Leverage Board Meetings

🎬 Welcome to an Underutilized Business Tax Strategy: The Board Meeting Deduction!

📢 Attention Successful Business Owners! If your business earns $2M or more in revenue, you know the key to scaling is better planning and maximizing tax deductions. This video is all about how successful entrepreneurs use Board Meetings to reduce taxes and improve business strategy—just like Fortune 500 companies!

💡 Think of this as your inside look into how high-level businesses optimize their financial planning.

🎤 My name is Ed Lloyd with Ed Lloyd & Associates. I’m a CPA and Certified Tax Strategist, and for over 20 years, my team and I have helped businesses across the United States rescue millions of dollars in wasted tax payments every single year.

📌 By the way, if you’re interested in seeing how much we can save you this year, click the link below to Schedule a call today with my team. Just 30 minutes could save you $100,000—or more—in taxes.

📅 Why Hold a Board Meeting?

🎥 B-Roll: Business teams in a high-energy strategy session, executives reviewing financial reports, and business owners traveling for meetings.

✅ The most successful companies don’t wait until year-end to review their business. They meet quarterly to:

Align business goals with real-time market changes.
Strengthen legal and asset protection compliance.
Implement high-level tax planning and wealth-building strategies.
Ensure succession planning to protect long-term growth.
And yes—legally deduct travel, dining, and meeting expenses!

📌 IRS Code 274(h) allows deductions on certain business-related travel expenses, even in select international locations like Canada and Mexico!

📌 What Makes Board Meetings Essential?

✅ They provide structure: A Board Meeting offers a formal setting to review finances, track progress, and hold leadership accountable.

✅ They enhance legal protection: Formalized business decisions ensure compliance with corporate governance laws, reducing risk in case of audits or lawsuits.

✅ They improve financial planning: Business owners can discuss investments, tax-saving strategies, and operational efficiencies to optimize growth and minimize tax liability.

📊 Case Study: Let’s look at one of my clients who implemented Quarterly Board Meetings and saw annual tax savings of over $200,000 for the year!

They were able to:

Deduct business travel for the meetings,
Meet with us during their trip via a Zoom meeting to refine their tax reduction strategies for a change in their business, and
Ensure their family trust was properly structured for wealth transfer.

🔍 Think about your last major business decision—how much better would it have been with a structured review process every 90 days?

Let’s look at the 4 steps you need to follow to make this work for you:

👥 Step 1: Assemble Your Board of Advisors

✅ Who should be on board? Choose strategic advisors like:

Key employees who drive growth.
Trusted business mentors who provide guidance.
Family members involved in operations who influence decisions.
High-level financial advisors who help structure wealth-building strategies.

💰 Did you know? Compensating board members is a deductible business expense under IRS Code 162!

📊 Example: One client structured their board with a tax attorney, CFO, and marketing strategist. Each provided insights that helped grow the business while their compensation was fully deductible!

Board members serve in an advisory capacity, they are not directors and do not control your business. However, if they receive compensation, their payments can be tax-deductible.

📌 Step 2: Schedule and Plan Your Quarterly Board Meeting

✅ Plan your meetings strategically! Make them work for your schedule AND your taxes.

Hosting a meeting at a resort? ✅ Deduct it.
Holding a meeting on a business trip? ✅ Deduct it.
Traveling for a corporate retreat? ✅ Deduct it.

📌 Just keep detailed records per IRS Code 274 to justify those deductions!

📜 The IRS allows deductions on business-related travel, but the trip must have a clear business purpose, and meetings should be documented accordingly. This means keeping records of itineraries, meeting minutes, and expenses to substantiate the deduction in case of an audit.

🛫 Pro Tip: If you’re already traveling, why not arrange a board meeting to make part of that trip deductible?

📝 Step 3: What to Cover in Your Quarterly Board Meeting

✅ High-revenue businesses don’t just meet—they execute on key topics like:

Reviewing financial health and tax planning strategies.
Identifying new opportunities for business growth.
Discussing investment opportunities (real estate, retirement accounts, etc.).
Updating business structure for maximum tax efficiency.
Assigning action items with clear due dates from the issues identified.

📌 The right agenda turns your meeting into a high-impact decision-making session!

🛑 Common Mistake: Many business owners hold informal meetings but fail to properly document them—this can cost you deductions!

📂 Step 4: Document and File Your Meeting Minutes

✅ Proper documentation is key to protecting your tax deductions! Record:

Meeting date, location, and attendees.
Discussion topics and major business decisions.
Financial strategies and future goals.
Action steps and accountability assignments.

📌 These records ensure IRS compliance and safeguard your deductions!

📊 Case Study: A business selected for a random audit and had to pay back $25,000 in taxes because they lacked proper documentation. Don’t make this mistake!

⚖️ Reminder: Keep Your Business Documents in Order

✅ Quarterly Board Meetings aren’t just about deductions—they protect your business! Keep track of:

Corporate meeting minutes and resolutions.
Stock or membership certificates.
Compliance filings and state regulations.
Supporting documents for travel and business expenses.

📌 Your business structure should evolve with your revenue—don’t wait until the year is over to fix it!

📜 Work with an attorney to ensure your legal documents are current and properly structured. This will help protect your business from legal issues while strengthening its legitimacy.

🚀 Next Steps: Take Action Now!

✅ Here’s what you need to do right now:

Plan Your Quarterly Board Meetings in Advance.
Define Clear Goals and Assign Responsibilities.
Follow Up on Action Items and Track Progress.
Ensure that documentation is correctly filed for compliance and tax deductions.

📌 BONUS: Download our free Quarterly Board Meeting Checklist to make your next meeting IRS-proof!

🎬 In Closing

🎥 B-Roll: Ed Lloyd speaking directly to the camera, call-to-action overlay, and success testimonials.

🎤 Ed Lloyd: “If you’re running a $2M+ business and you’re not maximizing these and the numerous other tax strategies available to you, you’re leaving serious money on the table!”

✅ Feeling like you’re overpaying in taxes? You probably are. Schedule a call today with my team using the link below. Just 30 minutes could save you $100,000 or more this year!

📌 Don’t forget to like this video, subscribe to my You Tube channel, and check out my other videos for more tax-saving strategies!

🛡 Pay less. Keep more. Let’s get started!