Central CA SBDC Regional Network
Helping Your Business Start, Grow and Succeed

Business financial tips including year-end business tax-planning strategies are among topics of this week’s free webinar presented by the Small Business Development Center at CSU Bakersfield. 

Host and director, Kelly Bearden is be joined by small business development consultant Jay Thompson to wrap up 2023 with last-minute advice on a variety of small business topics including year-end financial planning and taxes.

The webinar begins with Bearden providing information on the Corporate Transparency Act set to take effect Jan. 1, 2024, and Central California weather-related disaster relief programs ending soon.

This marks the 303rd episode of the weekly “Webinar Wednesday” business series that provides news and information helpful to employers and business owners.

The CSU Bakersfield SBDC provides free one-on-one consulting to help small business owners. New and existing businesses can sign up for assistance by clicking here!

TIMESTAMPS - Bold blue time stamp below is where Jay Thompson begins presentation of Year-End Update & Tax-Planning Strategies
00:00 Intro
00:45 What’s up today December 20, 2023
03:24 Poll Question #1: “According to Consumerbags.com, which of these four items is NOT on the list of the 29 insanely cool gadget gifts?”
05:18 Poll Question #2: “Which fast food chain is taking on McDonald’s with a new colorful drink option?”
07:05 Holiday Talk: What should I do to get my business on track for 2024?
11:33 Capital Assessment Form
13:01 Mom & Pop dining options remain under siege
13:59 Economic Corner....Strategies for a $20 minimum wage
16:09 Winter Storm Damage and Disaster Info
16:33 SBA Disaster Loans Comparisons
17:19 SBDC Tool Box
18:51 SBDC YouTube Channel – Year-End On Demand Webinar Options
19:41 FREE Human Resources Hotline for Employers
20:23 Want to run a home daycare business?
21:02 Kelly introduces Jay Thompson, CSUB SBDC lead business advisor
22:12 Jay joins Kelly to discuss the Corporate Transparency Act
26:52 Jay begins his presentation: Year-End Update and Tax Reduction Strategies
29:32 Compliance & Formalities
32:36 Tax Reduction Strategy #1 Reduce S corporation Owner’s Wages
34:56 Tax Reduction Strategy #2 Deduct S corporation Owner’s Health Insurance Premiums
35:44 Tax Reduction Strategy #3 Employ Your Child
36:55 Tax Reduction Strategy #4 Sell Your Home to Your S Corporation Before Converting it to a Rental Property
38:16 Tax Reduction Strategy #5 Reimbursement of Home Office Expenses
39:20 Tax Reduction Strategy #6 Rent Your Home to Your S Corporation
40:35 Tax Reduction Strategy #7 Reimbursement of Depreciation Expenses
41:42 Tax Reduction Strategies: Strategy #8 Reimbursement of Vehicle Expenses
42:40 Tax Reduction Strategy #9 Reimbursement of Travel Expenses
43:30 Tax Reduction Strategy #10 Cell Phone Expenses
45:49 Kelly rejoins Jay for Questions and Answers with attendees
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Funded in part through a Cooperative Agreement with the U.S. Small Business Administration and a Grant with the Governor’s Office of Business and Economic Development. All opinions, conclusions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA or the Governor’s Office of Business and Economic Development. Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance. Contact the California SBDC closest to you.