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  • The Mission Driven Business Podcast Episode 97: How To Stay Visible When It Feels Safer To Hide

    The Mission Driven Business Podcast Episode 97: How To Stay Visible When It Feels Safer To Hide
    2025/07/22
    In this special and timely episode, Brian Thompson calls on fellow mission-driven business owners to embrace their identities and own their values. Highlighting real messages from clients, Brian explores the challenges and uncertainties facing entrepreneurs, especially those from LGBTQ+ backgrounds and other marginalized groups. He challenges the myth that being neutral is the safest option in the current political environment and shares practical steps to get clear and bold about who you are and what you bring to the table. Episode Highlights Your identity is an asset -- not a liability. Mission-driven businesses are facing very real and sometimes existential threats: the sudden loss of federal funding, the risk of becoming political targets, and being asked to remove terms like LGBTQ and racial equity from mission statements. When under pressure, it may feel like the safest option is to remain neutral, but neutrality actually erodes trust. “When someone sees themselves in your language, branding, or leadership, it builds a bridge faster than any marketing funnel ever could.” Your core community should never have to wonder where you stand. In a time of rising government hostility toward civil rights protections, customers, donors, and employees are noticing which companies are scaling back their offerings and which CEOs are saying less, not more. When companies backpedal from their commitment to equity and inclusion, they often lose the very people they claim to support. “When we talk about staying visible, it’s not about being provocative -- it’s about staying anchored. It’s about making sure your core community never has to wonder where you stand.” 4 strategies to stay true and stay standing To navigate this moment with courage and conviction, consider these four steps to practically and proactively affirm your values without jeopardizing your sustainability: Conduct a visibility audit: Review every touchpoint of your business and ask whether you have gone quiet out of fear and if your language needs to be updated for clarity or protection. Update compliance protocols: Work with legal counsel to audit your DEI and HR policies, review whistleblower protocols, and ensure you’re accurately documenting civil rights compliance. Strengthen your financial resilience: Prepare for the next financial crisis now by revisiting your income allocations, building an emergency reserve, and mapping out income diversification. Communicate your values internally and externally: Create talking points that affirm your mission and explain any language shifts to reassure your community you still serve their needs. Write your mission-rooted business affirmation. When fear is loud, clarity must be louder. Open your notes app or a journal, write down the following sentence, and fill in the blanks with your truth. I started this business to serve __________. I believe in __________. Even in this moment, I choose to stay rooted in values by __________. I will lead with clarity and courage. You don’t have to disappear to survive. It’s exhausting to defend your humanity while running payroll, applying for grants, and trying to build a thriving business. But this moment isn’t just about defense, it’s about creating a legacy. “Let your business be one of the lights that didn’t go out. Let your clarity be the thing that gives someone else permission to speak up. Let your strategy be what helps you survive and thrive without compromise.” Resources + Links Brian Thompson Financial: Website, Newsletter, Podcast Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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    10 分
  • The Mission Driven Business Podcast Episode 96: Writing Your Own Business Story With Faye Ziegeweid

    The Mission Driven Business Podcast Episode 96: Writing Your Own Business Story With Faye Ziegeweid
    2025/07/08

    Brian Thompson chats with Faye Ziegeweid, founder and CEO of Queen Fayzel, a greeting card company for people who want to send messages that are unique, sassy, and sincere. Faye built her values-aligned greeting card company after realizing she couldn’t be her authentic self in her old career as a public health project manager. In this episode, Faye gets real about the personal side of entrepreneurship, including how self-discovery and personal growth are necessities for sustainable growth. She also shares how articulating your values clearly can attract the right clients and create a culture of accountability.

    Episode Highlights Mission-driven businesses lead with their “why.”

    To Faye, mission-driven businesses infuse their “why” into everything the company does. From product design to customer communications, mission-driven businesses focus less on what they do and more on why they’re doing it.

    “It’s less about what the business is providing and more about why it’s providing that thing,” she said. “Sometimes we’re afraid to stay what we stand for or are worried about alienating customers.”

    State your values -- and show how you live them.

    Queen Fayzel’s website is unique because it not only states the company’s values but also shares how it puts those values into practice. For instance, the company lives its value to “Make Connections” by donating 3% of profits to organizations making an impact.

    “I want people to know what this business is about, but I also want people to understand how I’m putting those values into practice in my business,” Faye said.

    Personal growth is part of the process.

    When Faye left her job in public health project management to start Queen Fayzel, she not only changed careers but also started on a journey of personal growth. Founding a company forced her to learn essential business skills and how to navigate moving forward without the illusion of certainty.

    “I thought I had a lot of things to learn about the business, but then I realized I had a lot to learn about myself and how I function,” she said.

    Accountability makes the journey less lonely.

    Faye emphasized the importance of connecting with fellow entrepreneurs for community and accountability. Whether it’s checking in with a business owner friend or joining a more formal business group, it’s paramount to find ongoing support from people who understand exactly what you’re going through.

    “Especially if you’re a solopreneur, it is so lonely sometimes, and it’s really hard to be your own motivator,” she said. “When you’re in a lower spot, having a group of people to be there is so important.”

    Resources + Links

    • Queen Fayzel: Website, Instagram, Facebook, Pinterest

    • Faye Ziegeweid: LinkedIn

    • Brian Thompson Financial: Website, Newsletter, Podcast

    • Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

    About Brian and the Mission Driven Business Podcast

    Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

    On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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    30 分
  • The Mission Driven Business Podcast Episode 95: Empowering The LGBTQ+ Community With Sean Ebony Coleman

    The Mission Driven Business Podcast Episode 95: Empowering The LGBTQ+ Community With Sean Ebony Coleman
    2025/06/24

    Brian Thompson chats with Sean Ebony Coleman, founder and CEO of Destination Tomorrow, a grassroots agency and LGBTQ+ center in the Bronx borough of New York City. Destination Tomorrow empowers the most vulnerable LGBTQ+ community members through educational, financial, support-based, housing, and health programs. On the episode, Sean details how he and his organization are addressing some of the real challenges facing the LGBTQ+ community. He also shares how he starts his mornings to stay focused and touts the value of lived experience for organizations.

    Episode Highlights Mission-driven businesses solve real problems.

    Sean defines a mission-driven business as one that aligns every decision to its core purpose to solve real problems. For him, that means creating a safe, affirming space for the Black and brown LGBTQ+ community through Destination Tomorrow and his consulting company.

    “It’s about solving real problems, especially for marginalized people, and making a tangible impact,” he said. “I’m trying to meet the need where we find it.”

    Let lived experience lead.

    Sean believes in breaking down gatekeeping and elevating community voices that are often overlooked. His nonprofit prioritizes hiring people with lived experience and offering holistic services -- from workforce development to financial literacy -- to build long-term self-sufficiency.

    “Lived experience should count just as much as academic accomplishments,” he said.

    Bet on yourself and don’t give up.

    Sean’s advice for entrepreneurs who are just getting started is to bet on yourself and don’t give up. To start Destination Tomorrow, he cashed out a 401(k). He then had to see the “nos” he encountered as opportunities for growth.

    “Too many people give up on their dreams before they get to a yes,” he said. “A ‘no’ is just a ‘not right now.’”

    Self-care is just as important as hustling.

    Black and brown communities, particularly in LGBTQ+ spaces, often don’t have a safety net. When you’re grinding to build your business, you also need to prioritize time to rest and recenter. For Sean, that means starting his morning with prayer and meditation and keeping a weekly therapy appointment on his calendar.

    “Starting a business is stressful, so how are you managing that stress?” he asked. “Go in with a plan to make sure you’re prioritizing your self care.”

    Resources + Links

    • Sean Ebony Coleman: Website, Instagram, Facebook, X

    • Destination Tomorrow: Website, Instagram, Facebook, X

    • Trans N Action: Website

    • Brian Thompson Financial: Website, Newsletter, Podcast

    • Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

    About Brian and the Mission Driven Business Podcast

    Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

    On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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    36 分
  • The Mission Driven Business Podcast Episode 94: Marketing With Partners And Purpose With Erika Rodriguez

    The Mission Driven Business Podcast Episode 94: Marketing With Partners And Purpose With Erika Rodriguez
    2025/06/10
    Brian chats with Erika Rodriguez, founder and CEO of Nadi Marketing and co-founder of Tidal Pages. Erika specializes in partnership marketing for sustainable and purpose-driven businesses. In this episode, she shares how being laid off led her to entrepreneurship, the power of niching down, and how authentic partnerships can amplify your impact. Erika also details why email should be a top marketing priority and how joy, connection, and community have shaped her businesses. Episode Highlights Mission-driven businesses prioritize sustainability. Erika defines a mission-driven business as one that prioritizes sustainability throughout the entire product lifecycle -- from who makes the products to how they’re disposed of. “They don’t create the product just to make profits,” she said. “They actually think about the whole lifecycle of their product and about more of the people in the planet that they serve.” Niching down makes marketing easier. When Erika started Nadi Marketing in 2020, she offered a full suite of marketing services: websites, blog posts, social media, and events. But after deciding to follow what brings her joy, she niched down to specializing in partnership marketing for sustainable businesses. She’s now seen as an expert in her field and the work itself has become a lot easier for her. “It made me target my marketing more, and it’s putting me as the expert,” she said. “The client work has been so much easier because I enjoy that work.” Partnership marketing allows for mutual growth. Erika defines partnership marketing as collaborating with another business to create a marketing campaign, product, bundle, or other shared initiative. The goal is to build relationships that benefit both parties and align with shared values. “If we can find businesses the right partners, then they can make partnerships specifically for impact,” she said. “We can do so much more together.” Build your community. Building a business is not easy, which is why Erika hopes that all entrepreneurs have a community to support them during tough times. During the pandemic, Erika built her social media community by organically connecting with people on Instagram, which turned into IRL relationships. She encouraged other business owners to lean on the partners they have in their communities. “Start with the connections and partners that you have,” she said. “Everyone has a network already, but maybe you’re not leveraging it.” Resources + Links “Start with Why” by Simon Sinek Erika Rodriguez: LinkedIn Nadi Marketing: Website, LinkedIn, Instagram, Facebook Tidal Pages: Website, LinkedIn, Instagram, Facebook Brian Thompson Financial: Website, Newsletter, Podcast Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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    37 分
  • The Mission Driven Business Podcast Episode 93: Harnessing The Power Of Small To Create Global Impact With Masami Sato

    The Mission Driven Business Podcast Episode 93: Harnessing The Power Of Small To Create Global Impact With Masami Sato
    2025/05/27
    Brian chats with Masami Sato, founder and CEO of B1G1 (Buy1GIVE1), a Certified B Corporation that empowers businesses to make giving an inherent part of every business transaction. As an experienced social entrepreneur and speaker, Masami champions the "Power of Small" -- the belief that even the smallest acts of giving, when done consistently and collectively, can create meaningful change. In this episode, Masami shares how her entrepreneurial spirit drove her to create B1G1 and how staying rooted in her mission helped her build a business that supports more than 450 high-impact projects across 50 countries. Episode Highlights Mission-driven businesses keep showing up for their purpose. Masami believes that every founder can start a business with an idea to solve a particular challenge or address an opportunity. However, mission-driven businesses stay committed to their original purpose over time. “Mission-driven businesses continue to show up and make decisions based on that original mission, rather than getting sidetracked by all other things,” Masami said. A strong mission can’t be replaced. Today’s entrepreneurs have a unique opportunity to lead with their mission, according to Masami, since it’s one part of the business that can’t be replicated or automated by AI. The mission is also what attracts aligned customers, team members, and partners to the company. “Mission is the part that cannot be replaced by other things,” Masami said. “That’s where the greatest opportunity lies.” Start small and build a consistent impact. Masami’s mission for B1G1 actually started as a question: What if every time business is done, something great happens to create a better world collectively? As the owner of a food company at the time, Masami’s answer was to donate one meal for every meal she sold. That small act grew into a much larger business idea and led Masami to create a platform of impact-driven business entrepreneurs who integrate impact and kindness into their everyday business actions. “We realized that there is opportunity for other businesses like us,” Masami said. “Over the last nearly 18 years, businesses working with us have created more than 365 million impacts in the world.” Letting go is different than giving up. Masami shared her powerful story of resilience, including starting a business while raising a newborn, navigating financial hardship, and even giving birth to her second child in her commercial kitchen sink. Her turning point came when she chose to let go of her growing food business in order to fully commit to B1G1. “Letting go and giving up are different things,” she said. “I decided to sell our business and put everything into this idea to start the B1G1 enterprise.” Resources + Links Ashlee Sang: Website, LinkedIn, X B1G1: Website, Instagram, Facebook, LinkedIn, X, YouTube Brian Thompson Financial: Website, Newsletter, Podcast Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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    27 分
  • The Mission Driven Business Podcast Episode 92: 6 Pillars of Successful Brand Messaging with Ashlee Sang

    The Mission Driven Business Podcast Episode 92: 6 Pillars of Successful Brand Messaging with Ashlee Sang
    2025/05/13
    Brian chats with Ashlee Sang, a values-aligned brand messaging strategist and consultant who equips visionaries to clarify and amplify their message. Drawing on her background in anthropology, Ashlee brings a values-centered approach to brand development, content creation, and marketing strategy. In this episode, she details common challenges faced by values-driven founders, shares her six pillars of successful brand messaging, and gives a few quick tips to get your brand’s story out of your head and into the world. Episode Highlights Mission-driven businesses are “why”-driven businesses. Ashlee defines a mission-driven business as one deeply rooted in its reason for being, also known as its “why.” “A mission-driven business is a group of people, or a solopreneur, who have a really, really clear reason for being -- a really clear why -- that is driving them toward every single decision,” Ashlee said. If the mission is the “why” of the business, then Ashlee’s sweet spot is working with the “how” of the business: its values. “Values-driven is the operating system; it’s the mechanism,” Ashlee said. “If I can always point back to core values, then I always know it’s in alignment.” Businesses evolve through experimentation. Ashlee started her entrepreneurial career as a freelancer on the side while working in nonprofits and NGOs. Through years of experimentation, she discovered and refined her niche of values-aligned messaging and now encourages her entrepreneur clients to embrace their own trials. “No matter how well prepared you are, no matter how much research you’ve done, no matter how firm your plan is, there are so many other factors at play,” she said. “One of my favorite things about business is we sort of get paid to experiment.” Clear messaging builds clarity and confidence. After more than six years in the business, Ashlee has noticed her clients commonly struggle with feeling too scattered to find the common threads in their work or being too close to their work to articulate it clearly. Clear brand messaging can overcome these challenges because it creates a cohesive experience for clients, partners, and team members. “We can all write an email,” Ashlee said. “We can all slap together something on a website. But are we really going in with intention, thinking about those tiny details and the big picture? … The idea is a lot less important than the experience we’re creating for people.” Follow the six pillars for a successful brand messaging strategy. Ashlee defines brand messaging strategy as how a business wants to be known, and she’s narrowed a successful brand messaging strategy to six core components: Brand statement Mission statement Values Voice Audience Key differentiators Together, these elements serve as the root system that informs all marketing, operations, and external communications for a business. “I like to think of a brand as a tree, so the messaging strategy is the root system holding everything else up,” she said. “Brand messaging strategy is the focus and intention of the brand you are building.” Resources + Links Ashlee Sang: Website, Instagram, LinkedIn, Facebook Brian Thompson Financial: Website, Newsletter, Podcast Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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    31 分
  • The Mission Driven Business Podcast Episode 91: Deductible Business Expenses That Can Save You Thousands

    The Mission Driven Business Podcast Episode 91: Deductible Business Expenses That Can Save You Thousands
    2025/04/15
    As an entrepreneur, you know that every dollar counts, so today we’re taking a deep dive into a topic that can save business owners thousands of dollars: deductible business expenses. In this episode, we’ll cover what makes an expense deductible, the savings that come with deductions, unexpected deductions, and the importance of bookkeeping. By the end of the episode, you’ll have a clear picture of how to make the most of your expenses and keep your money in your business. Episode Highlights Deductible expenses must be ordinary and necessary. Deductions are powerful. Every dollar you deduct reduces your taxable income, directly lowering the amount of taxes you owe. However, in order to deduct a business expense, two key rules must be satisfied: the expense must be ordinary and necessary. To be ordinary, the expense must be common and accepted in your industry, such as a yoga mat for a yoga instructor. To be necessary, the expense must be helpful and appropriate for your business operations. Before you write off something, ask yourself whether a business like yours typically needs this type of expense and does it serve a legitimate business function? If the answer is yes, you may have a deduction on your hands. Don’t forget unexpected deductions. While rent and office supplies may come to mind as deductible business expenses, consider whether these unexpected events apply to you: Pet expenses -- If a dog protects your office or warehouse, the dog’s food, training, and vet bills may be deductible. Coaching -- Hiring a business coach, taking leadership training, and even going to therapy for stress management related to business all might qualify as expenses needed to run and lead a company. Your home office -- If you have a dedicated space in your home exclusively used for business, you can write off some of your rent, utilities, and internet costs. Marketing and promotions -- Hosting an industry event, running a giveaway, collaborating with influencers, and paying for digital ads all count as deductible expenses as long as they are directly tied to promoting your business. Work-related attire -- Buying branded uniforms or specialized attire for your business are legitimate business expenses. Business retreats -- If you take your team on a business retreat to strategize and improve company culture, that expense could be deductible. Make sure you document the business purpose with an agenda and good notes. Good bookkeeping is just as important as knowing the rules. Without solid record keeping, you might miss valuable deductions or struggle to justify an expense in the event of an audit. Here are some tips to keep your books in order: Separate personal and business finances -- Keeping separate personal and business bank accounts and credit cards makes tracking deductible business expenses much more manageable. Use accounting software -- Accounting software, such as Quickbooks or Wave, can help automate tracking, helping to ensure nothing gets overlooked when tax season rolls around. Save your receipts -- The IRS requires proof of deductions, so keep digital or physical copies of receipts and invoices. Work with a professional -- A professional bookkeeper or accountant can help you keep your financial records accurate and compliant. Resources + Links Brian Thompson Financial: Website, Newsletter, Podcast Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.
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    8 分
  • Re-Releasing Episode 52: An Expert's Guide To Understanding The 1120-S Tax Form

    Re-Releasing Episode 52: An Expert's Guide To Understanding The 1120-S Tax Form
    2025/03/11
    It’s tax season crunch time, so we are resharing a timely episode debunking the 1120-S tax return. In this episode, Brian will walk you through the S-Corporation income tax return to help you better understand what you’re filing and hopefully catch mistakes before it’s too late. He provides a section-by-section analysis of Form 1120-S and highlights key areas that business owners and tax professionals make mistakes. Episode Highlights Part 1: Heading, Income, Deductions, Tax and Payments Most of this information is drawn from your business’s Profit and Loss Statement. Here’s a breakdown of what’s on the first page: Calendar year: The very top of the form asks for the calendar year. If the corporation has a calendar year-end, leave this blank. If a fiscal year or short year put in the appropriate dates. Address: Underneath the calendar year, the form asks for a name and address. Use the name set forth in the charter or other legal documents, such as your Employer Identification Number (EIN) letter. Item A: Located to the left of the address, Item A asks for your S election effective date. You should have a letter from the IRS (CP 261) with your S-Corp starting date. This date should stay the same every year. Item B: Your business activity code. This code shows the IRS exactly what you do. Item C: Item C only applies if you have assets of $10 million or more. Most of the time, Item C will not be checked. Item D: Put your EIN in Item D. Make sure to verify it’s correct before you file your form. Item E: Your date of incorporation should match the articles of incorporation. This date may or may not be the same date as your S-election. Like the S-election date, the date of incorporation won’t change. Item F: Total assets at the end of the year. Item G: If the corporation is electing to be an S-Corp beginning with the current filing tax year, check the appropriate box. If the S-Corp did not already file the S-Election, attach Form 2553 with the return. Item H: These boxes should be self-explanatory. Check the boxes that apply. Item I: Enter the number of shareholders in the firm (e.g. yourself and your partners). Item J: Most of the time, Item J will not be checked. If you believe that one of the Item J items applies, follow up with your tax accountant. Income: Report gross revenue your business has earned for the year and any additional income or interest income that you may have incurred. Only report trade or business income. Do not list rental income, portfolio income, or tax exempt income (those go on your Schedule K). Expenses: Report all deductions on your Profit and Loss statement. Pay special attention to the following lines: Line 7: Compensation of officers should have something on it. S-Corporations must pay shareholder/employee reasonable compensation for services rendered, and failing to put reasonable compensation could lead to an IRS audit. Also included on this line are fringe benefits, including employer contributions to health plans and group term life insurance, for shareholders/employees owning more than 2% of the corporation stock. If your S-Corp has total receipts of $500,000 or more, you’ll need to attach Form 1125-E to explain what was paid to each officer. Line 8: Salary and wages paid to employees (other than officers) of the corporation. Line 17: An S-Corporation can deduct contributions made for its employees under a qualified pension, profit sharing, annuity, SEP plan, Simple plan, or any other retirement deferred compensation plan. This includes shareholders/employees owning more than 2% of the corporation stock. Line 18: Employee fringe benefits provided to officers and employees owning less than 2% go on this line, such as health insurance, disability insurance, and educational assistance. Line 19: Line 19 includes any other deductions. There should be an attached statement, and it should match your profit and loss. The numbers should be close to your Profit and Loss statement. Taxes and payments: In general, an S-Corporation does not pay taxes at the corporate level, so this section will be blank. Signature: It’s important to sign the return only after verifying all of the information, including the following sections. Part 2: Schedule B This section is mostly self-explanatory questions. Make sure to read and understand each question. Below are two lines to pay special attention to: Box 1: This easy-to-miss box can change your entire return if you’re not careful, since it’s where you select whether you’re a cash or accrual basis taxpayer. Once you choose an accounting method, you generally cannot change without approval from the IRS. Box 2: Here is where you explain what you do. Part B is an either/or question, so state whether you sell products or services. Also, if you hire contractors, say yes to question 14 -- and hopefully you got out your 1099 forms by January 31. Part 3: Schedules K and K-1 Schedule K reports the pro ...
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    32 分