Business Owner Edition: How to Unlock the True Benefits of an S-Corporation, with Mike Jesowshek, CPA

Learn how your business may be able to help you save more in taxes! In this episode, I'm joined by Mike Jesowshek, CPA and host of the Small Business Tax Savings Podcast as we discuss how to unlock the true benefits of an S-Corporation. Having a better understanding of your business shouldn't be complicated. Whether you're new to the business world, or semi-retired with a thriving family business, this episode is packed with strategies presented "in crayon" just for you. More specifically, we discuss: What is an S-Corporation, and how does it work? What are the main tax benefits of an S-Corporation election? Who should consider an S-Corp election, and who shouldn't? What are possible disadvantages? What are the costs associated with being taxed as an S-Corporation? How should you run and manage your S-Corporation? What do business owners need to know before stepping away from their business? Tax strategies you can implement in your business: Maximizing everyday deductions Retirement plan Charitable giving Hiring your children Resources: Mike's Podcast: Small Business Tax Savings Podcast Retired-ish Newsletter Sign-Up Ask Cameron A Question! Free 4-Step Retirement & Tax Analysis for Ages 50+ Additional Episode Related Resources Here LPL Financial and Planable Wealth are not affiliated with or endorsed by Mike Jesowshek or the Small Business Tax Savings Podcast.   The key moments in this episode are:
 00:02:10 -  Overview of S Corporations 00:04:21 - Basics of S Corporations 00:07:19 - Advantages of an LLC 00:09:59 - Disadvantages of S Corporations 00:13:34 - Disadvantages of an S Corporation for Small Profits 00:14:21 - State-Specific Disadvantages of S Corporations 00:15:00 - Additional Taxes for LLCs in California 00:16:29 - Importance of Proper Bookkeeping 00:21:23 - Cash Flow Management in an S Corporation 00:25:58 - Understanding Taxes for Business Owners 00:27:01 - Advantages of an S Corp Structure 00:29:45 - Stepping Away from the Business 00:30:16 - Tax Savings through Retirement Plans 00:38:52 - Maximizing Charitable Deductions 00:39:48 - Using Charitable Giving for Advertising 00:42:23 - Hiring Children in the Business 00:47:18 - Long-Term Benefits of Funding a Roth IRA 00:50:24 - The Power of Compound Savings 00:50:42 - Tax Strategies Made Easy 00:51:39 - Maximizing Deductions 00:52:32 - Taking Action on Tax Opportunities