What Works Wednesday – Small Business Planning With Steven Jarvis, CPA
What You'll Learn In Today's Episode:
- The importance of being able to explain LLCs to your clients.
- Common LLC myths and misconceptions.
- Micah’s process of visually explaining an LLC.
- What is reasonable compensation?
- Reasonable compensation benchmarks.
- Why you need documentation to back up decisions.
When discussing business structures, do your clients focus on tax impacts first, or are you helping them consider what they’re solving for? Micah is joined on this What Works Wednesday by Steven Jarvis from Retirement Tax Services to talk about planning with small businesses. They’ll discuss some of the myths surrounding LLCs and why you need to be able to explain to your clients how an LLC works.
Micah and Steven will discuss why you want to be involved before your client makes a decision on their business structure and ways that you can help your clients visually understand their business structure decision.
Ideas Worth Sharing:
‘Your entity determination should not start with what’s the tax implication’ - Steven Jarvis Share on X ‘This is a revenue question. The more money you make will dictate the entity we probably want to go into, but that’s not by default the entity I’m going to choose for complexity reasons.’ - Micah Shilanski Share on X ‘We’re making sure we’re setting this up in a way that the client’s actually getting the benefit from having gone through the trouble of filing for an LLC’ - Steven Jarvis Share on XResources In Today's Episode:
- Micah Shilanski: Website | LinkedIn
- Steven Jarvis, CPA Website | LinkedIn
- TPR on YouTube
