Tyler Mcbroom @tylermcbroomcpa
CPA helping 7 figure business owners save taxes and make more profits! tylermcbroom.com Jupiter, FL Joined February 2009-
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As a sole proprietorship or single member LLC filing as a sole prop, if you have a SEP IRA you can contribute up to 25% of the PROFITS (up to $69k). When you switch to an S-Corp, though, your contribution is based on up to 25% of your W2 OFFICER SALARY, not company profits.…
The best tax saving strategy is a good set of books. If you miss deductions because you aren’t keeping your books update, that’s free money you are throwing away. It also helps your tax advisor give you the most accurate information for other tax strategies, since they’ll know…
Thinking about sending your clients a gift around the holidays? Be aware that the maximum deduction the IRS allows for gift expense is just TWENTY-FIVE DOLLARS per person per year. They added this deduction in the mid-late 1900s and have never adjusted it for inflation.
Business owners: If you have any expenses you know you’ll be paying in early January… Pay them before the end of the year and you’ll get the tax deduction for them on this year’s return instead of waiting a whole year. The exception to this is if you’re filing on the accrual…
This is what ChatGPT said a business owner who is sad from missing out on tax savings due to a lack of tax planning looks like. Accurate? #taxtwitter
Wondering what’s deductible and what what’s not when you hit the links?
There are less than 50 days left in the year. That means any action items you can take to lower your tax bill before year-end need to be done in that timeframe. Equipment and vehicle purchases, new entities formed, prepaid expenses made, whatever that is for you…if you don’t…
Don’t give all your money away to Uncle Sam! Schedule your tax planning meeting with your CPA before the end of the year, so you can learn the action steps you need to take to lower your tax bill.
One of the biggest perks of running your business as an S-Corporation is minimizing the 15.3% Self-Employment Tax. To do that, you typically pay yourself a reasonable salary based on the work you perform in the business. And that salary tends to be much less than your total…
Own a business and have kids? If you hire them in your business, they can earn up to $13,850 tax-free in 2023. When you do this, it’s really important that: A) They actually DO SOMETHING for your business to justify the wage—can’t just give them money and deduct it. B) You…
When you’re early in business and don’t have money for lead gen, you should spend as much of your time as possible developing connections and new leads. As you grow, take the proceeds and buy back your time by investing in a marketing machine so you pay for leads that come to…
One of the most powerful activities you can do in your business to get to maximum profitability and performance is this: Benchmark your numbers against the best in your industry, and see where the gaps are. Most business owners are flying blind, and doing benchmarking gives you…
Breaking down the good and bad of @GrantCardone video discussing hiring his daughter.
Working hard is really important. But making sure you get enough “play” in your life is critical to remind you WHY you work so hard. Bonus side effects of taking time away: it energizes you to do better work and gives you key insights you wouldn’t have had if you do nothing but…
Meals with a client, vendor, or prospect are deductible if you talk business during the meal, but what about when it’s with your spouse chatting about business? Unfortunately the IRS specifically excludes excessive meals with your spouse as NOT deductible. So you can maybe get…
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Tax pros repeat after me, I will not be cheaper than Turbo Tax Live when I prepare entity returns. Tax pros repeat after me, I will not be cheaper than Turbo Tax Live when I prepare entity returns. Tax pros repeat after me, I will not be cheaper than Turbo Tax Live when I…
@LoganGrafTax This is what I want to know. How many of you just write it off either way? Sometimes I just add it to the w2 wages even though the client didn’t tell the payroll co to do that.
Perspective: In both 1992 and 1993, the 49ers lost to the Super Bowl champion Cowboys. They finally got over the hump in 1994, their third try. SF has now lost to the Chiefs twice in this era. The noise surrounding the 49ers’ failures will be even louder in this age. But the…
Mr. Irrelevant to Super Bowl starting QB in 2 years is crazy man… Give that man Brock Purdy his flowers.
Wait…. Did Brock Purdy make clutch plays with his arm and legs to help his team in the NFC championship. Epic comeback? Wait I thought?!!!!! Game manager……
The 49ers celebrating the Cardinals beating the Eagles and locking up the No. 1 seed
@patrickdichter #PEO baby, why risk it? Focus should be revenue , not compiance expense
@UncleRico35 @tylermcbroomcpa He’s got like a million on IG! Insane how the algorithms work for social. As you make money, have to learn how to save it!
I hate the Alternative Minimum Tax. I understand why it exists; however, I hate it.
70% of Americans are overweight or obese. I was one of them & few years ago I started paying attention to my health. A little bit every day & I guarantee you’ll get results. Funny thing is I started making more money & having more energy for my family too. 10xHealthSystem
Self love isn’t a wine and spa day, it’s holding yourself to a higher standard than anyone else does.
How the Russian civil war is good for Trump: 1. Democrats claim Jan 6th was an insurrection. 2. Public gets to see what a real one looks like. 3. Oh.
@tylermcbroomcpa I just crushed a sweaty guy’s dream over on FB when I told him you can’t not take deductible expenses you actually paid just to refi your car wash.
Just got a long message from a 22 year old who said he can coach me to make better content. Note: Doesn’t make content. Or do this for a living. Said he’d do it in exchange for advice - so this is the advice I gave him: First pieces of advice: 1) Don’t say what you’re gonna…
Make your free content feel like it was leaked from behind a pay wall.
@JoeBiden x.com/thebabylonbee/…
Vote For Joe. Vote For The Status Quo 🇺🇸
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