Business owners often use their personal items to conduct business and do not always take advantage of the associated tax benefits. Most people know about the home office deduction and vehicle mileage, but there are many more opportunities that you can take advantage of as a business owner structured as an S corp.

 

The accountable plan is used by S Corporation owners to save money in taxes, aside from the self-employment taxes that you're going to experience saving on just by having the S Corp. I’ll be explaining what it is, why you need it in your business, and how to go about getting the proper paperwork in place.

 

[1:05] What is an accountable plan?

[2:30] What can you reimburse with an accountable plan?

[5:18] Is there a formal process to follow when reimbursing yourself?

[7:50] Why do I need an accountable plan if I already take some of these deductions on my standard tax return?

[11:45] Can you do a bulk reimbursement once a year? Or does it need to meet a specific timeframe?

[12:40] What do you need to actually implement an accountable plan?

 

Get the Accountable Plan Toolkit: https://www.keepwhatyouearn.com/offers/L3JNtewG

 

* Related episodes:

3 Steps to Hire Your Kids the RIGHT Way

Protecting Your Legacy Through Estate Planning with Clara Delgado Rossell

Understanding Criminal Tax Activity and The Repercussions with Robert Nordlander

 

Tactical Resources:

5-Day Financial Mindset Refresh: https://www.keepwhatyouearn.com/refresh

Create a Custom Podcast Playlist: https://quiz.tryinteract.com/#/6303d4c525b1e80018d47cfa

Grow Cash Flow for Your Business: https://www.keepwhatyouearn.com/endless-cash

Tax Deduction Guide: https://www.keepwhatyouearn.com/tax-deduction-guide

CFO Power Session: https://www.keepwhatyouearn.com/power-session-inquiry

See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator

 

Additional Resources:

Find everything you need at https://www.keepwhatyouearn.com

Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa

Hire us: https://www.fitnancialsolutions.com/accounting

Find me on IG https://www.instagram.com/shannonkweinstein/

Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

 

 

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.