Episode Details
Back to EpisodesThe Tax Move Business Owners Need to Make Before April
Description
In this episode, Catrina M. Craft, a CPA and tax strategist, shares essential insights on business partnerships, legal structures, and tax planning for entrepreneurs. Discover how to protect your assets, choose the right business structure, and strategize for tax efficiency to grow your wealth.
"Always sign a partnership agreement to protect yourself."
Key Topics
Types of business partnerships and their risks
Importance of legal agreements in partnerships
Tax strategies for income deferral and expense acceleration
Carefully vet your partners to avoid legal and financial risks.
Plan your tax strategy throughout the year, not just at tax time.
Understanding different tax professionals helps you get the right support.
Chapters
00:00 Introduction to the episode and guest
02:19 Defining business partnerships and their types
04:06 Legal considerations in partnership agreements
06:16 Risks and benefits of general and limited partnerships
07:29 Advantages of LLCs taxed as partnerships
09:05 Special allocation rules and partnership examples
11:34 Handling partnership dissolution and legal issues
13:00 Creative strategies for partnership interests and expenses
14:23 Preparing for tax season and year-end planning
16:10 Teasing upcoming topics and importance of professional support
17:15 Differences between bookkeepers, tax preparers, CPAs, and tax strategists
"An LLC taxed as a partnership offers liability protection and flexibility."
EPISODE #1/10: Unlocking Tax Strategies for Entrepreneurs: January 26, 2026: https://thatentrepreneurshow.buzzsprout.com/737252/episodes/18570362-unlocking-tax-strategies-for-entrepreneurs
EPISODE #2/10: Unlocking Home Office Deductions February 9, 2026: https://thatentrepreneurshow.buzzsprout.com/737252/episodes/18646020-unlocking-home-office-deductions
EPISODE #3/10: Hidden Tax Strategies Revealed: March 9, 2026: https://thatentrepreneurshow.buzzsprout.com/737252/episodes/18814431-hidden-tax-strategies-revealed
EPISODE #4/10: Strategic Family Travel & Tax Benefits: June 10, 2026: https://thatentrepreneurshow.buzzsprout.com/737252/episodes/18814431-hidden-tax-strategies-revealed
EPISODE #5/10: The Top 3 Tax Mistakes Entrepreneurs Make: July 29, 2026: https://thatentrepreneurshow.buzzsprout.com/737252/episodes/19565414-the-top-3-tax-mistakes-entrepreneurs-make
EPSIODE #6/10: Tax Strategy, Early Tax Prep, & Accountability Plans for Business Owners: August 26, 2026: https://thatentrepreneurshow.buzzsprout.com/737252/episodes/19699065-tax-strategy-early-tax-prep-accountability-plans-for-business-owners
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🎙️Music Credits: Copyright Free Music f