When Form 8865 Deductions 2023-2024

Music! Hey YouTube, Will Lopez, founder and advisor at Five Calm. Thanks for joining me here today. Today, we're actually going to talk about the top four S corporation tax deductions that all S corp owners have. Oh, how the founding fathers would be so proud of us and how disappointed they would be with the Internal Revenue Service. So, before we get started, we're actually going to ask ourselves two questions here. The two questions we're going to ask ourselves are: How do we optimize our S corp venture through these tax deductions? So, I'm assuming here that you're an LLC or an Inc and you've completed form 2553 and you've elected S corp status. That makes you a shareholder employee of your S corp. So, how do we optimize your S corp venture through these top four tax deductions? The second question we're going to ask ourselves is: How do we do it right? Because the S corp rules and guidelines are very specific and the IRS cares greatly about how you deduct certain expenses. And if you don't conduct them correctly, they can and will disallow them in the event of an audit. But before we get started, if you'd like a thirty-minute consultation with our team, be sure to click on the link below that's in the description. Or, you can go to a web browser and type in MeetMe dot so forward slash freebie for a 30-minute consultation. So, let's dive right in. Tax classification. I want to go over this basically first because I always want to ensure that people understand what I mean by S corp status. So, if you've seen our other video about corporate structuring and tax classification, great! If you haven't seen it, be sure to click right now up top to watch that...