from Kerry Lutz's Financial Survival Network
Kerry Lutz interviews Chase Insogna about end-of-year tax planning tips for business owners. Chase emphasizes the importance of being proactive with tax planning and bookkeeping, recommending hiring a CPA, making big purchases for Section 179 deduction or bonus depreciation, and selling stocks to offset gains. He also suggests setting up an LLC S Corp, having clean books, paying a reasonable salary, and saving for retirement. They discuss the benefits of paying your kids and spouse, including tax savings and maximizing deductions, and the importance of tax planning and business structure. They recommend considering S-corp for tax planning and ongoing accounting for businesses making two to three hundred thousand in revenue.
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