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Is your S-Corp salary nonexistent? too low? too high? just right? Getting the S-Corp salary right is important. If it’s too low & you get caught by the IRS, you can end up paying even more! Getting to the Number The IRS' "Reasonable Compensation Job Aid for IRS Valuation Professionals" document is a huge help. It gives you clearly defined valuation rules & takes away some of the gray areas.... Market Approach The market approach compares the S-Corp’s business with others, looking at the compensation paid by those businesses to employees similar to you. Cost Approach The cost approach breaks your employee activities into their components, such as management, marketing, bookkeeping, clerking, etc. Health Insurance The S-Corp’s payment or reimbursement of health ins. for the shareholder-employee & their family goes on the shareholder-employee’s W-2 & counts as compensation, but isn't subject to payroll taxes. Pension The S-Corp’s employer contributes on behalf of the owner-employee count as compensation but don’t trigger payroll taxes. Section 199A Deduction The S-Corp’s net income that is passed through to you can qualify for the 20% Section 199A tax deduction on Form 1040. Book a call with me: https://calendly.com/borismtax/sstax?month=2020-10 #tax #taxlaw #dollar #bestadvice #startupstrategies #taxes #accountingandaccountants #corporatetaxes #finances #smallbusiness #business #personalfinance #finance #money #personalization #investing #strategy #consultants #supportsmallbusiness

In my last post, I spoke about shifting some of your income to your kids By hiring them to work in your business What if your kid is in college and you are paying tuition or have to take out student loans?... You can still hire your kids in your business, even if they are in college It's called Section 127 Education Assistance Program You can pay your child's tuition fees from your business Up to $5,250 and your business gets a deduction! Why didn't your accountant tell you about this? Your accountant / CPA / tax preparer is NOT a Tax Strategist! This strategy allows you to pay your child Up to $5,250 as a fringe benefit reported on a W-2 Your business will get a 100% deduction and your child will NOT pay any tax on the tuition reimbursement To Put this Plan in place, your child must be -Age 21+ -A Legitimate Employee of your business -Not more than 5% of your business -Not your dependent Yes, not your dependent Don’t panic... With new tax law There isn't much benefit to claiming kids over 18+ as dependents Ready to implement this tax strategy? All you need is an internal plan document For Section 127 Tuition Reimbursement Book a call with me to discuss this strategy in more detail: https://calendly.com/borismtax/sstax?month=2020-10 #tax #taxlaw #dollar #bestadvice #startupstrategies #taxes #accountingandaccountants #corporatetaxes #finances #smallbusiness #business #personalfinance #finance #money #personalization #investing #strategy #consultants #supportsmallbusiness

Do you know your current tax bracket? Likely, you are in a 30% bracket In fact, if you are a business owner... You're probably in a higher bracket, The good news is that you are crushing it Bad news? You are probably in a high bracket when you don't have to be How about shifting some of your income to your children under age 18 Kids don't file taxes & pay zero income tax Actually, anyone making < $12,400 does not have to file or pay taxes If we shift some of the income from your 30% bracket to your child’s zero tax bracket, would that be a good strategy to use? I think so! You can accomplish that by hiring your kids under age 18 to work for you IRS allows it and actually gives you a tax break for it! As long as your child works in your business and you pay them On a W-2, you can effectively shift up to $12,400 from your bracket to your child’s zero tax bracket With 2 kids, that is $24,800 in extra deductions for your business Zero Taxable Income to your kids And $7,440 in tax savings! Don’t worry there is plenty of work for your kids: Filing Social media marketing CRM management Answering phones The list goes on If you want to know which other tax strategies could work for your business set up a call with me: https://calendly.com/borismtax/sstax?month=2020-10

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Just 3 days ago, there was a press release from the SBA reopening the ability for small businesses to apply for the Economic Injury Disaster Loan program. To get you up to speed, the EIDL was released back in March 2020 for the COVID-19 Pandemic. With interest spiking, the SBA quickly became overwhelmed and shut down the ability to submit new applications.... Leaving you without the ability to obtain the 10K Government Advance nor the $150k EIDL Loan approval. As of 6/15/2020 the gates have reopened. But not for long. If you are ready to apply for this assistance and get help navigating the PPP alongside the EIDL, schedule a time to speak with me here. Here are the details of the SBA EIDL Loan: - Up to 10K EIDL Advance for applying. - Interest Rate 3.75% for small business - Loans can be used to pay debt, payroll, accounts payable and other bills that cannot be paid due to the disaster’s impact. - Must be economically injured by the Pandemic - Repayment terms up to 30 years. - First payment deferred to 1 year. Ready to get started? Schedule here: https://calendly.com/borismtax/covid19?month=2020-06 #SBAloan #SBA #bestadvice #tax #accountingandaccountants #corporatetaxes #smallbusiness #business #personalfinance #finance #money #strategy #consultants #supportsmallbusiness

It’s Back! Economic Injury Disaster Loan has officially reopened to all small businesses. But there is a catch.... $90B has already been used up. The SBA stopped accepting all applications as there was an overwhelming rush to apply back in April/May. Now the floodgates have reopened. So what information do you need to apply? A LOT! - Most recent Federal income tax returns - Personal Financial Statement - Schedule of Liabilities listing all fixed debts - You Fill out All SBA Paperwork - Year-end profit-and-loss statement and balance sheet for that tax year - A current year-to-date profit-and-loss statement - Monthly sales figures for increases in the amount of economic injury. And there may be even more! There’s an advance (up to $10k) plus the loan amount granted (with whispers of $150k limit). Ready to obtain relief for the EIDL? Have you been affected? Let’s set up a time here: https://lnkd.in/dc8A_8M #tax #taxlaw #dollar #bestadvice #startupstrategies #taxes #accountingandaccountants #corporatetaxes #finances #smallbusiness #business #personalfinance #finance #money #personalization #investing #strategy #consultants #supportsmallbusiness #COVID19 #coronavirus #sba #sbaloan

EIDL loans with up to 10k advance are back!!! Message me for more info or if u need help applying!!!EIDL loans with up to 10k advance are back!!! Message me for more info or if u need help applying!!!

Families First Corona Virus Response Act - March 18th CARES ACT $2 Trillion Bill - March 27th Interim Emergency - $484B - April 24th... Which one of these did your accountant discuss with you? I am sorry to hear that... Look, ever since COVID-19 hit, we have been on the economic front lines And helping business owners who are in distress, we're offering... 1. Relief Lending Consulting 2. Legislation Compliance & Consulting (FFCRA, CARES, CARES 2*) 3. Cash Management, Forecasting, & Budgeting Book your meeting with me here: https://calendly.com/borismtax/ppp?month=2020-05 Talk Soon! #covid19 #workfromhome #tax #taxlaw #dollar #bestadvice #startupstrategies #taxes #accountingandaccountants #corporatetaxes #finances #smallbusiness #business #personalfinance #finance #money #personalization #investing #strategy #consultants #supportsmallbusiness #accountingtips

PPP loans can get tricky... In order for the loan to be forgiven, you have to prepare an accounting package showing you have disbursed the funds in accordance with loan covenants. If you do this right, you won’t have to pay back thousands, hundreds of thousands, or millions of dollars.... The PPP CAN be forgiven, but it’s NOT guaranteed. IF YOU DO NOT DO THIS RIGHT, YOU WILL HAVE TO PAY BACK THE GOVERNMENT PARTIALLY, OR IN FULL. And I don’t mean to scare you... The intent of the loan was for it to be forgiven. But it is NOT GUARANTEED. Let's walk through the 8 steps you need to go through for forgiveness: 1. Make A Plan To Maximize The Amount You Will Be Able To Forgive 2. Determine The Eligible Costs Incurred & Paid During Next 8 Weeks 3. Calculate The Employee Floor For Forgiveness 4. Determine Any Percentage Decrease In FTEs During 8 Weeks 5. Calculate Reduction In Payroll > 25% of Prior Quarter 6. Consider Changes For Employees "Restored By June 30th" 7. Prepare The Final Package For Submission To The Bank For Forgiveness 8. Answer All Questions For Lenders and The SBA But that's not everything. I suggest hopping on a 1-on-1 call with me to figure out a plan for forgiveness. Book your meeting with me here: https://calendly.com/borismtax/ppp?month=2020-05 #tax #taxlaw #dollar #bestadvice #startupstrategies #taxes #accountingandaccountants #corporatetaxes #finances #smallbusiness #business #personalfinance #finance #money #personalization #investing #strategy #consultants #supportsmallbusiness #ppploans

President just signed another stimulus package with more money to be given out to small businesses and SELF EMPLOYED individuals. YES, self-employed entrepreneurs!!! But, there is a lot more than just PPP and EIDL money. There are tax credits, deferrals, cash backs and more!!! I put together this simple to understand portal in which you will have access to all CARES Act tax credits, fundings and more!!! Oh, I also have documents for your accountant so that he/she can utilize ...this for you! Check it out here: www.borismusheyev.com

Awesome podcast that I got to do with Moshe Rosenblum-Amsel last week! https://lnkd.in/dUT9xPG If you want to schedule a time to speak, you can do so here: https://lnkd.in/dpEq5AK... #tax #taxlaw #dollar #bestadvice #startupstrategies #taxes #accountingandaccountants #corporatetaxes #finances #smallbusiness #business #personalfinance #finance #money #personalization #investing #strategy #consultants #supportsmallbusiness