Advanced Tax Strategies for Business Owners | Home Office Deductions, Augusta Rule, and More

If you’d like a free copy of the book, just email us at [email protected] and tell us how you found us.In this episode, we dive deep into various tax strategies tailored specifically for business owners. We cover essential topics such as home office deductions, the Augusta Rule, paying your kids on payroll, Solo 401(k)s, and advanced strategies like captive insurance. The first half of the podcast is dedicated to potential tax changes currently under review by the Senate. We discuss extensions of the Tax Cuts and Jobs Act, increases in qualified business income deductions, and more. In the second half, we bring on guest Patrick Lonergan to discuss specific strategies for business owners and how to optimize personal taxes linked with business operations.00:00 Introduction to Today's Podcast00:18 Overview of Potential Tax Changes00:41 Extension of Tax Cuts and Jobs Act01:26 Bonus Depreciation and Section 17903:13 Qualified Opportunity Zone Program03:57 State and Local Tax Cap Increase04:33 Lifetime Estate and Gift Tax Exemption06:19 Additional Tax Changes and Implications08:03 Infomercial: Family Office Ohana Mastermind08:35 FOOM and Real Estate Professional Status11:33 Tax Strategies for Business Owners14:00 Home Office Deduction17:09 The Augusta Rule21:28 Family on Payroll24:37 Qualified Business Income Deduction29:18 Level Two Tax Strategies37:27 Setting Up Retirement Plans for Solopreneurs38:46 Navigating IRS Audits and Employee Classifications39:17 Overview of Level Two Tax Strategies39:37 Understanding ROBS and Roth Conversions41:08 Introduction to Level Three Tax Planning41:22 Captive Insurance: Benefits and Risks46:38 Investing Through Captive Insurance55:31 Level Four: Tax Fraud and Evasion57:30 Common Pitfalls and CPA Involvement01:05:39 Final Thoughts and Contact Information Hosted on Acast. See acast.com/privacy for more information.