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145 \\ S Corp Owners Beware: What You Need to Know About Taking Too Much Money From Your Business
Manage episode 443990235 series 3399967
Contenuto fornito da Tiffany Phillips - CPA, Small Business Money Mentor, Financial Expert, Tiffany Phillips - CPA, Small Business Money Mentor, and Financial Expert. Tutti i contenuti dei podcast, inclusi episodi, grafica e descrizioni dei podcast, vengono caricati e forniti direttamente da Tiffany Phillips - CPA, Small Business Money Mentor, Financial Expert, Tiffany Phillips - CPA, Small Business Money Mentor, and Financial Expert o dal partner della piattaforma podcast. Se ritieni che qualcuno stia utilizzando la tua opera protetta da copyright senza la tua autorizzazione, puoi seguire la procedura descritta qui https://it.player.fm/legal.
In this episode, we dive into a common issue for S corporation business owners: taking excess distributions from your business. If you've moved more money than you should from your business to your personal account, it can trigger a shareholder loan on your tax return, raising red flags with the IRS.
I’ll walk you through simple steps to fix the issue, from creating a promissory note to making interest payments, so you can audit-proof your business. Whether you're doing this yourself or working with your CPA, this episode will help you stay on track and avoid costly mistakes. Tune in to learn how to protect your business and keep things IRS-friendly!
If you're looking to reduce your taxes or need help with this process, don’t forget to check out the link in the show notes to schedule a consultation.
Episodes Mentioned in Today's Show:
🎧 Episode # 93 - "Tax Deadlines: How Overpaying Taxes is Costing You Big"
🎧 Episode #92 - "Breaking the Code: S Corp Tax Secrets Every Business Owner Must Know!"
Next Steps:
💰Download: The Ultimate Guide to Reducing Taxes 💰
☎️ Are you overpaying in taxes every year? Schedule a FREE discovery call to find out!
📧 Contact Me --> [email protected]
📲 Follow me on IG @ the.tiffany.p.cpa
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