Small Business Tax Savings Podcast

He Makes $300K+ with an S-Corp… But Paid Way Too Much in Taxes! Live Tax Audit

8 snips
Nov 19, 2025
Guest
Matt Parrish
Matt Parrish, owner of DIY Retaining Wall LLC, shares his journey as a small business operator who recently raked in $300K+ but still saw a hefty $30K tax bill. He discusses critical tax strategies he could implement to save money, from maximizing meal deductions to turning personal expenses into business write-offs. Insights on travel deductions and the often-overlooked Augusta Rule showcase simple shifts with significant financial benefits. Matt's exploration of advanced tax planning is a must-listen for S-Corp owners looking to optimize their tax situation.
Ask episode
AI Snips
Chapters
Transcript
Episode notes
ANECDOTE

Real Case: Seven‑Figure S‑Corp Owner

  • Matt Parrish runs DIY Retaining Wall LLC, an S‑Corp with revenue between $500K and $1M and expected profit of $300K plus salary.
  • He paid $30,000 in taxes last year and expects revenue to increase 50–100% next year.
ADVICE

Carve Business Days Out Of Family Travel

  • Try turning partial family trips into business travel by scheduling board meetings or client work and documenting business hours.
  • Count any travel day with a majority of business (over four hours) as a deductible business day.
ADVICE

Assign Higher Business Percentages To Phone/Internet

  • Adjust accountable plan percentages by item: treat cell phone and internet as higher business‑use percentages than general home office.
  • Reimburse cell and internet separately at realistic business‑use rates to increase deductible amounts defensibly.
Get the Snipd Podcast app to discover more snips from this episode
Get the app