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A year-end bonus can lower your S corp’s profit and still raise your total tax bill. So when does paying yourself more make sense?
Tiffany Phillips, CPA and tax strategist, walks through a business-owning couple’s $30,000 salary adjustment. Learn how to review reasonable pay, count payroll taxes, and protect the cash your business needs in January.
This episode ...
A lower tax bill can still leave your business short on cash. In this episode of Small Business Finance, Tiffany Phillips, CPA and tax strategist, walks through a hypothetical S corp example involving $67,000 in year-end decisions.
Using an assumed 30% rate, she shows how moving collections, paying eligible bills, and reimbursing business expenses could reduce this yea...
Are your kids helping in your business while you pay their spending money from your own pocket? You could be missing a chance for tax savings.
Tiffany Phillips, CPA and tax strategist, explains how to pay family members for real work, set fair wages, and keep the right records. Learn why your business structure and your child’s age affect payroll taxes, how wages can s...
A full business bank account feels good. But your December cash decisions can affect your tax bill.
In this episode of Small Business Finance, Tiffany Phillips, CPA and tax strategist, explains five year-end choices S corp owners should review: collecting invoices, paying bills, taking owner distributions, accepting customer advances, and reimbursing business expenses....
Selling a rental could leave you with a bigger tax bill than you expect. A 1031 exchange may help you postpone that bill and keep more money invested, but the planning starts before closing.
Tiffany Phillips, CPA and tax strategist, walks through Travis’s $400,000 rental sale and explains the deadlines, property rules, and cash decisions that shape an exchange. You’ll ...