Stephen Lee, CPA, CPWA®

What if I told you the wrong S-Corp reasonable compensation could cost you over $20,000 in IRS penalties—and that one small business owner avoided an $80,000 tax bill with the right strategy? In this video, I’ll expose the IRS-approved methods to calculate your salary the right way and protect your business from audits. Too many entrepreneurs, LLC and S-Corp owners are guessing their wages using o...

Stop overpaying in taxes! In this video, I break down how to pay yourself as an S-Corporation shareholder the right way. Learn the step-by-step strategy to take a reasonable salary, maximize distributions, and save thousands in employment taxes every year. I cover common mistakes, the IRS rules you must follow, and insider tips on cash flow planning and the QBI deduction. Whether you’re new to S-C...

Business owners: don’t let the IRS catch you off guard! ⏰ In this video, I show you exactly how to calculate and pay your quarterly estimated taxes for 2025—even if you’ve missed previous payments. Learn the Safe Harbor “set it and forget it” method and the Current Year “pay what you actually owe” method, step by step. I’ll also walk you through making payments online, tracking deadlines, self-em...

Want to save $15,000+ in taxes while building real wealth? In this video, CPA Stephen Lee reveals the secret S-Corporation strategy the wealthy have used for decades to slash self-employment taxes, maximize deductions, and accelerate wealth through tax-smart retirement plans like the Solo 401k. You’ll discover: ✅ How one simple S-Corp election can cut your tax bill in half ✅ The powerful tax ded...

Want to start investing but don’t know where to begin? In this beginner-friendly guide to investing in 2025, I’ll walk you through why you should invest, what to invest in, when to start, and how to build wealth over time — even if you’re starting from zero. You’ll learn the power of compound interest, why index funds like the S&P 500 are a smart first step, and the exact checklist to follow b...

5 Common Money Habits Keeping You from Financial Success #PersonalFinance #MoneyHabits #BuildWealth #BudgetingTips #SavingMoney #InvestingForBeginners #FinancialFreedom #CPAAdvice #DebtPayoff #MoneyManagement #RetirementPlanning #HighYieldSavings #EmergencyFund #CreditCardDebt #FinancialLiteracy If you’ve ever wondered why you’re not building wealth as quickly as you’d like, this video is for you....

Urgent Update: $7,500 EV Tax Credit Ends Soon – Act Before September 30th, 2025 The $7,500 EV tax credit is ending on September 30th, 2025. This video provides crucial information on the deadline, changes due to the recently passed 'Big Beautiful Bill,' and how it impacts buyers, whether for personal or business use. Learn about the incentives automakers are offering, the remaining home ch...

Welcome to The Locum CPA YouTube channel. In this episode, we dive deep into the major tax changes introduced by the recently passed bill - One Big Beautiful Bill (OBBA) that directly impacts small business owners from 2025 onwards. We'll cover pivotal topics including the QBI deduction, the return of 100% bonus depreciation, Section 179 deductions, the SALT workaround, and the critical deadli...

Discover the most important Trump tax cuts for individuals in the new Big Beautiful Bill! In this video, we break down the key 2025 tax changes, including the expanded child tax credit, new standard deduction increases, and tax-free overtime income provisions. Learn how these updates could lower your federal income taxes, boost your tax refund, and help you maximize tax savings this year. Whether...

Setting Up Your 2025 Tax Calendar: Essential Tips for Locum Physicians In this episode of the Locum CPA podcast, Stephen Lee, a CPA specializing in locum medical professionals, guides you through setting up your tax calendar for 2025. Learn about the importance of meeting tax deadlines to avoid penalties, the quarterly estimated tax payment dates, and the different filing deadlines for various bus...

Locum Doctors: Essential Tax Strategies for Maximizing Income In this episode of the Locum CPA podcast, Stephen Lee, a CPA specializing in locum tenens medical doctors, breaks down why having a tax game plan is crucial for locum doctors. Covering key topics such as mentality shifts, estimated quarterly tax payments, choosing the right entity structure, maximizing deductions, retirement investment...

How Locum Doctors Should Pay Themselves Through an S Corporation In this episode of the locum CPA podcast, CPA Stephen Lee provides detailed guidance on how locum doctors can pay themselves through their S corporation. The podcast covers crucial topics such as reasonable compensation, payroll, and distributions. Key concepts include why using an S corporation can lead to substantial tax savings, d...

Understanding State Tax Obligations for Locum Medical Professionals In this episode of the Locum CPA podcast, CPA Stephen Lee discusses the tax obligations of locum medical professionals working in multiple states. Through a real-life example involving an oral surgeon with an LLC in Illinois and work in Minnesota, Stephen breaks down essential tax concepts. He covers the responsibilities of mainta...

Overlooked Tax Deductions You Shouldn't Miss for Your 2024 Tax Return Join Stephen Lee, a Chicago-based CPA specializing in locum medical professionals, in this must-watch video podcast where he discusses six often-overlooked tax deductions that can significantly impact your 2024 personal income tax return. Learn about deductions for charitable contributions, state and local taxes (SALT), mort...

Mastering 2025 Quarterly Taxes for Locum Medical Professionals | Budgeting and Deductions Join Stephen Lee, CPA based in Chicago, for an in-depth guide on preparing for the first quarterly estimated tax payment of 2025. This video podcast covers essential budgeting tips, tax savings strategies, and key deadlines to help locum medical professionals avoid penalties and interest. Learn about differen...

Denied EV Tax Credit? Here's Why and What to Do Next! Have you recently purchased an electric vehicle and are looking to utilize the $7,500 EV tax credit? Many buyers are being denied this valuable credit. In this episode of the Locum CPA Podcast, CPA Stephen Lee explains why these denials are happening and what steps you can take to address it. Learn about the common reasons for denial, inclu...

Track Your Tax Refund: Tips and Tools to Get Your Money Faster! In this episode of the Locum CPA Podcast, CPA Stephen Lee provides comprehensive guidance on tracking your tax refund using the IRS's 'Where's My Refund' tool. The video includes tips on how to receive your refund faster, the expected timing for refunds based on different filing methods, and common reasons for delays....

Top 8 Tax Deductions for Medical Professionals in 2024 | Locum CPA Podcast Are you a locum medical professional preparing for your 2024 tax return? Join Stephen Lee, a certified public accountant specializing in helping locum medical professionals, as he reveals the top eight tax deductions you can't miss. Learn how travel and lodging expenses, licensing and certification fees, malpractice ins...

Top IRS Audit Triggers to Avoid: A Guide for Locum Professionals and Business Owners Are you concerned about an IRS audit? With increased funding and hiring at the IRS, there's no better time to ensure your tax returns are compliant. In this episode of the Locum CPA Podcast, CPA Stephen Lee from Chicago, Illinois, breaks down the biggest IRS audit red flags for business owners and high-income...

Avoid Common Tax Filing Mistakes: Tips for Locum Professionals and Business Owners Tax season is here and avoiding costly errors is crucial. Join Stephen Lee, a CPA specializing in locum medical professionals, as he discusses the most common tax filing mistakes and how to avoid them to ensure a smooth process for your 2024 income tax returns. Learn about the importance of choosing the right filing...

Maximize Your Tax Savings for 2024 - Don't Miss Last Minute Tax Deductions In this episode of the Locum CPA Podcast, Stephen Lee, a Certified Public Accountant specializing in locum medical professionals, shares valuable last-minute tax deductions for the 2024 tax year. Learn how to save on taxes by contributing to SEP IRAs, traditional IRAs, and HSAs, even retroactively. Discover specific tip...

Maximize Your Travel: Deductible Expenses for Locum Medical Professionals Join Stephen Lee, a CPA based in Chicago, as he reveals critical tips for locum medical professionals on how to deduct your travel expenses legally. In this podcast, learn how to combine professional trips with personal vacations, ensuring business remains the primary purpose. Discover which expenses, like airfare, lodging,...

Unlock Tax-Free Retirement with the Backdoor Roth IRA | Locum CPA Podcast In this episode of the Locum CPA Podcast, Stephen Lee, a CPA based in Chicago, Illinois, explains the Backdoor Roth IRA—a powerful strategy for high-income earners, including locum medical professionals, to achieve tax-free growth on retirement investments. Stephen breaks down the straightforward steps to set up a Backdoor R...

Maximize Your S Corp Tax Savings as a Locum Medical Professional In this episode of the Locum CPA Podcast, CPA Stephen Lee guides new and experienced locum medical professionals through an S Corp tax-saving strategy tailored specifically for them. With the New Year upon us, Stephen Lee emphasizes the importance of reviewing your S Corp setup to maximize tax benefits. He discusses projecting income...

Top Tax Strategies and Key IRS Updates for 2025 | Save Thousands in Taxes! Join CPA Stephen Lee on the Locum CPA podcast as he reveals crucial IRS updates and tax-saving strategies for 2025. This episode covers increased contribution limits for retirement accounts like 401k, 403b, 457b, and SEP IRA, as well as new limits for Health Savings Accounts (HSA) and changes to the standard deduction. Lear...