| Quick disclaimer: I am a CPA but I’m probably not YOUR CPA. The information provided in this episode and every episode of tax talk is meant to be informational in nature and is not intended to be construed as tax or accounting advice. If you have questions about your specific tax situation, you can e-mail me at [email protected] to become a client or reach out to your preferred professional so that they can answer your tax and accounting questions. Find episode show notes at: --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app --- Send in a voice message: https://anchor.fm/taxtalk/message Support this podcast: https://anchor.fm/taxtalk/support

How do you know if a partnership is right for your business?  A partnership is a default business entity - when more than one one person create a for-profit business together the business is automatically a partnership unless and until the owners decide to create a different business entity. However, it's still important to understand how choosing or defaulting to a partnership can affect your business. | Quick disclaimer: I am a CPA but I’m probably not YOUR CPA. The information provided in this episode and every episode of tax talk is meant to be informational in nature and is not intended to be construed as tax or accounting advice. If you have questions about your specific tax situation, you can e-mail me at [email protected] to become a client or reach out to your preferred professional so that they can answer your tax and accounting questions. Find episode show notes at: https://www.themillennialtaxpert.com/choosing-a-partnership-6-things-to-consider/ --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app --- Send in a voice message: https://anchor.fm/taxtalk/message Support this podcast: https://anchor.fm/taxtalk/support

How do you know if a sole proprietorship is right for your business?  Honestly, most sole proprietorships are probably sole proprietorships by default. If you start a business as the sole owner and you don't form a formal business with the state, your business is a sole proprietorship. So even if you don't consciously choose a sole proprietorship, you still choose a sole proprietorship - you get me? | Quick disclaimer: I am a CPA but I’m probably not YOUR CPA. The information provided in this episode and every episode of tax talk is meant to be informational in nature and is not intended to be construed as tax or accounting advice. If you have questions about your specific tax situation, you can e-mail me at [email protected] to become a client or reach out to your preferred professional so that they can answer your tax and accounting questions. Find episode show notes at: https://www.themillennialtaxpert.com/choosing-a-sole-proprietorship-6-things-to-consider/ --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app --- Send in a voice message: https://anchor.fm/taxtalk/message Support this podcast: https://anchor.fm/taxtalk/support

Quick question. Have you slid into the inbox of a tax pro and asked them to tell you whether you should create an LLC or an S-Corp for you new business? If so, you might have gotten answers like "it's hard to say", "it depends", or "book a consultation". It's probably the number one "quick question" I get. So today I'm sharing with you six things to consider when choosing a business entity. Writing down your thoughts to these 6 categories will make the conversation with a tax professional and lawyer much more focused and can help you easily weed out the structures that won't work for you. Make sure you check out the show notes to download your FREE workbook that you can use as you follow along with this episode. | Quick disclaimer: I am a CPA but I’m probably not YOUR CPA. The information provided in this episode and every episode of tax talk is meant to be informational in nature and is not intended to be construed as tax or accounting advice. If you have questions about your specific tax situation, you can e-mail me at [email protected] to become a client or reach out to your preferred professional so that they can answer your tax and accounting questions. Find episode show notes at: https://www.themillennialtaxpert.com/6-things-to-consider-when-choosing-a-business-entity --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app --- Send in a voice message: https://anchor.fm/taxtalk/message Support this podcast: https://anchor.fm/taxtalk/support

You hear it all of the time. "Form an LLC so you can get the tax benefits." But... what ARE the tax benefits?? The answer may actually surprise you. In this episode I explain how LLCs are taxed on federal tax returns. Visit the show notes to download my FREE LLC Tax Treatment Guide. | Quick disclaimer: I am a CPA but I’m probably not YOUR CPA. The information provided in this episode and every episode of tax talk is meant to be informational in nature and is not intended to be construed as tax or accounting advice. If you have questions about your specific tax situation, you can e-mail me at [email protected] to become a client or reach out to your preferred professional so that they can answer your tax and accounting questions. Find episode show notes at: https://www.themillennialtaxpert.com/what-are-the-tax-benefits-of-an-llc --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app --- Send in a voice message: https://anchor.fm/taxtalk/message Support this podcast: https://anchor.fm/taxtalk/support

On August 8, 2020 President Trump signed an executive order and three executive memos related to Coronavirus Relief. One of the memos provided for a deferral of payroll taxes. In this episode, I discuss what I know so far about the deferral and how it can affect you as an employee, employer, or self employed taxpayer. | Quick disclaimer: I am a CPA but I’m probably not YOUR CPA. The information provided in this episode and every episode of tax talk is meant to be informational in nature and is not intended to be construed as tax or accounting advice. If you have questions about your specific tax situation, you can e-mail me at [email protected] to become a client or reach out to your preferred professional so that they can answer your tax and accounting questions. Find episode show notes at: --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app --- Send in a voice message: https://anchor.fm/taxtalk/message Support this podcast: https://anchor.fm/taxtalk/support

My fellow tax pros and I get this question a lot: Should I form my business in Delaware? Nevada? In this episode, I talk about some of the reasons that people form their business out of state. I am not a lawyer, so please speak to your lawyer about all of the legal consequences of forming your business in another state before you make a decision. | Quick disclaimer: I am a CPA but I’m probably not YOUR CPA. The information provided in this episode and every episode of tax talk is meant to be informational in nature and is not intended to be construed as tax or accounting advice. If you have questions about your specific tax situation, you can e-mail me at [email protected] to become a client or reach out to your preferred professional so that they can answer your tax and accounting questions. Find episode show notes at: https://www.themillennialtaxpert.com/should-you-form-your-business-in-another-state/ --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app --- Send in a voice message: https://anchor.fm/taxtalk/message Support this podcast: https://anchor.fm/taxtalk/support

When you hire your kids in your business, what they do can help justify the wages that you pay them. If you hire your child to sweep floors, you probably can’t justify paying them same as you would if you hired them to help source your products or find your next big idea. In this episode I talk about 5 jobs that you could pay your child to do in your business, which could be substantial enough to justify decent wages. | Quick disclaimer: I am a CPA but I’m probably not YOUR CPA. The information provided in this episode and every episode of tax talk is meant to be informational in nature and is not intended to be construed as tax or accounting advice. If you have questions about your specific tax situation, you can e-mail me at [email protected] to become a client or reach out to your preferred professional so that they can answer your tax and accounting questions. Find episode show notes at: https://www.themillennialtaxpert.com/5-jobs-you-can-hire-your-kids-to-do/ --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app --- Send in a voice message: https://anchor.fm/taxtalk/message Support this podcast: https://anchor.fm/taxtalk/support

Tax savings are great but they aren’t the only benefit you and your kids will get when your hire them in your business. Today we discuss 4 non-tax benefits of hiring your kids in your business. | Quick disclaimer: I am a CPA but I’m probably not YOUR CPA. The information provided in this episode and every episode of tax talk is meant to be informational in nature and is not intended to be construed as tax or accounting advice. If you have questions about your specific tax situation, you can e-mail me at [email protected] to become a client or reach out to your preferred professional so that they can answer your tax and accounting questions. Find episode show notes at: https://www.themillennialtaxpert.com/4-non-tax-benefits-of-hiring-your-children/ --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app --- Send in a voice message: https://anchor.fm/taxtalk/message Support this podcast: https://anchor.fm/taxtalk/support

Hiring your children can definitely save you money but you want to make sure you do it correctly. In this episode, I discuss three mistakes that you should avoid when hiring your children. | Quick disclaimer: I am a CPA but I’m probably not YOUR CPA. The information provided in this episode and every episode of tax talk is meant to be informational in nature and is not intended to be construed as tax or accounting advice. If you have questions about your specific tax situation, you can e-mail me at [email protected] to become a client or reach out to your preferred professional so that they can answer your tax and accounting questions. Find show notes at www.themillennialtaxpert.com/3-mistakes-to-avoid-when-hiring-your-children --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app --- Send in a voice message: https://anchor.fm/taxtalk/message Support this podcast: https://anchor.fm/taxtalk/support