Tax Strategies for Business Owners

In this episode, Bonnie Yam explores tax complexities for entrepreneurs with expert Donna Yam. They discuss corporate structures, tax implications, deductible expenses, and the importance of record-keeping. Key topics include home office deductions, asset depreciation, payroll taxes, business tax credits, and tax-advantaged retirement plans. Strategies for reducing taxable income, managing sales tax, and understanding state-specific regulations are highlighted. The episode concludes with essential tax planning tips and the benefits of entity restructuring.

(0:00) Introduction and overview of tax complexities for entrepreneurs
(1:15) Introduction of guest expert Donna Yam
(2:06) Corporate structures and their tax implications
(7:42) Business tax structure determination and estimated taxes
(10:16) Deductible expenses and the importance of record-keeping
(12:10) Home office deductions and asset depreciation
(15:15) Navigating payroll taxes
(18:00) Exploring business tax credits
(22:03) Retirement plans and tax advantages
(24:49) Strategies to reduce taxable income
(25:21) Understanding and managing sales tax complexities
(27:09) State-specific tax regulations and summary of key points
(28:22) Essential tax planning tips
(29:19) Benefits of entity restructuring
(29:41) Closing remarks