In this engaging and practical keynote, Tim Gehring of Gehring and Farrwood joins Business Blend to tackle the essential topic of financial planning and tax strategies for 2025. As the new year approaches, small business owners face critical decisions about entity selection, deductions, and compliance to ensure financial health while minimizing tax risks.
Tim begins by addressing the age-old business questions: How do I save money on taxes? and Should I choose an LLC or an S-Corp? He unpacks the flexibility of LLCs, from single-member setups to multi-member arrangements, and explores how S-Corps can reduce self-employment taxes while introducing unique restrictions like mandatory reasonable compensation and equal income distribution among shareholders.
Through real-world examples, Tim demonstrates when transitioning from an LLC to an S-Corp makes financial sense and when it could lead to unnecessary costs. He delves into frequently asked questions about deductions, taxable income, and administrative burdens such as payroll taxes and compliance requirements.
Tim also highlights how location and income level influence tax strategies and reveals the nuances of managing debt and tax basis in both LLCs and S-Corps. Business owners will learn how to plan for profitability, avoid common pitfalls, and navigate IRS guidelines to reduce risks in the coming year.
This session is packed with actionable insights, practical examples, and a dose of humor, making even the most complex tax topics accessible. Whether you’re considering changing your business structure or just want to optimize your financial strategy, this keynote is a must-watch.
