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Unravel the financial entanglement of personal and business expenses with me, Eric Bonney, as we navigate the essential practice of maintaining distinct accounting records for your entrepreneurial endeavors. With nearly three decades of experience, I break down the barriers to clear and professional financial management that many sole proprietors and single-member LLCs face. This episode arms you with knowledge and strategies to streamline tax preparation, reinforce your LLC's liability protection, and elevate your business's professional image.

Embark on a journey to financial clarity as we discuss the undeniable advantages of a dedicated business checking account and how it simplifies everything from audits to cash flow analysis. Learn how a simple act of transferring funds to your personal account can be the key to long-term business clarity. Plus, gain insights into leveraging accounting software to maximize efficiency in managing your business finances. Essential tips and actionable advice await, so be sure to subscribe to our monthly newsletter for more invaluable guidance.

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Unlock the secrets to elevating your business's financial health with seasoned CPA, Eric Bonney, in a riveting discussion that could change the way you think about S-Corporations. Ever wondered if the time is ripe for your enterprise to make that strategic S-Election move? This episode serves up a wealth of knowledge, covering the substantial tax benefits and the perfect income threshold that could herald the right moment for your business's transition. As the founder of Harvest Tax and Accounting Services, I draw on over 28 years of experience to guide you through this potentially lucrative decision.

The complexities of an S-Corporation don't escape us in this engaging chat; you'll gain insight into the responsibilities that come with the status, such as reasonable compensation and shareholder eligibility. I'll also navigate you through the essential year-end reporting of health insurance premiums for significant shareholders—a critical move for maintaining compliance and reaping the benefits of your S-Corp status. Whether you're a sole proprietor ready to expand or a partnership eyeing a new tax structure, this episode is tailored to empower you with informed tax considerations that could steer your business towards a more prosperous future. Join us for an indispensable conversation that's less about bean counting and more about bean multiplying!

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Could navigating the tax labyrinth of LLCs be the key to safeguarding your assets and ensuring your small business flourishes? That's the golden nugget we're hunting in our Espresso Tax and Small Business Essentials podcast. Join me, Eric Bonney, seasoned CPA and founder of Harvest Tax and Accounting Services, as I share over 28 years of expertise to guide you through the essential tax knowledge every LLC owner needs. From single-member entities to complex partnerships, we dissect the default classifications, tax advantages, potential pitfalls, and the crucial decisions that could shape your business's financial future.

This episode is a treasure trove for both the solo entrepreneur and the multi-member LLC team, as we examine the impact of different tax elections, such as C and S Corporations, on your bottom line. We'll unravel the mysteries of self-employment taxes, reasonable compensation, and distribution protocols. Plus, I'll stress the importance of professional guidance when making these critical tax decisions. Don't miss out on these insights – they could be the difference between a thriving business and a tax nightmare.

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Discussion of the Corporate Transparency Act. The basics of the law, who needs to file, when you need to file and where you can file.

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Have a suggestion for a topic? Email us at espressotax@harvestcpafirm.com
Subscribe to our monthly newsletter: https://mailchi.mp/harvestcpafirm/newsletter