Episode 43. $1 Million S-Corp Tax Strategy

Interested in Tax Strategy for your Business? Send us a message with your email address and we’ll help you get started!If you're an S-Corporation owner making over $1 MILLION and you're still using the same tax preparer you started with... you're probably overpaying by six figures.Let's talk about the BIGGEST salary mistake million-dollar S-Corporation owners make that's costing them hundreds of thousands in unnecessary taxes. Spoiler: If you're taking your entire profit as W-2 salary because your accountant told you to "be conservative," you're literally doing the opposite of why S-Corporations exist.Here's what we're diving into: The #1 reason you became an S-Corporation was to AVOID self-employment tax — so why are business owners at the $1M+ level still paying themselves massive W-2 salaries? I'll explain why you have to split between salary and distributions when you're making seven figures, and yes, it's completely legal when done right.We expose why taking everything as salary is the WORST tax strategy at this income level. Your accountant most probably does not understand how PTET and QBI deductions completely change the game for high earners. These tax strategies alone can save you hundreds of thousands of dollars on taxes. The harsh truth is you've OUTGROWN your accountant. You need a tax ADVISOR, not just a tax preparer. There's a massive difference, and I'll explain why most million-dollar business owners are getting terrible tax advice.Advanced tax strategies we cover: How to LEGALLY reduce that ugly tax bill that hits every April. You know, when your accountant says "congratulations on a great year... here's your $300,000 tax bill." The more you make, the more you pay? Not if you know these tax strategies.For those with million-dollar homes and home offices, the IRS actually WANTS you to take these tax deductions. I'll walk through the Augusta Rule, home office deductions, because you should be maximizing every square foot of your property for tax savings.The retirement tax strategy section is CRUCIAL: Solo 401(k)s are just the beginning. At this income level, you should be looking at defined benefit plans that let you sock away hundreds of thousands annually in tax-deductible retirement contributions. Yeah, you read that right.Stop letting CPAs who don't understand seven-figure tax planning cost you hundreds of thousands in taxes. This podcast covers exactly what questions to ask and what tax strategies to demand.Because here's the truth: At $1M+, the difference between good and great tax strategy is literally a six-figure swing. Every. Single. Year.🆓  Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know:   https://7taxwriteoffs.com/?el=podcast&htrafficsource=buzzsprout*Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.