Ep 185: 9 Tax Saving Strategies for CRNAs with an S Corporation
Beyond The Mask: Innovation & Opportunities For CRNAs · Jeremy Stanley
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Show Notes
With more and more CRNAs shifting to 1099, it’s time to start thinking about how to best position yourself from a tax standpoint as your finances change. Today, Jeremy Stanley, CFP® will share nine tax strategies that most S corporations can utilize each year to maximize their earnings and minimize what they owe.
Read more: http://beyondthemaskpodcast.com
Learn more about financial planning: https://www.crnafinancialplanning.com/
Get the CE certificate here: https://beyondthemaskpodcast.com/wp-content/uploads/2020/04/Beyond-the-Mask-CE-Cert-FILLABLE.pdf
What we discuss in this episode:
2:36 – Background on our topic
3:40 – Reasons for not being S corporation
5:40 – Strategy #1: Taking money out as distributions
7:49 – Strategy #2: Deduct health insurance premiums.
9:22 – Strategy #3: Employee your children
12:40 – Strategy #4: Reimbursement of home office expenses
13:36 – Strategy #5: Rent your home to your S corp
15:41 – Strategy #6: Reimburse you for depreciating expenses
17:13 – Strategy #7: Vehicle deductions
20:57 – Strategy #8: Reimbursement of travel expenses
23:49 – Strategy #9: Cell phone expenses
26:23 – Final thoughts