SCORE Seminar: "Intro to Business Taxes" - Bert Seither

How is your business taxed?


Have 75 days to make "Entity Classification Election" - can cut SE tax by 50%

Must have revenue to use deductions! No ratio can be expected; however Sether used an example of $5K of income and $15K of expenses  (That's why some businesses sell T-Shirts.)

In Complexity is Opportuinity!

Always keep receipts, especially for meals and entertainment.

Tax Strategies of the Wealthy:

• Self-insured Medical Reimbursement Plans (C-Corp)
• Making a MESS (Multiple Entity Structure Strategy)
• Estate Plans to distribute wealth (Businesses never die)