From Confusion to Clarity: Entity Structuring and Tax Write-Offs That Really Save You Money

Savvy or Surrender - The Main Street Business Owners Guide to Maximizing Profit and Minimizing Taxes

Savvy or Surrender Ep 6

Too many business owners either overpay in taxes or follow bad advice from social media that could land them in IRS trouble. In this episode of The Savvy or Surrender Podcast, host Steven Young, Profit First Professional and small business expert, breaks down the right way to set up your business structure and take legal tax write-offs that can save you thousands every year.

You’ll learn the differences between sole proprietorships, LLCs, S Corps, and C Corps, which structure fits your income level, and how to avoid IRS red flags. Stephen also shares over 30 legitimate write-offs—from hiring your kids and home office deductions to health reimbursements, the Augusta Rule, and Section 179 depreciation.

If you’re ready to run your business smarter and keep more of what you earn, this episode is a must-listen.

Keywords: small business taxes, tax deductions, S-Corp vs LLC, business structure, write-offs, Profit First, IRS audit tips, entrepreneur tax planning, small business accounting, tax strategies.

Show Notes & Timestamps:
00:00 – Welcome + Why This Matters
Stephen opens the episode by explaining why so many small-business owners overpay taxes or follow risky online advice. Learn what this episode will fix — how to choose the right business structure and claim write-offs safely.

01:00 – Host Intro & Mission
Meet Stephen Young, Profit First Professional and small-business advocate. He shares his background, the purpose of The Savvy or Surrender Podcast, and why understanding profit and taxes is essential to staying in business.

03:00 – From Skill to Strategy
The classic example: a great plumber who struggles as a business owner. Stephen highlights why financial systems and education — not just skill — make or break entrepreneurs.

05:00 – Sole Proprietor vs. LLC
Learn what it means to operate as a sole proprietor, when to form an LLC, and how “piercing the veil” can expose your personal assets if you mix business and personal funds.

07:00 – C-Corporations & Taxes
Stephen breaks down how C-Corps are taxed at 21%, what forms are required, and when this setup makes sense (usually for larger or growth-focused companies).

9:00 S-Corporations: The Smart Middle Ground
How to elect S-Corp status with IRS Form 2553, reduce self-employment tax, and pay yourself a reasonable salary. Includes payroll basics and deadlines to remember.

12:00 Understanding Self-Employment Tax
What the 15.3 % self-employment tax really covers — and how S-Corps help you save thousands by splitting income between wages and owner distributions.

14:30 Real-World Example
Stephen shows how one client saved over $7,500 per year simply by restructuring as an S-Corp.

18:00 Home Office, Meals & Sponsorships
What qualifies as a home-office deduction, how to properly deduct meals (50 % vs 100 %), and how sponsoring your kid’s team can count as marketing — not charity.

21:00 Hiring Your Kids
Rules for paying your children tax-free through your business, with real examples like Stephen writing off his son’s taekwondo lessons.

23:30 Health, Retirement & Advanced Deductions
Using HSAs, HRAs, and Solo 401(k)s for tax-free reimbursements. Plus, bonus strategies: the Augusta Rule, Section 179, and 20 % QBI deduction.

25:30 Accountable Plans
How to reimburse yourself tax-free for car use, mileage, and home-to-office expenses — the right way.

Keywords & SEO Tags
small business taxes, business structure explained, LLC vs S-Corp vs C-Corp, S-Corp tax savings, how to choose a business entity, self-employment tax strategies, small business tax deductions,

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