Month: November 2024

FEATURE - USE THIS IMAGE
Navigating S Corps: The Pros, Cons, and Tax Implications for Small Businesses [Ep. 165]

Navigating S Corps: The Pros, Cons, and Tax Implications for Small Businesses [Ep. 165]

By |

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | iHeartRadio | TuneIn | RSS | More

Choosing the right business structure isn’t just about compliance – it’s about maximizing tax efficiency and aligning with your long-term goals.

Larry Heller, CFP®, CDFA®, and William Huether, CPA, CGMA, MBA, discuss how S-Corporations can help business owners save on taxes, streamline compliance, and drive growth. They compare S-Corps to C-Corps, LLCs, and partnerships, offering insights on tax benefits, drawbacks, and strategies to align business structures with long-term goals. 

With practical advice on avoiding double taxation and leveraging pass-through entity tax (PTET) benefits, William provides a roadmap for optimizing your business structure.

Key Points Covered:

  • Why S-Corps Work: Reduce double taxation, save on self-employment taxes, and enjoy a corporate framework’s perks
  • PTET Benefits: Discover how to bypass the $10,000 SALT cap using pass-through entity tax strategies
  • Entity Selection Simplified: Weigh the pros and cons of S-Corps, C-Corps, LLCs, and partnerships to find the best fit for your business
  • Compliance Essentials: Stay on top of filing deadlines, salary requirements, and state-specific rules like New York elections
  • Avoiding Pitfalls: Learn about reasonable salary requirements, local jurisdiction limitations, and transition strategies between entity types
  • And much more!

Actionable Takeaway: The right business structure could be the key to significant tax savings and long-term financial success. Consult a CPA or tax professional to evaluate your options and create a tax plan tailored to your goals.

 

Resources:

Connect with Larry Heller: 

Connect with William Huether: 

 

About Our Guest:

William Huether is a Certified Public Accountant with over eleven years of experience with clients in a broad range of industries, including the retail, wholesale, distribution, restaurant/hospitality, not-for-profit, solar, investment company, manufacturing, and real estate industries.  William holds the Chartered Global Management Accountant (CGMA) designation from the AICPA and the Chartered Institute of Management Accountants.

William works in Sheehan’s assurance practice and provides auditing, accounting, and consulting services to clients in various industries in accordance with U.S. generally accepted accounting principles and International Financial Reporting Standards.  William also provides a variety of tax planning, compliance, and consulting services to individuals, corporations, flow-through entities, and trusts. He is an active member of the firm’s recruiting committee, a mentor in the firm’s career advisor program, and serves on the firm’s Quality Control Committee.

FEATURE - USE THIS IMAGE
Beyond Accumulation: Mastering Your Retirement Distribution Strategy [Ep. 164]

Beyond Accumulation: Mastering Your Retirement Distribution Strategy [Ep. 164]

By |

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | iHeartRadio | TuneIn | RSS | More

Retirement isn’t just about accumulating wealth – it’s about making sure it lasts. 

In this episode, Larry Heller, CFP®, CDFA®, explores the essential elements of a well-rounded distribution strategy for retirement, including guiding you through five key areas every retiree should prioritize: income vs. total return, tax management, investment allocation, longevity, and estate planning.

Larry dives deep into the shift from accumulation to distribution, revealing strategies to help retirees sustain income, reduce taxes, and cover health expenses—all while preparing a meaningful legacy. With a focus on turning retirement into a financially secure and fulfilling stage of life, this episode provides actionable advice on balancing your immediate needs with a long-term vision.

Whether you’re entering retirement or aiming to enhance your financial strategy, this episode will equip you with the tools and mindset to enjoy a confident and comfortable retirement.

Key Points Covered:

  • Combining income sources like Social Security, pensions, and investments to balance retirement income and comfort
  • Reducing tax burdens through Roth conversions and managing required minimum distributions (RMDs) under the latest Secure Act changes
  • Using the “reservoir strategy” to balance cash, bonds, and equities for steady income and minimized risk
  • Addressing healthcare and long-term care costs to protect assets and maintain financial stability
  • Aligning estate plans with tax strategies to maximize inheritance for heirs
  • And much more!

Actionable Takeaway: Review your retirement plan to ensure it supports your lifestyle, reduces tax impacts, and aligns with your legacy goals. Consult a financial planner to tailor it to your unique needs for a fulfilling retirement.

 

Resources:

Connect with Larry Heller: 

FEATURE - USE THIS IMAGE
Risky Business: The Hidden Risks of Handshake Agreements with Rachel Partain [Ep. 163]

Risky Business: The Hidden Risks of Handshake Agreements with Rachel Partain [Ep. 163]

By |

Podcast: Play in new window | Download | Embed

Subscribe: Spotify | iHeartRadio | TuneIn | RSS | More

Handshake deals might seem convenient, but they could put your business at serious risk. Discover how to protect your company from these hidden dangers and build a reliable foundation.

Larry Heller, CFP®, CDFA®, is joined by Rachel Partain, a leading tax attorney and partner at Forchelli Law, to break down the risks of running a business without formal agreements. 

Whether you’re launching a startup, managing growth, or exploring new partnerships, Rachel provides actionable insights to help you understand the risks of inadequate documentation and strengthen your business with essential agreements and expert legal guidance.

Key Points Covered:

  • The widespread use of handshake agreements and the risks they pose to businesses
  • The impact on business management from operational turmoil caused by unclear leadership succession plans to disputes over roles, voting rights, and profit distribution
  • Barriers to securing loans and attracting investors due to informal business structures
  • Tax complications, such as IRS audits and challenges related to shareholder contributions
  • Legal exposure, including the risk of litigation and potential personal asset vulnerability
  • And much more!

Actionable Takeaway: Assess your current business agreements today and consult a professional to protect yourself against potential financial and legal challenges.

Connect with Rachel Partain:

Connect with Larry Heller: 

About Our Guest:

Rachel L. Partain is a Partner at Forchelli Law concentrating her practice on complex tax advisory and tax controversy services for low to middle-market businesses and high-net-worth individuals. Rachel advises businesses on how to structure transactions in a tax-efficient manner and handles general corporate and transactional matters.