In this video, I ask ChatGPT tough questions related to business taxes to see how well it can answer them and if it is smarter than a CPA. The questions are:

1. Can you hire your minor children and pay them for services they perform in your business? If so, do you need to pay payroll taxes if you do hire them?

2. How does an S Corporation save business owners on taxes compared to a sole proprietorship?

3. If I earn $100,000 in profit in a business taxed as an S Corporation, how much do I need to pay myself as the owner of the business?

4. As a business owner, how much after-tax dollars can I put in a retirement account in a single year?

5. Do I need to issue a 1099-NEC to an independent contractor if they perform their services outside of the US and not a US resident or citizen?

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This video was created for informational purposes and it is not to be construed as legal and tax advice specific to your unique situation. Some of the links above are affiliate links which means that if you purchase a product or service with the provided link, I may receive a commission with no additional cost to you.

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