9 min
Finding optimal tax strategies for small businesses The Small Business Association of Michigan’s Small Business Weekly Podcast
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- Business
On today’s SBAM Weekly Podcast, Michael Rogers talks with tax planner Stephanie Squires, owner of SCS Capital in Livonia. “One of the things that I think small business owners can do is look at the IRS rules when it comes to taking salaries,” she says. “One or two things can be done. They can take a salary, and take some hours of distributions, because they're bypassing a lot of the Medicare and Social Security taxes. And the other option that I see a lot of times is doing employee benefits. The employer or the small business owner providing these, it actually is an expense for them, and therefore reducing the amount of taxes that they owe on the overall income of their business.”
The Small Business Association of Michigan is the only statewide and state-based association that focuses solely on serving the needs of Michigan’s small business community. We have been successfully serving small businesses like yours in all 83 counties of Michigan since 1969. We’re located in Lansing, just one block from the Capitol.
Our mission is to help Michigan small businesses succeed by promoting entrepreneurship, leveraging buying power and engaging in political advocacy. When small businesses band together through the Small Business Association of Michigan, they achieve more than they could on their own.
Our 32,000 members are as diverse as Michigan's economy. From accountants to appliance stores, manufacturers to medical, and restaurants to retailers, what unites the SBAM membership is the spirit of entrepreneurship…a spirit that drove you to start and continue to operate your own business because you believe you can do something better than anyone else is doing it!
(music licensed from www.jukedeck.com)
On today’s SBAM Weekly Podcast, Michael Rogers talks with tax planner Stephanie Squires, owner of SCS Capital in Livonia. “One of the things that I think small business owners can do is look at the IRS rules when it comes to taking salaries,” she says. “One or two things can be done. They can take a salary, and take some hours of distributions, because they're bypassing a lot of the Medicare and Social Security taxes. And the other option that I see a lot of times is doing employee benefits. The employer or the small business owner providing these, it actually is an expense for them, and therefore reducing the amount of taxes that they owe on the overall income of their business.”
The Small Business Association of Michigan is the only statewide and state-based association that focuses solely on serving the needs of Michigan’s small business community. We have been successfully serving small businesses like yours in all 83 counties of Michigan since 1969. We’re located in Lansing, just one block from the Capitol.
Our mission is to help Michigan small businesses succeed by promoting entrepreneurship, leveraging buying power and engaging in political advocacy. When small businesses band together through the Small Business Association of Michigan, they achieve more than they could on their own.
Our 32,000 members are as diverse as Michigan's economy. From accountants to appliance stores, manufacturers to medical, and restaurants to retailers, what unites the SBAM membership is the spirit of entrepreneurship…a spirit that drove you to start and continue to operate your own business because you believe you can do something better than anyone else is doing it!
(music licensed from www.jukedeck.com)
9 min