2023 Tax Strategies for Business Owners: Expert Insights in Lebanon


Discover Key Takeaways from the “2023 Year-end Taxation Analysis” Event in Lebanon

Saturday, December 16th – Something special happened at the 1st National Bank Community Room. We hosted an insightful event called “2023 Year-end Taxation Major Analysis (Ohio Special Session),” designed to shed light on crucial tax strategies for self-employed individuals and business owners. Let’s take a look at what this engaging session offered.

A Collaborative Initiative for Business Growth

We would like to offer a heartfelt thank you to Keller Williams Seven Hills Realty, Title 1st, HRSC Law Firm, Lily Ridge Accounting SVC LLC, and TransGlobal for bringing this event to life. It’s fantastic to see these organizations come together to support our local business community.

Expert Insights on Taxes and Retirement

The image shows a professional man presenting a tax scenario on a digital screen. He's in mid-speech, gesturing towards the screen which details a "$200K Scenario" comparing traditional tax planning with a no-tax planning approach, specifically for a married individual in California with an S Corp. The presentation includes figures for payroll tax, income tax, CA tax, and total tax, highlighting the amount saved through strategic planning. The TransGlobal logo is visible, indicating the company's involvement in the presentation.

The session, led by Jerry Shen from @jerrywealthtalks and Esther Ding from Lily Ridge Accounting SVC LLC, provided a deep dive into the world of taxes, particularly focusing on structuring retirement and businesses for financial efficiency. They expertly covered topics like IRAs, 401ks, and K1s, illuminating paths for better retirement planning.

Business Structure Strategies

The image depicts a presenter, likely a financial expert, standing beside a bright green background with a projection screen displaying tax-related information. The screen shows a strategy to "change income type," illustrating a shift from "0k earned income (1099)" to a combination of "k k-1 income (no se tax)" and "k salary earned income," suggesting a tax optimization technique to move income to a lower tax category. Both english and chinese characters are present on the slide, indicating a bilingual presentation. The transglobal logo is visible in the corner, indicating their affiliation with the event. The image shows a woman presenting in front of a screen with a vibrant green background. She appears to be in the midst of explaining a concept, with her hand raised in a gesture that indicates she's making a point. The screen behind her displays "2023" prominently, along with Chinese characters, suggesting the topic relates to plans or strategies for the year 2023. The presentation seems to be taking place in a casual setting, with a coffee station and supplies visible in the background, indicating a relaxed yet professional atmosphere.

A significant part of the discussion revolved around choosing the right business structure. Insights into LLCs and S-Corps were particularly enlightening, showing attendees how these entities can be leveraged for tax advantages and business growth.

Organizers Extraordinaire

Kudos to Kate Lee from 1st National Bank and Lance Song from Keller Williams for their seamless organization of the event. Their efforts ensured a smooth and informative experience for everyone involved.

Engaged Local Entrepreneurs

The image captures a professional setting where a business seminar or workshop is taking place. A speaker is standing at the front of a room filled with attentive participants seated at tables. The audience, consisting of a diverse group of adults, appears to be engaged in the presentation. Natural light streams in from the windows, creating a bright and inviting atmosphere. To the right, a festively decorated christmas tree adds a seasonal touch to the room, suggesting the event is taking place around the holiday season. The setting conveys a sense of community and learning, with a focus on interaction and education.

The event was well-attended by around 15 motivated self-employed individuals and business owners ranging from restaurant owners to car dealers, and even certified public accountants (CPA)s. All were eager to learn about managing their year-end taxes more effectively. The session was a great platform for them to explore ways to save money and expand their businesses.

1st National Bank’s Business Products: A Key Highlight

The image shows a long table in a conference room setting, laid out with informational packets. The packets are neatly arranged in rows, with the top visible page featuring a colorful logo and the text "1st national bank," indicating the material is likely related to the bank's services or the event being held. The room is well-lit and has a modern, professional ambiance with a clean and organized look, suggesting a preparation for a seminar or workshop where participants will receive these materials.

An important takeaway was the introduction to 1st National Bank’s business accounts and business services. These tools are tailored to help manage business finances more effectively, providing robust support for local businesses.

Forward-Looking Approach

The image is of a group of professionals gathered for a photo. They are positioned in two rows; the front row is seated while the back row stands. Everyone is smiling at the camera, suggesting a positive atmosphere, likely after a successful event or presentation. In the background, there is a projection screen with a presentation paused, and the room appears to be a modern conference or seminar room. The 1st national bank logo is visible, indicating the event's venue or sponsorship. The attire of the group is business casual, and the mix of standing and seated positions along with the natural and relaxed poses gives the photo an informal yet professional feel.

This event represents a significant step forward in empowering local businesses in Warren County and businesses in Southwest Ohio and Northern Kentucky. The knowledge shared will undoubtedly have a lasting impact, providing the tools and understanding necessary to navigate the complex landscape of taxation and financial management.

For more information on future events and to explore how these insights can benefit your business, feel free to reach out to 1st National Bank or any of the partner organizations.

1st National Bank | Supporting Your Business Journey

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