Accounting Tips for Entrepreneurs

Accounting Tips for Entrepreneurs

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By Jeffrey Skolnick
Simple, plain language tax tips for small business owners, entrepreneurs and individuals. Transform your tax return from something scary to something easily understood. Pick up business organization and bookkeeping tips as well.
More places to listen

More places to listen

Episode 28: The penalties for not having health insurance and understanding the Premium Tax Credit.
The Tax Cuts and Jobs Act eliminated the individual mandate requiring individuals to have health insurance or pay a penalty. Some states, however, have instituted their own penalties. In addition this episode also explains how the Premium Tax Credit works.
07:39
October 7, 2019
Episode 27: Save large dollars by investing in opportunity zone funds!
The Tax Cuts and Jobs Act contains a provision that allows taxpayers to defer significant amounts of capital gains by investing in opportunity some funds. These funds are designed to spur economic development and job creation in distressed communities.
12:56
September 23, 2019
Episode 26: Planning for Cash Flow For Your Business
In this episode I address the most typical cash flow issues that arise in small businesses with some suggestions on how to mitigate their impact on your business.
09:18
September 9, 2019
Episode 25: How to use Net Operating Losses to reduce your tax bill
The proper use of a Net Operating Loss can save taxpayers significant dollars. There are, however, a number of hurdles that were thrown in by the 2018 Tax Cuts and Jobs Act. This episode focuses on these new rules.
10:27
August 19, 2019
Episode 24: Why you need a Buy-Sell Agreement if your business has multiple owners
The purpose of a buy-sell agreement is to facilitate a change in ownership upon the occurrence of certain events. Whether these events are voluntary or involuntary the main objectives of a buy-sell agreement are to make sure remaining owners retain control and departing owners or their families are reasonably compensated for relinquishing their financial interest in the Company.
08:56
August 4, 2019
Episode 23: Initial steps to opening your business
Most people that start their own business have a passion for their particular product or service, which is what leads to them opening their own business. Many have no idea how to get started and this episode is meant to give you a pathway to opening your business.
11:32
July 28, 2019
Episode 22: Why should I write a business plan?
Although not typically the first thought on a new owners mind, a business plan will serve as a blueprint on how to run your business and greatly increase your chance for success.
10:21
July 22, 2019
Episode 21: How long must I retain tax records?
One of the most common questions I am asked is how long must I retain my business records which is normally code for I want to throw some things out and I want you to say it’s okay. This episode sheds some light on this question.
10:57
July 15, 2019
Episode 20: Deducting Automobile expenses in your business
Many individuals use their automobiles in their businesses and this episode extension explains how this is done.
12:56
July 8, 2019
Episode 19: Understanding the capital gains rules
There is always a great deal of discussion on the distinction between short term and long term capital gains and losses. This episode explains how to determine short vs long term capital gain or loss and the tax implication of each.
12:36
July 1, 2019
Episode 18: How the tax code can ease the burden of Education expenses
There are a number of items available in the tax code to assist taxpayers paying for qualified education expenses. Learn about the tax credits and deductions available as well as a way to eliminate penalties on IRA withdrawals before age 59 1/2.
13:52
June 17, 2019
Episode 17: Choosing an Entity structure
Taxpayers are often confused on which structure they should choose for their business; sole proprietorship, partnership, C corporation, S Corporation or LLC. This podcast unlocks the mystery and discusses the basics of each type.
10:14
June 10, 2019
Episode 16: Mortgage Interest rules. What you should be aware of.
Although it is very often the largest deduction on taxpayers returns there are a few rules that are not common knowledge and this lack of knowledge can hurt those expecting to be able deduct more than the law allows. This podcast outlines these rules.
12:37
June 3, 2019
Episode 15: Amended returns - Are they a good idea?
One question that I run into quite often is I made a mistake on my tax return and I know I am entitled to more deductions but is amending my return going to raise a red flag? This podcast covers this question as well as some other information that taxpayers considering amending a return should know.
09:36
May 20, 2019
Episode 14: Independent contractors vs. Employee, understand this or potentially pay big time!
There are a variety of reasons why employers would like to classify workers as independent contractors; no payroll taxes, no benefits such as health insurance, no pension or profit sharing requirements and no minimum wage and hour laws. The IRS would like workers classified as employees to make collection of Social Security ad Medicare taxes easier. Learn how to determine whether workers are independent contractors or employees.
20:23
May 13, 2019
Episode 13: Defer taxes on real estate sales
Like-Kind exchanges or 1031 transactions allow taxpayers to dispose of property and defer the gain of the property if certain very stringent rules are followed closely. This podcast discusses these rules.
12:05
May 5, 2019
Episode 12: Deducting losses on real estate rentals
Since the Tax Cuts and Jobs Act passed when discussing real estate I and most others have concentrated on the new 20% deduction available against rental income. This podcast explains what happens when taxpayers incur a loss and how much is allowed as a deduction on your return.
11:28
April 28, 2019
Episode 11: Tax planning for next year
Now that we are through tax season I would like individuals to take control of their tax situation by estimating next year’s liability and assuring that they are covered through either the use of withholding or estimated income tax payments so there are no surprises next April.
09:41
April 21, 2019
Episode 10: Saving money by employing your minor children
If you own a sole proprietorship, single member LLC or are a partner/member of a multiple member LLC or partnership where all partners and/or members are parents of minor children you may be able to save significant tax dollars.
09:59
April 7, 2019
Episode 9: Excluding the gain on sale of your personal residence
One of the more common situations I run into is taxpayers selling their principal residences and trying to determine whether they are eligible for the $250,000 ($500,000 in the case of certain married taxpayers) exclusion from the gain on sale. This episode addressed the requirements for exclusion including some of the nuances pertaining to married couples.
14:00
March 31, 2019
Episode 8: What if I can’t file or pay my taxes by April 15th?
This podcast explains options for individuals that either cannot file their returns or pay their balance in full by the April 15th deadline. Topics covered include extensions and payments options available.
08:45
March 24, 2019
Episode 7: Divorce Implications - Alimony, child support and filing status options.
With the divorce rate being approximately fifty percent many individuals have to deal with tax implications upon divorce. This episode examines the treatment of alimony, child support payments sand filing status options updated for the the Tac cuts and jobs act.
11:41
March 17, 2019
Episode 6: What if my S corporation election is filed late?
There may be a time when a business owner would like to elect to change their business entity for it’s current tax structure to that of an S corporation. In this episode I discuss how to do this timely and what to do if you cannot file timely.
07:40
March 10, 2019
Episode 5: 2018 Tax Law Changes for Businesses
This episode addresses the provisions of the new tax law that most commonly affect businesses. I cover the reduced corporate tax rate, changes in depreciation, the new 20% deduction on qualifying ed business income and more.
12:45
March 3, 2019
Episode 4: Individual provisions of the new tax law and their impact.
This episode addresses the provisions of the new tax law that most commonly affect individual taxpayers. I cover the unintended consequence of relying on tax tables for withholding as well as personal exemptions, the child tax credit, the state and local income tax deduction and miscellaneous itemized deductions.
07:09
February 25, 2019
Episode 3: Utilize the 20% deduction for Pass-Thru Entities to save big money
The Tax Cuts and Jobs Act has many provisions that when used properly can save small businesses money. None, in my opinion, is better than the 20% deduction for Pass-Thru Entities.
08:49
February 18, 2019
Episode 2: Self-Employment Tax
By far the biggest surprise that small business owners and entrepreneurs run into when they first make money is Self-Employment Tax. While most people understand they must pay Federal and State taxes on their self/employed income few realize, until it happens to them the first time, that self-employment tax will cost them approximately 14% of their earnings.
08:50
February 10, 2019
Episode 1: Save Thousands by Choosing the Correct Retirement Plan
Small business owners, entrepreneurs and Network Marketers have the ability to save thousands of dollars by using the appropriate retirement plan for their needs. This episode compares and contrasts some of the more commonly used retirement vehicles.
12:17
February 3, 2019
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