Tax Questions Answered: Vehicle Deductions, Entity Structure, WOTC Compliance, and More!
Dec 11, 2024
On this Podcast we answer listener questions! If you have a question you would like discussed on a future episode, submit it now!
- Go to www.TaxSavingsPodcsat.com
- Click Podcast
- Scroll to the Bottom and Submit Your Question
You never know, your question may be on the next Q&A session. Below are today's questions, tune into our Podcast to hear the answers!
Ian and Kassie: I am a veteran and don't have private health insurance. I use the VA for ALL my healthcare. My wife and two kids have a private health plan that we (they) get through the healthcare marketplace. Self Employed. We are currently on a plan that is HSA approved. On Nov 1 we (they) plan to switch to an HSA HDHP. Question(s): Are we only allowed to contribute for 2024 on a pro rata basis? Additionally, can we contribute $8300 to the HSA or is it limited to $4150/year for just my wife since I don't have private health insurance?
Listener from Minneapolis, Minnesota: I just formed my business and am looking for some tax advice.
Renee: Hi Mike. I just stumbled upon your podcast and you offer so much helpful advice to someone with no tax knowledge or experience! My boyfriend and I plan to open a small business within the next year. He is divorced and pays child support for two minor children. We are wondering what would be the best way to approach ownership that would not affect/increase his amount of child support paid. Down the line, we would like to put his children on payroll, which I would assume he would have to have some ownership to do so, since they are not my biological children. Do you have any tips or suggestions on how to approach this. Thank you for considering my question!
Facebook Group Member Paul: I currently have one LLC and will soon be starting another small business. What is the best way to structure this? It has nothing to do with my first one. Should I just do a DBA under the existing LLC? I would like to have a seperate account and everything but not sure if it necessary.
Listener from Phoenix, Arizona: If I start multiple businesses with similar concepts but different verticals, should I create a separate entity for each one or have them under one business as DBA’s?
Mark: Can I use weight loss coaching as a business expense as benefit for my single member LLC?
Anonymous Facebook Group Member: Seeking guidance from the group, I'm a 1099 contractor with my LLC anticipating a tax liability on $80,000 following expenses. Besides contributing to a 401k or acquiring/financing a business vehicle, are there additional recommendations? Also, if I finance a business vehicle for 100% business use, can I deduct the full vehicle amount in the first year?
Listener from Middletown, New York: Hey Mike, so I received an ERC Credit for 20 and 21 When I amended my taxes, my accountant told me I owed a lot of money Because the refund reduced real wages. My understanding when we applied for it was you only amended the Social Security and the Medicare. Would love to get more information on this!
Listener from Lakewood, New Jersey: WOTC episode- how would you get employees to divulge info such as SSI recipients or snap recipients. Wouldn't that be a possibly sticky request legally?
Morgan: Hello, we have been trying to find a reference regarding a vehicle purchased by an individual that is used 100% for their business. I found the below on your website regarding this issue and am wondering where this information came from as I would like to use it as a reference in my business in case of an audit. Personal Name: If you put the vehicle in your personal name and you are an S or C Corp you would use an accountable plan to reimburse yourself for the business use of the vehicle. If you are a sole proprietor or single member LLC you would include the business use on the Schedule C filing. Thank you so much!
Facebook Group Member Michelle: Hi, this is more of a tax/ shopify question. Shopify will send a 1099 K which will include income but not take into consideration returns and refunds. My refunds this year were $17,000. Where can I document this? I use quickbooks. I don't want my gross sales not to match the 1099K if I report $17K less income. Any advice? Thank you.
Brittney: I’d like discuss how to structure a consulting business.
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