Tax Reduction Podcast

Boris Musheyev

Introducing your host, Boris Musheyev, CPA. In this podcast Boris debunks the tax code by teaching you simple and effective tax strategies, so you can keep the most of what you make. His mission is to help you cut taxes and build wealth using the power of proactive tax strategies. Every episode you will gain a better understanding of how the tax code is designed to be in favor of money-making entrepreneurs like yourself.

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#67
September 18 · 11 min
Episode 67. S Coporation Loan Strategy
Interested in Tax Strategy for your Business? Send us a message with your email address and we’ll help you get started! In this podcast, I break down one of the most common — and most dangerous — mistakes I find on S corporation tax returns: the "loan to shareholder." If you own an S corporation, there's a good chance this is sitting on your balance sheet right now, and you probably have no idea it's there or why. Here's the problem. When you take out more money from your S corporation than it actually has, you create what's called an excess distribution — and that money is taxable. But instead of catching it, a lot of accountants just bury the difference in "loan to shareholder" to balance the books. Now you're stuck owing money back to your own company, potentially with interest, or paying capital gains taxes on money you thought was yours. Here's what I cover in this podcast: ▪️ What "loan to shareholder" actually means and why it's probably on your Schedule L (page 5 of your return) without you knowing ▪️ How excess distributions happen — with a simple $100,000 example that makes it crystal clear ▪️ Why COVID-era SBA loans created this exact problem for so many business owners ▪️ The real reason your accountant put it there — balancing the books vs. an actual basis issue ▪️ How changing accountants over the years can create a phantom loan to shareholder you never actually owed ▪️ The strategy we use to fix it: proper loan documents, amortization schedules, and rebuilding your shareholder basis from scratch ▪️ Why Form 7203 (the new IRS basis schedule requirement) matters and how it protects you If you're an S corporation owner, knowing your shareholder basis is one of the most important things you can do to avoid paying taxes you don't owe. A lot of business owners are carrying this mistake for years — and it's completely fixable if you structure it correctly. 🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: https://7taxwriteoffs.com/?utm_source=buzzsprout&utm_medium=podcast *Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.
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#66
September 4 · 17 min
Episode 66. This Doctor Makes Millions, Pays Himself $0 Salary… and Could Write OFF $400,000 With 1 Tax Strategy
Interested in Tax Strategy for your Business? Send us a message with your email address and we’ll help you get started! In this podcast, I review the tax return of a 69-year-old interventional pain management doctor who makes multiple seven figures — and I tell him how he could potentially save more than $500,000 on taxes using strategies his own accountant completely missed. Dr. Felix owns a successful medical practice AND a large real estate portfolio, but he could be leaving a fortune on the table. Here's what I broke down for him: ▪️ The compliance red flag on his S corporation return that could create a major audit risk (his salary wasn't reported on Line 7) ▪️ How the Pass-Through Entity Tax (PTET) could give him up to $400,000 in additional deductions — and roughly $160,000 in immediate savings — just by changing HOW he pays his state taxes ▪️ Why his real estate losses may be trapped, and how short-term rentals + cost segregation could unlock a $440,000 first-year deduction ▪️ The self-insurance / captive insurance strategy under 831 that could potentially save him another $200,000 ▪️ How oil & gas investing and intangible drilling costs (IDCs) could deliver a 60–80% first-year write-off If you're a medical practice owner, high-income professional, or any service-based business owner with high profits, this podcast is for you. A lot of business owners are sitting on a potential goldmine of tax savings — they just may need to structure things correctly. 🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: https://7taxwriteoffs.com/?utm_source=buzzsprout&utm_medium=podcast *Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.
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#65
August 28 · 11 min
Episode 65. Is It Too Late To Elect S Corporation and Pay Myself Salary?
Interested in Tax Strategy for your Business? Send us a message with your email address and we’ll help you get started! Is it too late to elect S corporation status and process payroll for the year? Short answer: no. In this podcast, I break down how a late S corporation election works, why the March 15 deadline isn't always the final deadline, and how you may still be able to catch up on payroll. Many business owners hear, "You have 75 days" or "You have until March 15," and assume they missed their chance. That's not always true. You may be able to file Form 2553 with a late election and explain why the election was not made on time. Here's what I cover: ▶️ How to make a late S corporation election after the March 15 deadline and how the election can apply back to January 1 ▶️ How to catch up on payroll at year-end even if you haven't run payroll all year — including using a paper check against distributions you already took from the business ▶️ Why your reasonable compensation may not be prorated just because you elected S corporation status late — if your reasonable compensation is $60,000 for the year, you may still need to pay the full $60,000 ▶️ How year-end payroll can help with retirement contributions such as a SEP IRA or Solo 401(k), including employee deferrals on a lump-sum W-2 paycheck ▶️ How S corporation status may help with the QBI deduction if you are a profitable business owner who could otherwise lose part of the deduction based on your income and business type ▶️ How an S corporation may help with the PTET strategy in states that do not provide the same treatment for an LLC If you're a profitable business owner still operating as a single-member LLC or sole proprietor and you're heading toward year-end, this may be a tax strategy worth looking into. Before making an S corporation election or changing your payroll, talk with your Tax Advisor to make sure this strategy fits your situation. 🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: https://7taxwriteoffs.com/?utm_source=buzzsprout&utm_medium=podcast *Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.
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#64
August 21 · 17 min
Episode 64. How a Real Estate Investing Anesthesiologist Could Unlock $509,000 in Potential Tax Deductions
Interested in Tax Strategy for your Business? Send us a message with your email address and we’ll help you get started! In this podcast, I sit down with a medical practice owner and review his tax situation. As I went through his tax return, I identified several tax strategies worth looking at. When I added them together, I found approximately $509,000 in potential tax deductions. That does not mean he automatically saves $509,000 in taxes. It means these strategies could potentially reduce his taxable income by that amount. The first strategy I found involved real estate. He owned real estate inside an S corporation, which raised an important tax planning issue. I explain why I generally prefer keeping investment real estate separate from an S corporation. Then I walk through cost segregation and how it can accelerate depreciation on qualifying properties. In his situation, I estimated that cost segregation could potentially create $60,000 to $80,000 in additional deductions. I also explain how short-term rentals can create different tax opportunities than traditional rental properties. We then discuss the Augusta Rule, which can allow qualifying business owners to rent their home to their business for up to 14 days. Finally, I explain an oil and gas tax strategy involving intangible drilling costs. When I combined the strategies we discussed, the potential deductions reached approximately $509,000. The important lesson is simple. Your tax return tells you what happened. Tax planning helps you decide what to do before the year ends. That is why proactive tax planning is so important for doctors and other high-income business owners. If you wait until tax season, many tax strategies may already be off the table. 🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: https://7taxwriteoffs.com/?utm_source=buzzsprout&utm_medium=podcast *Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.
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#63
August 14 · 7 min
Episode 63. He Sold His Painting Business for $2,000,000
Interested in Tax Strategy for your Business? Send us a message with your email address and we’ll help you get started! This painting contractor, Joe, sold his business for $2,000,000 using installment sale tax strategy but he had an unexpected tax bill EVEN though he had an installment sale set up. In this podcast, I covered exactly what went wrong and how to be prepared in the future for this. An installment sale allows a business owner to receive payments over several years instead of collecting the full sale price upfront. However, certain parts of the sale may still be taxed immediately. In Joe’s case, the depreciation recapture on his business assets did not qualify for installment sale treatment. This meant he could owe taxes on approximately $360,000 of income in the first year, even though he only received $200,000 from the buyer. In this podcast, you’ll learn: • How an installment sale works when selling a business • Why depreciation recapture may be taxed immediately • How goodwill and business assets are taxed differently • Why your taxable income may be higher than the cash you receive • How interest payments can help cover future capital gains taxes • How to prepare for tax bills throughout the installment sale • Why accurate records are essential if you change accountants • How to avoid paying taxes twice on the same income An installment sale can be a powerful tax strategy when selling a business, but it must be structured, planned, and tracked correctly. Make sure you speak with a Tax Advisor before selling your business or agreeing to receive payments over several years. 🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: https://7taxwriteoffs.com/?utm_source=buzzsprout&utm_medium=podcast *Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.
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#62
July 31 · 10 min
Episode 62. 3 Investment Tax Strategies That Could Cut This Contractor’s Tax Bill by 50%+
Interested in Tax Strategy for your Business? Send us a message with your email address and we’ll help you get started! Are you a contractor, trades business owner, or high-income earner struggling with a massive tax bill after selling your business? In this episode of Hot Seat Tax Return, I break down a real-life case study with Joe, a former painting contractor from Napa, California. Discover how utilizing 3 specific tax strategies can potentially cut your tax bill by more than 50%—even with high W-2 income and installment sale payments coming in! 📊 IN THIS PODCAST, I COVER: 1️⃣ The Short-Term Rental (STR) Tax Loophole: • How to bypass passive loss rules without becoming a full-time Real Estate Professional. • The 7-day average stay & 100-hour material participation rules. • How upfront bonus depreciation can offset W-2 income and installment sale profits. 2️⃣ Real Estate Professional Status (REPS) & Cost Segregation: • How a spouse can help unlock unlimited tax write-offs through real estate. • The 750-hour and 50% time rules explained. • Going back to use cost segregation on existing properties to capture missed depreciation. 3️⃣ Oil & Gas Tax-Advantaged Investments: • How Intangible Drilling Costs (IDCs) work under the IRS tax code. • How to get a quick 60%–80% tax write-off in Year 1 to offset unexpected income. 🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: https://7taxwriteoffs.com/?utm_source=buzzsprout&utm_medium=podcast *Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.
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#62
July 24 · 12 min
Episode 62. How 1 Tax Strategy Created a $220,000 Deduction for This 7‑Figure Printing Business
Interested in Tax Strategy for your Business? Send us a message with your email address and we’ll help you get started! In this Hot Seat Tax Review, I review the tax return of a 7-figure printing business owner and show him 1 tax strategy that could help increase deductions and reduce taxes. His name is Slava, and he sent in his business returns, real estate returns, and personal return so I could review the full picture. In this podcast, I walk through what I liked, what I would fix, and what strategies he should review with his Tax Advisor going forward. The biggest opportunity is his self-rental tax strategy. He owns the commercial building where his printing business operates. Because the same owners are involved in both the business and the building, he may be able to group the rental activity with the business activity and deduct rental losses against business income. I also explain how a self rental tax strategy with a cost segregation could create about $220,000 in additional depreciation deductions on the commercial property. We also cover: ✅ Reasonable compensation ✅ Why I liked that his printing business had no ending inventory ✅ Self-rental tax strategy ✅ Cost segregation ✅ Schedule C mistakes ✅ Hiring your kids ✅ PTET ✅ Retirement planning ✅ Real estate professional status This is a real tax return review with real business owner numbers, and it shows why tax planning should go much deeper than just filing a tax return. Before using any tax strategy, make sure you speak with a Tax Advisor who can review your full situation and help you structure everything correctly. 🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: https://7taxwriteoffs.com/?utm_source=buzzsprout&utm_medium=podcast *Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.
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#61
July 17 · 12 min
Episode 61. 4 Tax Strategies That Will Save This 6‑Figure Dentist $51,000 in Taxes
Interested in Tax Strategy for your Business? Send us a message with your email address and we’ll help you get started! In this podcast, I review the tax return of a six-figure dental practice owner and break down how she could potentially save about $51,000 in taxes. I walk through the exact areas I reviewed on her return, including her S corporation salary, reasonable compensation, payroll tax savings, self-rental strategy, cost segregation, retirement planning, home office deductions, Augusta Rule planning, and exit planning. The first strategy I cover is reasonable compensation. She was paying herself $188,000 in W-2 wages, but based on my review, a reasonable compensation analysis may support reducing that salary to around $125,000. That alone could create about $9,600 in payroll tax savings. I also explain how the self-rental strategy may apply because she owns the building where her dental practice operates. With the right grouping election and a cost segregation study, this strategy could create a large depreciation deduction and potentially save about $24,000 in taxes. Then I walk through retirement planning, including a traditional 401k, Roth planning options, home office reimbursement through an accountable plan, and the Augusta Rule. These strategies are not one-size-fits-all. They depend on your income, business structure, property ownership, tax bracket, and documentation. Before using any of these strategies, make sure you speak with a Tax Advisor who can review your full situation, run the numbers, and help you implement everything the right way. 🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: https://7taxwriteoffs.com/?utm_source=buzzsprout&utm_medium=podcast *Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.
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#60
July 10 · 18 min
Episode 60. How to Handle Short Term Rental Audit
Interested in Tax Strategy for your Business? Send us a message with your email address and we’ll help you get started! Short term rental audit rules can be confusing. Especially if you used real estate losses, bonus depreciation, or cost segregation to reduce business income. In this podcast, I explain how to handle a short term rental audit and how to prepare before the IRS or state ever asks for documents. You will learn the main short-term rental tax rules, including the 7-day average guest stay rule and the 100-hour material participation rule. I also explain why your hours need to be higher than anyone else working on the property, including a property manager. Then I break down the documents you should keep before an audit happens. This includes a detailed time log, guest records, travel receipts, repair receipts, cleaning receipts, and proof of business activity. If you are already in a short term rental audit, I explain how to organize your response, prepare a cover letter, cite the tax rules, and make it easy for the auditor to review your file. I also explain cost segregation and how it can create large first-year paper losses when paired with a short-term rental, bonus depreciation, and proper documentation. This podcast is for business owners, S corporation owners, and real estate investors who want to use short-term rentals the right way and be prepared if an audit happens. But this strategy has to be set up the right way. Before buying a short-term rental just for the tax write-off, speak with a Tax Advisor who can help you follow the rules and document everything properly. 🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: https://7taxwriteoffs.com/?utm_source=buzzsprout&utm_medium=podcast *Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.
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#59
July 3 · 11 min
Episode 59. How To Write Off Your Home Office (2026)
Interested in Tax Strategy for your Business? Send us a message with your email address and we’ll help you get started! In this podcast, I break down how to write off your home office the right way in 2026. It does not matter if you own a dental practice, a medical practice, a law firm, or a manufacturing business with a warehouse. Even if you already have a real office, you can still write off your home office and get reimbursed the right way. These are the same home office deduction strategies I use for my tax advisory clients, and most accountants do this the wrong way. Here's what I cover in this home office tax deduction podcast: First, who qualifies for the home office deduction. You must have an exclusive use space in your home, and it must be used for administrative work. I tell you exactly why a home office that is used for administrative work can become the principal place of business for IRS purposes, even when you already have a main office. Second, what you can deduct. I walk through the main home office expenses: mortgage interest, property taxes, insurance, and utilities. I tell you how to calculate the home office percentage using square footage, and why business owners with expensive homes can write off tens of thousands of dollars in home office tax deductions. Third, how to reimburse yourself the right way. This is the biggest mistake accountants make with the home office deduction. You do not just stick a number on your S corporation tax return. You reimburse yourself through an accountable plan, the business takes the expense, and you do not pick it up as income. I go over how the accountable plan works and why the home office reimbursement is classified as a rent expense on your books. If you are an S corporation owner, getting the home office deduction right with an accountable plan can save you a lot of money on taxes, and it is money sitting in your company that you can legally take out. 🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: https://7taxwriteoffs.com/?utm_source=buzzsprout&utm_medium=podcast *Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.
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#57
June 19 · 19 min
Episode 57. 3 Tax Planning Strategies To Use Mid Year
Interested in Tax Strategy for your Business? Send us a message with your email address and we’ll help you get started! In this podcast I tell you three tax planning strategies that business owners can use mid year to save money. These are the exact strategies I use with my clients in our tax advisory firm, and there is still plenty of time left in the year to put them to work. First I cover the accountable plan and the Augusta strategy. The accountable plan lets you pay yourself back for home office costs like mortgage interest, property taxes, utilities, and insurance. One of my clients saves about 36,000 dollars a year just from this. The Augusta strategy lets you rent your home to your business for up to 14 days a year completely tax free. You can use it for meetings, holiday parties, or client presentations, as long as you keep good documentation. Next I break down reducing your salary to a reasonable amount. This does more than lower your Social Security and Medicare taxes. It also raises your QBI deduction and your PTET deduction, which can add up to thousands of dollars in extra savings. In my example, these two moves alone created 40,000 dollars and 20,000 dollars in additional deductions. Then I cover bonus depreciation for self rental. If your business rents a building you own, you can use cost segregation to speed up your depreciation and create a large write off. The best part is you can still do this even if you bought the building a few years ago, by doing a catch up. As a bonus I explain why so many business owners are missing the QBI deduction completely, and how one client got a 120,000 dollar refund after we caught it. This is one of the most overlooked tax planning moves for S corporation owners. 🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: https://7taxwriteoffs.com/?utm_source=buzzsprout&utm_medium=podcast *Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.
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#56
May 1 · 28 min
Episode 56. How To Pay $0 In Taxes Using Real Estate
Interested in Tax Strategy for your Business? Send us a message with your email address and we’ll help you get started! If you want to know how to pay $0 in taxes as a business owner, this video is for you. I sat down with Rod Khleif, a real estate investor, entrepreneur, and host of one of the largest real estate podcasts in the world (Lifetime Cash Flow), to break down exactly how he pays $0 in taxes using real estate, and how you can do the same thing. Rod has owned over 2,000 houses, owns thousands of apartment units, and is currently buying senior housing facilities in Texas. He also famously lost $50 million in the 2008 crash and built it all back. In this interview, we cover his comeback story, the mindset shift that took him from making $8,000 a year to over $100,000, and the exact tax strategies he uses to pay zero in taxes year after year. First, Rod explains why 90% of millionaires either made their money in real estate or invested in it, and the main reason is the tax benefits. We talk about how the tax code is literally written to encourage real estate ownership, and how full-time real estate investors can legally write off their entire income. Then I break down the real estate professional status and the 750 hour rule, what it actually means, and how business owners can qualify to write off active income against real estate losses. We also cover passive investing for business owners who don't have time to be an operator, and how passive losses from real estate can offset passive income. Next, Rod and I get into cost segregation and bonus depreciation, the two strategies that allow real estate investors to write off 60 to 70% of their investment in the first year instead of waiting 39 years for commercial property depreciation. I explain how this works for S corporation owners and high-income business owners who want to reduce their tax bill fast. We also cover the BRRRR method (Buy, Renovate, Refinance, Repeat) and how Rod uses it on apartment complexes and senior housing to pull money out tax-free for his investors. If you want to understand how real syndications work, how investors get their money back, and how the cash flow gets split between operators and limited partners, this part is for you. Finally, Rod talks about the opportunities in real estate right now, why properties are selling for 35% less than they did in 2022, and why senior housing and assisted living are some of the biggest opportunities for business owners looking to invest passively or become operators. 𝗖𝗼𝗻𝗻𝗲𝗰𝘁 𝘄𝗶𝘁𝗵 𝗥𝗼𝗱 𝗞𝗵𝗹𝗲𝗶𝗳: 🔗 https://rodslinks.com/ 🔗 https://rodkhleif.com/ 🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: https://7taxwriteoffs.com/?utm_source=buzzsprout&utm_medium=podcast *Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.
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#55
April 24 · 14 min
Episode 55: Accepting Crypto Payments In Your S Corporation
Interested in Tax Strategy for your Business? Send us a message with your email address and we’ll help you get started! Accepting crypto as payment in your S-Corporation? Before you do ANYTHING, listen to this podcast. Crypto inside an S-Corporation doesn't work like a stock investment, real estate, or even holding crypto personally. The IRS has specific rules for digital assets inside a business, and if you don't understand them, a profitable decision can quickly turn into a tax nightmare. In this podcast, I walk you through the 5 critical tax rules every S-Corporation owner MUST know before accepting, holding, or trading cryptocurrency inside their business. Plus, a powerful retirement account strategy that lets you invest in crypto completely tax-free (legally). 🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: https://7taxwriteoffs.com/?utm_source=buzzsprout&utm_medium=podcast *Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.
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#54
April 17 · 13 min
Episode 54: 5 IRS Audit Flags for Business Owners
Interested in Tax Strategy for your Business? Send us a message with your email address and we’ll help you get started! 5 IRS Audit Triggers Every Business Owner Must Avoid in 2026. If you're running a business and taking write-offs, the IRS may already be watching. In this podcast, I break down the five biggest IRS audit red flags that get business owners flagged, and exactly how to avoid them. The IRS doesn't audit business owners randomly. They use algorithms to compare your tax return against thousands of other business owners in your income bracket and industry. If your return looks abnormal, you get flagged. First, I cover consistent business losses and why repeated losses on your tax return signal to the IRS that your business might be a hobby, not a real business. Then I explain how meals, travel, and lifestyle write-offs get business owners in trouble when personal expenses start getting disguised as business deductions. I also break down under-reporting income, one of the fastest ways to trigger an IRS audit, especially when your reported income doesn't match the 1099s the IRS already has on file. If you have income coming in from Stripe, Zelle, wire transfers, checks, or cash, you need to hear this. Next, I cover sloppy tax returns and rounded numbers, a red flag most business owners completely overlook. When every number on your return ends in zero, the IRS sees that as guessing, and that destroys your credibility. Finally, I explain why Schedule C businesses get audited more than any other filing type, and when it makes sense to move from a Schedule C to an S Corporation for better structure and lower audit risk. At the end, I break down the IRS 3-year audit rule, the 6-year rule for under-reported income, and why there is no time limit when fraud is involved. 🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: https://7taxwriteoffs.com/?utm_source=buzzsprout&utm_medium=podcast *Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.
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#53
April 5 · 13 min
Episode 53: PTE Tax Strategy Changes in 2026
Interested in Tax Strategy for your Business? Send us a message with your email address and we’ll help you get started! The PTE tax strategy is changing in 2026 but it is NOT going away. If your accountant told you to stop using the pass through entity tax strategy because the SALT cap increased to $40,000, they are wrong. In this podcast, I break down exactly what changed with the PTE tax strategy, why the $40,000 SALT deduction limit is misleading for profitable business owners, and why the PTE pass through entity tax election is more important now than ever. In 2017, the Tax Cuts and Jobs Act put a $10,000 cap on state and local tax deductions, also known as the SALT cap. That meant business owners who were paying $30,000, $40,000, or even $200,000 in state income taxes could only deduct $10,000 on their personal tax return. States fought back and created the PTE pass through entity tax, which lets S corporation and LLC owners convert personal state income taxes into a business tax deduction. This strategy has saved our clients tens of thousands of dollars every year. Now in 2026, the One Big Beautiful Act raised the SALT cap from $10,000 to $40,000. A lot of accountants are telling their clients the PTE strategy is no longer needed. Here is what they are missing: there is a modified adjusted gross income phase out. If your total income is $500,000 or more, the $40,000 SALT cap starts dropping. If your income is $600,000 or more, your SALT cap goes right back down to $10,000. That means the PTE tax strategy is still critical for every profitable S corporation and LLC owner. I also walk you through exactly how to make a PTE election, when the deadlines are by state, why you should pay your PTE taxes quarterly, and how to claim the PTE tax credit on your personal return. If you are not using the pass through entity tax strategy with your tax advisor, you are overpaying in taxes. 🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: https://7taxwriteoffs.com/?utm_source=buzzsprout&utm_medium=podcast *Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.
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#52
March 27 · 21 min
Episode 52. Top 5 Easy To Use Tax Strategies
Interested in Tax Strategy for your Business? Send us a message with your email address and we’ll help you get started! Top 5 easy to use tax strategies that will reduce your taxes and save you money in 2026. These are my top 5 tax strategies every business owner needs to know. If you own a business, these five tax strategies are ones you need to start using today, and three of them can still be applied retroactively if you haven't filed yet. I break down each strategy step by step. First, I cover Trump accounts and how your business can take a $2,500 per employee tax deduction that's completely tax-free to your employees. Then I get into retirement on steroids - how a defined benefit plan combined with a 401k lets you put away $200,000 or more into retirement and take it as a business deduction, even retroactively. I also explain the difference between bonus depreciation and section 179 depreciation, including why section 179 might be the better option for most business owners, especially in states like New York and California that don't allow bonus depreciation. If you carry inventory, I walk you through the section 471 books and records method that lets you deduct 100% of your unsold ending inventory by filing form 3115 for an automatic accounting method change. Finally, I cover the PTE pass-through entity tax strategy and the new $40,000 SALT deduction limit, why this strategy still makes sense for every S corporation and LLC owner, and how it works as a legal double deduction. Whether you're a sole proprietor, S corporation owner, or LLC member, these five tax strategies can help you pay less in taxes in 2026. 🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: https://7taxwriteoffs.com/?utm_source=buzzsprout&utm_medium=podcast *Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.
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#51
March 13 · 8 min
Episode 51. Cost Segregation For Dentists
Interested in Tax Strategy for your Business? Send us a message with your email address and we’ll help you get started! Cost Segregation for Dentists: Your accountant told you that you can't use a cost segregation study on the building you own because of passive loss rules. If you're a dentist or any medical professional, your accountant is wrong. In this podcast, I break down exactly why the passive loss rules don't apply to you and how you can take a massive depreciation deduction this year using cost segregation in 2026. I had a dentist call me last week with a $400,000 tax bill. His accountant told him cost segregation wasn't an option because he wasn't a real estate professional. That accountant was applying the passive loss rules exception incorrectly. If you own the building where your medical practice operates and you're the tenant, this is a medical professional tax deduction you need to know about. I walk you through the three things every medical professional needs to know about cost segregation for dentists. First, why your accountant said you can't do it and why that logic doesn't hold up. Second, the self-rental exception under Section 469 grouping that changes everything for dental practice tax planning. Third, how accelerated depreciation and real estate depreciation work together so the deduction actually hits your tax return. This is one of the most overlooked tax deductions for doctors, chiropractors, and physicians. Whether you need a chiropractor tax strategy or dentist tax planning, if you own your building, a cost segregation study can unlock a massive depreciation deduction in a single year. That's how powerful this medical practice tax savings strategy is for any S corporation tax strategy. 🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: https://7taxwriteoffs.com/?utm_source=buzzsprout&utm_medium=podcast *Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.
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#50
March 6 · 11 min
Episode 50. How to Pay Yourself as an LLC Owner in 2026
Interested in Tax Strategy for your Business? Send us a message with your email address and we’ll help you get started! How to pay yourself as an LLC owner in 2026 — I break it down in 3 simple steps. Whether your LLC is taxed as a sole proprietorship, partnership, S corporation, or C corporation, I walk you through exactly how to pay yourself from your LLC the right way. I cover the four ways your LLC can be taxed and what each one means for how you take money out of your business. I explain the difference between owner's draws and distributions, how self-employment tax works at 15.3%, and when electing S corporation status can save you tens of thousands of dollars. If your LLC is making $100,000 or more in profit, I show you how to structure your compensation the smart way. I also get into the implementation side — how to determine your current tax classification, whether an S corp election makes sense for you, setting up payroll, taking reasonable compensation, and making your quarterly estimated tax payments on time. This is your complete guide to paying yourself legally and tax-efficiently as an LLC owner in 2026. 🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: https://7taxwriteoffs.com/?utm_source=buzzsprout&utm_medium=podcast *Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.
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#49
February 27 · 11 min
Episode 49. How to Use Trump Accounts as a Business Expense
Interested in Tax Strategy for your Business? Send us a message with your email address and we’ll help you get started! Trump Accounts are a brand new tax-advantaged savings account for children, and most business owners have NO IDEA they can use this as a business tax deduction. In this podcast, I break down exactly how Trump Accounts work, how you as a business owner can contribute up to $2,500 per year to your employees' children's Trump accounts as a 100% tax-deductible business expense, and how to combine this with hiring your own children in the business for even bigger savings. I go over what Trump Accounts are and who qualifies, the $1,000 government contribution for babies born 2025–2028, how employers can contribute $2,500 tax-free to employees' children's accounts, and why this beats giving a raise. I also show you how to hire your kids and pay them up to $16,100 tax-free in 2026, how to combine Trump Accounts with the $5,000 annual contribution limit, and how strategies like bonus depreciation, Section 179, R&D tax credits, and the QBI deduction all tie back into this. Let's also cover no tax on tips, no tax on overtime, and how these connect to Trump Accounts. Plus, a full step-by-step implementation plan so you can actually put this to work in your business. Whether you're an S corporation owner, sole proprietor, LLC, or partnership, this podcast shows you how to keep more money in your pocket using 2026 tax strategies that actually work. 🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: https://7taxwriteoffs.com/?utm_source=buzzsprout&utm_medium=podcast *Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.
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#48
February 6 · 11 min
Episode 48. Trump to Eliminate Income Tax For Business Owners
Interested in Tax Strategy for your Business? Send us a message with your email address and we’ll help you get started! Is Trump really eliminating income taxes for business owners? The short answer is no, but the One Big Beautiful Bill Act that passed on July 4th, 2025 made MASSIVE tax changes that directly benefit S corporation owners and small business owners right now. In this podcast, I break down exactly what's law versus what's just a proposal, why economists say eliminating income taxes won't work, and the 3 tax strategies for 2026 every business owner needs to know about immediately. Here's what happened: Trump signed the One Big Beautiful Bill Act into law, and while it didn't eliminate income taxes, it made the 20% qualified business income deduction (QBI deduction) permanent, brought back 100% bonus depreciation permanently, and locked in corporate tax rates at 21%. These are real tax law changes you can use on your 2026 tax return. Trump has also been saying he wants to completely replace income taxes with tariff revenue. The problem? The federal government collects $2.7 trillion from income taxes - that's 54% of all federal revenue. Tariffs only brought in $195 billion. The math doesn't work. Economists say trying to replace income taxes with tariffs would push the federal deficit to $4 trillion. So don't make business decisions based on something that isn't law. Here's what you SHOULD be doing: First, the QBI deduction is now permanent, which means S corporation owners can optimize their W-2 salary versus distributions with a long-term tax planning strategy instead of year-by-year guessing. Second, 100% bonus depreciation means every dollar you spend on qualified equipment, vehicles, and machinery is fully deductible in year one. If you've been considering equipment purchases, this is the time. Third, with corporate tax rates at 21% permanently, there's a C-corporation income shifting strategy that can create significant tax savings for S corporation owners in higher tax brackets, but this MUST be done properly with a tax advisor. If you own real estate in which your business operates, a cost segregation study just became even more valuable. You can reclassify building components to shorter depreciation periods and take advantage of 100% bonus depreciation against your business income. The bottom line: don't get distracted by the "Trump eliminating income taxes" headlines. Focus on the tax benefits that are ALREADY law and work with a tax advisor to maximize your deductions for 2026. If the income tax elimination proposal ever becomes real legislation, I'll be the first to break it down for you. 🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: https://7taxwriteoffs.com/?utm_source=buzzsprout&utm_medium=podcast *Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.
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