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-1Take 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#taxassistantChapters[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?"[09:40] How QBI works: twenty percent, without spending a dollar[11:00] The wage limit, and why contractor pay doesn't count[12:00] The S corp advice that reversed in 2017[15:50] The home office deduction without the red flag form[17:50] What a red flag actually is[21:50] The pool builder whose backyard was a showroom[26:00] Business mileage, the new rate, and Big Brother[30:40] Be proactive — tell us before, not afterConnect with us:• Website: https://www.kontek.com/• Email: info@kontek.com• LinkedIn: https://www.linkedin.com/company/kontek-systems• Instagram: https://www.instagram.com/konteksystems/• Facebook: https://www.facebook.com/konteksystems• YouTube: https://www.youtube.com/c/KontekSystemsDurham