Episode Details

With more and more CRNAs shifting to 1099, it’s time to start thinking about how to best position yourself from a tax standpoint as your finances change. Today, Jeremy Stanley, CFP® will share nine tax strategies that most S corporations can utilize each year to maximize their earnings and minimize what they owe.

Read more: http://beyondthemaskpodcast.com 

Learn more about financial planning: https://www.crnafinancialplanning.com/ 

Get the CE certificate here: https://beyondthemaskpodcast.com/wp-content/uploads/2020/04/Beyond-the-Mask-CE-Cert-FILLABLE.pdf

What we discuss in this episode: 

2:36 – Background on our topic

3:40 – Reasons for not being S corporation  

5:40 – Strategy #1: Taking money out as distributions

7:49 – Strategy #2: Deduct health insurance premiums.  

9:22 – Strategy #3: Employee your children

12:40 – Strategy #4: Reimbursement of home office expenses

13:36 – Strategy #5: Rent your home to your S corp

15:41 – Strategy #6: Reimburse you for depreciating expenses

17:13 – Strategy #7: Vehicle deductions

20:57 – Strategy #8: Reimbursement of travel expenses

23:49 – Strategy #9: Cell phone expenses  

26:23 – Final thoughts