Many entrepreneurs frequently employ their personal belongings for business purposes without fully capitalizing on the tax advantages that come with it. While many are aware of deductions like the home office and vehicle mileage, there exist numerous other tax-saving prospects for business owners operating as S corporations.

The accountable plan serves as a valuable tool for S corporation proprietors to trim their tax bills, beyond the automatic savings from self-employment taxes inherent to the S corp structure. In this episode, we'll delve into what the accountable plan is, why it's crucial for your business, and the steps to ensure you have all the necessary paperwork in order.

What you'll hear in this episode:

[1:05] The accountable plan stuff: What's it all about, anyway?

[2:30] So, what expenses can you get some money back for using this plan?

[5:18] Wondering if there's a particular way to handle paying yourself back?

[7:50] If you're already getting deductions on your regular tax return, why bother with an accountable plan?

[11:45] Can you just do one big yearly reimbursement, or are there timing rules to follow?

[12:40] What's on your checklist for getting this accountable plan set up right?

 

If you like this episode, check out:

Tax Deadlines You Need to Know as a Small Business Owner

The Power of a Tax and Accounting Combo Team

Key Financial Metrics for Success in Product-Based Businesses

 

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Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/

 

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.