Can I deduct that? Eric Franklin, Tax CPA - WWM

From accountable plans and employee reimbursements to mileage, travel, cell phones, remote work expenses, and fringe benefits, Eric Franklin, Tax CPA explains how small, legitimate tax-saving opportunities can add up over time. The conversation also covers what documentation businesses should have in place, whether owners can deduct their own time, how “sweat equity” works from a tax perspective, and where the line can start to blur between smart tax planning and being too aggressive. 00:00 – Welcome to Where We Meet 00:30 – Eric’s upcoming Traverse City vacation 01:39 – Military life, camping and the case for glamping 04:06 – Tax planning strategies for small businesses 04:42 – Why tax planning isn’t about hitting “home runs” 05:27 – What is an accountable plan? 06:33 – Travel, meals, cell phones and other reimbursements 07:16 – Do accountable plans apply to owners and employees? 08:05 – Does an accountable plan need to be in writing? 09:08 – Accountable plans vs. taxable fringe benefits 09:35 – Reimbursing employees without creating taxable income 10:45 – What expenses actually qualify? 11:21 – Documentation you need to support deductions 12:14 – Can you deduct part of a family vacation? 13:10 – Mileage and expenses owners commonly overlook 14:03 – Can business owners deduct their own time? 15:11 – The tax reality of “sweat equity” 16:23 – Small tax strategies throughout the business lifecycle 17:02 – Which reimbursements make sense for different businesses? 18:23 – Remote work changed what businesses should reimburse 18:57 – Why older accountable plans may need an update 20:03 – Using employee benefits as a recruiting and retention tool 21:30 – When tax planning becomes too aggressive 22:33 – Closing thoughts & what’s next ________________________________________________________________ About Our Firm We’ve Made Big Firm Capabilities Personal The know-how, resources and reputation of a large firm, but paired with the personal, one-on-one attentiveness you only associate with a smaller firm. That’s what makes Sassetti unique. We value the strong, lasting relationships we’ve built with our clients, long-term partnerships built on trust, respect and hard work. That’s been part of our identity since we were founded, and continues to dictate what we do, and how we do it, every day. Our values are critical to who we are, and to the relationships we form with our clients.