Ep #32 – The Basics of Basis

Picture of Tyler Woerner Tyler Woerner : Nov 8, 2021, 12:10:02 PM

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In this episode Marcus Mire, CPA explains what your tax basis is and how it effects your current and future tax liability. Every business owners has heard of “write offs” but a solid understanding of basis will help you avoid costly assumptions in tax planning.

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Does an S Corp Election Actually Save You Money?

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There is no income threshold that makes an S corp election automatically worth it. The election works by moving part of your profit out of...

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How Does Self-Employment Tax Work?

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Self-employment tax is the same Social Security and Medicare tax that comes out of a W-2 paycheck. As an employee you pay 7.65% and your employer...

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LLC Distributions Explained

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Contributing your own money to an LLC is not taxable income to the business and not a deduction for you. Taking profit distributions out later is...

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