Warren Hudak and Jamie Trull share their tax-saving tips for small business
The Small Business Rundown Podcast and NFIB webinar provide small business owners with tax-saving resources in the midst of tax season.
The Small Business Rundown podcast recently featured Warren Hudak, President of Hudak and Co., providing tips and resources to help small business owners navigate tax season. Warren shares the invaluable insights and knowledge CPAs can offer.
“Small businesses should always consider hiring a CPA for professional advice and resources,” Hudak said. “When you file your tax return, there are things you need advice on, and a CPA can help make sure it is categorized properly.”
NFIB Executive Director of the Small Business Legal Center Beth Milito highlighted NFIB resources for small business like the NFIB tax guide as well as NFIB webinars like “Ask the CPA.” She also echoed Hudak’s call for small business to hire CPAs, so they do not miss tax deductions.
NFIB’s Tax-Saving Strategies for 2024: Choosing the Right Entity and Hiring Your Kids webinar discussed how small business can maximize tax savings by using strategies to reduce taxes while also securing your child’s future by legally integrating your kids into your family business.
Balance CFO Owner and CPA Jamie Trull went into detail regarding which tax entity is right for your company, the pros and cons of being an S Corp, and how hiring your kids will not only help your small business but set them up for financial success in the future among other topics.
“Hiring your kids can maximize your tax benefits,” said Trull. “Just make sure your kids are employed and paid a fair wage while following any labor laws that apply.”
The webinar topics include:
- Business structure
- Maximizing deductions
- Hiring kids
- Retirement accounts
The Q&A portion answered questions ranging from if other family members besides kids can be hired to what duties young kids could be tasked to do.
Join NFIB’s next webinar, Wage and Hour for Small Business, with special guest Brad Keller from Littler Mendelson on Wednesday, May 1 at 12 p.m. EST.
