Today on the show we reached out to CPA William Stunkel to understand more about taxation for business owners. He touched topics such as how to create a tax plan for your new business, the Do’s and Don’ts of self-employed tax deductions, and things to be aware of when starting a new business. It was wonderful and educational to have William Stunkel at https://www.stunkeltax.com/ on the show.

Show Notes

4:10- Things to be aware of when starting and owning a business

5:50- Recommendations with calculating your business mileage

8:40- When and how to set up a new business with regards to tax purposes

11:31- How pass through businesses can help with taxes

15:17- Do’s and Don’ts of setting up an LLC (or “election” i dont know)

20:55- How to create a plan for setting aside tax money when owning a business

23:35- How to structure your business tax wise

29:42- Setting up your self employed income for tax purposes

33:35- Do’s and Don’ts for using home offices as a tax deduction

38:32- Tips for new business owners and their taxes

40:30- How to get in contact with William Stunkel