Maximize Deductions With a Proper Accountable Plan - Part 1/5

An Accountable Plan is one of the most powerful and misunderstood tax tools available to S-Corp owners. When used correctly, it allows you to reimburse yourself for legitimate business expenses tax-free, while your business gets the full deduction.

In this first episode of our 5-part Accountable Plan series, Mike breaks down:
– What the Accountable Plan is and why the IRS created it
– How reimbursements can become taxable wages when done incorrectly
– Why S-Corp owners MUST have a written policy under Reg. 1.62-2

He goes further and even provides the exact 3-step framework we use with clients:
1️⃣ Adopt a written Accountable Plan
2️⃣ Track and substantiate expenses correctly
3️⃣ Reimburse yourself tax-free

He goes on to clarify:
– Why you need a “separate set of books” for documentation
– How this protects you in audits and prevents disallowed deductions
– Why episodes 2–5 will walk through the specific expenses this applies to

If you want help implementing this correctly—or want Ledgerly to build your Accountable Plan and tracking system for you—schedule a call using the link on our channel.

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