Tax Planning in Business

On this week's episode: owners focus on their personal return and never ask what could be done inside the business itself.

Four things we constantly see missed:

1. Your spouse already approves every big decision you make. They can be on the company 401(k) too — one business, two maxed-out retirements.

2. Twenty percent of your income, deductible, without spending a dollar. Most owners get a fraction of it and never find out why.

3. A swimming pool that was 100% deductible and the home office rule that made it hold up.

4. 76 cents a mile for driving you already do. Many people leave it on the table because they don't want an app on their phone.

Get in touch: https://www.revotaxpayer.com/?utm_source=revo-taxpayer&utm_medium=podcast&utm_campaign=s4e25-tax-planning-in-business&utm_content=show-notes#contact-1

Take our 5 minute tax assessment: https://www.revotaxpayer.com/?utm_source=revo-taxpayer&utm_medium=podcast&utm_campaign=s4e25-tax-planning-in-business&utm_content=show-notes#taxassistant

Chapters

[00:00] Why business owners plan on the wrong return

[04:20] Your spouse is an officer: doubling 401(k) contributions through the business

[07:00] "Have you strategized your QBI deduction with your CPA?"