Listener Q&A with Mike Jesowshek CPA (2/14/2024)
Feb 14, 2024
On this Podcast we answer listener questions! If you have a question you would like discussed on a future episode, submit it now!
- Go to www.TaxSavingsPodcsat.com
- Click Podcast
- Scroll to the Bottom and Submit Your Question
You never know, your question may be on the next Q&A session. Below are today's questions, tune into our Podcast to hear the answers!
Scott: Can you send me a link of the podcast series of what is an s-corp and why someone should consider it? Also, do we have to declare it every year? Also, Can we choose to switch back to just being taxed as a SMLLC?
Hydyr: Hello, I have been doing Uber, Lyft and Grubhub. Can I open now S Corp and write all the earned money to new S Corp? Thanks in advance.
Tanya: I'm so confused about hiring my kids. Can you give me a rundown again of what I need to know about this strategy?
Casey: We purchased a business from family. Our agreement was to pay them a certain amount a month over the course of several years. Can that money be a write off? We are an S-corp. Thank you! Love the podcast. We have learned so much as new small business owners!
Anonymous Facebook Group Member: If I buy a bounce house and rent it out for my party rental business and it’s under $2500, what category of expense does this fall under?
Luke: Everything you do on the podcast and the info you sent has been super helpful. Thanks again for all that you do! I may need to consult an attorney for this question, but it is related to taxes. I'd prefer to file one tax return for my LLCs. I have 4 LLCs that are under the umbrella of a Wyoming LLC. Will filing only one tax return negate some of my asset protection under the LLCs?
Chuck: You talk a lot about the value of the self-employed healthcare premium deduction…if I’m a retired federal employee who is now self-employed as a sole proprietor, are the FEHB premiums I pay as a former employee now deductible? I have searched everywhere but can’t get a definitive answer. Thanks!
Richard: First off, love the Podcast and I am learning so much. One problem, I feel like I'm struggling during implementation and need someone to bounce ideas off of. What do you recommend?
Joy: Hi! I recently discovered your podcast and I've been in a deep dive for the past 2 weeks listening every day! I have questions about the best way to set up my husbands (and my own separate) business that is primarily based in California but we now have our permanent residence in Florida. My new business will be Florida based and my husband is opening a Florida branch this year. Still, 100% of the income at this moment comes from California. We want to take advantage of living in Florida though as much as we can. Do you advise on this? Or can you recommend someone we can consult with for best practices on this type of set up? I'm about to LLC our business here in Florida and then put them under an S Corp but there's a lot more I need to know. Thank you!
Amy: Can anyone help me find a post or podcast that shares how to hire young grandchildren. My business is a S corp. My grandchildren help quite a bit and I have been paying them with a w-2. Any help is greatly appreciated.
Dillon: I have have a slight understanding about the "don't have to report income less then 400 a year from one source" rules. I'm a contractor and I've done a few jobs that were less then 400 this year. Does that mean I don't have to report that income?
Jen: Question: Did you open a separate LLC for your Airbnb or furnished finder property? My current business is a party rental. Would like any advice, thank you!
Samantha: I’ve been considering offering a retirement plan to my employees. What are the tax benefits for small businesses that set up a retirement plan, and what options are available that are tailored to small businesses?
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