🆓 Download FREE PDF: 7 Write Offs Every S-Corporation Business Owner MUST Know bit.ly/3DPw5UZ ☎ Schedule your FREE Tax Advisory Session - www.TaxPlanningCall.com/

@user-lf1hs6jv8i

2 ай бұрын

I am setting up my company now and want to set it up right. Can you help put me on the right path.

Thank you so much, I have never understood this as much as I have the way you've explained it 💯.

@borismusheyevcpa

Жыл бұрын

Happy to help!

Love the quality of your videos and the value you're providing! Thank you very much for your hard work.

@borismusheyevcpa

11 ай бұрын

I appreciate that!

wow! Just found you, just started a business, will definitely be following you.

I just found your channel! this is some good stuff!

Thank you. I am setting up my LLC for S Corp election right now and have many questions! Wpuld love to catch you on another stream

Thank you so much. My prayers have been answered. A few years short, but never too late

@borismusheyevcpa

Жыл бұрын

You are so welcome

I love this information 💯💯💯💯

I just sold a property in Portland and I'm thinking of putting the cash in stocks, I know everyone is saying it's ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains with months, I'm really just confused at this point.

@dorenestewart5084

10 ай бұрын

@AnnaSPerez-zk5eq It all depends on how long you're willing to hold for, stocks might likely tank further, but making serious gains in this downtrend wouldn't be a problem if you're a pro.

@dorenestewart5084

10 ай бұрын

@AnnaSPerez-zk5eq Hi, please who is the expert assisting you and how do I reach out to them?

Thanks for sharing such a video. Much needed. It was so convincing. Nice work.

Thanks for all the good data. There is so much to go through.

@borismusheyevcpa

11 ай бұрын

Glad it was helpful!

These strategies are amazing! About to hire you as my CPA :)

I am in the process of changing my LLC to an S Corp and I hope the CPA I hired is as on the ball as you . I appreciate your knowledge and insight

Amazing value provided in this video. Thanks Boris!

@borismusheyevcpa

11 ай бұрын

Glad it was helpful!

Now we’re talking. Great advise!

Thank you that is so great

Boris, you are phenomenal!! I'm going to follow you like a lost puppy! Thanks!!

@borismusheyevcpa

11 ай бұрын

Lol thanks! We always take care of lost puppies!

Thanks for this useful session!

@borismusheyevcpa

Жыл бұрын

Glad it was helpful!

What a brilliant video. Great advice, simple and practical.

This is awesome content thanks Boris! Tax Planning Yes

@borismusheyevcpa

Жыл бұрын

Peter schedule your call with my team at www.taxplanningcall.com

This is so helpful! Breaking it down!

@borismusheyevcpa

11 ай бұрын

Glad you think so!

best video! keep it coming!

Omg, i should of found you years ago!! I am working on filing my raxes now

Excellent advice !

Thanks for the awesome video, very helpful for me. I opened by company in 2022 Feb and I am the only employee of my scorp and work from home.My CPA like you explained says cannot deduct anything. He said no to even paying kids. Is it too late to pay kids for 2022 and all these accountable plan you mentioned. I heard you can deduct for first year company opening expenses too but he says no to it too. Where is that Costco video you mentioned?

As a CPA who does both tax and audit… I find your videos extremely helpful. Thanks, Boris!

@borismusheyevcpa

11 ай бұрын

Thanks Cory!

really appreciate all the info share here< Thx Boris

@borismusheyevcpa

Жыл бұрын

My pleasure Carlos! Is there any topic you'd like to see me cover?

Great video! New sub😊

Please do a video on the tax codes you mentioned. I think that would be very helpful to all of us that listen.

Excellent !!!!!

Thanks!

Thank you Boris

I am glad I am near your office in Queens NY! Will visit you soon :)

@borismusheyevcpa

Жыл бұрын

Ha ha only by appointment😆

Thank you for sharing 💪

@borismusheyevcpa

Жыл бұрын

My pleasure!

awesome training

Hopefully by now we should get it the idea 💡.

Even with my knowledge I know I need help with my business structure

Amazing info!!!

😊 amazing!!!

Great vid I’m a cpa in Modesto California and always trying to expand my knowledge and this was great. Love your energy I think you could be in the wwe

@borismusheyevcpa

Жыл бұрын

Awesome I love to hear that! I'm glad you found it helpful :)

@hermanrodriguez571

6 ай бұрын

I'm also in the 209. Can we connect about tax strategy? I am currently working with an EA but haven't talked strategy. New to this! Your Time and consideration would be greatly appreciated. Thank you.

This is next level

You and Mark J Kohler are my go to for tax advice

Subscribed ✅

Thankyou

By now we shouldn't be surprised in our previous time with our parents and they're connection to life's lessons learned.

Thank you for sharing this information. Can you explain a little more and possibly show an example of how to go back and "catch up" on the health premiums through payroll so that it will appear on the W2 be able to take advantage of the tax savings? thank you!

@borismusheyevcpa

11 ай бұрын

Check out this video: kzread.info/dash/bejne/nX-qpaOueLPYlLg.html

great video

Great video

Can I use Accountable Plan in other types of entities (LLC, C Corp, Partnership, etc)?

Ty!!

Great info

Is there a video for pre launch tax strategies, for new business? Particularly s-corp?

TWO questions. so I cut trees in the woods my home is definetly my office, and the woods is where i perform my work falling trees , can I write the milleage off when i drive from my home to the woids , the location of my cutting changes .

Is buying a home with an S-corp possible? I have a HVAC contractors license in California and I’m looking into buying a home that will be also where I do lots of paperwork .

Very informative wish you were my tax man

I just saw this 2/27/2024. Love learning on this subject. Where can I further my learning?

If you work out of the home office, how much is the mortgage and utilities can you claim. Only the square footage of the area? So a percentage of the payment? Or can you do the entire aps bill, entire garbage bill? With the accountable plan. Currently we are an s corp and have the electric bill directly from th3 business account.

Enjoying your videos, we are starting out with a new business and want to make sure we do everything the right way, do you offer tax planning services for companies that are just starting out? Or would you be able to recommend someone who does?

very good info

@borismusheyevcpa

Жыл бұрын

Glad it was helpful!

Are 280A ("Augusta Rule") days accountable plan reimbursements or are those done separately?

Great video Boris! Thank you so much! 👍 Question: if I'm a 2% S-Corp owner, I know I can't get the fringe benefit of my company paying for my health insurance, but can they reimburse me for my health insurance premiums? And if not, can I deduct this on my personal tax return?

@headlibrarian1996

Жыл бұрын

Yes and yes. Start a Health Reimbursement Arrangement by formally adopting a plan, then the plan reimburses you (after you substantiate them, so keep it formal in case of audit) for premiums and any other eligible expense. The company adds those reimbursements as non-FICA wages on your W2, and you deduct them as self-employed insurance. It is best if you are the only employee, then you can do a full section 105 HRA with unlimited reimbursements. If you have employees and no group insurance plan I would do an ICHRA, which in theory has no reimbursement limits, but if you want a high reimbursement limit for yourself you must also give it to your employees. They can then buy an ACA individual plan for themselves, which you reimburse through your HRA. If you have a group insurance plan paid by the company then your HRA can only reimburse you for the premiums you actually pay out of pocket, the company portion becomes a taxable fringe benefit to you as a 2% owner, which is clearly not ideal.

thanks Boris. Subsribed. Can you do a breakdown 1120s vs 1065? We have 2 1065's and do draw and distribution after income end of year, vs 1120's, where you have to have payroll and w2. pros and cons if you can do. thanks

Boris, great video. Can you do 1099 for our kids who worked for the business?

is it easier to pay your kids through a family management company rather than paying them a w2 from your business?

Awesome!

@borismusheyevcpa

Жыл бұрын

Thanks!

# Tax Preparation #Tax Planning Lots of questions

Great video, very well explained! Where can I find or get your book?

@borismusheyevcpa

11 ай бұрын

Check it out here: www.scorptaxbook.com

What's a reasonable price for preparing an 1120-S?

What is the downfall of using depreciation of my home? Is it true that the depreciation percentage will be deducted from the profits when I sell my house?

Not more than 5 percent of the amounts paid or incurred by the employer for educational assistance during the year may be provided for the class of individuals who are shareholders or owners (or their spouses or dependents), each of whom (on any day of the year) owns more than 5 percent of the stock or of the capital or profits interest in the employer.

@WMitchellM

7 ай бұрын

I just noticed that you mentioned 2% and how owners do not qualify for tuition reimbursement. In the even that you have several employees and all of them are taking tuition reimbursement, it seems like owners can also take it, but only up to 5% of the total. Maybe I'm misreading, but that's my take on the code.

Hi just came across your vid. Is there a way for a C corp to help me with my studnet loans that has acquired prior to working for that company? Much thanks

Can you take distributions and classify them as return of invested capital and pay no tax as its simply a return of your invested capital? Also how is your basis determined when debt is involved. For instance, I buy a 2 million dollar business. I put 400k down and finance the rest. How does the debt affect the basis?

Good content 👍

@borismusheyevcpa

Жыл бұрын

Thanks Rick! Is there any topic you'd like to see more of?

@rickrolls3786

Жыл бұрын

@@borismusheyevcpa ...Thanks for asking. I'll certainly ask if something comes to mind in the future.

You have a great way of explaining these complex strategies very clearly. I live in NJ and want to work with you. Can I set up a call to speak with you?

@borismusheyevcpa

Жыл бұрын

Yes you can speak to my team at www.taxplanningcall.com

Good guy!

I’m starting a new business and would love some help with tax planning

Hey, i like your channel! I have a couple questions: 1) what if the s-corp doesnt make any money, how do you pay yourself? 2) If the business does make money, do you have to distribute the entire profit, or can you leave some in the business for growth and expansion?

@angietoney8238

7 ай бұрын

1. You do not have to pay payroll if you didn’t make any money; if you’re not making money, you likely elected S Corp too soon; 2. You do not have to distribute all profits.

Tax Planning!!

About if my son went just a semester to a private university, hes currently 19, and he works full time with us. Should I wait till he is 21 to pay that student loan, with the business money? Even if he didnt finished. Or he would have to finish a career?

Im next! Tax planning!

@borismusheyevcpa

Жыл бұрын

Hey Sunny! You can schedule a call with my team here: www.taxplanningcall.com

Section 127 Tuition reimbursement for college loans... I guess we don't run that through payroll, just cut separate check for that - right?

thank you love your videos i am a new b here my business call GCN, LLC but in my W-9 I choose S. Corp is this okay in your opinion please help me. thanks

Wow I need to hire you for my tax planning, asap

@borismusheyevcpa

Жыл бұрын

Lets do it! calendly.com/tax-strategy/tax-strategy-session-yt

You got love

you are amazing

Your awesome

I’m sorry if I missed this in your video. But besides the fact with section 127 I’m helping my kid get some extra money for tuition, what is the personal tax savings for me as a business owner of an S-Corp to offer tuition reimbursement? How will this lower my tax liability? {I really hope my question makes sense to you and thanks in advance!}

Good Stuff

Great stuff. You also sound like Adam Sandler. I'm sure that's not the first time you've heard that.

@borismusheyevcpa

11 ай бұрын

Actually first time! Lol

Boris, when I convert from a sole proprietor LLC to an S-corp, do I have to go to the State and change my charter?

@JoshJorg44

Жыл бұрын

you should only have to file a form with the IRS. you are still an LLC but taxed as an SCorp

Can you do taxes for a S Corp in Missouri?

I’m NEXT

where is your office located??????

Love it ..... Go hide lock your doors and write the check...ahhahhahahha Love your videos brother.

Hi there! I totally understand if you can not answer this question but i am a little desperate at this point so i will ask ❤ i hired an accounting firm, long story short many things have gone wrong. they are trying to finish my taxes for my first year as Scorp election but for 2022 i did not know i was supposed to pay myself as W2. instead of running myself through payroll i would pay myself a salary by transferring the month from my business bank account to my personal account. (4k monthly) My accountant wants to leave line 7 of form 1120-S blank and claim all my salary as owners distributions but i am concerned that is not the proper way to go about it and can put me at greater risk of an IRS audit so i have done much research and have come across a work around to file a late 1099NEC to myself to account for the salary which of of course isn't ideal but allows me to write my total amount paid in line 7 and at least shows i am trying to correct the error so my question is, is this a suitable course of action or is it better to leave line 7 blank and claim all 48,000 as owners distributions thank you for reading this ♥

Boris, great stuff! Retirement plan specialist here. Let me know if you want to chat sometime about 401k plans.

love

section 127 under Cares Act- can the business owner use this to pay student loans from the past even if they did not get a degree? Is still paying on past loans.

@PGIFilms

Жыл бұрын

From what I could find with a few Google searches, the only limitation for a company with an Educational Assistance Program (EAP) under Section 127 is that the pay out from the plan cannot be converted in such a way that it can be spent on non education items. There is no stipulations or limits on the age of student loans or graduation status... so the answer to your question is: Yes, a business can pay on their employees' old student loans using a Section 127 Educational Assistance Program.

some love

What if you have a 50/50 partnership in an S corp. I work less than my partner so our pay is different. Is this allowed. I guess my question is do we both have to make the same money on the payroll ?

@PGIFilms

Жыл бұрын

Bit confused on your term "50/50 partnership" and "our pay is different" and whether or not the business is an existing 1065 Partnership converting to an (1120S) S-Corp entity or if this is going to be a NEW business started up as an S-Corp. Typically, when someone says they are a 50/50 partnership it implies that each partner splits all income and expenses in half. Technically, your supposed to account for each partner's equity separately (whether cash/equipment equity or sweat/service equity) and that determines their actual split which is rarely 50/50 without putting extra effort into balancing things between what each partner does to making sure it's a true 50/50 split. This is why I'm confused when you say you have a 50/50 partnership, but have different rates of pay. As a general answer to your question, you do NOT have to make the same money on the S-Corp payroll. If you are both going to be owner-shareholders and officers of the company the "reasonable salary" paid are determine by the owners/officers operating the business. In other words if you both agree, your partner can have a larger salary than you.