🆓 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
3 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.
@dorenestewart5084
11 ай бұрын
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
11 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
11 ай бұрын
@AnnaSPerez-zk5eq Hi, please who is the expert assisting you and how do I reach out to them?
@bigdeez32
Жыл бұрын
As a CPA who does both tax and audit… I find your videos extremely helpful. Thanks, Boris!
@borismusheyevcpa
Жыл бұрын
Thanks Cory!
@jamesyoung1212
6 ай бұрын
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
@debbiebell2006
6 ай бұрын
wow! Just found you, just started a business, will definitely be following you.
@njreno1
2 ай бұрын
You and Mark J Kohler are my go to for tax advice
@changingfashionsinc
Жыл бұрын
Thank you so much. My prayers have been answered. A few years short, but never too late
@borismusheyevcpa
Жыл бұрын
You are so welcome
@RayaFlora
Жыл бұрын
Love the quality of your videos and the value you're providing! Thank you very much for your hard work.
@borismusheyevcpa
Жыл бұрын
I appreciate that!
@denisedade9346
Жыл бұрын
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!
@lunamorris2091
3 ай бұрын
Thanks for sharing such a video. Much needed. It was so convincing. Nice work.
@dastirogue3282
Жыл бұрын
Even with my knowledge I know I need help with my business structure
@daniellespears4428
Ай бұрын
Great video! New sub😊
@mariabell8320
3 ай бұрын
What a brilliant video. Great advice, simple and practical.
@michaelcreamer5020
2 жыл бұрын
Now we’re talking. Great advise!
@seftalibebek3355
9 ай бұрын
Boris, great video. Can you do 1099 for our kids who worked for the business?
@WMitchellM
8 ай бұрын
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
8 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.
@user-sr7cv3vf2t
9 ай бұрын
I just found your channel! this is some good stuff!
@CryptoQueen8888
6 ай бұрын
Omg, i should of found you years ago!! I am working on filing my raxes now
@blew3749
Жыл бұрын
Please do a video on the tax codes you mentioned. I think that would be very helpful to all of us that listen.
@riodejarnett
Жыл бұрын
Thanks for all the good data. There is so much to go through.
@borismusheyevcpa
Жыл бұрын
Glad it was helpful!
@hankrhule1556
Жыл бұрын
By now we shouldn't be surprised in our previous time with our parents and they're connection to life's lessons learned.
@erasmochacon7109
Жыл бұрын
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!
@renuc1019
Жыл бұрын
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?
@louisebates2575
2 жыл бұрын
# Tax Preparation #Tax Planning Lots of questions
@jamaica74618
8 ай бұрын
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
8 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.
@MoneyandLifeTV
Жыл бұрын
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
7 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.
@rbross3030
Жыл бұрын
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
@akky7704
Жыл бұрын
I love this information 💯💯💯💯
@timsheridan2915
Жыл бұрын
Amazing value provided in this video. Thanks Boris!
@borismusheyevcpa
Жыл бұрын
Glad it was helpful!
@felixlatorre235
5 ай бұрын
I just saw this 2/27/2024. Love learning on this subject. Where can I further my learning?
@hankrhule1556
Жыл бұрын
Hopefully by now we should get it the idea 💡.
@RhinoFamFive
2 ай бұрын
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?
@dons1643
29 күн бұрын
Section 127 Tuition reimbursement for college loans... I guess we don't run that through payroll, just cut separate check for that - right?
@mattrichardson8096
Жыл бұрын
These strategies are amazing! About to hire you as my CPA :)
@ammaryameenmba4106
4 ай бұрын
Thanks!
@patriciaplummer9129
Жыл бұрын
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
Жыл бұрын
Check out this video: kzitem.info/news/bejne/zIGsqXWrgYKjl4o
@christyzamani7357
Жыл бұрын
This is so helpful! Breaking it down!
@borismusheyevcpa
Жыл бұрын
Glad you think so!
@SuntaX10
Жыл бұрын
I am glad I am near your office in Queens NY! Will visit you soon :)
@borismusheyevcpa
Жыл бұрын
Ha ha only by appointment😆
@njreno1
2 ай бұрын
I'm NEXT
@rja8318
Жыл бұрын
while waiting for the result of the election from irs, can i treat our payroll and taxes as SCORP?
@borismusheyevcpa
Жыл бұрын
Yes u can!
@samuelrios4347
Жыл бұрын
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 .
@78midou
9 ай бұрын
This is next level
@ArmandoMartinez-nf9ir
Жыл бұрын
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.
@kenpowell3557
4 ай бұрын
awesome training
@jamesmoore3363
2 жыл бұрын
If you only pay yourself dividends and no salary, how do you pay into Medicare and Social Security?
@g6ter1
Жыл бұрын
You should be paying yourself a "reasonable w-2 salary" (typically 30% minimum of net income). then the payroll taxes are applied to that w-2 salary
@peterginn8471
Жыл бұрын
This is awesome content thanks Boris! Tax Planning Yes
@borismusheyevcpa
Жыл бұрын
Peter schedule your call with my team at www.taxplanningcall.com
@f3ndy143
5 ай бұрын
where is your office located??????
@realdata8624
2 ай бұрын
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
@dipalshah2725
Жыл бұрын
Thanks for this useful session!
@borismusheyevcpa
Жыл бұрын
Glad it was helpful!
@user-mx7kf3cf8h
13 күн бұрын
the section 127 the child has to be an employee off the company before you can take the education
@billyhighfill
Жыл бұрын
Thank you for sharing 💪
@borismusheyevcpa
Жыл бұрын
My pleasure!
@danielmakin4351
6 ай бұрын
Love it ..... Go hide lock your doors and write the check...ahhahhahahha Love your videos brother.
@MattK9548
Жыл бұрын
Great stuff. You also sound like Adam Sandler. I'm sure that's not the first time you've heard that.
@borismusheyevcpa
Жыл бұрын
Actually first time! Lol
@carlosfernandes7872
Жыл бұрын
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?
@Sunsetdragons23
11 ай бұрын
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.
@sillieac.g4886
4 ай бұрын
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!}
@adinad22
11 ай бұрын
Excellent advice !
@briansmith6841
11 ай бұрын
Thank you Boris
@kdthompson6911
5 ай бұрын
Tax preparation
@BinLiutrianglehomes
Жыл бұрын
best video! keep it coming!
@mayraserrano2340
11 ай бұрын
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?
@TopNaachDanceCo1
4 ай бұрын
Amazing info!!!
@ashleyfreck5631
3 ай бұрын
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?
@borismusheyevcpa
7 күн бұрын
Hey Ashley! Yes, I can help. You can book a call at www.TaxPlanningCall.com
@keeowphonxaya2338
10 ай бұрын
Thank you that is so great
@wessamhamdan6464
Жыл бұрын
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.
@mwalters8617
7 ай бұрын
For #1 - isn’t it just easier to have a business credit card and expense it that way?
@majesticzen2132
Жыл бұрын
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
@cakesinthecity
Жыл бұрын
Subscribed ✅
@rutycazar4118
Жыл бұрын
Excellent !!!!!
@ACAPULCOGRO1
Жыл бұрын
Going from sole proprietor to S Corp
@sunnyg5866
Жыл бұрын
Im next! Tax planning!
@borismusheyevcpa
Жыл бұрын
Hey Sunny! You can schedule a call with my team here: www.taxplanningcall.com
@TheIzreal316
Жыл бұрын
Is there a video for pre launch tax strategies, for new business? Particularly s-corp?
@sandycurrie3124
20 сағат бұрын
Is it a one time 5,200 or every year?
@KimberlyDiaz-ki7ty
Жыл бұрын
Very informative wish you were my tax man
@mizan1030
Жыл бұрын
Boris, great stuff! Retirement plan specialist here. Let me know if you want to chat sometime about 401k plans.
@jamesrozelle100
Жыл бұрын
Great video
@TB-re5sc
8 ай бұрын
😮 love in the comments!!!!
@jenniferparker2718
Жыл бұрын
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 .
@sreykimsear
7 ай бұрын
Great info
@milesdc1955
Ай бұрын
Ty!!
@ebonez4
8 ай бұрын
I’m next
@alfredohernandez7475
2 жыл бұрын
Tax Planning!!
@WoundGuruPT
Жыл бұрын
😊 amazing!!!
@carlosgomez-ct6ki
3 ай бұрын
Good guy!
@bryongreen1614
Жыл бұрын
great video
@rickrolls3786
Жыл бұрын
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.
@arodsa8882
6 ай бұрын
I file as an S Corp. Where do we enter the distributions to the shareholders? TIA Or is it better just to consider them as "draws"?
@CryptoQueen8888
6 ай бұрын
I think it's line 16 on the K-1
@mitzisnails9209
8 ай бұрын
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?
@user-hx3bo8xh7c
5 ай бұрын
Tax planing
@cindiking7610
Жыл бұрын
I have to set up a business for a short term hospitality business in Alaska . Short term because I’m only doing this for the summer and the owners are “leasing “ me the building the lodge where we rent rooms nightly . I’ve managed the business for them ( minus any paperwork such as taxes ,, bank deposits , payroll ) so all this is very overwhelming. My goal is to make as much tax free money over the short summer tourist season and be done . The building/business is up for sale currently . I need some direction any help Would be greatly appreciated
@PGIFilms
Жыл бұрын
I'm trying to understand the business operations being described. It sounds like the owners of the lodge are just the landlords and their business angle is strictly rental activity and sounds like you are some sort of "free-lance" hotel manager. You say you are "leasing" the building, so does that mean you have money coming out of your pocket and only get paid if you have enough customers rent out rooms? If you pay the owners $10,000 to "lease" the lodge, but only make $6,000 renting out rooms for the summer that means you have nothing to show for it and lose $4,000 of your money. Is that correct on how the business arrangement is between you and these lodge owners?
@timornon
11 ай бұрын
I'm next.
@okonlawonsmithelbey8518
Жыл бұрын
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
@davidseaberry4433
9 ай бұрын
You got love
@BiancaScaliseEmpwr
Жыл бұрын
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 ♥
@ymijohson
Жыл бұрын
Can I use Accountable Plan in other types of entities (LLC, C Corp, Partnership, etc)?
@headlibrarian1996
Жыл бұрын
Are 280A ("Augusta Rule") days accountable plan reimbursements or are those done separately?
@2320MediaLLC
Жыл бұрын
very good info
@borismusheyevcpa
Жыл бұрын
Glad it was helpful!
@rockxf11
Жыл бұрын
Great video, very well explained! Where can I find or get your book?
@borismusheyevcpa
Жыл бұрын
Check it out here: www.scorptaxbook.com
@Jesse-es5fg
Жыл бұрын
is it easier to pay your kids through a family management company rather than paying them a w2 from your business?
@pattyalarcon4137
Жыл бұрын
If I hire high school students during the summer and they don’t make more than $12,950 then they don’t need to claim on their side? Or need to claim it but they just don’t get tax on it.
@PGIFilms
Жыл бұрын
The $12,950 filing threshold stated in IRS Publication 17 is base on the total income from all jobs and income sources. A high school student working only one job making under the threshold, is not required to file, but if they have any income tax withholding for the federal (Box 2) and/or state (box 17) on their W-2 then they can file to have those amounts refunded to them. If someone makes less than the $12,950 filing threshold, but is over 24 they are eligible for the Earned Income Credit (EIC) and could potentially get a higher refund on top of their Box 2 amount. So, though not required to file, they should file to get back their Box 2 withholdings and EIC they may qualify for.
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