Tax Planning in Business

On this week's episode: owners focus on their personal return and never ask what could be done inside the business itself.

Four things we constantly see missed:
1. Your spouse already approves every big decision you make. They can be on the company 401(k) too, one business, two maxed-out retirements.
2. Twenty percent of your income, deductible, without spending a dollar. Most owners get a fraction of it and never find out why.
3. A swimming pool that was 100% deductible and the home office rule that made it hold up.
4. 76 cents a mile for driving you already do. Many people leave it on the table because they don't want an app on their phone.

Get in touch: https://www.revotaxpayer.com/?utm_source=revo-taxpayer&utm_medium=podcast&utm_campaign=s4e25-tax-planning-in-business&utm_content=show-notes#contact-1

Chapters
[00:00] Why business owners plan on the wrong return
[04:20] Your spouse is an officer: doubling 401(k) contributions through the business
[07:00] "Have you strategized your QBI deduction with your CPA?"
[09:40] How QBI works: twenty percent, without spending a dollar
[11:00] The wage limit, and why contractor pay doesn't count
[12:00] The S corp advice that reversed in 2017
[15:50] The home office deduction without the red flag form
[17:50] What a red flag actually is
[21:50] The pool builder whose backyard was a showroom
[26:00] Business mileage, the new rate, and Big Brother
[30:40] Be proactive: tell us before, not after