Jeff Taner is a certified public accountant and Managing Partner of DWD CPAs & Advisors, a firm that offers tailored assurance, tax, and accounting services for businesses, individuals, and nonprofit organizations. Jeff has been serving DWD CPAs & Advisors for over 40 years. After graduating from Indiana University at Fort Wayne with a degree in Business Accounting, Jeff began his career in the company in 1982 and became a partner in 1996. In 2009, Jeff began his role as the Managing Partner for the company. He is a member of the American Institute of Certified Public Accountants and the Employee Benefit Plan Audit Quality Center. Jeff joins us today to discuss taxation for different business organizations. He shares his background and explains why he decided to pursue a career as a certified public accountant. He differentiates S corporations from C corporations and outlines the benefits and challenges of such business structures. He describes the process of liquidating S and C corporations and offers advice to business owners who want to transition their business to family members. Jeff also shares his thoughts on setting up a business partnership and underscores what business owners should consider when making the switch between S and C corporations "An LLC is like a chameleon: it can be taxed as about anything—a sole proprietorship, an S corporation, a partnership, and even as a C corporation." - Jeff Taner This week on The Owner's Corner: What motivated Jeff to pursue a career in accounting The best part about working with business owners The different tax structures of corporations The difference between an S corporation and a C corporation Self-employment taxes on proprietorship income The benefits and challenges of setting up an S or C corporation The taxation behind liquidating S corporations and C corporations Stock and asset sales and what it means to recapture depreciation Common mistakes business owners make when selling their companies or transitioning them to family members Jeff's advice to business owners who want to transition their companies to family members Appropriate business expenses and utilizing donor-advised funds and charitable contributions Record keeping and how long business owners should keep receipts and tax records Our Favorite Quotes: "For the S corp, the profits that are distributed show up on the K-1 and that's where you pay your taxes." - Seth Whicker "Don't spend your money just to reduce your tax bill. It will probably not work out to your advantage when you look at the net cash that's left over when it's all said and done." - Jeff Taner "One of the biggest advantages you can get with health savings accounts is the tripled tax benefits." - Seth Whicker Connect with Patrick Galvin: DWD CPAs & Advisors DWD CPAs & Advisors on LinkedIn Patrick Galvin on LinkedIn Email: [email protected] About SYM Financial and The Owner's Corner Podcast The Owner's Corner is a show for business owners. In each episode, host and financial planner Seth Whicker sits down with business owners and the professionals that serve them to talk about what it takes to build a business. Our guests come from many industries and walks of life to share their biggest wins, mistakes made along the way, and their thinking about the all-important exit planning. Email Seth at [email protected] with questions, comments, and to schedule a one-on-one conversation. Follow Seth on LinkedIn Follow SYM Financial on Facebook Subscribe here: Apple Podcasts Spotify Google Podcasts TuneIn Amazon Music / Audible And, if you enjoy the show, please leave a review on iTunes to help others discover the podcast. Disclosure: The information contained in this message (including any attachments) is confidential and may be privileged. It is intended only for the recipient(s) named above. If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution or copying of this message is strictly prohibited. If you have received this communication in error, please notify SYM Financial Advisors ("SYM") immediately and destroy the material in its entirety. All communications requiring immediate attention or action, such as trade requests or other time sensitive matters should not be sent to SYM via email. Internet communications cannot be guaranteed to be secure or error-free as information may arrive later than intended, be intercepted, be corrupted, or contain viruses. This material is not an offer or solicitation to buy or sell any product. The opinions expressed herein are those of SYM and are subject to change without notice. To the extent that performance information is contained in this email, past performance is not indicative of future results. SYM is an independent registered investment adviser. More information about SYM including our investment strategies, fees and objectives can be found in our Form ADV Part 2, which is available upon request.

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