goddess, explains the financial and legal realities for engineers starting consulting businesses or selling physical products. She details the differences between sole proprietorships, LLCs, and S-Corps, emphasizing the necessity of payroll and tax discipline to avoid IRS penalties. The discussion covers specific tax rules for deductions, inventory management for product sellers, and the proper procedures for closing a business.
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