Unlocking Business Success: Mastering the Art of the Accountable Plan
Dec 15, 2023In the latest episode of Keep What You Earn, we explore the invaluable strategy of utilizing an accountable plan to save money in taxes as an S Corporation owner. Shannon, a CPA and business owner, delves into the benefits and implementation of the accountable plan, shedding light on how it can significantly impact your bottom line.
For those unfamiliar with the term, an accountable plan is a written expense reimbursement policy for your business. It empowers S Corporation owners to reimburse themselves for personal assets used by their business, such as home office space, vehicles, and even cell phones.
Key takeaways from the episode include:
- Understanding which personal expenses are eligible for reimbursement through the accountable plan.
- The importance of ensuring proper documentation and substantiation of expenses.
- The strategic advantages of implementing an accountable plan, including decreased audit risk and enhanced cash flow through tax-free reimbursements.
Shannon also demonstrates how simple and straightforward it is to set up an accountable plan, offering insights into the necessary documentation and best practices for maintaining compliance.
If you're interested in learning more about implementing an accountable plan for your business, or if you're considering the advantages of establishing an S Corporation, feel free to reach out to us for a consultation.
We're here to help you simplify your financial strategies, save money in taxes, and drive the success of your business.
Remember, knowledge is power, and taking proactive steps to optimize your business finances can yield significant dividends in the long run.
Thank you for being part of the Keep What You Earn community. Keep striving for success, and don't hesitate to share your key learnings from this episode on social media by tagging us.
Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/
Want to learn more so you can earn more?
Create a Custom Podcast Playlist: https://quiz.tryinteract.com/#/6303d4c525b1e80018d47cfa
Visit keepwhatyouearn.com to dive deeper on our episodes
Visit keepwhatyouearncfo.com to work with Shannon and her team
Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ
The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
