Small Biz Tax Q&A: Closing Companies, Meals Deductions & Real Talk on Low LLC Income
Jun 18, 2025
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!
Cara: How to close a company without closing? Or when we are sure of the company, we opened but did not make any profit and lost customers or couldn't get any customer and lost interest in earning income thru this company and wanted to move forward to different industries. What to do without going back to old, unrecorded few transactions and close the company? Thank you
Iveliss: My question is about meals. If I pay lunch to my construction employees because I don't want them to go out of the construction site, are those meals deductible?
Facebook Group Member Ashley: I started my LLC 2024. It made less than 3k. This year I'm on track to possibly make less. Life got crazy and my LLC sort of fell to the bottom of my priority list sadly. Is this bad? Are there any sort of penalties if you don't make a lot? (In WA)
Anonymous Facebook Group Member: How can I find a legitimate, experienced tax strategist who specializes in helping high-income individuals save on taxes? There are so many sponsored ads on Facebook and other platforms, but many seem more like marketers than qualified professionals. How can I vet them to ensure the strategies they implement are legal, effective, and won’t raise red flags with the IRS?
Jennifer: Last year I made estimated tax payments and when I filed in 2025 I got a refund. Now I don't see the section to pay this years estimated tax payments on my account Does that mean I don't have to do the estimated tax payments? I did make less in 2024 than 2023. Of course I will save my tax money to pay but I don't want to be penalized
Jody: I have just a bit follow up on the Q&A podcast (4/16). In the example for taking mileage deduction when someone has a home office and offsite office; they are claiming mileage between home and office. The example had the business owner taking the home office deduction. With the facts from the podcast, 1st question, does this still work without taking the home office deduction. Say someone is using shared spaces in their home office, so they don’t qualify for home office deduction. 2nd question, is there a portion or quantity of administrative activity done in a home office that allows this first trip to not be a commute ( more than 50%).
Anonymous Facebook Group Member: Are sales taxes an expense? The taxes that the clients pay me for products.
Rhett: When I take money out of my business for personal use, how do I treat that in the bookkeeping file?
Amanda: If I am using the actual method for my vehicles, do I still need to track mileage?
Roger: Are personal life insurance premiums a valid business deduction if it's for the owner?
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