Tuesday, December 29, 2015

SCORE Seminar: "Intro to Business Taxes" - Bert Seither

How is your business taxed?

Have 75 days to make "Entity Classification Election" - can cut SE tax by 50%

Must have revenue to use deductions! No ratio can be expected; however Sether used an example of $5K of income and $15K of expenses  (That's why some businesses sell T-Shirts.)

In Complexity is Opportuinity!

Always keep receipts, especially for meals and entertainment.

Tax Strategies of the Wealthy:

  • Self-insured Medical Reimbursement Plans (C-Corp)
  • Making a MESS (Multiple Entity Structure Strategy)
  • Estate Plans to distribute wealth (Businesses never die)

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