The Real Buzz
Episode 1: Are You Maximizing Your Travel and Reimbursement Expenses for Taxes?
It’s the first episode of The Real Buzz with Eric and Melissa Broughton, owners of Busy Bee Advisors. So they’re going to talk travel. Like how to take advantage of travel for business purposes, and how to appropriately justify and support your travel-related expenses. Plus a little irreverance on travel-related per diems, how they work and who can use them. And finally, they offer a reminder about reimbursements to business owners for business-related expenses – how to do them and why it is important if you really want to save money on your taxes. After all, that is what the show is all about, right?
Episode 2: C-corps and S-corps and LLCs oh my!
In this episode, Melissa and Eric talk about the importance of sending your vendors 1099 forms and while this year’s deadline has passed it’s never too early to start preparing for next year by sending vendors W-9 forms to get the necessary information.
On a bigger picture context, learn the difference between different types of company structures and the reasons why choosing a certain type of organizational structure could greatly influence your tax situation. Whether you are a sole proprietor, a C-corp, an S-corp or a partnership there are specific rules and guidelines involved that you need to understand. You need to be very aware of the limitations and benefits of the allocation you choose.
The discussion outlines a simple breakdown of the requirements and differences in the structure of choice and the significance of your consideration once the business is profitable. Every small business should understand what their structure is and how it fits into their longer term plans.
Episode 3: Augusta, not just a golf tournament but a brilliant tax strategy
Listen and learn as Melissa and Eric sit down to talk about two topics that could help you save on taxes and make you a much more efficient business owner.
First they discuss the Augusta rule, what it is and how can you rent your own personal property to the business to save money on your taxes.
Second, they discuss the importance of regular, up-to-date bookkeeping for a business, whether that’s done by a hired bookkeeper or someone in the business. It is vital for a business owner to always know where their business stands financially at any given time and the simple fact is that good bookkeeping will save you money day-to-day while running your business and on your taxes.
Episode 4: What is “reasonable compensation?”
On this episode Melissa and Eric talk about the importance of business owners drawing a salary rather than just taking large distribution at the end of the year. The IRS wants to make sure you are paying a reasonable amount of payroll taxes and so you are supposed to give yourself a “reasonable compensation” for your work.
The two discuss how you find out what is “reasonable” for the work you do, what to do if your business isn’t profitable yet, and also why it’s important for the growth of your company and your personal financial future to pay yourself a salary.
In the last ten minutes of the episode they talk about the tax deadline being pushed back for many Californians because of natural disasters and “state of emergency” declarations. April 15th is just a few days away but you may actually have another month to get your taxes done!
Episode 5: What makes a great accountant plus a simple way to keep employees and save on taxes
Eric and Melissa talk about what it means to have a great accountant? Well, they shouldn’t be just a numbers or money person and they should meet with you more than once a year. A great accountant works with you year-round to figure out how to reduce your tax liability.
One simple way to boost employee morale and reduce your tax liability is by reimbursing employees for work related costs that they would incur anyway. Think cell phone bills and home office expenses.
They break down some simple and smart ways to reduce your tax burden by using strategies all year long rather than just buying a bunch of equipment at the end of the year.
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