Tyler Otto, MBA on LinkedIn: Man is there anything more fun than dinner with the softwares that made… (2024)

𝗧𝗮𝘅 𝗧𝗶𝗽 𝗧𝘂𝗲𝘀𝗱𝗮𝘆: 𝗥𝗲𝗻𝘁 𝗬𝗼𝘂𝗿 𝗛𝗼𝗺𝗲 𝗕𝗮𝗰𝗸 𝘁𝗼 𝗬𝗼𝘂𝗿 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 & 𝗦𝗮𝘃𝗲 𝗕𝗶𝗴! Summer is here! And depending on where you live, it’s peak season for vacation rentals. Why does this matter as a business owner? When rental rates are at their highest, you should consider hosting a retreat/meeting at your home or neighbors’ home for the maximum tax benefits. 💰 Here’s why. The Augusta Rule lets homeowners exclude up to 14 days of rental income from their taxable income, based on relevant market rates, regardless of your income bracket.For business owners with the Augusta rule, you could rent your home to your small business for a meeting/retreat and then receive both a tax deduction at the business level and an exclusion from income at the personal level. A form a “double-dipping” as us tax professionals call it. This also works if you want to rent out your neighbors or friends house for business and they do the same for you, each of you gets to deduct what you paid to use each other’s home. Of course, with all tax advantages, there are limitations: •You must own the property you intend to rent.•The rental property must be located in the United States.•It must be your primary, vacation, or any other personal residence. •The total number of days you rent your property must not exceed 14 per calendar year. •You must charge a fair market rental price at the time of rental. 𝗪𝗵𝗶𝗰𝗵 𝗶𝘀 𝘄𝗵𝘆 𝗽𝗲𝗮𝗸 𝘀𝗲𝗮𝘀𝗼𝗻𝗮𝗹𝗶𝘁𝘆 𝗶𝘀 𝗶𝗱𝗲𝗮𝗹!To learn more about maximizing these tax benefits, reach out for questions or schedule a free consultation. We're here to help with your business tax planning!

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Have an awesome Dad's Day weekend everyone!

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Excited for #SNH24 next week! Looking forward to connecting with fellow firm owners for hot takes and fresh ideas on topics like commoditization, accountant shortages, capacity constraints, and, of course, AI. See you in Orlando!For conference info: https://lnkd.in/gx-qHYBQ#accountingconferences #bookkeepingconferences #accountingindustry #accountingfirms #accountingtopics #CPE #AccountingCPE

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Pardon my French...

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With how low the bar is set, this was one of our best episodes.I got to regale Jeremy on the highlights of the Accounting Today growth forum, highlight the friends we made at Xero (love yall Kelly and Tyler) and Scotty Scarano 🥶❤️🔥 drops the world premier of the Xero ‘s amazing rap!Check it out on this week’s show, Brought to you by TaxDome

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We're counting on our fellow number nerds and parents of teenagers to find a common denominator on this one! One more day until its the weekend but who's counting? 🙋

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Ready to start changing the tax industry & make awesome connections along the way! Who's coming with me?! https://lnkd.in/gC6FaxWA #taxes #tax #legal #conference #business #finance #cpa

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Ever wonder how we test our dad jokes? The results are surprisingly apparent. 🤣 Have a great weekend everyone!

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𝗧𝗮𝘅 𝗧𝗶𝗽 𝗧𝘂𝗲𝘀𝗱𝗮𝘆: 𝗕𝗲𝗻𝗲𝗳𝗶𝘁𝘀 𝘁𝗼 𝗘𝗺𝗽𝗹𝗼𝘆𝗶𝗻𝗴 𝗬𝗼𝘂𝗿 𝗖𝗵𝗶𝗹𝗱𝗿𝗲𝗻 It's graduation season! As young graduates navigate a challenging job market and seek experience, you might be wondering about the tax benefits of hiring your own children to work in your business. This could be a great way to help them get started.How Does This Work with Taxes: •Your children can be employed by your business and paid an annual wage of $14,600. This is the standard deduction amount for single individuals. •This payment counts as a deduction for your business thus decreasing your taxable income while at the same time your children will file their own tax return and pay $0 federal income tax. How? The standard deduction of $14,600 makes their taxable income 0. •This strategy can also be combined with IRA and 401k strategies to fully maximize the benefits and get up to about $32k salary with no taxable income! •What’s the catch? This strategy only applies to children between the ages of 7 and 22—so hiring "boss babies" won’t qualify.If you want to learn more about how to fully maximize the tax benefits of employing your children, reach out with questions or schedule a free consult! We’re here to help with your tax planning strategies and get the most out of your business taxes.

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