Tax Deductions and Business Structure | The M4 Show Ep. 113

What are the tax benefits of Starting a business? Which Business structure is right for me? Should every family start a Business? If you have asked any of these questions to the internet this episode is for you!

Listen to the Full Episode Here


0:31 Intro
1:30 Did you know
5:51 Introducing the Guest: Marjorie
7:23 The CPA Game
13:26 Business Structure
14:27 Formal Entity
22:59 Tax Deductions
31:17 LLC to an Escort
32:31 What Are Some of The Cons of S-corp
33:30 Revenue Amount to Change to An Escort
34:30 Ask De’Clair
47:46 Services offered by Marjorie
52:46 1099 Contractor
57:12 Updates
1:07:42 Outro

Top Takeaways

  • Did you know: that walking is a great fat burning exercise?
    • Walking is underrated.
    • We're able to actually burn fat while we're walking so that's why it's a great fat burning exercise so take a walk, 25 minutes every morning or whenever you’re free.
  • An LLC is a disregarded entity. If you are to go and form an LLC, a single member LLC (just you) it's disregarded for federal purposes it's just like it's a sole proprietorship.
  • An LLC it's good for certain types of businesses, it's not good for every type of business.
  • Other than an LLC , what might be another good business structure for a married couple?
    • S-Corporations: it's a pass-through entity, considered as a separate entity but the income still flows through on your individual tax return.
    • C-Corporation, which is a totally separate entity, doesn't pass through all of the taxes paid by the C-Corporation.
    • Partnership: California is a community property state so everything is divided between the two of you so if you're a partner, if you and your wife are partners. everything is still going to flow through to the individual return.
  • Form your entity for the liability protection also to have it be recognized as a formal entity.
  • Tax Deductions are things that you can deduct that will reduce your taxable income.

“Everyone should have a business” – Marjorie McPike CPA

“It’s important to get that structure for your business” – Sinclair Theee Health Nerd


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