Estimated taxes should not feel like a guessing game, but for many business owners, they do. Underpay, and you face stress, penalties, and a big bill in April. Overpay, and you hand the IRS more cash than needed, limiting what you can reinvest in your business.In this episode, we break down how estimated taxes actually work, why the U.S. tax system is pay-as-you-earn, and how to avoid both overpaying and underpaying. We cover the safe harbor rules, why accurate bookkeeping matters, and how to build a smarter system for quarterly payments that improves cash flow and reduces surprises.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners:https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today. Click here or visit:https://taxelm.com/demo/Chapters(02:15) Why Business Owners Fall Behind on Quarterly TaxesWithout an employer withholding taxes, business owners are responsible for making estimated payments themselves, and many ignore them until penalties and interest build up.(03:45) Why Last Year’s Income Is Not EnoughMany business owners base estimated taxes on last year’s income or send in whatever feels safe, but income, deductions, entity structure, and tax law can all change.(04:30) The Safe Harbor Rules You Need to KnowTo generally avoid underpayment penalties, you need to pay 100% of last year’s tax liability, 110% for certain higher-income earners, or 90% of this year’s tax liability.(06:30) The Cash Flow Cost of Overpaying and UnderpayingOverpaying estimated taxes can tie up money that could be used for marketing, debt reduction, equipment, or other business needs, only to result in a refund later, while underpaying creates pressure when tax time comes, especially if business profits rise and estimated payments were never adjusted upward during the year.(08:40) How to Calculate Estimated Taxes More StrategicallyThe process starts with a quarterly profit analysis, then projecting the rest of the year forward, and finally adjusting payments intentionally based on current numbers.(10:40) Estimated Tax Due Dates Every Business Owner Should Know Quarterly estimated tax payments follow a set schedule throughout the year, and knowing those due dates is essential for staying compliant and avoiding surprises.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Are you worried a tax strategy could land you in trouble with the IRS? In this episode, Mike Jesowshek sits down with tax attorney Ed Lyon to break down what tax risk actually means. They explain why most business owners do not get in trouble for smart tax planning, where the line between gray-area strategy and fraud really sits, and why proper implementation matters just as much as the strategy itself. They cover audit risk, common red flags, what to ask before moving forward with an advanced strategy, and how business owners should think about their own risk tolerance when building a tax plan.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners:https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today. Click here or visit:https://taxelm.com/demo/Chapters(02:00) Why Business Owners Fear Tax PlanningPeople don't go to jail for legal tax planning. They go to jail for fraud, lying, and backdating documents.(05:00) Why Tax Strategies Exist in the First PlaceThe tax code is designed to encourage certain behavior. Congress uses tax incentives to push homeownership, healthcare benefits, investing, and charitable giving.(12:00) When a Legal Strategy Becomes IllegalA strategy can be perfectly valid in theory, but fail when implemented poorly. (24:00) How to Vet an Advanced Tax StrategyWhen someone pitches an advanced strategy, transparency matters. Ed explains what questions to ask, what red flags to look for, and why business owners need to understand who they are dealing with before moving forward.(27:00) How Business Owners Should Think About RiskTax risk is just another business risk. The real goal is to understand your own risk tolerance, know where your advisor falls on the conservative-to-aggressive spectrum, and make informed decisions.(31:00) A Favorite Strategy for the Right ClientEd closes by sharing one tax strategy he likes for the right candidate, the charitable lead trust, and explains why the best strategy always depends on the client’s goals, income, and long-term plan.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

You’ve hired your first employee… Now what?  Hiring your first employee introduces a new layer of tax responsibility, compliance, and systems that many business owners are not prepared for. You are now managing payroll taxes, filings, labor laws, and deadlines that carry real penalties if handled incorrectly.In this episode, we break down exactly what happens after you hire your first employee so you can avoid costly mistakes and set your business up to scale the right way. We cover the difference between W2 employees and 1099 contractors, the real cost of payroll taxes, how to stay compliant with state and federal requirements, and why payroll software is a must. 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners:https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today. Click here or visit:https://taxelm.com/demo/Chapters(01:00) Employee vs Contractor: What the IRS Looks AtClassification comes down to control. Who sets hours, pay, tools, and how the work gets done determines W2 vs 1099.(04:00) The Payroll Tax Reality Business Owners MissHiring an employee makes you a tax middleman responsible for withholding and paying multiple taxes.(06:00) What You Need Before Running PayrollYou need an EIN, state withholding accounts, unemployment accounts, and workers’ compensation set up first.(07:30) Why Payroll Software Is Non-NegotiablePayroll software handles tax calculations, filings, deposits, and compliance to avoid penalties and costly mistakes.(09:30) The Risk of Missing Payroll Tax DeadlinesLate payments trigger immediate penalties and interest, and payroll mistakes can shut down businesses.(12:00) Benefits Without Breaking the BankHealth reimbursement arrangements and simple retirement plans offer affordable ways to provide benefits.(14:30) Hiring Employees in Other StatesOut-of-state hires require additional registrations, tax accounts, and possible foreign entity filings.(16:00) Key TakeawaysHiring is a growth milestone. Set up systems correctly, use payroll software, and build processes that allow your business to run without you.Need payroll software? We recommend https://gusto.comPodcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Filing a tax extension feels stressful for many business owners. Missing numbers, unfinished bookkeeping, and uncertainty about the tax bill can make tax season overwhelming. But filing an extension (in many cases) can be the smartest move you can make.A tax extension gives you more time to file your return so you can organize your records, receive missing documents like K-1s, and avoid rushing through a return that could contain mistakes. In this episode, we break down how extensions actually work, clear up common myths about audit risk, and explain what to do if you cannot afford your tax bill.We also cover why ignoring the IRS is the worst move you can make, how penalties work, and the payment plan options available to business owners who need more time to pay what they owe.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners:https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today. Click here or visit:https://taxelm.com/demo/Chapters(02:30) Key Tax Deadlines Every Business Owner Should KnowPartnerships and S corporations file by March 15. Personal returns and C corporations file by April 15.(04:00) What a Tax Extension Actually MeansA tax extension gives you more time to file your return, but your taxes are still due by the original deadline.(05:30) Common Myths About Filing a Tax ExtensionExtensions do not increase audit risk, and many high income taxpayers file them every year.(07:00) The Most Common Reasons Business Owners File ExtensionsUnfinished bookkeeping, waiting on K-1 forms, or planning opportunities like retirement contributions or cost segregation.(11:00) The Cost of Not Filing Your Tax ReturnFailure to file penalties can reach hundreds of dollars per owner per month for business entities.(13:00) Why You Should Still Estimate and Pay Taxes With an ExtensionMaking an estimated payment reduces penalties and interest if you expect to owe.(15:30) What to Do If You Cannot Afford Your Tax BillThe IRS offers short term payment plans, installment agreements, and other options if you communicate.(20:00) Key TakeawaysTax extensions are not a red flag. Used correctly, they give business owners time to plan, reduce mistakes, and stay in control of their tax situation.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Charitable giving rules are changing in 2026, and many business owners have no idea their tax deductions could quietly shrink.The One Big Beautiful Bill Act introduced new limits, floors, and deduction caps that change how charitable donations work depending on your income level and whether you itemize deductions. In some cases, you could donate the exact same amount and receive a smaller tax benefit than before.Today we're breaking down the new charitable giving tax rules, who wins under the new system, who loses, and how smart business owners can still give generously while protecting their tax strategy.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners:https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today. Click here or visit:https://taxelm.com/demo/Chapters(01:00) Charity First, Strategy SecondGiving should start with the causes you care about before considering tax benefits.(02:00) Current Deduction Rules and AGI LimitsHow itemized deductions work and the limits for cash, appreciated assets, and non-cash donations.(04:20) New Deduction for Non-ItemizersStarting in 2026, standard deduction filers can deduct up to $1,000 (single) or $2,000 (married) in cash donations.(07:00) The New 0.5% AGI Deduction FloorItemized charitable deductions only apply to donations above 0.5% of AGI.(09:40) Deduction Cap for High-Income EarnersTaxpayers in the top bracket now receive a maximum 35% tax benefit from itemized deductions.(11:00) How Business Owners Handle Charitable GivingMost charitable contributions flow through to the owner’s personal tax return.(13:30) Planning Strategy: Bunching DonationsCombining multiple years of giving into one year may increase deductions.(16:00) Planning Strategy: Qualified Charitable DistributionsTaxpayers age 70½ and older can donate from an IRA to bypass itemized deduction limits.(17:00) Key TakeawaysCharitable giving rules are more complex in 2026. Strategic planning helps preserve the tax benefits.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Imagine breaking even at the casino and still owing taxes.Beginning in 2026, Congress approved a new rule that limits gambling loss deductions to 90%. That means if you win $10,000 and lose $10,000, you could still owe taxes on $1,000 of phantom income.Today, we're breaking down the new gambling tax rule that quietly slipped into law, why it creates phantom income for gamblers, and what casual and professional gamblers need to do right now to protect themselves.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners:https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today. Click here or visit:https://taxelm.com/demo/Chapters(00:00) The Tax Trap Nobody's Talking About How the One Big Beautiful Bill created a situation where breaking even at the casino still leaves you with a tax bill, and why every gambler needs to pay attention.(00:45) The Old Rule: How Gambling Losses Used to Work If you itemized and broke even, no tax. If you took the standard deduction, losses did not count. (02:00) The New 90% Rule & Phantom Income Starting in 2026, only 90% of your losses are deductible, even if you itemize. Win $10,000, lose $10,000, and you're now paying tax on $1,000 you never kept. That's phantom income, and it's the new reality.(04:00) Professional Gamblers: It Gets Worse Pro gamblers file on Schedule C and can deduct business expenses like travel and lodging. But losses plus expenses cannot exceed gambling income. They cannot offset other income, cannot carry losses forward, and starting in 2026, the 90% loss cap applies to them too.(09:00) Good News: The W-2G Threshold Finally Goes Up The slot reporting threshold rises from $1,200 to $2,000 in 2026 and will adjust for inflation. This does not change what you owe. All gambling income is still reportable. It only reduces the number of W-2Gs issued.(10:00) Record Keeping: Your Most Important Tool Right Now Casino reports can overstate income. Keep your own log with the date, casino, type of wager, and net win or loss per session. Track sessions, not individual bets.(12:30) Key Takeaways All winnings are taxable. Losses only offset if you itemize. The 90% cap creates phantom income. Plan under current law.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Can you deduct free food, rent your house to your business or avoid double taxation with a C Corp?In this Q&A episode, Mike answers rapid-fire tax questions submitted by business owners across industries. From restaurant deductions to partnership restructuring, foreign contractors, co-mingled expenses, and advanced C Corp investing strategies, this episode walks through what’s legal, what’s smart, and what’s risky. If you want clarity before you file, this is the one to listen to.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners:https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today. Click here or visit:https://taxelm.com/demo/Chapters(01:00) The Augusta Rule: What’s a Reasonable Rental Rate? How to properly rent your home to your business, why documentation matters, and whether to use hotel comps or Airbnb rates.(03:00) Hiring Foreign Contractors: W-8 vs W-9What forms you need on file when paying international contractors and when 1099s apply.(04:30) Partnership Owners: Should You Use an S Corp?How S Corps can reduce self-employment tax, why ownership structure matters, and how to structure it correctly.(09:00) Business Expenses Paid from a Personal AccountCan you still deduct them? What co-mingling means during an audit, and how to fix it going forward.(12:00) Do Insurance Companies Need Your Subcontractor’s Tax Return?Why a signed W-9 is typically all you need and how to protect yourself.(14:00) Can I Deduct Free Food? Restaurant and Bar Tax RulesHow to deduct employee meals and promotional giveaways correctly. Cost vs retail value explained.(17:00) FSA vs HRA: Which One Actually Makes Sense?When high out-of-pocket medical costs justify setting up an HRA and what thresholds to consider.(19:00) $10 Million in a C Corp: Smart Strategy or Tax Trap?The personal holding company rules, double taxation, and when retaining earnings in a C Corp actually makes sense.(22:00) Free Resources for New Business OwnersWhere to start if taxes feel overwhelming and how to build a foundation before filing.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

If you're already giving to charity, you're leaving thousands of dollars in tax deductions on the table. What is a donor-advised fund and why should you care? Mike sits down with Adam Nash, CEO of Daffy, to break down how Donor-Advised Funds (DAFs) work and why they can be a powerful tax strategy for business owners and high-income earners. If you regularly give to your church, your kids’ school, your alma mater, or other charities, this episode shows you how to give more strategically, reduce taxes, and increase your impact.👉 Ready to turn your charitable giving into a real tax strategy? Open a donor-advised fund with Daffy and start giving more strategically today: https://www.daffy.org/taxsavings/invite👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners:https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today. Click here or visit:https://taxelm.com/demo/Chapters(00:00) What Is a Donor-Advised Fund?The basics: how DAFs work as a tax-advantaged account for charitable giving, similar to a 401(k) for retirement.(04:45) Tax Deduction Limits: 60% for Cash, 30% for StockHow much you can deduct from your AGI and why bonuses, windfalls, and liquidity events are ideal times to use a DAF.(06:30) Why DAF Donations Are Irrevocable (One-Way Trip)Understanding that donor-advised funds are 501(c)(3) charities and why you cannot take the money back.(09:00) The Double Tax Win of Donating StockHow donating appreciated stock gives you a full market value deduction and eliminates capital gains taxes.(11:30) The New 0.5% AGI Floor and Bunching StrategyHow the recent tax law created a deduction floor and why bunching multiple years of giving into one high-income year makes sense.(15:00) How to Actually Use a DAF Day-to-DayThe mechanics of contributing, distributing to multiple charities, and setting up recurring donations.(20:45) Setting Up a DAF in Under 60 SecondsThe simple setup process, Daffy's flat monthly fee structure, and how it compares to percentage-based pricing models.(28:30) Investment Options and Portfolio ControlHow donated funds are invested tax-free and what level of control donors have over portfolios.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

When should you pay yourself? Paying yourself on the wrong payroll schedule can create IRS red flags, cash flow crunches, and painful cleanup later.In this episode, we break down monthly, quarterly, and annual payroll for S Corp owners. You’ll learn what the IRS actually expects, how reasonable salary works, why quarterly “true-ups” can create cash flow problems, and how to structure payroll to stay compliant without overpaying in taxes.We also cover catch-ups, slowdowns, bonuses, zero payroll returns, and a critical but often-missed strategy involving self-employed health insurance and HSA contributions that can reduce FICA taxes.If you’re an S Corp owner trying to pay yourself the right way and avoid IRS attention, this episode walks you through exactly how to do it. 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners:https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today. Click here or visit:https://taxelm.com/demo/Chapters(01:00) The Reasonable Salary Requirement for S Corps Why S Corp owners must take W-2 payroll and why determining reasonable salary is the first step.(03:10) Payroll Software and Filing RequirementsWhy using payroll software matters and how missed filings create serious problems.(04:00) Monthly and Biweekly Payroll ExplainedHow spreading your salary evenly works and why this is the most common recommendation.(05:30) True-Up Payroll. Quarterly and Annual Options & Cash Flow RisksHow quarterly and annual true-ups work and how draws get reclassified as wages. Large quarterly tax payments can create cash crunches.(08:45) Zero Payroll Returns and Compliance TrapsWhy you still need to file payroll returns even when no payroll is run.(09:30) Catch-Ups, Slowdowns, and Bonus PayrollsHow to adjust payroll when income, workload, or profitability changes.(11:45) Self-Employed Health Insurance and HSA AdjustmentsHow S Corp owners can increase reasonable salary without paying extra FICA taxes.(15:30) The Safest Payroll Strategy for Most OwnersWhy consistent payroll timing protects cash flow and reduces IRS risk.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Paying yourself wrong can trigger IRS issues, messy books, and unexpected tax bills. In this episode, we break down exactly how LLC owners should pay themselves in 2026 based on their entity type and tax election.You’ll learn the 3 primary ways business owners get paid: owner draws or distributions, payroll, and guaranteed payments. We explain which payment methods are legally allowed for single-member LLCs, partnerships, and S corporations, and why running payroll as an owner is prohibited unless you have an S corporation election.We walk through how each method is taxed, how it shows up in your financial statements, and why owner draws do not reduce business profit even though they reduce cash. 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners:https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today. Click here or visit:https://taxelm.com/demo/Chapters(00:45) Why Paying Yourself Correctly MattersImproper owner pay can create audit risk, illegal compensation setups, and accounting problems that surface later during tax season.(01:25) Owner Draws and Distributions ExplainedWhat an owner’s draw actually is, how it works, why no taxes are withheld upfront, and why draws don’t reduce business income.(02:55) Guaranteed Payments for PartnershipsHow guaranteed payments work in partnerships, when they’re used, how they’re taxed, and why they’re different from draws.(04:10) Paying Yourself as a Single-Member LLCWhy single-member LLC owners can only take owner draws, and why running payroll to yourself is not allowed by law.(05:05) Paying Yourself in an LLC PartnershipThe two legal options for partners.(06:00) Paying Yourself as an S Corp OwnerWhy S Corps require a reasonable salary, how payroll and distributions work together, and where tax savings come from.(07:00) How to Document Owner Pay CorrectlyHow draws hit the balance sheet, how payroll hits the income statement, and why documentation matters for audits.(09:30) What to Do Next as an LLC OwnerHow to choose the right pay method, set up a system, plan for taxes, and avoid common compensation mistakes going forward.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

You formed your LLC. Good job.But many business owners unknowingly make critical mistakes after formation that quietly destroy liability protection, trigger audits, and limit growth.In this episode, Mike walks through the 10 most common LLC mistakes business owners make in 2026 and explains exactly how to fix them. From mixing personal and business finances to ignoring tax planning and misclassifying owner compensation, this episode gives you a practical framework to audit your business and protect it the right way.If you want your LLC to survive and thrive, not just exist on paper, this episode shows you what to fix now before it becomes expensive later.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners:https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today. Click here or visit:https://taxelm.com/demo/Chapters(01:00) Mixing Personal and Business FinancesWhy commingling funds breaks liability protection and how to properly separate accounts without overcomplicating things.(02:00) Failing to Maintain LLC ComplianceAnnual reports, renewals, and filings business owners forget that can cause administrative dissolution.(03:20) Ignoring the S Corporation OpportunityHow LLC owners overpay self-employment taxes by not exploring an S Corp election at the right time.(04:10) Misclassifying Owner CompensationThe difference between owner draws and W2 payroll, and why paying yourself the wrong way creates tax problems.(05:45) Operating in the Wrong StateWhy forming an LLC in one state but operating in another requires foreign registration.(06:40) Skipping Tax PlanningWhy taxes are often a business owner’s biggest expense and how proactive planning changes everything.(07:30) Failing to Update State FilingsWhat happens when partners, addresses, or business purposes change and filings are not updated.(08:10) Treating the LLC Like a HobbyHow hobby loss rules work and why consistent losses without profit motive raise red flags.(09:00) The LLC Audit ChecklistSimple steps to audit your LLC today, fix weak spots, and build better habits going forward.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Thinking about forming an LLC in 2026? In this episode, Mike breaks down how to set up an LLC step by step, what “free” really means, state filing costs, common mistakes to avoid, and why an LLC can act as an insurance policy for future S Corp tax savings. Perfect for new and growing business owners who want clarity without the confusion.If you want a clean, simple business setup that protects you now and gives you flexibility later, this episode gives you the roadmap without the legal confusion.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/Chapters(01:00) Why Form an LLC in 2026The 3 core reasons business owners form LLCs. Liability protection, credibility, and flexibility for future tax planning.(02:10) Why an LLC Is an Insurance Policy for an S CorpHow an LLC allows you to elect S Corp status later and why sole proprietors do not have that option.(03:00) What “Free” LLC Setup Really MeansState filing fees, unavoidable costs, and what online “free” services actually do.(03:55) The Step-by-Step LLC Setup ProcessChoosing a business name, selecting a registered agent, drafting an operating agreement, filing with the state, getting an EIN, and opening a business bank account.(06:05) The Biggest LLC Mistakes Business Owners MakeWhy not using the LLC, mixing funds, missing renewals, and following bad internet advice cause legal and tax issues.(07:40) Bonus Tips to Strengthen Your LLCOperating agreements, separating finances, tracking expenses, and setting up bookkeeping the right way.(08:30) When to Consider an S Corporation$50,000 in profit is a common tipping point and how an LLC makes the transition easier.(09:00) Final TakeawayHow to use an LLC to protect yourself today while setting up smarter tax planning for the future.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

If you are already behind on your taxes in January, there are four tax tasks you cannot skip.In this episode, we break down the four financial tasks every business owner needs to complete in January to start 2026 clean and organized. Mike explains why unfinished bookkeeping leads to missed deductions and unnecessary stress, how to properly review your financials, and why most tax issues begin long before filing season.We also cover the importance of creating a simple financial summary document, meeting the January 31 1099 deadline, and building a proactive tax plan early in the year instead of scrambling in December.If you want 2026 to be more profitable and less stressful, this episode shows you exactly where to start.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today. Click here or visit: https://taxelm.com/demo/Chapters(00:37) Close Out 2025 Before You Move ForwardWhy unfinished bookkeeping follows you into the new year.(01:00) How to Review Your Books the Right WayWhat to check in your income statement and balance sheet for accuracy.(02:55) How to Organize Tax Documents ProperlyWhy storing receipts and records now saves stress later.(03:50) The Financial Summary Document Every Owner NeedsA simple snapshot that shows assets, liabilities, and insurance in one place.(06:36) Why Advisors Love This One DocumentHow it leads to better advice, faster decisions, and smarter planning.(08:00) The January 31 1099 DeadlineWho needs a 1099, who does not, and what payments count.(11:07) Implementing Tax Strategies Throughout the YearWhy spreading strategies across the calendar leads to real savings.(13:24) The Bottom Line for a Strong 2026Clean books, clear visibility, timely filings, and a tax plan that works.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Are you still guessing when it comes to 1099s? Most business owners are. And every January, that confusion turns into stress, penalties, and last-minute cleanup that could have been avoided.In this episode, Mike Jesowshek breaks down everything small business owners need to know about 1099-NEC and 1099-MISC forms, who needs one, who doesn't, the deadlines and the penalties that add up fast. If you want January to feel calm instead of chaotic, this episode gives you the clear rules and simple process to get compliant without overthinking it. 🧾 Good systems prevent tax headaches. Tax Bandits lets you file 1099s electronically and reuse contractor info each year.Use my link to streamline your 1099 process 👉 https://secure.taxbandits.com/register/?ref=taxsavingspodcast 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/Chapters(01:00) What is a 1099?Mike explains how 1099s work, why the IRS requires them, and how they are used to match income across businesses and contractors.(02:12) 1099-NEC vs 1099-MISCWhich form applies to contractors, which applies to rent, and why mixing them up creates problems.(03:30) The Real 1099 DeadlinesWhy January 31 matters, how weekends affect filing dates, and what business owners must send and file by the deadline.(04:55) IRS Penalties That Add Up FastLate filing penalties, intentional disregard penalties, and how missing multiple forms can quickly turn into thousands of dollars owed.(06:40) Who Actually Needs a 1099The $600 cumulative rule, common misunderstandings, and why splitting payments does not avoid filing requirements.(08:20) Common Exceptions Most Owners MissWhen corporations, payment processors, foreign contractors, employees, and personal payments do not require a 1099.(10:15) Why Credit Card Payments Change EverythingHow payment processors issue 1099-Ks and why that removes your filing obligation.(11:30) The 4-Step Process to File 1099s CorrectlyCollect W-9s, prepare the forms, send copies to recipients, and file with the IRS the right way.(13:05) The Biggest 1099 MistakesWhy missing W-9s and messy bookkeeping cause late filings and penalties every year.(14:45) How Software Simplifies the Entire ProcessWhy e-filing tools save time, reduce errors, and make year-over-year filing easier.(15:40) The 2026 Rule Change Every Business Owner Should KnowThe new $2,000 filing threshold, inflation adjustments, and how this change affects future planning.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for

Happy Holidays, and thank you. This episode is a personal thank-you to the Small Business Tax Savings Podcast community. We reflect on nearly eight years of the show, including over 400 episodes and more than 1.5 million downloads.  At the core of this podcast is one mission; Helping small business owners pay the least amount in taxes legally, without stress or confusion.  Let’s make 2026 the year you get proactive about tax planning from the start. If this podcast has helped you in any way this year, there are a few small things you can do to help us continue helping more business owners:- Leave a review on Apple Podcasts, Spotify, or wherever you listen- Subscribe to our YouTube channel- Share this podcast with another business owner- Follow us on social media to stay connectedIf you’d like to go deeper, you can download our Tax Savings Starter Kit. Inside, you’ll find:- A complete list of common business deductions- Real case studies showing how business owners saved $5,000–$25,000- Access to a bonus discovery call with our team👉 Get the Starter Kit here: https://taxsavingspodcast.com/starter-kit/For business owners who want hands-on help implementing the right tax strategies, we also created TaxElm. It’s designed to guide you step by step, with full access to our team of tax professionals throughout the process.🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Do you really have your tax planning handled? The thing is, many business owners are making a critical mistake that will become even more expensive by 2026.In this episode, Mike Jesowshek, CPA, sits down with Mark J. Kohler to expose the biggest tax planning failure business owners make. Confusing knowing strategies with actually applying them. Mark explains why tax savings disappear at the implementation level, how poor execution creates long-term consequences, and why retirement accounts are one of the most overlooked areas where this mistake shows up.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/Chapters(01:02) Why Most Tax Strategies Never Get ImplementedMany business owners think they are doing tax planning, but when you look at their tax return, the strategies are missing.(03:05) Tax Strategy vs Tax ComplianceThere is a major disconnect between tax advisors and tax preparers. (05:18) What “Self-Directed” Really MeansWall Street uses the term self-directed loosely. Mark explains the real definition and why traditional brokers do not promote it.(07:04) What You Can Invest in With a Self-Directed IRAReal estate, private businesses, lending, crypto, precious metals, and more. Mark walks through the types of investments retirement accounts are legally allowed to own.(09:36) Prohibited Transactions and IRS Red FlagsIt is not about prohibited assets. It is about prohibited people and personal benefit.(12:02) Can You Be Active in Retirement-Owned InvestmentsYou can make decisions, write checks, and structure deals, but you cannot personally perform labor or manage properties.(14:01) Cost and Setup of a Self-Directed IRAMany people assume self-directing requires hundreds of thousands of dollars.(15:52) Employer 401ks vs Self-Directed PlansWhy most employer-sponsored 401ks restrict your options and how entrepreneurs can set up plans that allow true self-direction.(18:06) When Self-Directed IRAs Are Not a Good FitSelf-directing requires time, focus, and discipline. Mark explains when investors should wait or choose simpler options.(19:33) How to Get Started the Right WayEducation comes first. Mark shares resources, podcasts, books, and next steps for learning before investing.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

If you’re a new business owner, you've probably wondered if you are doing any of this correctly.Should you get an LLC? Do you file a Schedule C? Can you hire your kids? Does a home office hurt you when you sell your house?In this episode, Mike walks through real questions from listeners and gives clear answers to the tax issues that confuse most new entrepreneurs. From 1099 income and deductions to home office rules, the Augusta Rule, and hiring your kids, this Q&A hits the topics every early-stage owner struggles with.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/Chapters(01:00) Starting as a 1099 Contractor & What Is Schedule C? The foundational steps every new contractor must take and how 1099 NEC income flows into Schedule C, how expenses reduce profit, and why self employment tax becomes a factor.(05:10) Do You Need an LLC to Take Deductions? Home office, mileage, meals, and travel can all be deducted without an LLC(08:53) ROBS vs SBA Loans for New Businesses: Mike breaks down the pros and cons of using retirement funds through a ROBS structure compared to financing with an SBA loan.(10:19) Hiring Your Kids: Payroll vs Contractor: The age rule most parents get wrong. Under 18, children should be W2 employees. Over 18, contractor payments may work if they have legitimate expenses.(13:00) Home Office Deduction and Selling Your House: Simplified method vs actual method. When depreciation recapture applies. Why the impact is usually small.(15:00) Transitioning to Business Ownership: A listener plans to leave a W2 job for business ownership. Mike explains where strategy matters most at the beginning.(17:40) Home Office vs Augusta Rule: Yes, you can use both. The key is using different rooms. Home office in one area. Board meeting in another.(19:47) Do You Need an LLC for a Small Side Gig: A listener making five to nine thousand a year wonders whether to form an LLC. Mike explains why it will not change taxes at low income levels and when it becomes useful.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Year-end is the last chance to lock in major tax savings for your business.In this episode, Mike walks through the exact steps business owners need to take now, from S Corp requirements and accountable plans to AGI phaseouts, QBI planning, and the Augusta Rule.You’ll also learn how to hire your kids correctly, hit retirement deadlines, use timing strategies as a cash-basis filer, harvest tax losses, and document every move so you enter tax season clean, organized, and ready.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/Chapters(00:49) Three Must-Do Steps for S-Corp OwnersReasonable salary, adding self-employed health insurance to your W-2, and making final accountable plan reimbursements. Mike breaks down each requirement and what has to be done before 12/31.(04:51) Maximize Deductions Before the Year EndsGo through personal statements for missed deductions, hire your kids correctly, use the Augusta Rule, finalize board meetings, and make home office and auto reimbursements.(08:14) Retirement and Health Reimbursement DeadlinesEmployee 401(k) contributions must be made by year-end. Mike also covers Section 105 medical reimbursement plans and HRAs.(14:17) Timing Strategies for Cash-Basis Filers When to prepay expenses, when to delay invoicing, and how credit cards can accelerate deductions. Mike also explains why low-income years are ideal for Roth conversions.(17:39) Miscellaneous but High-Value Year-End MovesWhy assets must be “placed in service,” how tax loss harvesting works, and the December 31 deadline for charitable giving.(19:35) Get Ready for JanuaryCollect W-9s, prep 1099s, store receipts digitally, document every strategy, and get bookkeeping up to date to avoid a stressful tax season.(22:54) Don’t Get OverwhelmedFocus on the two or three highest-impact strategies now, then committing to proactive planning next year.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

What if you could buy a computer, a machine, or new equipment and deduct the entire cost in the first year instead of waiting 5, 10, or even 30 years? Thanks to major updates in the One Big Beautiful Bill, you can now take a full write-off upfront.We break down how depreciation works, when to expense versus capitalize, and how the updated bonus depreciation and Section 179 rules give owners more control over their tax bill.You’ll learn how to time asset purchases, when to avoid front-loading deductions, and why every business needs a written capitalization policy.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/Chapters(01:00) What Is Depreciation?Depreciation is the process of spreading out the cost of equipment, vehicles, technology, or buildings over time. Mike defines what qualifies and what does not.(02:23) Business Use RulesOnly the business-use portion of an asset can be depreciated. Land is never depreciated. Buildings and land improvements are.(02:45) Three Depreciation MethodsMike breaks down regular depreciation, 100 percent bonus depreciation, and Section 179 expensing. Each method serves a different purpose depending on your income and tax plan.(04:25) Section 179 Rules You Must KnowSection 179 lets you expense up to two and a half million dollars a year, but it cannot create a loss. Bonus depreciation can.(05:24) Which Method Should You UseThe best choice depends on your income, your goals, and whether you want to create or avoid a loss. Mike walks through three scenarios to help you choose.(07:12) When You Should Not Front Load DeductionsIf this year is low income and next year is high income, holding back depreciation may save more money. Timing matters.(11:44) Rules for DepreciationYou must be in business and the asset must be placed in service during the year. Paying for an item is not enough. It must be usable.(13:15) The Capitalization Policy Every Business Should HaveA written policy lets you immediately expense any asset under $2,500 per item. Mike explains how it works and why it saves time and paperwork.(16:47) What Happens When You Sell a Depreciated AssetIf you sell an asset you fully expensed, you may have depreciation recapture. Mike explains basis, gains, and how the tax works.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Most S Corp owners follow the right steps, but still pay more tax than they should. A business earning over 300K can lose thousands simply by underusing core strategies.In this live case study, Mike Jesowshek, CPA, reviews a seven-figure business with an S Corp structure, a salary in place, and a record year of profit. You will see why this owner paid 30K in taxes and how that number can be reduced.If you feel like your tax plan has stopped working, this breakdown gives you a clear blueprint for moving from basic strategies into advanced tax planning.👉 Free Tax Savings Starter Kit: https://www.taxsavingspodcast.com/starterkit 🚀 Book a free TaxElm demo: https://taxelm.com/demo/01:11 The Core Strategy ChecklistWhat an accountable plan should include, how home office reimbursements really work, and why quarterly board meetings leave tax savings behind.02:53 After-Tax vs Pre-Tax Spending ExplainedHow shifting everyday expenses into legitimate business categories creates immediate tax savings without increasing spending.05:04 The Most Underused S Corp Deduction: MealsWhy meals often show up too low on tax returns, how to identify real business-meal opportunities, and how to document them correctly.09:01 Travel Deductions Most Owners MissHow to turn partial travel into fully deductible business trips, how business days are determined, and how to integrate board meetings into travel.15:41 Using the Augusta Rule at Its Full PotentialHow to calculate fair rental value, document the rental period, and structure meetings to justify 14 tax-free rental days.17:43 How to Calculate a Defensible S Corp SalaryThe two accepted methods for determining reasonable compensation and how to avoid both overpaying and triggering IRS scrutiny.23:00 Maximizing Solo 401(k) ContributionsHow contribution limits work, how salary affects maximum contributions, and why timing matters before hiring your first W-2 employee.34:00 When a Business Becomes Ready for Advanced PlanningThe five major categories of advanced tax strategy and how to determine which ones open up as revenue approaches seven figures.38:22 Building a Scalable Tax PlanOptimizing old strategies and documenting them correctly produces long-term savings, even before layering advanced planning on top.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

What if you could pay your kids a salary, take a business deduction, and teach them real financial skills at the same time? In this episode, Mike Jesowshek, CPA, explains how to legally hire your children in your business, what the IRS actually allows, and how to do it correctly so you avoid audits and penalties.You’ll learn the rules for paying your kids under age 18, how to document their work, how much you can pay them tax-free, and how this strategy can double as a wealth-building tool through Roth IRAs.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/Chapters(01:16) Why Hire Your Kids?There are two big reasons: tax savings and teaching opportunities. You get a business deduction, and your kids earn tax-free income while learning real work and money skills.(02:11) Turning After-Tax Spending Into Pre-Tax SpendingInstead of paying for sports, camps, or activities with after-tax dollars, you can pay your kids from your business and let them cover those costs using pre-tax income.(03:30) What the IRS Actually SaysPayments to children under 18 working for a parent’s sole proprietorship are exempt from Social Security and Medicare taxes. Mike reads the exact IRS language to prove it’s black and white in the tax code.(04:11) How It Works in PracticeIf your child earns under the standard deduction (about $15,000), they pay no income tax. You deduct their wages as a business expense, and you avoid FICA taxes if paying from a Schedule C or single-member LLC.(06:21) Setting It Up CorrectlyYou need proof. Mike explains that kids must be at least 7, paid a reasonable wage, tracked for hours and tasks, paid into their own account, and issued a W2 at year-end.(11:04) Bonus Benefit: Roth IRAKids can use earned income from the business to fund a Roth IRA. Mike shows how $25,000 invested by age 13 could grow to over $1 million by retirement.(12:55) What About S Corps?S corporations must withhold FICA taxes, but Mike explains a workaround: Splitting part of the business into a Schedule C entity to pay your kids through that side.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

If you’ve ever wanted to move money from your business to yourself without paying extra tax, this episode is for you.In this episode, you’ll learn how the Augusta Rule, also called the 14-Day Home Rental Rule, lets business owners rent their personal homes to their own business and receive that income completely tax-free. You’ll also learn exactly how to document it, what proof the IRS expects, and the common mistakes that can get this strategy disallowed.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/Chapters(00:44) Why the Augusta Rule ExistsThe history of the rule, starting with homeowners in Augusta, Georgia, who rented their houses during the Masters Tournament.(02:07) What the IRS Code Actually SaysThis strategy came from homeowners in Augusta, Georgia, who rented their homes during the Masters Golf Tournament. The IRS decided that short-term home rentals of 14 days or less don’t count as rental properties and therefore don’t create taxable income.(03:09) How to Use It as a Business OwnerYou can legally rent your personal home to your own business for legitimate events and claim a business deduction while keeping the income tax-free.(04:21) What Not to DoWhy you can’t just write yourself a random check without documentation or a valid business purpose.(04:53) 4 Key Steps to Make the Augusta Rule WorkThere must be a clear business reason, like a meeting or retreat. Set a fair rate using local hotel or Airbnb prices and keep proof. Create a short rental agreement with the purpose, dates, and rate, then pay yourself from the business account and keep records.(07:10) When to File a 1099 to YourselfIf total rental payments exceed $600, you must issue yourself a 1099 and clear it out on your return under Section 280A(g).(07:50) Example: Putting It All TogetherA sample year with quarterly board meetings, a team retreat, and training events shows how this can total over $7,000 in tax-free income.(10:39) Do It Right or Risk Losing the DeductionThe importance of solid documentation, fair rates, and proper proof to defend the deduction in an audit.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

If you’ve ever paid for business expenses out of pocket, like your phone bill, internet, or home office, and wondered if you can get reimbursed without paying more tax, this episode is for you.In this episode, you’ll learn how an Accountable Plan lets business owners legally reimburse themselves and their employees tax-free. You’ll also discover the 4 key rules every plan must follow to stay IRS-compliant, and the most common mistakes that lead to audit trouble.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/Chapters(00:00) The Overlooked Tax Strategy That Saves ThousandsWhat is the Accountable Plan? This allows you to get reimbursed for business expenses you paid personally without triggering extra income tax.(01:10) What Is an Accountable Plan?A simple breakdown of how this reimbursement policy works and why it’s essential for S Corps and C Corps.(02:44) Who Needs an Accountable PlanWhen owners and employees qualify, and why sole proprietors handle this differently.(04:14) How to Set It Up Step-by-StepThe 3 essential steps to properly implement an Accountable Plan include creating a written policy, using expense report templates, and making reimbursement payments.(08:35) Common Expenses You Can Reimburse Tax-FreeExamples like home office, internet, travel, mileage, subscriptions, and meals that qualify under an Accountable Plan.(10:30) Avoid These IRS Red FlagsWhy documentation, receipts, and timely reimbursements matter, and how to keep your plan audit-proof.(11:45) Quick Recap & Next StepsThe four key rules of Accountable Plans are that expenses must have a clear business connection, be properly documented, exclude any excess reimbursements, and be submitted on time.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

A single medical bill can wipe out your profits. But health expenses don’t have to drain your cash flow. In this episode, you’ll learn three powerful ways to turn your medical costs into legitimate tax deductions. From self-employed health insurance and Health Savings Accounts (HSAs) to Section 105 reimbursement plans and employee health benefits, these strategies can help business owners save thousands while staying fully IRS-compliant.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/Chapters(00:00) Turning Health Costs Into Tax SavingsHealth expenses can become powerful deductions when structured properly. Learn how small business owners can legally reduce taxes through insurance, HSAs, and reimbursement plans.(00:45) Self-Employed Health Insurance DeductionHow sole proprietors, LLCs, and S Corp owners can claim health insurance premiums as deductions, and the exact steps S Corp owners must follow to stay compliant.(04:03) The Triple Tax Benefit of HSAsHow Health Savings Accounts offer tax-free contributions, growth, and withdrawals, and why treating your HSA like a retirement account can build long-term wealth.(08:28) Section 105 Medical Reimbursement PlansFor business owners with high out-of-pocket medical costs, this plan turns personal medical expenses into deductible business costs when set up correctly.(10:11) Health Benefits for EmployersAffordable options for small businesses to offer tax-free health reimbursements through QSEHRA or ICHRA plans without the complexity of traditional group insurance.(13:06) The Four Keys to Health Tax StrategyHow to combine these tools: Insurance deductions, HSAs, Section 105 plans, and employee benefits, to lower taxes and protect your cash flow.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Trusts aren’t just for the rich. Every family can benefit from one. A revocable living trust can simplify estate planning, avoid probate, and create a foundation for generational wealth.In this episode, Mike Jesowshek, CPA, sits down with Jack Fiveash, attorney and co-founder of The Co Letter, to talk about how families can use a simple trust and LLC structure to build long-term stability, protect assets, and involve their children in smart financial stewardship.They cover how to start a revocable trust, the ideal timing, what it costs, and how it ties into a broader family office structure that preserves both wealth and values.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/Chapters(00:00) Intro to Family Office StructuresA family office isn’t only for the ultra-wealthy.(02:41) Understanding Revocable Living TrustsWhat is a revocable living trust (RLT), why every family should have one, and how it simplifies estate planning.(04:43) When to Create a Trust for Your KidsJack explains the right time to create a trust for children and how even young people with digital assets or investments can benefit from having one in place.(06:53) Cost and Process of Setting Up a TrustJack outlines realistic pricing, what makes a trust legally sound, and the importance of completing a general assignment to fully fund the trust.(09:44) Funding the Trust and Avoiding Probate IssuesJack describes how a trust must be properly funded through title changes and assignments to avoid probate disputes later.(10:22) Involving Family Members EarlyJack and Mike discuss including children in the family LLC, teaching financial stewardship, and using legitimate methods to instill responsibility and long-term wealth habits.(13:38) Family Business Meetings and Board StructureHow to formalize family board meetings, even on vacations, to build both structure and tax efficiency. (18:30) Structuring Family Business EntitiesWhen to create new entities versus using existing businesses, how to integrate wills and trusts into ownership.(20:46) Building a Foundation for Generational WealthJack offers guidance for those just starting to build wealth: How to use simple structures like family LLCs or educational trusts to create lasting value for children and grandchildren.Learn more about family trusts, LLCs, and governance at  https://thecoletter.beehiiv.comPodcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax t

If you earn over $250,000 or plan to sell a highly appreciated asset, this episode could save you hundreds of thousands in taxes. Most business owners stop at basic deductions and retirement plans, but the wealthy use strategies that go far beyond that. In this episode, we break down the five categories of advanced tax planning, when they apply, and how to use them the right way.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/Chapters(00:00) When Advanced Tax Planning MattersWhy high-income earners and those selling appreciated assets should consider advanced strategies.(01:00) Core vs. Advanced StrategiesThe difference between foundational tax tactics available to everyone and advanced ones designed for high earners or large one-time gains.(03:10) The Government Rewards Tax PlanningHow tax incentives are built to encourage investment in business, housing, and energy projects.(05:00) The Five Categories of Advanced Tax StrategiesAn overview of the five areas where the wealthy focus their planning.(05:23) Advanced Retirement PlanningCash balance plans, mega backdoor Roths, non-qualified plans, and self-directed accounts for those already maxing out standard retirement limits.(06:24) Asset Purchase StrategiesUsing leverage and depreciation to create large year-one deductions. Example: turning a $10,000 down payment on a Turo car into a $100,000 deduction.(08:00) Asset Donation StrategiesBuying assets at a discount and donating them at full fair market value to increase charitable deductions.(09:00) Oil and Gas InvestmentsHow investors receive 80 to 90 percent year one deductions through intangible drilling costs and depletion allowances.(10:14) Captive Insurance CompaniesCreating your own insurance company to protect your business while shifting income into a tax-advantaged structure.(11:16) What to Consider Before Using Advanced Strategies Material participation requirements, IRS scrutiny, vendor due diligence, and understanding investment or loan obligations.(14:00) Finding the Right FitWhy working with a tax strategist helps you find the combination of strategies that fits your goals.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Are you spending money the wrong way? Every dollar is either pre-tax or after-tax money. Knowing the difference is the key to thousands in tax savings.In this episode, we cover how to turn everyday expenses into business deductions. From meals and travel to home office and even hiring your kids, you’ll learn the mindset shift that could save you thousands each year. 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/Chapters(00:00) Pre-Tax vs. After-Tax SpendingWhy most business owners spend the wrong way and how to flip it.(01:18) Ordinary and Necessary ExpensesWhat makes an expense deductible, and how to pass the audit test.(04:00) Everyday Costs You Can DeductHome office, vehicle, meals, travel, tech, cell phone, and subscriptions.(06:27) Hiring Your KidsHow shifting family costs into payroll creates big tax savings.(08:24) Live Audit of a Credit Card StatementMike reviews personal spending line by line to uncover missed deductions.(13:10) The Framework for DeductionsRationale, recordkeeping, and reasonableness: How to defend expenses.(14:45) Documentation Tips to Protect YourselfHow to prove expenses with receipts, notes, and an accountable plan.(16:15) Action Steps to Maximize Tax SavingsStart small, pick categories, and track better to save thousands. $100 pre-tax is worth $100. $100 after-tax is only worth $65.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

What happens when you take a real small business owner, put them in the hot seat, and break down their tax strategy live? That’s what we’re doing in this episode.Eric runs a successful appraisal business, pays himself through an S-Corp, and last year wrote a $50,000 check to the IRS. Did he really have to? Mike digs into Eric’s setup and reveals how simple shifts could slash his tax bill. From adjusting his salary to using the Augusta Rule, hiring kids, and planning for real estate, you’ll see how the right strategy can cut thousands off your tax bill.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/  Here's What We Discussed: (01:21) Income Breakdown$200K profit in appraisal business, break-even martial arts school, plus wife’s part-time job.(03:09) Current S Corp Salary SetupEric takes $120K-$140K salary. Mike shows how lowering it could save $8K-$9K annually.(06:25) Why Two S Corps Cost Too MuchRunning payroll twice and filing two returns is unnecessary. A smarter setup is to use one holding S Corp that owns your other businesses (but only for active businesses, not passive income like rentals.)(09:07) Retirement Planning Made SimpleHow Eric can prioritize HSA, IRA, and SIMPLE contributions to maximize tax benefits.(10:32) How to Determine a Reasonable Salary as an S CorpStart with 30-50% of profit, then back it up by tracking how many hours are spent on core tasks. Use labor statistics to assign hourly rates (this builds audit protection and ensures you’re not overpaying in payroll taxes).(17:42) Maximizing Deductions You Already HaveUse an accountable plan to capture deductions you might miss. Home office, mileage, meals, and travel can all qualify when tied to business. (21:00) The Power of a Board + Augusta RuleSet up a board, hold meetings at home, and rent your house tax-free.(26:40) Hiring Kids the Right WayWhen to use W-2 vs. 1099 and how to turn family support into deductible expenses.(36:15) Real Estate and REPS StrategyHow cost segregation and bonus depreciation could create six-figure deductions.(41:58) Core vs. Advanced Tax StrategiesWhat every business owner should implement now and what comes next as income grows.👉 U.S. Bureau of Labor Statistics (BLS) – https://www.bls.gov/oes Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Most business owners are driving right past thousands in tax savings without realizing it. In 2025, the IRS raised the standard mileage rate to 70 cents per mile, but that’s only the beginning.In this episode, Mike breaks down exactly how to structure your auto deductions, avoid costly mistakes, and choose between the mileage method and actual expenses.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/  Chapters(00:00) You’re Missing Out on Auto DeductionsMost business owners overlook vehicle write-offs that could save thousands.(01:00) What’s New for 2025IRS mileage rate jumps to $0.70 per mile, plus bonus depreciation returns to 100%.(03:15) Mileage Method vs. Actual MethodHow each deduction works and the rules for switching methods. Low-cost, high-mileage cars lean mileage. High-cost, heavy vehicles lean actual.(08:10) The 6,000-Pound Vehicle RuleHow GVWR impacts deductions and when Section 179 + bonus depreciation apply.(09:50) Recordkeeping RequirementsMileage logs, receipts, and documentation you’ll need if the IRS asks.(13:00) What Counts as Business Miles (and What Doesn’t) Meetings, errands, and client visits qualify. Commuting does not.(16:12) Real-Life Example: $7,000 vs. $10,000 Deduction Side-by-side comparison of mileage vs. actual expenses.(18:32) How to Claim the Deduction by Entity Schedule C for sole props vs. accountable plans for S-Corp owners.(19:51) Action Steps to Maximize 2025 Auto Deductions Pick your method, track carefully, and understand depreciation rules.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Do you have a home office? The desk you’re sitting at could save you up to $1,500 a year in taxes.Many business owners skip this deduction because they think they don’t qualify or fear an IRS audit. The truth is, most do qualify. One client of mine saved $1,100 in just 30 minutes by setting it up.In this episode, Mike Jesowshek, CPA, explains who qualifies, the two ways to calculate it, how to document properly, and the mistakes that cause business owners to miss out. You’ll also learn how the home office deduction can unlock other tax savings like business mileage.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters(00:00) Why Most Business Owners Skip the Home Office DeductionThe $1,500 opportunity that too many entrepreneurs ignore(01:00) Real Client Example: $1,100 Saved in 30 MinutesHow a quick calculation turned wasted expenses into major tax savings.(03:00) Who Qualifies? The 2 Rules You Must MeetRegular and exclusive use + principal place of business (with the administrative loophole explained).(09:00) Two Ways to Calculate: Simplified vs. Actual$5 per square foot up to 300 sq ft vs. percentage of actual costs: When to use each method.(13:00) Where to Take the Deduction (Sole Prop vs. S-Corp)Schedule C, Form 8829, and how to handle it with an S-Corp accountable plan(14:30) Common Mistakes That Kill Your DeductionFrom mixing personal use to failing to document properly… What to avoid(17:30) In SummaryWhy this deduction can be worth $1,500+ every year, and how it also unlocks mileage deductionsPodcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Some entrepreneurs sell their companies and walk away with zero federal taxes. How? This is thanks to a strategy called QSBS.In this episode, tax strategist Alessandro of Get Dynasty breaks down Qualified Small Business Stock, new changes from the “Big Beautiful Bill,” and how founders can use trusts to multiply tax-free exits. If you’re building or investing in startups, this could be the single most powerful tax break you’ll ever use.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(00:00) How Founders Pay $0 in Taxes With QSBSThe “greatest tax exemption that exists” and why startup founders need to know it.(00:48) What is QSBS and Who QualifiesKey rules, industries that benefit, and those excluded (law firms, banks, services).(03:30) Can LLCs and S Corps Still Benefit?How to flip into a C Corp, restart the clock, and unlock bigger gains.(06:05) Real Example: $126M of QSBS EligibilityHow flipping from LLC to C Corp can multiply your tax-free exclusion.(08:10) New Rules From the Big Beautiful Bill and Why States Matter Exclusion raised to $15M, partial exclusions after 3–4 years, and $75M asset threshold, plus, which states recognize QSBS?(15:00) Don’t Be Too Early, Don’t Be Too LateThe timing mistakes founders make when setting up QSBS.(18:30) Stacking QSBS With TrustsHow Get Dynasty helps founders create trusts for $40M+ in tax-free gains.(23:00) Avoiding Common MistakesWhy planning early is critical and why TikTok tax tips miss the bigger picture.(27:30) Success Stories: Roblox and BeyondHow founders have shielded $40M–$120M from taxes using QSBS trusts.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Misclassifying workers is one of the biggest mistakes a business owner can make. It might seem cheaper to pay someone as a 1099 contractor, but if the IRS says they should be a W-2 employee, you’re looking at back taxes, penalties, and possible audits that could cripple your business.In this episode, Mike breaks down the IRS framework for worker classification, the red flags that trigger audits, and the tax differences between employees and contractors. You’ll learn how to protect your business, avoid costly penalties, and even find tax strategies that benefit both employers and contractors.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(00:16) Why Misclassification Is a Major IRS Red FlagWhen workers are incorrectly classified as contractors instead of employees, the employer becomes responsible for unpaid payroll taxes, Social Security, Medicare, unemployment taxes, plus penalties and interest.(04:01) What Triggers an IRS AuditUnemployment claims and disgruntled workers are the two most common red flags.(05:43) The IRS 3-Factor TestWorker status is based on behavioral control, financial control, and the overall relationship.(09:47) Signs of an Employee vs ContractorClear examples that distinguish W-2 employees from 1099 contractors.(12:29) Tax Treatment of Each Worker TypeHow payroll taxes, reporting, and deductions differ between W-2s and 1099s.(15:22) Practical Tips for Staying CompliantContracts, scope of work, and how to defend your classification in an audit.(16:31) Tax Strategies for EmployersHow hiring employees changes access to tools like the Solo 401(k).(17:08) Tax Strategies for ContractorsTurning a 1099 gig into a business with deductions, retirement plans, and S Corp elections.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Most tax strategies give you either a write-off or long-term growth. Oil and gas gives you both. With IRS Code 263(c), you get massive upfront deductions and steady tax-advantaged cash flow.In this episode, Mike and Nick from US Energy unpack how drilling funds work, the unique tax benefits they provide, and how to use them strategically in your business planning.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(01:34) What Is US Energy and Their FocusUS Energy’s 45+ year history in oil and gas, working with partners like Exxon and Shell, and why the Permian Basin is the hottest U.S. play.(04:01) The Tax Benefits of Drilling FundsIRS Code 263(c) allows investors to deduct 85–90% of their investment upfront through intangible drilling costs.(06:07) Tangible Costs and Depletion AllowancesUsing depreciation and depletion to shelter future income from wells and create long-term tax efficiency.(08:12) Why Oil and Gas Beats the “Buy a Truck” StrategyInstead of wasting money on deductions you don’t need, oil and gas offers upfront write-offs and produces an appreciating income-generating asset.(09:24) Sample Investment Return BreakdownHow a $100,000 investment could produce $45,000 in tax savings and cash flow returns of 1.5–2x over 10 years.(13:06) Understanding Tax RiskAudit concerns, excess business loss limitations, and AMT caps, plus how unused deductions can be carried forward.(18:28) Investment Risks and Hedging Commodity PricesThe difference between exploratory, step-out, and developmental drilling, and how hedging protects against oil price drops.(22:06) Oil and Gas for QBI PlanningHow investments can lower AGI and re-open the Qualified Business Income deduction, creating stacked tax savings.👉 Learn more about Oil and Gas Investing at US Energy: https://www.usenergyco.comPodcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

If I were starting a business today, this is exactly how I’d approach tax planning from the ground up. In this episode, we're tackling tax strategy hierarchy every small business owner should follow. From core strategies like hiring your kids and maximizing deductions, to advanced moves like asset purchases, oil and gas investments, and captive insurance, you’ll learn the right order to implement them for maximum savings. We also answer listener questions on short-term rental deductions, the Big Beautiful Bill, and how to structure partnerships for smarter tax planning. 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(00:00) Starting From ScratchMike shares his “from scratch” game plan for small business tax planning and breaks down the difference between core and advanced tax strategies.(04:04) Big Beautiful Bill OverviewWhat’s in the Big Beautiful Bill, how it impacts small businesses, and where to find the full breakdown.(05:00) Planning for Income Phase-OutsStrategies for lowering AGI to avoid phase-outs and AMT for high earners.(08:00) Short-Term Rental DeductionsHow to qualify, the 100-hour rule, and how bonus depreciation applies.(12:15) 1099 Income AdvantagesWhy 1099 workers are treated as business owners and the deductions that come with it.(14:00) Self-Rental and Asset Purchase Strategies Using a self-rental strategy and advanced asset purchases to significantly reduce taxable income.(15:53) Adjusting S Corp Salary How to handle a reasonable salary when business revenue drops.(17:00) Home Office Deduction Methods Comparing the simplified and actual methods for the home office deduction.(18:46) Structuring Partnerships for Tax Planning Entity structures that allow partners with different tax needs to plan separately.(20:58) Accessing S Corp Profits How to take owner’s draws and keep your salary reasonable.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Most business owners think of insurance as a necessary expense, but what if it could double as a tool to cut taxes? With a Section 831(b) captive insurance company, you can set aside pre-tax dollars to cover risks traditional insurance won’t touch… All while building a financial safety net for your business. In this episode, Van Carlson, founder of SRA 831(b), explains how captives work, the types of risks they can cover, when it makes sense to use one, and how to stay compliant under IRS rules. 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(01:34) What Is a Captive Insurance Company?Captive insurance companies let businesses self-insure specific risks using Section 831(b) for tax-deferred funding.(02:55) Funding Uninsured RisksUnfunded liabilities can drain after-tax cash, but 831(b) allows businesses to cover them with pre-tax dollars.(06:00) Captive vs. 401(k) ComparisonA captive works like a 401(k) for risk, building tax-deferred reserves instead of retirement savings.(10:41) What Captives Actually CoverCaptives can insure supply chain disruption, brand damage, cyber threats, and more through “halo coverage.”(15:58) How Do You Set Up And Run a Captive? Setting up a captive involves forming a C corporation, underwriting policies, pooling risks, and managing claims. (25:48) IRS Scrutiny and ComplianceHow to avoid common pitfalls by ensuring proper risk pooling, accurate underwriting, and full documentation. 👉Learn more about Captive Insurance and Section 831(b) at SRA 831(b): https://www.831b.comPodcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Retirement expert Matt Ruttenberg walks through 5 real-world business scenarios and how to choose the smartest retirement plan for each. Whether you're flying solo or managing a growing team, this episode breaks down IRA, SEP, SIMPLE, 401(k), and advanced options in a simple way… Plus, how to take advantage of powerful tax credits.🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ 🚀 Build a smarter retirement strategy for your business. Visit: https://lifeincrs.com/tax-savings-podcast/  Chapters:(00:00) Most Business Owners Are in the Wrong PlanMost entrepreneurs are saving in the wrong retirement account—or missing out completely.(01:42) Scenario 1: Solo Owner Saving Less Than $6KIf you're saving under $7,000/year, a traditional or Roth IRA is likely all you need.(03:57) Scenario 2: Solo Owner Saving Around $12KExplore SEP vs. SIMPLE IRA options based on your business type and how you pay yourself.(07:51) Scenario 3: Solo Owner Saving $25K+When your savings goals go up, consider a Solo 401(k) for higher limits and flexibility.(16:02) Scenario 4: Business With Employees—Recruit & RetainUse a SIMPLE or Traditional 401(k) to attract employees without overcommitting on costs.(21:32) Scenario 5: Max Out Retirement With EmployeesHow to design a Safe Harbor 401(k), profit sharing, and defined benefit plan to maximize owner contributions while minimizing employee costs.(26:57) Big Tax Credits That Cover Admin Costs & MatchesSecure 2.0 offers up to $50,000 in tax credits for new retirement plans—free money you shouldn’t miss.(30:52) Setup Deadlines & What to Know for 2025Important plan setup deadlines and why talking to a specialist can prevent costly mistakes.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Taking money out of your business isn’t always tax-free. If you’re not tracking your basis, you could get hit with a surprise capital gains tax, even without selling anything. Let's break down what basis means, how it works differently for Partnerships and S Corps, and why overlooking it could cost you thousands. 🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(01:06) What Is Basis and Why It Matters Your basis determines how much you can take out of your business tax-free and how much loss you can deduct.(01:44) Client Story: The $7K Surprise Tax Bill A business owner thought their S Corp distributions were tax-free—until a capital gains bill showed up.(02:23) Calculating Basis: Partnership vs. S Corp Mike walks through the formula for both. Spoiler: only partnerships include debt in basis.(06:20) Real-Life Example: Same Business, Different Outcome Two identical businesses. One pays capital gains, the other doesn’t. The difference? Entity type.(07:44) Why Basis Gets Miscalculated Loans, poor bookkeeping, and switching accountants are common culprits behind basis errors.(09:25) Planning Tips to Avoid Basis Mistakes Track your basis annually, keep clean books, adjust distributions, or structure shareholder loans when needed.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Mixing active and passive income in one entity could be costing you thousands. In this episode, we break down why separating your income streams is essential. You’ll learn how to structure your business the right way using S Corps, LLCs, holding companies, and even C Corps to unlock advanced tax strategies. From hiring your kids to slashing self-employment tax, this is the blueprint smart business owners use to keep more of what they earn.🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(01:04) Active vs. Passive Income (Why separation matters)Why it's important to keep your active business and passive investments in separate entities.(04:06) Choosing the Right Entity TypeMike explains when to use sole proprietorships, LLCs, S corps, and C corps, depending on your needs.(10:55) The S Corp Holding Company SetupHow to simplify taxes and planning by running your active businesses through one S-Corp holding company.(14:36) Special Structures for Tax StrategiesWhen to use a sole proprietorship or C corp for things like hiring kids or unlocking health reimbursements.(15:16) Real-Life Use Cases and ExamplesMike walks through examples for coaches, rental properties, and software businesses using strategic entities.(21:16) When to Create a New EntityKey questions to ask when deciding whether to form a new LLC, DBA, or use an existing structure.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Trump’s Big Beautiful Bill just became law. What’s actually in it? On July 4th, the biggest tax overhaul since 2017 was signed, and it’s packed with big wins for business owners. 100% bonus depreciation, a permanent 20% QBI deduction, tax-free tips and overtime, and brand-new deductions most people haven’t even heard of. Let’s break down the Big Beautiful Bill line by line so you know exactly what’s changing, what’s temporary, and how to use it to slash your tax bill before the window closes.🚀Ready to stop overpaying the IRS? Sign up for my free webinar on  July 15th! Click here or visit: https://www.taxsavingspodcast.com/webinar 🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(00:00) Massive Tax Update Just Signed Into LawWhy the Big Beautiful Bill matters for business owners.(01:00) Personal Tax Cuts You Need to KnowPermanent tax bracket changes, higher standard deduction, and updated child tax credit.(05:19) SALT Cap Raised to $40KState and local tax deduction cap temporarily increased for earners under $500K.(09:48) Trump Accounts & Charitable Giving ChangesNew tax-deferred savings for kids and updated rules for non-itemizer donations.(11:50) Business Deductions: QBI, Bonus Depreciation, Section 179Key write-offs expanded or made permanent for business owners and investors.(15:46)  Estate Tax, Opportunity Zones, and Green Credit CutsHigher estate exemptions, permanent Opportunity Zone rules, and energy credit rollbacks.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

When you're self-employed, getting approved for a mortgage isn't as straightforward as it is for W-2 employees. In this episode, Mike sits down with mortgage lender Bill Moeller to break down how tax-saving strategies can impact your mortgage application. 🚀Ready to stop overpaying the IRS? Sign up for my free webinar on  July 15th! Click here or visit: https://www.taxsavingspodcast.com/webinar 🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(00:57) The Mortgage Trap for EntrepreneursWhy showing low income on paper can backfire when it’s time to buy a home.(03:34) Hiring Your Kids: Tax Benefit, Mortgage ProblemOne popular tax strategy could hurt your loan approval unless you plan ahead.(05:44) Pre-Plan Your Income for Mortgage SuccessHow to reverse-engineer your tax return so you qualify for the house you want.(09:26) What Lenders Actually Add Back (And Don’t)Depreciation helps. Home office? Not so much. Here’s what gets counted.(12:54) Why Distributions Don’t Count Without ProfitLenders look for taxable income, not just how much cash you took out.(15:40) Real Estate Loans: How Rental Income Is CalculatedUsing market rent projections and DSCR loans to qualify for investment properties.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

🚀Ready to stop overpaying the IRS? Sign up for my free webinar on  July 15th! Click here or visit: https://www.taxsavingspodcast.com/webinar We’re halfway through the year, now’s the best time to check if you’re on track to pay less tax and avoid surprises. Mike explains why mid-year is the perfect time to review your entity setup, learn and apply tax strategies, check your income and tax bracket, shift spending from after-tax to pre-tax, plan for retirement, and catch up on bookkeeping. Don’t wait until December; take action now and save big.🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(00:00) Why Mid-Year Planning MattersWhy planning now beats waiting until year-end. Avoid surprises and stay ahead.(01:01) Review Your Entity StructureCheck if your LLC or S Corp is still right. Organize businesses and rentals smartly.(04:50) Learn and Implement Tax StrategiesTax breaks exist for a reason — learn, apply, and do it right to actually save.(07:53) Check Your Income and Tax BracketKnow where you stand. Spot bracket changes and plan moves like Roth conversions.(10:13) Maximize Deductions: Pre-Tax vs After-TaxShift expenses (travel, meals, kids’ pay) from after-tax to pre-tax. Keep more money.(18:03) Retirement, Investments & Advanced StrategiesPlan retirement accounts, strategic investments, and advanced moves like rentals, oil & gas.(25:06) Catch Up Bookkeeping & Next StepsGet your books in order now. Take action before it’s too late to benefit.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

🚀 Ready to stop overpaying the IRS? Sign up for my free webinar on  July 15th! Click here or visit: https://www.taxsavingspodcast.com/webinar Got a question about taxes, business expenses, or running your LLC? You’re not alone.In this Q&A episode, Mike tackles common questions from real business owners — covering topics like closing a business, low-income LLCs, vetting tax pros, and how to treat certain deductions.Whether you’re just starting out or already scaling, these answers can save you time, money, and legal headaches.🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(01:07) Should I Close My LLC or Just Repurpose It?Mike explains when to shut down your LLC vs. when to reuse it for another business.(04:18) Is It Bad If My LLC Made Less Than $3K?Low income doesn’t mean you’re in trouble — but watch out for hobby loss rules.(06:22) How to Vet a Tax Strategist (Beyond TikTok Tips)Not all flashy advice is safe. Here’s how to find a real expert who won't put you at IRS risk.(09:48) Do I Still Need to Pay Estimated Taxes?Mike explains the IRS “safe harbor” rule and how to avoid penalties — even if you expect a refund.(18:58) Should I Track Mileage If I Use the Actual Method?Yes! Even without the standard mileage deduction, the IRS still expects a log.(21:46) Can I Deduct Clothing With My Logo On It?Branded gear might be deductible — but there’s a right (and wrong) way to do it.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Missed the S Corp deadline? Don’t panic. In this episode, Mike breaks down how to file a late S Corp election the right way so you can still unlock major tax savings. You’ll learn what an S Corp really is, who qualifies, how to calculate your savings, and what to watch out for when making the switch. Plus, the exact steps to file a late election with the IRS, without triggering a red flag.🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(00:57) What Is an S Corp?An S Corp is a tax status that lets you split income into salary and distributions to lower your self-employment tax.(02:36) S Corp vs. Sole Proprietor: Tax Savings ExampleMike walks through an $80K income example showing how S Corp status can save over $5,000 in taxes every year.(05:25) When Should You Elect S Corp Status?If you’re earning $50K+ in profit and expect to grow, it may be time to switch, but only if you can handle the added costs.(08:06) Common Mistakes with S CorpsAvoid these pitfalls: no LLC, premature elections, and not paying yourself the right salary.(12:11) How to File a Late S Corp ElectionThe IRS allows late elections. Just file Form 2553 with a proper reason and follow the Rev Proc 2013-30 guidelines.(16:32) Payroll Is Not OptionalIf you backdate your election, you must also backdate your payroll. The IRS checks for this, so don’t skip it.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Most people think tax planning is only for big corporations. But it’s one of the most powerful tools any small business owner can use to save money.In this episode, Mike breaks down how tax planning is different from just filing your taxes, and why even brand-new business owners should be thinking about it. He also shares a real case study showing how one small business went from guessing on taxes to saving over $15,000 a year, just by planning ahead.If you’ve ever wondered whether tax planning is for you, this episode is the place to start.🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(00:56) Tax Planning vs. Tax PrepMike breaks down the difference between filing taxes and making proactive decisions to lower your bill.(05:11) Who Really Qualifies for Tax PlanningWhether you're a freelancer, side hustler, or growing business, tax planning applies to you.(07:21) Why Tax Laws ExistThe government uses tax laws to encourage business ownership, investing, and spending in key areas.(09:15) What Real Tax Planning Looks LikeLearn the 3 steps of tax planning: learn the strategy, implement it right, and lock in the savings.(13:56) Case Study: How One Client Saved $15KMike shares a real story of a business owner who dropped their tax bill from $24K to $9K in just one year.(19:06) How to Start Planning TodayMike explains how to take the first step, even with free tools, and how to work with the TaxElm team.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

You’ve heard of Roth IRAs, but no one talks about when and how to convert.In this episode, Mike breaks down exactly how a Roth conversion works, when it makes sense, and how to use it to build tax-free income in retirement.He also unpacks the key differences between Traditional and Roth accounts, plus real-life stories of business owners who used this strategy to grow wealth the IRS can’t touch.🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(00:00) Roth vs. Traditional IRAWhat’s the difference between Roth and Traditional retirement accounts, and how do taxes work with each?(03:47) What a Roth Conversion Really MeansLearn what a Roth conversion is and why you pay taxes now in exchange for tax-free growth later.(07:00) How to Do a Roth Conversion SmartMike shares five simple steps to do a Roth conversion and how to avoid paying too much tax.(07:57) Strategic Roth Conversion TipsHe shows how converting in chunks and using lower tax brackets can save thousands over time.(09:22) When a Roth Conversion Makes the Most SenseFind out the best timing like low-income years, business loss years, or market dips.(16:13) Real-Life Examples That Saved BigMike shares client stories showing how people used Roth conversions to save on taxes and grow money tax-free.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Are you 100% sure your business entity is compliant? In this episode, Mike is joined by Nellie Akalp, CEO of CorpNet, to break down what compliance really means for LLCs and corporations. They cover everything from annual reports, meeting minutes, and registered agents to BOI reporting and choosing the right state to form your entity. You’ll also learn when it makes sense to do it yourself, hire a service, or bring in a lawyer and what mistakes could cost you your limited liability status. If you want to avoid penalties, fees, or even losing your business, this is a must-listen.🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(00:00) Why Entity Compliance MattersMike opens the episode with a warning: failing to stay compliant can result in fines, lawsuits, or even the loss of your business.(01:40) Internal vs. External Compliance ExplainedNellie explains what most business owners miss after forming an LLC or corporation—and the filings you must keep up with.(06:02) The Power of a Compliance ChecklistA simple checklist can save your business's status and reputation. Nellie shares how CorpNet helps clients stay in good standing.(10:19) 3 Mindsets When Starting a BusinessDo-it-yourself, hiring a service, or using an attorney; which is right for you? Nellie breaks down the pros and cons.(22:30) Why Filing in Wyoming Might Hurt YouNellie debunks the myth that forming your LLC in Nevada or Wyoming saves you money if your business operates elsewhere.(28:46) Remote Employees and State ComplianceHiring out-of-state? Here’s what you really need to know about payroll accounts and why you likely don’t need to be foreign qualified.Need help staying compliant?Check out CorpNet, they make it simple to handle filings, BOI reporting, and more. 👉 https://www.corpnet.com/?PID=1071 Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Too many business owners think they should avoid making more money just to lower their tax bill. In this episode, Mike shares why that mindset is costing you far more than taxes ever will. He breaks down why taxes are just a percentage, how fear leads to bad decisions, and the smart tax strategies that let you keep more of your income legally. You’ll learn how to shift from fear-based spending to strategy-first planning and start building real wealth.Chapters:(00:00) The Most Dangerous Tax MindsetMike explains why being afraid to earn more profit is the biggest mistake business owners make.(02:00) How Taxes Actually WorkA simple breakdown of why taxes are just a percentage and why earning more still puts money in your pocket.(03:04) How Fear of Taxes Leads to Bad ChoicesFrom underreporting income to wasting money on things you don’t need, fear of taxes leads to poor decisions.(07:55) After-Tax vs Pre-Tax Spending ExplainedLearn how to move personal spending into your business legally to lower your taxable income.(10:58) Smart Tax Strategies That Actually WorkMike covers powerful tools like S-Corp election, retirement plans, HSAs, and more that reduce your taxes the right way.(17:07) Why More Income Should Empower You, Not Stress YouMike shares how his client doubled income and paid less in taxes by switching from fear to smart planning.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Most people think an HSA is just for doctor visits—but it’s actually one of the most powerful retirement tools available. In this episode, Mike breaks down how to use your Health Savings Account to save on taxes, grow your money, and even invest for the future. If used right, it’s like a secret weapon for building wealth.Chapters:(00:32) What is an HSA?Mike explains how an HSA works, what makes it different from an FSA, and what medical expenses qualify.(01:35) The Triple Tax BenefitYou get a deduction when you put money in, tax-free growth, and tax-free withdrawals if used right.(03:50) HSA Contribution Limits for 2025Learn how much you can contribute depending on whether you have an individual or family plan.(05:04) HSA Eligibility RulesMike walks through what qualifies as a high-deductible health plan and other requirements you must meet.(07:23) How to Use an HSA for RetirementThis part explains how to grow your HSA like a retirement fund by investing and saving receipts.(10:05) Avoid the Withdrawal PenaltyIf you withdraw funds the wrong way, you’ll pay penalties—unless you follow these simple rules.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

🚀 Visit https://taxelm.com/webinars/ to save your seat!On May 14 at 2 PM EST, join Mike for a live webinar to unveil a brand-new feature inside TaxElm that will transform the way small business owners approach tax planning. It’s simple, powerful, and built specifically for real business owners who want less stress and more clarity when it comes to their taxes.Here’s what you’ll learn in the webinar:How this new TaxElm feature simplifies your tax planning processWhy it’s designed for entrepreneurs—not accountantsHow to use it to build a smarter, more proactive tax strategy🎯 Save your spot now: www.taxelm.com/webinars-------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏LEAVE A REVIEWIf you enjoy the podcast, we'd love for you to leave a 5-star review on Apple Podcasts or Spotify to help others discover the show ⭐ 🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies designed to help entrepreneurs and small business owners legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this podcast breaks down complex tax topics into clear, actionable, no fluff insights, so you can maximize your savings and keep more of your hard-earned money.

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ What if everything you thought you knew about retirement planning was just scratching the surface? In this episode, Mike sits down with retirement expert Matt Ruttenberg to break down advanced retirement strategies that go way beyond the traditional 401(k). Chapters:(01:22) Understanding the Retirement Plan StackHow business owners can layer a safe harbor 401(k), profit sharing, and cash balance plan to maximize tax savings while customizing benefits for themselves vs. employees.(04:55) High-Income Dentist Case Study ($750K Income)How a 50-year-old dentist can contribute over $200K pre-tax annually, avoid costly employee contributions, and potentially boost deductions by another 35% using life insurance inside a cash balance plan.(11:36) The Qualified Swap StrategyUsing IRS Code §7702 to mimic a Roth account by funding a life insurance policy inside a qualified plan, then legally moving it out tax-free after five years.(15:20) Online Consultant Case Study (Retire by Age 50) How a 42-year-old solo S-Corp owner can combine a self-directed solo 401(k), mega backdoor Roth, and future Roth conversions to retire early while minimizing taxes on withdrawals.(21:40) Real Estate Investing Inside a 401(k) How self-directed plans can allow for non-traditional investments like crypto or property. (26:44)  Real Scenario #3: Seasonal Landscaping BusinessHow solo 401(k)s can be used even with employees (if structured right) (34:12) When to Use Non-Qualified Retirement PlansNon-qualified plans can help business owners bypass traditional testing requirements and reward only specific employees, without triggering mandatory contributions across the board.(39:01) How to Properly Design a Life Insurance Plan Why poor design ruins tax benefits and how to build a policy that acts like a Roth(45:30) Common Misunderstandings Around 401(k) PlansWhy many business owners avoid retirement plans due to misconceptions about complexity or cost.(48:16) Matching the Right Plan to the Right GoalHow to choose between a traditional 401(k), profit sharing, cash balance, or non-qualified plan depending on your goal.-------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏LEAVE A REVIEWIf you enjoy the podcast, we'd love for you to leave a 5-star review on Apple Podcasts or Spotify to help others discover the show ⭐ 🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies designed to help entrepreneurs and small business owners legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this podcast breaks down complex tax topics into clear, actionable, no fluff insights, so you can maximize your savings and keep more of your hard-earned money.

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Having a board of advisors isn't just for big companies. Even small business owners and solo entrepreneurs can use it to grow smarter and save money on taxes. In this episode, Mike shares how a board helps you deduct meals, travel, and even your home—plus how it keeps you organized and protected.Chapters:(00:58) What’s a Board of Advisors?It’s a group of people who give advice and support for your business—even if you’re running solo.(02:18) How to Set It UpAdd it to your business documents, pick people you trust, and plan regular meetings.(04:48) Tax Write-Offs You Can ClaimBoard meetings can make meals, travel, and even home use partially or fully deductible.(05:38) The Augusta Rule TrickRent your home to your business for board meetings and pay zero tax on that rental income (if done right).(08:15) More Benefits Than Just TaxIt helps with accountability, planning, outside feedback, and even audit protection.(11:12) Keep Records That CountDocument every meeting with notes, receipts, and details to stay safe and get the most tax savings.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Have you ever wondered if you can write off beers with a client? Or claim mileage between your home and office? In this special Q&A episode, Mike answers real questions from small business owners across the country — tackling topics like the Augusta Rule, tax deductions you're probably missing, how to handle multi-state operations, and even the proper way to record equipment purchases in your books.Chapters:(01:16) What is the Augusta Rule?Rent your home to your business for 14 days or less, and pay zero tax on that income — here’s how it works.(02:29) Can You Deduct Beers with Clients?Yes, you can — but only if there’s a valid business reason and proper documentation.(05:17) Home Office Deduction and Mileage ExplainedMike clears up confusion about home offices, commuting, and how an accountable plan changes what you can deduct.(08:00) Does TaxElm Make Sense for Me?If you’re a small business owner or a high-income earner with a side hustle, here’s how TaxElm could help.(10:32) Where to Incorporate if You're in Multiple StatesLearn how tax nexus works and why forming your LLC in a random state could backfire.(12:16) How to Record Equipment Purchased with a LoanBreaking down how to properly track assets, liabilities, and depreciation in your bookkeeping.(14:30) What is a Family Office and Do You Need One?Mike shares how to build a “family office” strategy — even if you’re not ultra-wealthy.(16:00) Tax Deductions Most Business Owners MissFrom hiring your kids to internet bills, here are deductions you might be overlooking.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/If you’ve ever skipped filing a tax return or felt overwhelmed by back taxes, this episode is for you. Mike and Robert Nordlander, former IRS Special Agent, break down the real risks of not filing, the difference between filing and paying, and how to get back on track—without fear.Chapters:(00:26) Falling Behind on Taxes HappensMike shares a common fear of business owners who haven’t filed in years and feel buried in penalties—but there’s a way out.(02:30) Not Filing is a CrimeRobert explains that failing to file is a criminal offense, even if you're owed a refund. You could face jail time.(04:20) Filing Protects You (Even if You Can’t Pay)Filing and paying are separate. Filing your return stops criminal penalties—even if you don’t have the money yet.(06:30) Penalties vs. Interest: Why Filing MattersNot filing triggers a 25% penalty. Filing without paying is just 0.5% monthly. Filing first always puts you in a better position.(08:57) No Records? There’s HelpIf your records are missing or a mess, a CPA or forensic accountant can help you recreate what’s needed to get back on track.(11:33) IRS Payment Plans + the 10-Year RuleThe IRS offers payment plans and even settles for less in some cases. But you must stay compliant—your debt can go away after 10 years if you do.(23:58) Why You Don’t Want to Owe the IRSThe IRS is more aggressive than banks. They can seize wages and assets without going to court—and their customer service is notoriously bad.Guest: Robert Nordlander, CPA – https://www.nordlandercpa.comFind Robert’s Books: Criminal Tax Secrets: What Every Defense Attorney Should KnowUnpaid Payroll Taxes: A Time Bomb You Can DefuseErase the Penalty: A Tax Professional's Guide to Abatement-------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏LEAVE A REVIEWIf you enjoy the podcast, we'd love for you to leave a 5-star review on Apple Podcasts or Spotify to help others discover the show ⭐ 🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies designed to help entrepreneurs and small business owners legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this podcast breaks down complex tax topics into clear, actionable, no fluff insights, so you can maximize your savings and keep more of your hard-earned money.a

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ If you’re self-employed or earn income without tax withholding, the IRS expects you to make estimated payments throughout the year, not just at tax time. Missing a deadline could cause you costly penalties and interest. In this episode, we cover everything you need to know about estimating and paying taxes; Who needs to pay, when it's due, and how to avoid IRS penalties.Chapters:[00:00] The IRS Won’t Wait Estimated taxes apply to income without withholding, like self-employment, rentals, and investments. If you don’t pay throughout the year, you could face major penalties.[01:08] What Income Requires Estimated Payments Self-employed earnings, K-1s, rental income, capital gains, and interest or dividends.[03:15] Pay As You Earn Explained The U.S. requires you to pay taxes as you earn income. W-2 employees have taxes taken out automatically, but business owners have to do it themselves.[05:45] Estimated Tax Deadlines IRS quarterly deadlines: Q1 due April 15, Q2 due June 15, Q3 due September 15, Q4 due January 15 (of the following year).[08:42] Don’t Forget State Estimated Payments State income taxes may also require estimated payments. Deadlines and rules vary, so check your state’s tax agency website.[09:00] IRS Safe Harbor Rule Avoid penalties by either paying 100% of last year’s taxes (110% if you made over $150K) or paying 90% of what you’ll owe this year.[11:27] How to Estimate and Pay Steps to estimate your income, calculate tax, divide it quarterly, and make timely payments using IRS Direct Pay or your state’s website.[12:06] Penalties and Interest for Missing Payments Missing payments can trigger a 0.5 percent monthly penalty (up to 25 percent) and 3 to 8 percent interest based on short-term federal rates.-------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏LEAVE A REVIEWIf you enjoy the podcast, we'd love for you to leave a 5-star review on Apple Podcasts or Spotify to help others discover the show ⭐ 🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies designed to help entrepreneurs and small business owners legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this podcast breaks down complex tax topics into clear, actionable, no fluff insights, so you can maximize your savings and keep more of your hard-earned money.

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ If you own your business and the building it operates from, self-renting can be a powerful tax-saving strategy, but only if structured properly. Done wrong, it triggers the self-rental tax trap, where your rental income is taxed as non-passive, but your losses are locked away as passive. In this episode, we explain how to structure self-rentals the right way, avoid IRS red flags, and leverage the IRS Reg 1.469-4D Grouping Election to unlock tax savings.00:00 - What is a Self-Rental?Self-rental happens when you own both your business and the building it operates from.03:15 - How the Self-Rental Trap WorksRental income from your own property is treated as non-passive, while losses remain passive. Passive losses cannot offset your active business income, creating a mismatch that costs you thousands in taxes.06:30 - Fixing the Trap: IRS Grouping Election (Reg. 1.469-4D)The IRS allows you to group the business and rental as one activity for tax purposes. This grouping election reclassifies the losses, allowing you to offset them against business profits.09:45 - How a Chiropractor Saves $20,000+A chiropractor earns $500,000 in business profit while the building generates a $100,000 loss due to depreciation and cost segregation. Without the election, the loss is suspended. With the election, the loss offsets business income, reducing taxable income to $400,000.13:00 - How to Structure Your Self-Rental CorrectlyDraft a rental agreement with fair market value rent. Ensure common ownership between the business and property. If the property has unrelated tenants, only the portion used by your business qualifies. Make the grouping election on your tax return the first year you do this.16:30 - Common Mistakes to AvoidDisproportionate ownership between the business and property disqualifies you from making the election. Missing documentation or failing to file the election causes the IRS to apply the trap rules, limiting your deductions.18:36 - Final Thoughts Properly structuring your self-rental and making the IRS grouping election is the key to turning potential tax traps into powerful tax savings.-------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏LEAVE A REVIEWIf you enjoy the podcast, we'd love for you to leave a 5-star review on Apple Podcasts or Spotify to help others discover the show ⭐ 🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies designed to help entrepreneurs and small business owners legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this podcast breaks down complex tax topics into clear, actionable, no fluff insights, so you can maximize your savings and keep more of your hard-earned money

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Are you worried that claiming a tax deduction might land you in an orange jumpsuit? Fear of the IRS stops too many business owners from taking legitimate tax-saving opportunities. In this episode, we’re breaking down the difference between civil and criminal tax cases—and exactly what really puts people behind bars. Special guest Robert Nordlander, CPA and former IRS Criminal Investigator, shares insider stories and tips you won’t want to miss.Chapters:(00:57) Civil vs. Criminal Tax Issues: 90% of IRS activity is civil and focused on collecting what’s owed. Criminal charges only apply when there’s willful fraud.(03:25) What Does Criminal Intent Look Like? Mistakes or gray areas won’t land you in jail. It’s repeated deception, false documents, and ignoring professional advice that cross the line.(06:48) Does an IRS Audit Mean Jail Time? No. Audits are civil. Agents are trained to spot fraud indicators, but very few cases ever get referred to the criminal division.(13:39) Aggressive Tax Planning vs. Illegal Tax Evasion: Learn where the line is between pushing the rules and breaking the law… and why you should ignore TikTok tax advice.(19:04) What Actually Gets Business Owners in Jail: Payroll taxes are the #1 reason small business owners get in trouble—especially when they use withheld taxes for personal expenses.(27:52) What to Do If You Get an IRS Letter or Criminal Inquiry: Step one—open your mail! Step two—hire a pro. If IRS Criminal Investigation shows up? Lawyer up and stay quiet.Guest: Robert Nordlander, CPA – https://www.nordlandercpa.comFind Robert’s Books: Criminal Tax Secrets: What Every Defense Attorney Should KnowUnpaid Payroll Taxes: A Time Bomb You Can DefuseErase the Penalty: A Tax Professional's Guide to Abatement-------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏LEAVE A REVIEWIf you enjoy the podcast, we'd love for you to leave a 5-star review on Apple Podcasts or Spotify to help others discover the show ⭐ 🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies designed to help entrepreneurs and small business owners legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this podcast breaks down complex tax topics into clear, actionable, no fluff insights, so you can maximize your savings and keep more of your hard-earned money.

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Tax deadlines are approaching fast! If you’re scrambling to get your paperwork together, you might be wondering if filing a tax extension is the right move. In this episode, we’re breaking down everything you need to know about filing an extension for both business and personal taxes—including how to do it right, when to file, and how to avoid IRS penalties.Chapters:00:57 Why Business Owners File Extensions: Tax returns are due soon, and many business owners are still gathering paperwork. If you need more time, an extension might be the answer.02:09 What is a Tax Extension? Filing an extension gives you more time to submit your return, but it does NOT extend your payment deadline.03:29 Extension Deadlines & Forms:  Business returns (S Corps & Partnerships) are due March 15th (Form 7004). Personal returns (including sole proprietors) are due April 15th (Form 4868).05:44 Will Filing an Extension Trigger an Audit? Filing an extension does not increase audit risk. In fact, it can help you avoid an audit by reducing errors from rushing.07:10 How to Make a Tax Payment with Your Extension: The IRS still expects you to pay what you owe by the original due date, even if you extend. Options include IRS Direct Pay, debit/credit card, or automatic bank withdrawal. Don’t forget state tax payments if required!12:54 What Happens If You Don’t File an Extension? Businesses face a penalty of $200+ per partner per month! Individuals face a 5% penalty per month on unpaid taxes.14:43 Can’t Afford to Pay? Here’s What to Do: Always file your return or extension to avoid late-filing penalties. If you can’t pay, consider an IRS payment plan or installment agreement.-------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏LEAVE A REVIEWIf you enjoy the podcast, we'd love for you to leave a 5-star review on Apple Podcasts or Spotify to help others discover the show ⭐ 🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies designed to help entrepreneurs and small business owners legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this podcast breaks down complex tax topics into clear, actionable, no fluff insights, so you can maximize your savings and keep more of your hard-earned money.

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Starting and running an LLC comes with big tax benefits and liability protections—but only if you do it right. In this episode, we break down the 10 most common LLC mistakes that could cost you thousands in taxes, legal troubles, or even your business itself.Chapters: (00:57) Mixing Personal & Business Finances: Co-mingling accounts makes bookkeeping messy and can trigger IRS scrutiny. Always keep separate business bank accounts.(2:24) Forgetting to File Annual Reports: If you miss this, your LLC can be administratively dissolved, meaning your business legally ceases to exist.(03:25) Not Using "LLC" on Business Documents: Failing to include "LLC" in contracts and agreements can leave you personally liable in legal disputes.(04:21) Registering an LLC in Another State Without a Foreign Designation: Setting up in a tax-friendly state (like Wyoming) doesn’t exempt you from taxes where you operate. You must file a Foreign LLC election.(07:22) Not Maintaining Meeting Minutes & Operating Records: Proper documentation is essential for legal protection and can also unlock tax deduction opportunities (e.g., business meals).(08:56) Making Business Decisions Without Consulting LLC Members: If you have multiple members, one rogue decision can cause disputes and even dissolve the LLC.(10:28) Mixing Personal Expenses with Business for Tax Deductions: Running personal expenses through your LLC is a red flag for the IRS. Use an accountable plan to track reimbursements properly.(12:05) Not Obtaining Required Business Licenses & Permits: Some businesses require licenses at the state or local level. Ignoring them can lead to fines or forced shutdowns.(12:49) Skipping Professional Liability Insurance: An LLC protects your personal assets, but business insurance protects your company from lawsuits and financial losses.(14:21) Not Updating Your Registered Agent Information: If your LLC moves or changes leadership, failing to update records can lead to missed legal notices and compliance issues.-------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast-------🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Join TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏LEAVE A REVIEWIf you enjoy the podcast, we'd love for you to leave a 5-star review on Apple Podcasts or Spotify to help others discover the show ⭐ 🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies designed to help entrepreneurs and small business owners legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this podcast breaks down complex tax topics into clear, actionable, no fluff insights, so you can maximize your savings and keep more of your hard-earned money.

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ How will Trump's proposed tax changes impact your business if they're implemented? In 2017, the Tax Cuts and Jobs Act (TCJA) was passed by the Senate and signed into law by President Donald Trump, introducing major tax cuts for individuals and businesses. Many of these tax breaks are set to expire at the end of 2025 unless Congress extends them. In this episode, we break down which tax cuts are expiring, what Congress might do, and how you can prepare.Chapters: (00:58) What’s Expiring in 2025?: Major tax provisions from TCJA are set to expire, leading to potential tax increases.(02:14) Higher Individual Tax Rates: If Congress does nothing, tax rates will go up for most Americans.(03:12) Shrinking Standard Deduction: The standard deduction, which nearly doubled under TCJA, will revert to pre-2017 levels.(04:07) Reduced Child Tax Credit: Parents may lose up to $1,000 per child in tax savings.(05:22) Changes to SALT Deduction Limits: The current $10,000 cap on State and Local Tax (SALT) deductions may be adjusted or removed.(07:10) Small Business Owners Lose Big: The QBI Deduction Disappears – The 20% Qualified Business Income (QBI) deduction for pass-through businesses is at risk.(08:56) Bonus Depreciation Phases Out: Businesses will no longer be able to immediately write off 100% of qualifying purchases.(10:45) Estate and Gift Tax Exemptions Shrink: The exemption amount for estate and gift taxes could drop significantly, affecting wealth transfers.(12:21) What Will Congress Do? Lawmakers are debating which provisions to extend and how to pay for tax cuts.(14:06) How Will the Government "Pay For" Tax Cuts? Cutting taxes means less government revenue. Will spending cuts or new taxes offset the shortfall?(16:30) Trump’s New Tax Proposals, What’s the Catch?  No tax on tips, Social Security income, and overtime pay are on the table, but will they actually happen?(19:22) What Should Business Owners Do Now? Strategies to prepare for 2026 and protect your business from tax increases.-------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏LEAVE A REVIEWIf you enjoy the podcast, we'd love for you to leave a 5-star review on Apple Podcasts or Spotify to help others discover the show ⭐ 🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies designed to help entrepreneurs and small business owners legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this podcast breaks down complex tax topics into clear, actionable, no fluff insights, so you can maximize your savings and keep more of your hard-earned money.

Thinking about converting your C Corporation to an S Corporation? Before making the switch, do you know about the Built-In Gains (BIG) Tax—and how it could cost you thousands if you don’t plan ahead?In this episode, Mike Jesowshek breaks down the Built-In Gains (BIG) Tax, a critical consideration for business owners converting from a C Corporation to an S Corporation. He explains why this tax exists, how it prevents businesses from avoiding double taxation, and the conditions under which it applies. Mike walks through key scenarios where the BIG Tax may or may not apply, how to calculate it, and the best strategies for minimizing or avoiding it. [00:00 - 03:30] Understanding the Built-In Gains (BIG) TaxMike introduces the BIG Tax and its purpose in preventing tax avoidance.What is the difference of taxation for C Corps versus S Corps?Owners need to be aware of BIG Tax before making an S Corp election.[03:31 - 11:15] Calculating the BIG Tax & IRS ConsiderationsMike shares the three key conditions that trigger the BIG Tax.Fair market value vs. adjusted basis determines built-in gains.Mike discusses the step-by-step breakdown of how to calculate the BIG Tax.Proper asset valuation at the time of conversion is critical.[11:16 - 14:00] Strategies to Avoid the BIG TaxHold onto assets for at least five years to bypass taxation.Time asset sales in loss years to offset taxable gains.Utilize NOL (Net Operating Loss) carryovers from the C Corp.[14:01 - 17:32] When the BIG Tax Does NOT Apply and Final ConsiderationsMike shares scenarios where business owners don’t have to worry about the BIG Tax.BIG Tax is not a reason to avoid an S Corp election—planning is key.What is the importance of documentation and fair market value assessments?Notable Quotes:“The BIG Tax exists to stop business owners from electing S Corp status right before a liquidation or sale to dodge double taxation.” - Mike Jesowshek, CPA“Holding onto your assets for five years after converting to an S Corp is the simplest way to avoid the Built-In Gains Tax.” - Mike Jesowshek, CPA“The BIG Tax is important to understand, but it’s not a reason to avoid an S Corp election. With the right planning, an S Corp is still a powerful tax-saving strategy.” - Mike Jesowshek, CPACheck out this episode’s blog post: https://www.taxsavingspodcast.com/blog/beware-of-hidden-built-in-gain-big-taxes-when-transitioning-to-s-corporationClick here to book a demo call or you can visit https://taxelm.com/demo/ ______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: www.TaxSavingsTV.com

Have you ever considered how advanced tax strategies, from customized retirement contributions to optimizing home office deductions, might lower your overall tax burden? In this Q&A episode, host Mike Jesowshek answers listener questions on various tax topics. He covers issues ranging from retirement planning strategies, such as after‑tax contributions and Roth conversions in a solo 401(k), to the proper methods for paying oneself as a sole proprietor versus an S corporation. Mike also explains home office deductions, board meeting expenses, handling duplicate tax forms, and business entity conversions. [00:00 -  05:02] Retirement Contributions and Solo 401(k) OptionsMike discusses using after‑tax contributions and a Roth conversion in a solo 401(k) for high‑income earners.New members receive immediate access to a comprehensive suite of tax-saving tools and consultations.[05:02 - 10:42] Owner Draws, Home Office Deductions, and Board Meeting ExpensesMike explains how to oneself as a sole proprietor using owner draws versus payroll for S corporations.Understand that taking money out of a business as an owner draws does not reduce taxable profit.Ensure that business spaces are used exclusively for business, and document meetings carefully when using home space.[10:42 -  15:32] Hiring Family Members, Deducting Mileage Expenses, and Entity ConversionMike discusses claiming mileage expenses when an employee uses a personal vehicle for business.Recognize that converting a C corporation back to an LLC may trigger taxable events; professional consultation is advised.[15:32 - 20:17] Handling Duplicate 1099 Forms and Short-Term Rental DeductionsWork with the issuer to correct mistakes or offset the extra reporting with a matching expense entry.Understand the timing of deductions and whether expenses need to be capitalized based on service start dates.[20:17 - 27:20] S Corporation and Subsidiary Structures; Home Office with Additional FacilityMike details the benefits of an S corporation holding company structure for multiple LLCs and addresses home office deductions when using a separate facility.Proper structuring can consolidate profit and loss reporting, and the administrative office rule allows a home office deduction even when an additional business location exists.Direct Quotes:"If you are helping out family members, and those family members can also do some work for your business, why not get a business deduction for that help that you want to do anyways?" - Mike Jesowshek, CPACheck out this episode’s blog post! Visit https://www.taxsavingspodcast.com/blog/tax-q-a-short-term-rentals-1099-confusion-entity-conversions-and-creative-tax-strategies Click here to book a demo call or you can visit https://taxelm.com/demo/ ______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: www.TaxSavingsTV.com

Are you making the most of the new 2025 tax changes, or could a simple tax strategy adjustment save you thousands?In this episode, Mike breaks down key tax changes for 2025 that small business owners need to know. He covers adjustments to tax brackets, increases in the standard deduction, new mileage rates, retirement contribution limits, and updates to gift and estate tax exclusions. He explains how these changes impact tax planning, emphasizing strategies to optimize deductions and avoid unnecessary tax burdens. Additionally, he highlights potential future tax changes with the incoming administration and the importance of staying updated.[00:00 - 05:21] Understanding the 2025 Tax BracketsTax brackets adjust annually for inflation, ensuring more income is taxed at lower rates.Mike explains how tax brackets work and why crossing into a higher bracket doesn’t mean all income is taxed at that rate.Knowing your tax bracket can help with strategic tax planning, such as Roth conversions and deductions.[05:22 - 10:24] Mileage Deduction Increase for 2025Mike discusses when to use the mileage method versus actual expenses for vehicle deductions.Choosing the right deduction method (mileage vs. actual expenses) depends on vehicle costs and business mileage.[10:25 - 14:44] Standard Deduction UpdatesThe standard deduction increases to $30,000 for married filers and $15,000 for single filers.How can this impact taxpayers deciding between itemized and standard deductions?Most taxpayers will benefit from the standard deduction, but strategic "bunching" of itemized deductions can provide tax advantages.[14:45 - 18:53] Retirement Contribution Limits IncreaseEmployee 401(k) contribution limit rises to $23,500, while IRA limits remain at $7,000.Maximizing retirement contributions helps reduce taxable income and build financial security.[18:54 - 21:53] Gift & Estate Tax ChangesThe gift tax exclusion increases to $19,000 per recipient.Estate tax exemption rises to $13.99 million, affecting wealth transfer planning.Strategic gifting can help reduce taxable estates and transfer wealth efficiently.Proactive tax planning ensures business owners take advantage of new tax laws while avoiding potential pitfalls.Quotes:“Simply going into a new tax bracket doesn’t mean all of your income is taxed at that higher rate.” - Mike Jesowshek, CPA“More of your income being taxed at a lower rate is good news—it means you’re keeping more of what you earn.” - Mike Jesowshek, CPAClick here to book a demo call or you can visit https://taxelm.com/demo/ ______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: www.TaxSavingsTV.com

Are you tired of overpaying on taxes and looking for straightforward strategies to save money while growing your business?In this episode, Mike Jesowshek announces the launch of his new book, Small Business Tax Savings Handbook. The book aims to help small business owners, entrepreneurs, and freelancers reduce taxes legally and build financial stability. Designed to be accessible and action-oriented, it includes proven tax strategies, practical examples, and end-of-chapter checklists. Mike also discusses launch week bonuses, including a tax strategy checklist, a live Q&A webinar, and a bonus chapter. The episode emphasizes the importance of year-round tax planning and implementing strategies to maximize savings.[00:00 - 05:40] What the Book OffersMike explains the book’s purpose: reducing taxes and empowering small business owners.Understanding tax incentives is crucial for financial success.He shares step-by-step guides to make complex tax topics easy to understand.Implementing strategies leads to immediate and long-term savings.[05:41 - 07:17] Who the Book is ForThe book is designed for small business owners, entrepreneurs, and freelancers.Mike highlights the need for year-round tax planning.Effective tax planning can create opportunities for wealth growth.[07:18 - 09:11] Launch Week Bonuses and Call to ActionMike gives details about bonuses: tax strategy checklist, live Q&A, and a bonus chapter on 2025 strategies.He encourages listeners to purchase the book and leave reviews.Direct Quotes:“This isn’t just another tax book; it’s a game plan for small businesses ready to take control of their financial future.” - Mike Jesowshek, CPA“You can learn all day, but until you implement it, you don’t see tax savings.” - Mike Jesowshek, CPA“Effective tax planning isn’t just for tax season—it’s a year-round effort.” - Mike Jesowshek, CPACheck out this episode’s blog post: https://www.taxsavingspodcast.com/blog/introducing-the-small-business-tax-savings-handbookOrder your very own copy of the Small Business Tax Savings Handbook: How to Save on Taxes While Growing Your Business and Wealth by visiting Amazon!______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: www.TaxSavingsTV.com

What if you could apply the wealth-building strategies of billionaires to your own small business? In this episode, Mike Jesowshek demystifies the concept of a family office, traditionally associated with the ultra-wealthy, and explains how small business owners can adopt similar strategies to build wealth, optimize taxes, and create a legacy. He details the roles and responsibilities within a family office, such as tax strategists, attorneys, and financial advisors, and outlines actionable steps for organizing finances, assembling a team, and reviewing progress regularly. Mike emphasizes starting small, documenting plans, and growing the family office alongside business success, offering practical guidance for sustainable financial management.Discover how to create a family office tailored to your goals by tuning in![00:00 - 02:11] Why Small Business Owners Need a Family OfficeMike explains what a family office is and how it manages wealth.The principles of family offices can be scaled to any income level.Prioritize creating a financial safety net alongside business investments.[05:13 - 10:23] Key Roles in a Family OfficeMike breaks down the core components, including tax strategists, financial advisors, attorneys, and bookkeepers.A well-structured team can significantly enhance tax efficiency and wealth growth.[10:24 - 16:12] Building Your Family OfficeSteps to get started: organize finances, fill roles, and align the team with personal goals.Mike stresses the importance of due diligence when selecting advisors.Even small steps, like self-managing roles initially, can lay the foundation for success.[16:13 - 21:40] Continuous Improvement and DocumentationMike encourages regular reviews and adjustments as the business evolves.He suggests documenting roles and plans for clarity and legacy planning.Consistent reviews and clear documentation prevent stagnation and ensure long-term success.[21:41 - 24:13] Closing Thoughts and ResourcesMike reiterates the value of taking action and starting small.Proactive implementation leads to significant financial benefits.Direct Quotes:"A family office is kind of like a CEO-level approach to managing wealth." - Mike Jesowshek, CPA"You get to pick and choose what your family office looks like—start small and grow as your business grows." - Mike Jesowshek, CPA"Think of your family office as a tool belt: each role is a tool that helps you achieve your goals." - Mike Jesowshek, CPA"Don’t just fill a role to fill a role—do your due diligence and make sure the people you choose align with your vision." - Mike Jesowshek, CPACheck out this episode’s blog: https://www.taxsavingspodcast.com/blog/build-your-own-family-office-start-saving-taxes-and-building-wealth-today______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: www.TaxSavingsTV.com

Are you maximizing your tax savings while building your retirement plan, or leaving opportunities on the table?In this episode, Mike Jesowshek is joined by Matt Ruttenberg to discuss strategies for reducing your 2024 tax bill through retirement contributions and planning. They highlight key deadlines for individual and employer contributions, such as the April 15th cutoff for IRAs and the extended filing deadlines for employer contributions. They also delve into options like solo 401(k)s, safe harbor plans, and cash balance plans, emphasizing the importance of early planning and ongoing consultation to maximize tax savings and retirement benefits.[00:00 - 02:17] IntroductionMike welcomes Matt Ruttenberg back to the show as a trusted retirement expert.Discussion begins with how the new year presents opportunities to address past tax planning mistakes.[02:18 - 05:59] IRA ContributionsDeadlines for Roth and traditional IRAs are April 15th.Contributions are based on individual earned income, not business profits. Lesson: Plan IRA contributions early, as extensions don't apply.[06:00 - 10:14] Profit Sharing and Employer ContributionsEmployer contributions for profit sharing plans can be made until the extended filing deadline.Different strategies, such as "new comparability," can maximize owner benefits.[10:15 - 13:28] Solo 401(k)s and New RulesFirst-year solo 401(k) participants can contribute employee portions up to April 15th.This rule applies to sole proprietors and single-member LLCs, not S-corporations.[13:29 - 16:11] Safe Harbor and ComplianceSafe harbor plans help owners and highly compensated employees avoid compliance issues.A 4% non-elective contribution can be made post-deadline to improve compliance.[16:12 - 24:33] Advanced Plans: Cash Balance and Defined BenefitHigh-income businesses can use defined benefit plans for contributions up to $300,000.These plans require actuary involvement and multi-year commitments.[24:34 - 31:16] Key Takeaways and Planning for 2025Employer contributions can be made until the filing deadline, including extensions.2025 should focus on proactive tax planning to avoid last-minute issues.Direct Quote:"All 401(k) plans are not created equal; work with someone who knows the options available to you." - Matt RuttenbergBuild a custom 401(k) for your business by visiting https://lifeincrs.com/tax-savings-podcast/ ______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: www.TaxSavingsTV.com

How prepared are you to make 2025 your best financial year yet?In this episode, Mike Jesowshek dives into strategic financial planning for 2025, emphasizing the importance of a financial summary document, proactive tax planning, and long-term strategic business planning. He explains how to create a comprehensive financial summary, differentiate between tax preparation and tax planning, and implement actionable goals to achieve financial clarity and growth. By focusing on yearly updates, tax strategies, and structured plans, listeners are encouraged to approach the new year with clarity and purpose.Explore how a clear financial summary, tax strategies, and strategic planning can set you up for success.[00:00 - 05:12] Creating a Financial Summary DocumentMike explains the purpose and benefits of a financial summary document.Annual updates to a financial summary provide clarity and preparedness.[05:13 - 12:39] Tax Preparation vs. Tax PlanningMike shares the distinction between compliance-focused tax preparation and strategy-driven tax planning.Implementing tax strategies is crucial for minimizing tax liability.[12:40 - 17:20] Strategic Business PlanningStrategic planning involves envisioning a 10-year perfect scenario and breaking it down into actionable goals.Clear planning transforms business goals into achievable steps.[17:21 - 20:34] Key Takeaways and ResourcesMike recaps the importance of financial summaries, tax planning, and strategic business goals.Success is intentional and requires consistent planning.Direct Quotes:"Success doesn't just happen. It's planned." - Mike Jesowshek, CPA"Learning is important, but implementation is the next step." - Mike Jesowshek, CPA"Strategic planning helps turn dreams into reality by breaking down goals into actionable steps." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: www.TaxSavingsTV.com

Are you prepared for the IRS’s new 1099-K reporting rules and how they could impact your business's bottom line?In this episode, Mike Jesowshek discusses the significant changes to the IRS 1099-K rule and its potential impact on small businesses, freelancers, and online sellers. The rule, initially requiring payment processors to report income over $20,000, is being gradually lowered to $600 by 2026. Mike explains how this rule aims to address underreported income and outlines the implications for businesses accepting payments via platforms like PayPal, Venmo, and Stripe. He emphasizes the importance of accurate reporting to avoid IRS scrutiny and offers a free demo call to help listeners prepare their tax strategies.[00:00 - 06:42] Why the 1099-K Rule Was IntroducedMike discusses the significance of the 1099-K for freelancers, small businesses, and gig workers.Understanding this rule is key to avoiding surprises during tax season.The motivation behind the rule: addressing underreported income from goods and services.Report all income accurately, even without a 1099-K.[06:43 - 10:37] Who This Rule ImpactsMike dives deep into who’s affected: freelancers, gig workers, and small businesses.Proactively distinguish between personal and business transactions.[10:38 - 14:22] Timeline and Rollout of the RuleBreakdown of the phase-in thresholds:2024: $5,0002025: $2,5002026: $600Mike highlights potential changes due to legislative pushback.Stay updated on the latest developments and adapt your approach.[14:23 - 18:58] Avoiding Tax Issues and Next StepsMike shares tips for accurate reporting and reconciling 1099-K forms with your tax returns.Be proactive in managing your taxes to avoid penalties and ensure compliance.Direct Quotes:“The 1099-K is a tool to let the IRS know what funds are being processed and who is receiving those funds.” - Mike Jesowshek, CPA“This rule isn’t about changing how taxes work; it’s about changing how income is reported.” - Mike Jesowshek, CPA“Don’t wait for a 1099-K to report your income. Always report all earnings to stay on the right side of the law.” - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: www.TaxSavingsTV.com

What if a few simple shifts in your business structure and financial habits could set you ahead of 99% of companies?In this episode, Mike Jesowshek, a CPA and founder of Taxelm, shares practical strategies for small businesses to gain a competitive edge without requiring massive investments or risky tactics. He emphasizes the importance of establishing a proper entity structure as the foundation for growth, maintaining an accurate and cloud-based bookkeeping system, and utilizing financial data to make informed business decisions. Mike also highlights key tax deductions and offers resources to help business owners optimize their financial strategies effectively.[00:00 - 04:50] Introduction: Setting the StageMike introduces the theme of outpacing 99% of businesses with simple, effective strategies.Success doesn’t require excessive risk or investment; it starts with foundational business practices.Transitioning to an S Corporation can lead to significant tax savings. A well-structured entity is essential for tax efficiency and long-term growth.[04:51 - 10:00] Building a Solid Foundation for Growth and The Backbone of BusinessMike shares the importance of creating a management company structure for multiple business entities.Clear and organized entity structures reduce risks and enhance scalability.Consistent bookkeeping helps identify inefficiencies and drives better financial decisions.[10:01 - 19:26] Leveraging Financial Data and ResourcesIt is vital to use accurate financial statements for tax planning and business strategy.Mike offers a free document outlining tax deductions to maximize savings.Proactive financial management unlocks opportunities for growth and profitability.Direct Quotes:“Your entity structure is the foundation of how your business operates and grows.” - Mike Jesowshek“Bookkeeping isn’t just for taxes; it’s the backbone of understanding your business’s financial health.” - Mike Jesowshek“A cloud-based system done correctly gives you actionable insights. Done poorly, it gives you nothing.” - Mike Jesowshek“With the right foundation, you can grow into the 1% of business owners who succeed at scale.” - Mike JesowshekCheck out this episode’s blog: The Ultimate Guide to Maximizing Business Deductions and Write-Offs______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: www.TaxSavingsTV.com

What if the key to unlocking exponential growth in your 401k is simply reaching $100,000? Could this milestone be the turning point for your financial freedom?In this episode, Mike Jesowshek dives into the concept of why your 401k experiences explosive growth after reaching a $100,000 threshold. He explains the mechanics of compounding interest, the rule of 72, and how starting early can significantly impact retirement savings. Mike also introduces the idea of self-funded retirement accounts, detailing how business owners can leverage them to invest in areas such as real estate or cryptocurrency. He underscores the importance of surpassing the $100,000 mark to unlock greater investment opportunities and financial flexibility, offering practical tips to achieve this milestone efficiently.[00:00 - 06:15] The Power of Compound GrowthMike shares his personal financial journey and why $100,000 is a pivotal milestone for investors.He breaks down the "rule of 72" and how it applies to achieving financial goals.Early and consistent investing accelerates your financial trajectory.[06:16 - 12:10] Why $100,000 is a Game-ChangerMike discusses how hitting $100,000 opens doors to investment opportunities beyond traditional options.Reaching this milestone creates leverage for greater diversification and growth.[12:11 - 16:45] How to Get to $100,000 FasterMike highlights the importance of automating investments and sticking to a long-term strategy.Focus on consistency and discipline to build momentum.[16:46 - 19:24] Final Takeaways and EncouragementMike recaps the importance of achieving $100,000 and how it sets the foundation for future wealth-building.Take the first steps today, no matter where you are in your financial journey.Direct Quotes:"Think of compounding interest like a snowball rolling down a hill—small at first, but it can grow into something massive over time." - Mike Jesowshek, CPA"The rule of 72 gives you a simple formula: divide 72 by your interest rate, and you’ll know how long it takes for your money to double." - Mike Jesowshek, CPA"Starting early with your retirement savings means you’re giving your money more time to work for you, doubling multiple times before retirement." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: www.TaxSavingsTV.com

Did you know you can maximize your HSA contributions even if you switch to a high-deductible health plan late in the year?In this episode of the Small Business Tax Savings Podcast, Mike Jesowshek answers listener-submitted tax and business-related questions, covering topics such as HSA contributions, structuring multiple businesses, employing children, vehicle deductions, the Employee Retention Tax Credit (ERC), and year-end tax planning strategies. He emphasizes the importance of implementing tax-saving strategies tailored to individual circumstances and highlights tools like Tax Savings Podcast resources and Taxelm for deeper guidance.Discover this and more tax-saving tips in today’s listener Q&A episode![00:00 - 02:53] HSA Contributions and the Last Month RuleMike explains the IRS’s Last Month Rule, allowing full-year HSA contributions if enrolled by December 1st.[02:53 - 05:42] Starting a Business and Learning Tax StrategiesA Minnesota listener seeks guidance after forming a new business.What is the importance of implementation over mere learning of tax strategies?[05:42 - 07:39] Employing Children and Managing Child SupportMike gives advice on structuring small business ownership to avoid affecting child support obligations.[07:39 - 13:00] Structuring Multiple BusinessesDiscussion on using DBAs versus separate LLCs for businesses in different verticals.Consideration of liability and future sale opportunities.[13:00 - 19:16] Core Tax Strategies and Vehicle DeductionsMike discusses core tax strategies such as home office, automobile, and travel deductions.He explains vehicle deductions, depreciation methods, and financing.[19:16 - 27:30] Year-End Tax Planning TipsMike clarifies on how to handle ERC credits in amended taxes.He encourages listeners to implement achievable strategies before the year ends.Direct Quotes:“The key piece is implementation. You can learn all you want all day long, but if you don't implement anything, you don't see the tax savings.” - Mike Jesowshek, CPA“As long as you have that high-deductible health plan in place by December 1st, you're eligible to contribute the full amount to an HSA for the year.” - Mike Jesowshek, CPA“Take off what you can bite off and do that. I’d much rather see you do one or two strategies than try to do ten and end up doing zero.” - Mike Jesowshek, CPACheck out this episode’s blog post: https://www.taxsavingspodcast.com/blog/tax-questions-answered-vehicle-deductions-entity-structure-wotc-compliance-and-more ______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: www.TaxSavingsTV.com

What if you could offset your investment gains by strategically selling at a loss—are you making the most of your tax-saving opportunities? In this episode, Mike explains the tax strategy of tax loss harvesting, which involves selling investments at a loss to offset gains in other areas, ultimately reducing tax liability. The episode covers how to execute this strategy, the wash sale rule, and common mistakes to avoid. Key points include understanding the wash sale rule, which prevents the deduction of a loss if the same or substantially identical stock is repurchased within 30 days. The host also discusses how to maximize the benefits of tax loss harvesting while being strategic and mindful of its limitations.[00:00 - 05:21] Introduction to Tax Loss HarvestingMike introduces tax loss harvesting as a way to save money by offsetting capital gains with losses.Tax loss harvesting allows investors to turn investment losses into tax-saving opportunities.[05:22 - 10:55] How Tax Loss Harvesting Works and The Wash Sale RuleMike explains the mechanics of tax loss harvesting, including offsetting capital gains and ordinary income up to $3,000 per year.The wash sale rule is introduced as a key consideration in tax loss harvesting.Buying the same security in an IRA within 30 days of selling it in a taxable account also triggers the wash sale rule.[10:55 - 14:30] Avoiding the Wash Sale RuleMike explains the implications of buying back the same investment after the 30-day period and how this can be an effective strategy.After 30 days, it's safe to buy back the asset without triggering the wash sale rule.Another strategy is simply waiting out the 30-day period to repurchase the asset.[14:31 - 16:00] Common Mistakes and Considerations in Tax Loss HarvestingMike shares some common pitfalls, such as neglecting to account for the wash sale rule or selling investments too hastily without considering the long-term implications.He advises listeners to work closely with tax professionals when engaging in tax loss harvesting to maximize its effectiveness.Direct Quotes:"Smart investors know how to turn losses into gains—into tax-saving opportunities." - Mike Jesowshek, CPA"You can’t just sell and buy the same stock back right away without triggering the wash sale rule." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: www.TaxSavingsTV.com

Are you making the most of year-end tax strategies to reduce your tax liability?In this episode, Mike Jesowshek, CPA and owner of TaxElm, dives into essential year-end tax planning strategies for business owners, focusing on income timing, deductions, and proactive spending decisions. He explains how understanding current and projected income is key for effective tax planning, particularly for cash basis businesses. Strategies covered include prepaying expenses, delaying receipts, utilizing Roth conversions in low-income years, and taking advantage of family support tax benefits through appreciated stock transfers. Discover how income timing, deductions, and smart spending choices can save you more as a business owner![00:00 - 05:08] Introduction to Tax Planning with Income ProjectionsMike Jesowshek introduces the importance of factoring in current and future income for year-end tax planning.He discusses the significance of strategic decisions around spending on necessary equipment.Effective tax planning requires knowing this year’s financial standings and projecting for the next year.[05:08 - 10:47] Strategic Planning with Flow-Through EntitiesFlow-through entities impact tax planning based on business profit.Mike introduces the goal of shifting after-tax expenses into pre-tax spending.He advises against prepaying in low-income years when expenses may be more beneficial in higher income years.[10:47 - 16:19] Buying Necessary Equipment for Deduction OptimizationMike advises only purchasing necessary equipment and aligning those purchases with high-income years for optimal tax benefits.He outlines how credit card spending can secure a deduction this year, even if payment occurs in the next.Roth conversions can be a way to maximize future tax-free growth during low-income years.[16:19 - 19:56] Utilizing Appreciated Stock Gifting to Family MembersMike advises on gifting appreciated stock to family members in lower tax brackets instead of cash for tax advantages.He discusses limitations with children due to kiddie tax but highlights opportunities with other family members.[19:56 - 25:19] Strategic Year-End Tax PlanningMike recaps key strategies for minimizing taxes legally by year-end.He emphasizes the importance of strategic planning and using every deduction opportunity as a business owner.Direct Quotes:"We always want to take advantage of what’s available to you." - Mike Jesowshek, CPA “A Roth account grows tax-free and withdrawals are tax-free—that’s a beautiful thing.” - Mike Jesowshek, CPA“The IRS loves business owners; they create jobs, employ people, and grow the economy.” - Mike Jesowshek, CPACheck out this episode’s blog post: What Year End Strategies Are Available to Business Owners______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: www.TaxSavingsTV.com

Are you making the most of your tax-saving strategies before the year closes?In this episode, Mike Jesowshek provides a comprehensive checklist of essential tax strategies to implement before the end of 2024. As a CPA and founder of Tax Helm, he emphasizes maximizing tax deductions, making necessary payments, and properly documenting strategies to avoid IRS issues. Mike covers everything from pre-tax versus after-tax spending and utilizing the Augusta Rule to managing self-employed health insurance and year-end retirement contributions. With a focus on practical application, he also offers advice on planning for business expenses, using credit cards strategically, and the importance of completing necessary documentation, like the BOI report, before December 31st.Discover practical steps to keep more of your hard-earned income in this essential episode![00:00 - 05:10] Pre-Tax vs. After-Tax SpendingMike gives a reminder that most tax strategies must be implemented by December 31.He explains how business owners can convert personal spending to business expenses.Utilize pre-tax spending opportunities for valid business expenses like meals, travel, and more.[05:11 - 11:45] Travel, Augusta Rule, and Implementing Board MeetingsBusiness-focused travel, where the majority of the day is spent on work, can qualify as a deductible business day.The Augusta Rule allows homeowners to rent their home tax-free for up to 14 days.Mike shares the importance of board meetings for accountability and tax deductions.Even solo business owners can benefit from holding board meetings and documenting them.[11:46 - 19:20] Hiring Your Kids, IRAs, and Health Savings AccountsHiring children allows for tax-free income for children and provides eligibility for Roth IRA contributions.HSAs offer tax-deductible contributions and tax-free withdrawals for medical costs.[19:21 - 230:20] S Corporations and Self-Employed Health InsuranceHealth insurance premiums must be included on W-2s for valid deductions.Mike gives a reminder to organize receipts, log business mileage, and complete the BOI report.Proper documentation ensures compliance and peace of mind during IRS reviews.Direct Quotes:“Let this serve as your final reminder—implement these strategies by December 31st to keep your hard-earned money.” - Mike Jesowshek, CPA “A valid tax strategy, incorrectly implemented, becomes illegal. Understanding and correct implementation are key.” - Mike Jesowshek, CPA “Hiring your kids in your business not only provides a tax deduction but allows them to start growing a tax-free retirement account.” - Mike Jesowshek, CPA ______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: www.TaxSavingsTV.com

Are you overpaying on taxes and missing out on key deductions that could boost your business's bottom line?In this episode, CPA Mike Jesowshek shares advanced tax strategies that empower business owners to significantly reduce their tax liabilities while building wealth. Mike addresses common challenges business owners face when minimizing taxes and introduces actionable tactics such as the 14-day home rental rule, implementing an accountable plan, and leveraging charitable contributions. With a focus on proper documentation and compliance, Mike provides insights on transforming potential tax burdens into effective deductions. He also presents TaxElm, a tax software tailored for business owners looking to maximize tax savings efficiently and responsibly.[00:00 - 05:36] Introduction to Advanced Tax StrategiesMike introduces his goal to reveal tested tax strategies for saving significant money.Reasons for struggles: not knowing where to start, being overwhelmed by complexity, and spending time without professional guidance.Strategy #1: The 14-Day Home Rental Rule (Augusta Rule) Key steps: establishing a rental reason, finding a reasonable rate, and documenting proof.[05:36 - 11:14] Strategy #2: Implementing an Accountable PlanMike details how S corporations can set up accountable plans for reimbursements on business expenses like home office use, automobile, and utilities.He shares the importance of a written policy and detailed expense reporting for compliance.[11:14 - 17:42] Strategy #3: Advanced Tax Strategies for High-Income EarnersFor those earning $350,000+, Mike shares insights on leveraging charitable contributions, business investments, and more to offset income.Emphasizes correct implementation to avoid potential IRS scrutiny.[17:42 - 25:45] Short-Term Rental Loophole and Hiring Your Children for Business DeductionShort-term rentals (average stay of 7 days or less) are considered non-passive, allowing business owners to offset W-2 or business income.Mike shares the guidelines for hiring children aged 7-18 in the business for tax deductions.Compliance essentials: setting reasonable pay, tracking work hours, and direct payments.[25:45 - 29:43] Conclusion and Introduction to TaxElmMike introduces TaxElm, a software designed to help business owners implement these strategies and maximize tax savings.Direct Quotes:"These aren’t just theories; they are battle-tested methods that have saved my clients millions in taxes over the years." - Mike Jesowshek, CPA"The right tax strategies can transform a business’s financial health." - Mike Jesowshek, CPA "These strategies can take you from being an anxious and overwhelmed business owner to one who walks around with confidence and a sense of control."  - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: www.TaxSavingsTV.com

Are you missing out on key tax deductions by mixing personal and business expenses?In this episode, Mike Jesowshek  discusses the importance of setting up an accountable plan for businesses, especially S and C corporations. He breaks down how accountable plans allow business owners to reimburse themselves for personal expenses with a business use, ensuring that the reimbursements are not taxable. Mike emphasizes key requirements for an accountable plan, such as having a business connection, proper substantiation, and timely payments, while also highlighting common deductible expenses like home office, automobile use, and travel.Find out how an accountable plan can help you save on taxes while staying compliant with the IRS![00:00 - 05:21] Introduction to Accountable PlansMike introduces the concept of an accountable plan and its importance for business owners.He explains how separating business and personal expenses is crucial to avoid IRS scrutiny.He also mentions that even if personal payments are made for business items, they can be reimbursed with a plan.[05:22 - 10:37] Key Requirements of an Accountable PlanMike outlines the four main requirements: business connection, substantiation, avoiding excess payments, and timely payments.He discusses examples of business-related expenses that can be reimbursed, such as home office use and automobile expenses.Turning reimbursements into taxable income can cause risks if not handled properly.[10:38 - 13:49] Setting Up an Accountable PlanMike walks through the process of setting up a written reimbursement policy (accountable plan).Businesses need to create a reimbursement tracker to document expenses.Taxelm’s templates and tools can help businesses implement these plans correctly.[13:50 - 17:43] Common Expenses for ReimbursementMike highlights the most common reimbursable expenses: home office, automobile, cell phone, internet, and travel.Business owners should take advantage of available deductions to reduce taxable income.Direct Quotes:"The IRS looks at that as being sloppy. So the first key to understand is to always have a separate business bank account and credit card that you run all of your business activity through." - Mike Jesowshek, CPA- "If you don't have an accountable plan put in place, it will be taxable to us, and that's why it's so important." - Mike Jesowshek, CPA"The IRS gives us incentives as business owners—home office deductions, automobile deductions—but it's your responsibility to understand and implement them correctly." - Mike Jesowshek, CPACheck out this episode’s blog post: How Do I Reimburse Myself From the Business? When Does An Accountable Plan Come Into Play?______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: www.TaxSavingsTV.com

How could the upcoming election shape the future tax landscape for LLCs, and what strategies can business owners consider now to stay ahead?In this episode, Mike Jesowshek explores how the upcoming 2024 presidential election could impact LLCs, particularly small business owners. He provides a non-partisan analysis of both the Harris and Trump campaign proposals regarding corporate tax rates, capital gains, and other tax policies. Highlighting potential implications for tax planning and compliance, Mike emphasizes the importance of understanding these policies and the flexibility required to adapt to changes that may or may not pass. This episode offers LLC owners insights into proactive strategies to minimize tax liabilities in light of potential policy shifts.[00:00 - 01:18] Corporate Tax Rate ProposalsMike Introduces the episode focus: exploring potential election impacts on LLCs.He clarifies a non-partisan approach, stating the episode’s objective is to inform business owners, not take sides.Mike discusses Harris’s proposal to increase the corporate tax rate to 28% versus Trump’s proposal to lower it to 20% or 15% for U.S.-based production companies.[03:23 - 05:22] Harris Campaign on Real Estate and Trump’s Tariff ProposalHarris proposes limiting depreciation and interest for large real estate investors and increasing startup cost deductions to $50,000.Evaluating these deductions’ impact on real estate and startup expenses.Trump’s campaign discusses imposing tariffs on imports, particularly 60% for imports from China.[05:22 - 08:48] Capital Gains and Investment TaxesHarris aims to raise the capital gains tax for incomes over $1 million and increase the net investment income tax.Planning for potential tax adjustments in high-income brackets.Harris proposes exempting tips from taxes; Trump proposes exempting overtime pay from taxation.[07:00 - 11:42] Personal Tax AdjustmentsHarris’s campaign suggests expanding the child tax credit and health insurance credits; Trump aims to make prior tax cuts permanent.There are opportunities for individual tax savings depending on outcomes.Mike discusses expiring TCJA provisions, like the reduced highest tax rate, doubled standard deduction, and QBI deduction, set to end by 2025.[11:42 - 16:36] Planning Opportunities Regardless of OutcomeMike stresses tax planning adaptability regardless of the election outcome.Direct Quotes:"Policy changes can catch many businesses off guard, often leading to missed opportunities or unexpected challenges." - Mike Jesowshek, CPA"No matter what happens in this election, there’s always room for tax planning." - Mike Jesowshek, CPA"While a candidate might say one thing, it doesn’t necessarily mean it will actually come true." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: www.TaxSavingsTV.com

Do you know how to unlock the power of tax-free retirement savings using a Mega Backdoor Roth? In this episode, Mike Jesowshek provides a beginner's guide to building a Mega Backdoor Roth IRA in 2024. He explains the differences between traditional and Roth IRAs, then details how to maximize retirement savings using the Mega Backdoor Roth strategy. Mike breaks down the steps for contributing beyond standard limits, focusing on how business owners can utilize solo 401(k) plans. He also discusses the long-term benefits of tax-free growth and withdrawals, addressing common concerns and mistakes along the way.Discover the strategies to potentially grow your account to a million dollars in just a few years![00:00 - 05:21] Introduction and Basics of Roth IRAs Roth IRAs allow tax-free growth and withdrawals in retirement.  Traditional vs. Roth: Traditional IRAs offer tax deductions upfront, while Roth IRAs grow tax-free with withdrawals in retirement.  Max contributions for 2024: $7,000 ($8,000 for those over 50).  [05:22 - 11:18] Backdoor and Mega Backdoor Roth ExplainedThe backdoor Roth strategy involves making non-deductible contributions to a traditional IRA and then converting it to a Roth IRA.  Mega Backdoor Roth allows much larger contributions using 401(k) plans.  Benefits of Mega Backdoor Roth include higher contribution limits, tax-free growth, and tax-free withdrawals.  This strategy is beneficial for anyone with access to a 401(k) plan, even those in lower tax brackets.  [11:19 - 14:08] Strategy Steps and ExampleMax out employee contributions, then after-tax contributions, and convert to a Roth the next day.  A business owner can contribute up to $76,000 per year and, with a 12% return, accumulate over $1 million in just 7.5 years.  The earlier you start, the greater the potential for tax-free growth.Direct Quotes:"The beauty behind a Roth is that you take the pain today, but it grows tax-free, and your withdrawals in retirement are tax-free." - Mike Jesowshek, CPA"The Mega Backdoor Roth strategy allows you to supercharge your retirement savings with higher contribution limits and long-term tax advantages." - Mike Jesowshek, CPA"Imagine putting away $76,000 per year into a Roth and seeing it grow tax-free — that’s mind-blowing." - Mike Jesowshek, CPA  Check out this episode’s blog post: https://www.taxsavingspodcast.com/blog/guide-to-building-a-mega-backdoor-roth______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: www.TaxSavingsTV.com

Have you ever wondered if you could deduct a mentorship program paid for on your personal card before starting your business?In this episode, Mike Jesowshek, a CPA, hosts a listener Q&A session addressing various tax-related questions from small business owners. He covers topics such as deducting business expenses, managing mentorship payments, selling a business, and handling high medical costs for business owners. Mike provides clear guidance on tax planning strategies and the importance of keeping thorough documentation for deductions, while also offering practical advice on avoiding issues with hobby loss rules and S-Corp-specific challenges.Learn how to maximize your business deductions and avoid common tax pitfalls in this Q&A episode![00:00 - 00:40] IntroductionMike Encourages listeners to submit their tax-related questions via the website.[00:40 - 05:23] Business Deductions and Selling a BusinessMike explains that expenses can still be deducted if they’re legitimate business expenses and provides guidance on using an accountable plan for reimbursement.He discusses the validity of taking business deductions even when a business has minimal income.There is a need for consistent profit to be considered a legitimate business.[05:23 - 10:23] Section 105 Plans and Ownership Draws in an S-CorpMike details how to set up a family management company to use the Section 105 plan if operating as an S-Corp and hiring a spouse.He also emphasizes that distributions must be proportional to ownership percentages in S-Corps to avoid tax issues.[10:23 - 16:11] Travel Deductions and ConsultationsMike covers travel deductions when charging clients a travel fee and offers advice on setting up tax consultations through his company. He clarifies that even if a travel fee is charged to a client, the associated travel expenses can still be deducted.[16:11 - 21:02] Business Expenses and Accountable PlansMike emphasizes that while the deductions remain the same, the IRS prefers business-related expenses to be run through business accounts.  Owner draws are not taxed directly; instead, taxes are based on the profit of the business, regardless of how much is drawn from the account.  [21:02 - 24:10] Tax Helm Services and ConsultationsMike highlights Tax Helm’s services, which include consultations and comprehensive tax planning for small businesses, with a guarantee to provide tax savings that cover the cost of the service.  Direct Quotes:“Just because you paid for it personally, doesn’t mean you lose the deduction—it’s still a valid business expense if it’s related to your business.” - Mike Jesowshek, CPA“The IRS always wants to see that you're running your business like a business, not like a hobby.” - Mike Jesowshek, CPACheck out this episode’s blog post: https://www.taxsavingspodcast.com/blog/listener-q-a-with-mike-jesowshek-cpa-10-16-2024 _____Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: www.TaxSavingsTV.com

What if you could grow your wealth, avoid taxes, and pass on your assets to your heirs without capital gains?In this episode, Mike discusses the *Buy, Borrow, Die* strategy—a powerful tax avoidance method used by the wealthy to preserve and grow wealth. By buying appreciating assets, borrowing against them tax-free, and passing them on to heirs with a stepped-up basis, individuals can minimize taxes on both capital gains and inherited wealth. Mike breaks down how this strategy can apply to anyone with appreciating assets and provides a step-by-step guide on how to implement it effectively.Discover the Buy, Borrow, Die strategy and how it can work for you![00:00 - 01:14] Introduction to the Buy, Borrow, Die StrategyMike introduces the concept of how the wealthy use this strategy to appear less wealthy and minimize taxes.He highlights the focus on buying assets, borrowing against them, and passing them on tax-efficiently.[01:14 - 02:35] Tax Concepts: Step-Up in Basis and Borrowing Against AssetsExplanation of the step-up in basis: heirs inherit assets at market value, avoiding capital gains.Borrowing against assets like stocks or real estate doesn’t count as taxable income.[02:35 - 04:36] Example: Stock Appreciation, Tax Efficiency, Real Estate Borrowing, and InheritanceMike illustrates how borrowing against appreciated stocks allows tax-free access to funds.The example shows how holding assets until death can help heirs avoid capital gains.Mike shares an example of real estate borrowing and how it affects taxes for heirs.He emphasizes holding onto assets until death to maximize tax advantages.[04:36 - 07:40] Not Just for the Ultra-WealthyMike explains that anyone with appreciating assets can utilize this strategy, not just billionaires.He details how it can apply to people with real estate, stocks, and businesses.The steps include acquiring appreciating assets, borrowing wisely, and planning for a tax-efficient exit.Mike highlights the importance of planning for your heirs and consulting financial advisors.[07:40 - 09:32] Final Thoughts: How to Maximize This StrategyMike encourages strategic planning for asset management and borrowing to avoid unnecessary capital gains.Mike suggests working with financial advisors for long-term wealth building and minimizing tax burdens.Direct Quotes:“The truth is that most billionaires are not paying more in taxes as their wealth skyrockets, like the average person does.” - Mike Jesowshek, CPA“Borrowing against assets like stocks or real estate doesn’t count as taxable income. That loan money is not income to you, so it’s also not taxable.” - Mike Jesowshek, CP“In a perfect world, you hold onto appreciating assets until death, ensuring the most tax-efficient exit for your heirs.” - Mike Jesowshek, CP"Use borrowed funds wisely—invest in other things, grow your wealth, and maximize the opportunity." - Mike Jesowshek, CP______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: www.TaxSavingsTV.com

Do you know the different types of 1099 forms your business may need to file?In this episode, host Mike Jesowshek is joined by Christina Wright from Tax Bandits to discuss everything business owners need to know about 1099 forms. The conversation covers different types of 1099s, when they need to be filed, and who is required to receive them. Christina provides insights into the importance of collecting W-9 forms, staying organized with vendor payments, and filing 1099s accurately and on time. They also address changes in 1099-K requirements, discuss the new 1099-DA for reporting digital assets, and highlight how software solutions like Tax Bandits simplify the filing process.Learn how staying organized and using the right tools can make tax season stress-free![00:00 -  04:45] Overview of 1099s and TypesChristina explains the purpose of 1099 forms.She discusses the various types of 1099s, including NEC (Non-Employee Compensation) and MISC (Miscellaneous).She also shares the importance of understanding 1099 filing as an IRS requirement for business owners.[04:46 - 10:27] W-9 Form Importance and Vendor OnboardingChristina explains the $600 payment threshold for issuing 1099s.The threshold is cumulative over the year, not per individual payment.Missing or incorrect information can lead to complications when filing 1099s.[10:28 - 15:59] Common Issues and Filing Best PracticesInaccurate details (e.g., TIN, business name) on 1099 forms can cause IRS rejections.Businesses should use processes like TIN matching to verify information early.[16:00 - 19:20] 1099 Filing Solutions: Tax BanditsChristina shares an overview of how Tax Bandits simplifies 1099 filing.How integrating accounting software like QuickBooks and Sage can help streamline the process.She shares the benefits of cloud-based filing and validation features.[19:21 - 26:38] 1099-K and Recent ChangesChristina discusses changes to the 1099-K threshold from $20,000 to $5,000 for electronic payments.The IRS shifted towards increasing reporting transparency for third-party transactions.She Introduces the new 1099-DA for reporting cryptocurrency assets.Key takeaways for business owners: collect W-9 forms upfront and keep good payment records.Notable Quotes:"The main thing business owners need to know is that 1099s are used to report payments for a lot of different things to different parties." – Christina Wright"The $600 threshold is not based on one payment—it’s cumulative over the entire year." – Christina WrightCheck out this episode’s blog post: How Does the Home Office Deduction Work?______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/VISIT: www.TaxSavingsTV.com

Are you missing out on one of the most overlooked tax deductions available to small business owners?In this episode, Mike Jesowshek discusses the often misunderstood home office tax deduction, breaking down its requirements and benefits for small business owners. He covers the main qualifications, including exclusive business use and regular use, as well as the administrative office rule that opens the door for many professionals to take advantage of this deduction. Mike also compares the simplified and actual methods of calculating the deduction and offers practical advice on maintaining proper documentation to ensure compliance and maximize savings.Learn how the home office deduction can reduce your tax bill and boost your savings by tuning in![00:00 - 05:25] Introduction to Home Office DeductionMike explains the common misconceptions about the home office deduction.He stresses that the IRS encourages this deduction as long as it's used correctly.The home office must be used exclusively for business and on a regular basis.Mike explains that areas like the dining room don't qualify, but dedicated spaces do.He introduces the administrative office rule, allowing home offices to qualify even if work is done elsewhere.[05:25 - 11:03] Calculating and How to Claim the Home Office DeductionSimplified method: $5 per square foot, up to 300 sq. ft.Actual method: Business use percentage multiplied by total home expenses.Mike walks through an example of calculating the deduction using both methods.He highlights when the actual method may provide larger savings.Mike explains how sole proprietors and S corporations claim the deduction using different forms.[11:03 - 18:08] Importance of DocumentationEmphasizes the need for thorough documentation, such as taking pictures and keeping cost records, to protect against audits.Mike encourages business owners to take advantage of this deduction before year-end.Direct Quotes:"The home office deduction is black and white in the tax code. The IRS wants you to take advantage of it." - Mike Jesowshek, CPA"Every deduction is worth it. This takes very little time as long as you have the tools to help make it happen." - Mike Jesowshek, CPA"The key to successfully using the home office deduction is proper documentation and following the rules." - Mike Jesowshek, CPACheck out this episode’s blog post: How Does the Home Office Deduction Work?______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com

Are you maximizing your healthcare tax savings as a business owner?In this episode, Mike Jesowshek discusses health care-related tax strategies for business owners, focusing on tools like Health Savings Accounts (HSAs), self-employed health insurance deductions, and Medical Expense Reimbursement Plans (Section 105). He explains how these strategies can help business owners minimize taxes while optimizing healthcare costs, both for themselves and their employees. Mike emphasizes the importance of understanding tax laws and maximizing deductions to lower tax liability while ensuring business owners can grow their wealth and take care of their healthcare needs.Learn how HSAs, Section 105 plans, and self-employed health insurance deductions can lower your tax liability while protecting your health![00:00 - 05:53] Health Savings Accounts (HSAs)Mike explains how HSAs provide tax benefits: tax deduction on contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses.HSAs are powerful tools for both business owners and individuals, acting as a secondary retirement account for future medical costs.[05:53 - 10:00] Self-Employed Health Insurance DeductionsMike details how self-employed individuals can deduct health insurance costs, focusing on sole proprietors, LLCs, and S corps.S corp owners must run health insurance premiums through their business and add them to their W-2s to receive deductions.[10:00 - 19:27] Health Benefit Options for Small Business Owners with EmployeesMike discusses section 105 plans or Medical Expense Reimbursement Plans, and how it's useful for business owners with high out-of-pocket medical costs.These plans turn medical expenses into business expenses, offering significant tax savings.He explains the three primary options: group health insurance, wage increases, or QSEHRA/HRAs to reimburse employees for medical costs.QSEHRA is a flexible and cost-effective option for small businesses with fewer than 30 employees.Quotes:"Think of an HSA as a secondary retirement plan because, at some point, we’re all going to face medical costs." - Mike Jesowshek, CPA"If you're self-employed, you get a tax deduction for your health insurance, regardless of whether you cover your employees’ costs or not." - Mike Jesowshek, CPA"QSEHRA allows small businesses to support their employees’ healthcare needs without the burden of a traditional group health plan." - Mike Jesowshek, CPAResources:Blog: Tax Planning and Health Costs https://www.taxsavingspodcast.com/blog/Health-Costs-Strategies-for-Small-business-owners_____Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com

Could your business deductions survive an IRS audit?In this episode, Mike Jesowshek breaks down a real-life case where a business owner lost $2 million due to an IRS audit after attempting to write off a yacht as a business expense. He explains how poor bookkeeping and a lack of proper documentation led to the disallowance of the deduction. Mike emphasizes the importance of understanding and correctly implementing tax strategies, along with maintaining detailed records to defend against audits. The episode highlights the need for business owners to carefully substantiate deductions and avoid shortcuts, even when seemingly successful entrepreneurs do so.[00:00 - 05:06] Lessons from Poor BookkeepingMike highlights a case where a business owner wrote off a $2 million yacht as a business expense.The IRS disallowed the deduction due to poor records and no evidence of business-related activities.Mike stresses the importance of having clear documentation and bookkeeping to defend business expenses in an audit.He discusses how many business owners wrongly assume that if someone else gets away with a deduction, they can too.[05:06 - 07:04] Understanding Business DeductionsBusiness deductions must be ordinary and necessary for the type of business.It is not enough to claim the deduction; proof must be provided through proper logs and receipts.Mike emphasizes the importance of correct implementation, using the home office deduction as an example.Even legitimate deductions can be disallowed if not implemented and documented properly.[10:12 - 14:52] Correct Documentation: A Defense Against AuditsHaving detailed records and logs can protect business owners if the IRS audits them.Mike shares an example of a client who successfully navigated an audit by having all documentation in place.He also touches on various tax strategies like the Augusta rule, employee entertainment, and travel deductions.Direct Quotes:"Bookkeeping is the backbone of a business. Not only does it help your business grow, but it also helps defend your business expenses in the event of an audit." - Mike Jesowshek, CPA"Just because someone down the road takes a deduction and doesn't get caught doesn't mean it’s right or that you won't get caught." - Mike Jesowshek, CPA"A business deduction has to be ordinary and necessary for your type of business, and then you need the proof to back it up." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com

Have you ever wondered how to maximize your tax deductions while staying on the right side of the IRS?In this episode, Mike Jesowshek provides an in-depth guide on over 30 tax write-offs and strategies that can save businesses thousands of dollars. He emphasizes the importance of understanding pre-tax versus after-tax spending, the significance of selecting the right business entity structure, and how to effectively maximize deductions. Mike also covers strategies such as using an S corporation to reduce self-employment taxes, hiring children within a business, and setting up a board for additional tax benefits. He stresses the need to correctly implement tax strategies to ensure they remain legal and beneficial.[00:00 - 12:24] Pre-Tax vs. After-Tax Spending, Entity Structure, and S CorporationsMike introduces the importance of understanding tax strategies.Optimize spending to shift after-tax expenses into pre-tax deductions.He discusses how the business entity structure forms the foundation of your business.Different types of entity structures: sole proprietorship, LLC, C corporation.Choose the right entity structure to ensure proper tax benefits and legal protection.Consider S corporation status once your business reaches a certain profit level.[12:24 - 26:03] Maximizing DeductionsMike breaks down the various business expenses that qualify as deductions, including advertising, contract labor, equipment, and gifts.Regularly review personal expenses to identify potential business deductions.[26:03 - 35:18] Accountable Plan and Setting Up a Board for TaxEnsure proper documentation and exclusivity in home office use.Use a board for accountability, perspective, and additional tax deductions.[35:18 - 44:47] Additional Tax Strategies: Meals, Travel, Automobile, and Retirement PlanningProper documentation and fair market value rental rates are crucial.Be strategic in everyday business activities to maximize deductions.[44:47 - 57:30] Implementation of Tax StrategiesMike emphasizes the importance of not only learning tax strategies but also correctly implementing them.Correct documentation and cautious implementation are key to successful tax strategies.Direct Quotes:"The government doesn't come knocking and let you know when you missed out on an incentive that they gave you." - Mike Jesowshek, CPA"Every business owner should have a home office of some sort." - Mike Jesowshek, CPA"The implementation piece is where you start to see those tax savings." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com

Mike Jesowshek shares how he saved a small business owner over $15,000 in taxes in just 12 months. Mike breaks down the practical strategies implemented, including changing the business entity structure, maximizing home office and vehicle deductions, strategically categorizing business expenses, and more! Learn how these strategies led to over $132,000 in tax savings for Alex's business over five years. [00:00 - 03:28] Case Study Alex is a former corporate digital marketer who transitioned from a W2 employee to an entrepreneur in the healthy eating influencer spaceAlex's quick growth, generating about $100,000 profit in the first year as a sole proprietorshipDuring tax season Alex got hit with an unexpectedly large tax bill in the first yearHe realized he lacked knowledge of tax-saving strategies [03:29 - 06:18] Tax Saving Solutions ImplementedWe changed Alex’s entity type from sole proprietorship to S CorporationWe implemented home office deduction through an accountable planWe utilized a personal vehicle for business and claimed deductionsWe maximized deductions by finding business purposes for existing spendingMeals with clients or business discussionsTravel combined with business purposesOffice equipment and supplies[06:19 - 12:01] Advanced Tax Saving StrategiesSet up a board for the businessCreated opportunities for travel and meal expense deductionsImplemented the 14-day home rental rule for board meetingsEstablished retirement savings with a solo 401(k)Set up a Health Savings Account (HSA)Properly deducted self-employed health insuranceImplemented estimated tax payments to avoid penalties[12:02 - 19:47] Results and  Key TakeawaysThese strategies saved Alex over $15,000 in taxes in the first yearOver five years, Alex saved more than $132,000 in taxesThese strategies are available to most small business ownersProper implementation is crucial for realizing tax savingsDirect Quotes "Implementation, understanding strategy is one thing you do not see any tax savings until you implement that strategy. And I also want to put in the effort that says implementation is one thing. The correct implementation is the key." – Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com

Business owners are now facing a new reporting requirement called Beneficial Ownership Information (BOI) reporting. In this episode, Christina from Tax Bandits provides a comprehensive guide on BOI reporting, explaining what it is, who needs to file, how to file, and the potential penalties for non-compliance. Christina shares practical advice and examples to help business owners understand and comply with this new requirement.Blog: https://www.taxsavingspodcast.com/blog/what-is-beneficial-ownership-information-boi-reporting-and-why-is-it-important[00:00:00 - 03:59] Introduction to BOI ReportingA new requirement for many small businesses across the United StatesMandated by the Corporate Transparency Act, starting January 1, 2024Designed to help law enforcement identify real owners of companies and prevent financial crimes[04:00 - 06:13] Who Needs to File and ExemptionsMost small businesses are required to file unless they fall under one of 23 specific exemptionsCommon exemption (21st exemption) for large operating companies:More than 20 full-time employees in the U.S.A physical office in the U.S.Over $5 million in gross receipts reported on U.S. federal tax returns[06:14 - 09:12] Information Required and Filing ProcessCompany information: name, EIN, address, registration location, domestic/foreign statusBeneficial owner information: name, FinCEN identifier (if available), or date of birth, address, and valid IDFiling can be done through services like Tax Bandits or directly through FinCENTax Bandits offers a user-friendly interface and record-keeping features[09:13 - 15:25] Deadlines, Penalties, and CostsDeadlines:Existing businesses (before Jan 1, 2024): Must file by January 1, 2025New businesses (registered on/after Jan 1, 2024): 90 days to fileNew businesses (registered on/after Jan 1, 2025): 30 days to filePenalties for non-compliance:Civil penalties: Up to $960,591 per dayCriminal penalties: Up to $10,000 fine or 2 years imprisonmentCosts for filing (via Tax Bandits):One-time filing: $49Lifetime reporting: $199 for one entity (recommended option)[15:26 - 20:50] Final Thoughts and RecommendationsBOI reporting is not an annual filing, but updates are required when information changesFour types of reports: Initial, Corrected, Updated, and Newly ExemptImportance of filing promptly to avoid penaltiesRecommendation to use Tax Bandits for easier tracking and management of BOI reportsDirect Quotes: "The BOI report requires that many small businesses submit this beneficial ownership information report to FinCEN. Basically, submitting this information is helping law enforcement to identify real owners of companies versus, preventing financial crimes that are happening through some not so savory means there.” – Christina Wright, Tax Bandits ______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://ww

Are you leaving money on the table when it comes to your business taxes? In this Q&A episode, Mike Jesowshek answers your tax questions! From S corporation salary conundrums to the surprising deductibility of gym memberships, Mike provides actionable insights that could save you thousands.[00:00 - 07:15] S Corp Salaries and Retirement AccountsCan an S corporation owner take only dividends and no salary?How to determine a reasonable S corp salary?Can I start a solo 401k in my side hustle without breaking control group rules?[07:16 - 13:30] Deductible Expenses and Hiring FamilyIs a gym membership with business offices tax-deductible?How to allocate costs between personal and business use?What are the tax implications of hiring my teen in a sole proprietorship?[13:31 - 21:00] Solo 401(k)s and BookkeepingWhat are the contribution options for solo 401(k)s for both spouses?How to structure businesses for married couples?Can bookkeeping be automated? What software is recommended?[21:01 - 26:30] Accountable Plans and Cash PurchasesDo husband-wife-owned LLCs need accountable plans?How to handle partnership filing in non-community property states?How to document and prove business purchases from Facebook Marketplace?[26:31 - 35:00] Tax Deductions and Management FeesWhat expenses can self-employed pastors deduct?Should I set aside taxes based on gross revenue or profit?What's a reasonable fee for a family management company?Direct Quotes:"Don't invest something just for a tax benefit. Like they always say, ‘Don't let the tax tail wag the dog.’" - Mike Jesowshek, CPAResources Mentioned:Life Inc Retirement ServicesXero accounting softwareQuickBooks Online______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com

Business owners are always hiring new employees, but most of the time they're missing out on potential tax credits just because they’re unaware about what’s available.In this episode, Mike Jesowshek, provides a comprehensive guide on the Work Opportunity Tax Credit (WOTC) and how you as a business owner might be able to take advantage of this tax credit. He explains what the WOTC is, who qualifies for it, how to claim it, and its benefits. Throughout the episode, Mike shares practical advice and examples to help business owners understand and implement this valuable tax credit.[00:00 - 03:30] What Is The Work Opportunity Tax CreditA business credit available to employers who hire individuals from targeted groupsDesigned to incentivize businesses to hire from specific populations that may face barriers to employmentA way for businesses to reduce their tax liability while diversifying their workforce and making a positive community impact[03:31 - 06:45] Targeted Groups and Credit AmountThe targeted groups eligible for WOTC include:VeteransState assistance recipients under part four of title four of the Social Security Act (SSA)FelonsResidents in designated empowerment zones or rural renewal countiesIndividuals referred following a rehabilitation plan or programRecipients of Supplemental Nutrition Assistance Program (SNAP)Recipients of Supplemental Security Income Benefits under Title 16 of the Social Security ActIndividuals experiencing long-term unemploymentThe general rule for credit amount is 40% of the first $6,000 in wages for employees working 400+ hours.The maximum credit is typically $2,400 per eligible employee[06:46 - 09:15] Claiming the WOTCComplete IRS Form 8850 before or on the day of job offer.Submit the form to the local agency within 28 calendar days of the employee's start date.Wait for certification from the local agency.Claim the credit using Form 5884 on your business tax return.[09:16 - 15:00] Benefits, Examples and ConsiderationsBenefits include tax savings, a diverse workforce, and community impact.The WOTC is a dollar-for-dollar tax credit, not a deduction.Direct Quotes:"The truth is that business owners are always hiring new employees, but all too often they're missing out on potential tax credits simply because they don't know about them." - Mike Jesowshek, CPA"This is a credit, which means it's a dollar for dollar in tax savings. This is not a tax reduction. This doesn't reduce your income." - Mike Jesowshek, CPAResources Mentioned:IRS Form 8850Form 5884______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com

How can business owners effectively build trust and transparency in remote teams while ensuring they aren't the bottleneck in their company's growth?In this episode, Mike Jesowshek interviews Tyler Winn from Serious Payroll to discuss strategies for mastering remote team success. Tyler shares insights on the importance of hiring the right people, establishing trust in remote teams, and the value of transparency in work processes. He also delves into their hiring process, the systems they use for effective remote work, and the significance of delegation for business owners. Tyler emphasizes the need for continuous improvement and the benefits of having clear, shared processes to maintain accountability and elevate team standards.[00:00 - 05:22] Trusting Remote TeamsTyler shares the origin story of Serious Payroll and their remote-first approach.Tyler talks about the early challenges and decisions that shaped their remote work model.He emphasizes measuring outcomes rather than hours worked.[05:22 - 12:05] The Hiring Process: Systems and TransparencyTyler explains the steps in their hiring process, involving multiple team members.He discusses the critical role of systems in managing remote work.How transparency elevates standards and accountability are shared.[12:06 - 16:35] Continuous ImprovementTemplates and repeatable systems help improve efficiency.Tyler shares the importance of propagating values and expectations within the team.[16:36 - 20:05] Building Connection in Remote TeamsTyler shares the strategies for fostering connection and communication among remote team members.What is the importance of meaningful meetings focused on human connection rather than logistics?Regular team meetings and one-on-one check-ins maintain rapport.[20:06 - 27:12] Delegation and Scaling the BusinessLetting go as a business owner is vital to prevent becoming the bottleneck.Hiring assistants can allow focusing on high-value activities..Direct Quotes:"Butts in seats don't matter. The outcome is what matters." - Tyler Winn"Transparency is not a 'big brother' thing; it's a gift that elevates standards and accountability." - Tyler Winn"80 percent done by somebody else is 100 percent freaking awesome." - Tyler Winn______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com

Are you leveraging the right tax strategies to minimize your business's tax liability and maximize your savings?In this episode, Mike Jesowshek offers a comprehensive guide on tax strategies for business owners to minimize tax liability and optimize financial planning. He emphasizes the importance of understanding the appropriate business structure, maintaining accurate bookkeeping, maximizing deductions, and implementing effective tax planning strategies. Throughout the episode, he shares practical advice and examples to help business owners make informed decisions and avoid common tax pitfalls.[00:00 - 05:21] Introduction and Business StructureMike Jesowshek emphasizes the importance of choosing the right business structure (e.g., LLC, S Corporation).He discusses common mistakes and the impact of business structure on tax liability.[05:22 - 08:16] Importance of Accurate BookkeepingMike highlights the necessity of maintaining separate business and personal accounts.He also recommends using cloud-based accounting systems like QuickBooks Online or XERO.Update your bookkeeping systems monthly to stay organized and plan for estimated taxes.[08:17 - 12:05] Maximizing DeductionsWhat are the concepts of pre-tax vs. after-tax spending?Mike provides examples of common deductions, such as home office, cell phone, internet, and travel expenses.Documenting expenses properly is important to take advantage of deductions.[12:06 - 16:04] Tax Planning vs. Tax PayingWhat are the differences between tax planning (strategizing to save on taxes) and tax paying (filing taxes)?Mike encourages learning and implementing tax strategies to optimize tax savings.He emphasizes the significance of proper implementation of tax strategies for effective tax savings.Direct Quotes:"The problem is not that it's hard to structure everything in a way to beat the IRS. The problem is simply that you have not been educated on how to do that." - Mike Jesowshek, CPA"Bookkeeping is the backbone of your business. Without solid bookkeeping, you don't know how you are performing, and you have increased stress during tax season." - Mike Jesowshek, CPA"Our goal as business owners is to move after-tax spending into pre-tax spending. Find a business purpose for spending you're already doing and get a business deduction for it." - Mike Jesowshek, CPA"Tax planning is about learning strategies and then putting them into practice. Implementation is the key to actual tax savings." - Mike Jesowshek, CPAResources Mentioned:QuickBooks OnlineXERO______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com

Have you ever wondered how to maximize your tax deductions through depreciation without getting lost in complex accounting rules?In this episode, Mike Jesowshek delves into the concept of depreciation, explaining its importance and application for small business owners. He covers the basics of depreciation, different methods available, and a little-known policy that simplifies the process for assets under a certain value. Mike provides insights into regular depreciation, bonus depreciation, and Section 179 expensing, while also highlighting the significance of having a capitalization policy in place. Additionally, he discusses the rules for when depreciation begins and the implications of selling depreciated assets.[00:00 - 05:21] Introduction to DepreciationMike Jesowshek introduces the topic of depreciation.He explains the basic concept of depreciation and its significance for small business owners.[05:22 - 10:23] Types of Depreciable AssetsMike shares some details on what types of property can be depreciated, such as machinery, equipment, buildings, vehicles, etc.How is it that land cannot be depreciated?[10:24 - 15:34] Depreciation MethodsMike shares an overview of regular depreciation, bonus depreciation, and Section 179 expenses.Bonus depreciation allows for a significant deduction in the first year, decreasing over time.Section 179 expensing permits a full deduction in the first year up to a specific limit.[15:35 - 20:30] Example and ApplicationMike provides a detailed example of how different depreciation methods would apply to a computer purchase.He discusses the importance of consulting with a tax professional to determine the best method.[20:31 - 25:42] Rules of DepreciationRule 1: Must be in business to take depreciation deductions.Rule 2: Depreciation begins when an asset is placed in service.Direct Quotes:"Depreciation is essentially just taking the cost of an asset and spreading it out over time." - Mike Jesowshek, CPA"Land cannot be depreciated, but buildings, equipment, vehicles, and furniture can." - Mike Jesowshek, CPA"Bonus depreciation allows you to take a significant portion of the asset's cost in the first year, which can be very beneficial for small businesses." - Mike Jesowshek, CPA"Every business owner should have a capitalization policy in place to simplify the process of expensing smaller asset purchases." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com

Are you sure electing S corporation status is the right move for your business in 2024?In this episode, Mike discusses why some business owners should avoid electing S corporation status in 2024. He provides a detailed explanation of what an S corporation is, how it works, and the primary reason people choose this tax election: to reduce self-employment taxes. However, Mike outlines several scenarios where electing S corporation status might not be beneficial, such as for businesses with passive income, small profits, foreign owners, or unfavorable state and local tax laws. He emphasizes the importance of understanding individual circumstances and consulting with tax professionals before making this decision.[00:00 - 05:21] Introduction to S CorporationsWhat is an S corporation and its tax election status?[05:21 - 10:42] Benefits of S CorporationsMike gives a detailed example of how S corporations help avoid self-employment taxes.He discusses splitting income into a reasonable salary and distributions to save on taxes.[10:42 - 20:18] Reasons to Avoid S Corporation StatusPassive activities: rental properties and passive investments should not elect S corp status.Small businesses: businesses with profits under $50,000 may not benefit due to additional costs.Foreign owners: S corporations cannot have foreign owners.Unfavorable state or local laws: states like Tennessee and New York City might have laws that negate federal tax savings.High W-2 income: if already maximizing Social Security, additional income might not justify S corp status.[20:18 - 22:27] ConclusionMike emphasizes the importance of consulting tax professionals.Direct Quotes:"An S corporation is simply a tax election on an already established structure." - Mike Jesowshek, CPA"The main reason people set up an S corporation is to avoid self-employment taxes." - Mike Jesowshek, CPA"Always dot your I's and cross your T's to ensure correct implementation of any tax strategy." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com

Are you maximizing your current retirement plans but still looking for more advanced strategies to secure your future and take care of key employees?In this episode, Mike Jesowshek and retirement expert Matt Ruttenberg discuss advanced retirement strategies for business owners who have maximized basic retirement plans. They explore qualified and non-qualified plans, focusing on cash balance plans and deferred compensation plans, which offer significant tax benefits and flexibility. They emphasize the importance of tailoring retirement plans to individual business needs and revenue levels, highlighting the potential for substantial contributions and long-term tax advantages.[00:00 - 04:41] Introduction and OverviewMike introduces the topic of advanced retirement strategies and welcomes Matt Ruttenberg.Matt explains that advanced retirement strategies are not for everyone.He introduces the concept of layering different retirement plans.[04:42 - 10:18] Retirement Plan Stack and Qualified vs. Non-Qualified PlansMatt explains qualified plans, including cash balance plans and their benefits.He details the cash balance plan, its benefits, and its design for high contributions.He also introduces non-qualified plans, highlighting deferred compensation plans.What are the benefits of non-qualified plans for key employees and tax planning?[10:19 - 17:22] Tax Code 7702 and Practical Considerations and CustomizationMatt explains Section 162 plans and the use of life insurance platforms.What are the benefits of tax code 7702 for long-term tax-deferred growth and tax-free withdrawals?Retirement plans can be customized based on business needs.[17:23 - 22:51] Customized Retirement Plans and Non-Qualified Plan BenefitsMatt explains the importance of qualified plan design and customizing retirement plans to fit individual business needs.Different levels of revenue unlock various plan options.What are the benefits of non-qualified plans for business owners and key employees?[22:52 - 26:31] Common MisconceptionsMatt addresses misconceptions about 401K plans.He shares the importance of understanding plan documents and options.Direct Quotes:"It's all about how you get the money out of the company and into these more advanced plan options." - Matt Rutenberg"Not all 401Ks are created equal. It all comes down to the plan documents and how those are designed." - Matt Rutenberg"Deferred compensation plans are often referred to as 'golden handcuffs' because they incentivize key employees to stay long-term." - Matt Rutenberg______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com

Are you making the most of your tax strategies and deductions this year?In this episode, Mike Jesowshek provides a mid-year tax savings check-in for small business owners. He emphasizes the importance of reviewing tax strategies, implementing them correctly, and maximizing deductions. Key topics include entity structure review, retirement planning, incorporating children into the business, utilizing the Augusta rule, tracking automobile expenses, and keeping bookkeeping up to date. Mike highlights the need for proactive planning and correct implementation to achieve significant tax savings.[00:00 - 06:37] Maximizing Deductions and Accountable Plans for S CorporationsMike Jesowshek emphasizes the importance of assessing and implementing tax strategies.He shares the importance of setting up an accountable plan for S Corporations.How do you evaluate the appropriateness of the current structure based on profit levels?[06:37 - 12:10] Other Tax Strategies and Correct ImplementationMike discusses the importance of setting up and funding retirement accounts.He highlights the importance of associating business purposes with travel to gain deductions.He also emphasizes the need for correct implementation of tax strategies.Year-end rush and errors can be avoided through regular bookkeeping.[12:10 - 20:51] Tax Payments and the Importance of BookkeepingMike reminds the listeners to keep up with estimated tax payments and proper documentation.Benefits of regular bookkeeping: better tax planning, accurate estimated tax payments, and reduced errors.Direct Quotes:"If you're swiping a card, let's see if we can find a business purpose for this." - Mike Jesowshek, CPA"Correct implementation is key. You can take a completely legal strategy and make it illegal by incorrect implementation." - Mike Jesowshek, CPA"Bookkeeping is the backbone of your business. It's not just for tax purposes.""Learning's great, but Implementation saves taxes." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com

Ever wondered how hiring your kids in your business could save you money and teach them invaluable life lessons?In this episode, Mike Jesowshek addresses common myths about hiring your children in your business. He outlines the potential tax benefits, the necessary legal steps, and the educational value for the children involved. Mike emphasizes that proper implementation and documentation are key to ensuring the strategy's legality and effectiveness. He also discusses the benefits of setting up a family management company and the possibility of hiring older children as 1099 contractors.[00:00 - 04:45] IntroductionMike discusses the strategy of hiring children, focusing on tax benefits, and moving after-tax spending to pre-tax spending.He gives an overview of legal requirements, such as not withholding FICA taxes if the business is a sole proprietorship or partnership, and age considerations.It is important to pay children a reasonable wage for actual work performed and the necessity of proper documentation.[04:45 - 13:07] Myths about Hiring Children and S Corporation ConsiderationsMike debunks myths such as hiring children being illegal or a form of tax evasion, and the importance of proper implementation.He discusses the benefits of teaching children about work ethics and preparing them for future roles in the business.What are the differences and additional requirements when hiring children under an S corporation?[13:07 - 23:14] Hiring Children Over 18 and Finding Suitable Work ThemMike explores the strategy for children over 18, including hiring them as W2 employees or 1099 contractors.He addresses the concerns about finding appropriate tasks for children in the business and provides examples.Direct Quotes:"Hiring your children is legal, and it's not a form of tax evasion." - Mike Jesowshek, CPA"When we hire our children at a young age, we're teaching them the invaluable lesson of working for a living." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com/@TaxSavings

Ever wondered if you can retroactively claim depreciation on a rental property or how to effectively structure multiple business entities for tax benefits?In this episode, Mike answers various listener questions related to tax strategies for small business owners. He covers topics including retroactive depreciation for rental properties, structuring multiple business entities, handling business-related vehicles, quarterly estimated tax payments, charitable contributions, hiring spouses, and the benefits of S corporations. He also provides detailed advice, including potential pitfalls and alternative strategies to optimize tax savings and compliance.[00:00 - 05:33] Retroactive Depreciation and Structuring Multiple BusinessesKaty asks about claiming depreciation on a rental property retroactively.Jeff inquires about setting up a new division within an existing business.[05:33 - 10:11] Business Vehicles, Quarterly Estimated Tax Payments, and Education ExpensesJulia asks about transferring a personal vehicle to a business.Gigi questions whether quarterly estimated tax payments need to be equal.Curtis asks about deducting tuition, books, and commuting costs for his daughter.[10:11 - 16:19] Charitable Contributions, Hiring a Spouse, and COGSTony inquires about the deductibility of charitable contributions.Scott asks about hiring his spouse for clerical work in his financial advisory business.Laurie asks about handling tax deductions for unsold inventory.[16:20 - 21:16] Payroll Taxes for Spouses and S Corporation vs. Sole ProprietorshipJasper asks about the benefits of hiring a spouse who works as a real estate professional.Angie and an anonymous Facebook group member ask about the benefits of filing as an S corporation.[21:16 - 25:15] Closing RemarksDirect Quotes:"The problem with charitable contributions is that they're an itemized deduction now, and a lot of people no longer take itemized deductions because the standard deduction is much higher." - Mike Jesowshek, CPA"99 percent of the time, the S corporation plays out as a better option if you're making $50,000 or more per year." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com/@TaxSavings

Are you maximizing your tax savings with the QBI deduction? In this episode, Mike delves into the intricacies of the Qualified Business Income (QBI) deduction, also known as the Section 199A deduction, which was part of the Tax Cuts and Jobs Act. He explains the basic rules and income thresholds, discusses which types of income qualify, and provides details on how to calculate the deduction. Additionally, he addresses the expiration of the QBI deduction after 2025 and clarifies that the deduction is taken on personal tax returns, not business returns.Discover the key rules and strategies to ensure you're not leaving money on the table by tuning in![00:00 - 05:21] Introduction to QBI DeductionMike gives an overview of the QBI deduction and its origin in the Tax Cuts and Jobs Act.General rule: Deduct up to 20% of qualified business income.Types of businesses that qualify: sole proprietorships, LLCs, S corporations, and partnerships.[05:22 - 10:10] Non-Qualifying Income and Income ThresholdsMike explains the income types that do not qualify for QBI: investment income, wage income, and income from C corporations.Income thresholds for 2024: $191,950 for singles and $383,900 for married couples.Calculation changes for those above income thresholds.[10:11 - 15:00] Specified Service Trade or Business (SSTB)Mike defines SSTBs and gives examples such as healthcare, law, financial services, athletics, performing arts, accountants, and consultants.[15:01 - 20:20] Calculation ExamplesMike shares step-by-step examples of calculating the QBI deduction below and above income thresholds.What is the Impact of W-2 wages and qualified property on the deduction?[20:21 - 23:03] Conclusion and ResourcesThe QBI deduction is taken on personal tax returns.The expiration of the QBI deduction is after 2025 unless extended by Congress.Direct Quotes:"If you have sole proprietorship income, LLC income, S corporation income, partnership income, those are all the types of income that would qualify for the QBI deduction." - Mike Jesowshek, CPA"The QBI deduction is taken on your tax return, not your business tax return."- Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com/@TaxSavings

Have you ever wondered if your business can deduct the cost of an on-site gym? In this episode, Mike focuses on the tax deductibility of gym memberships and on-premises athletic facilities for small businesses. He clarifies that personal gym memberships are not deductible, with rare exceptions for fitness instructors. However, gyms or athletic facilities located on business premises can be deductible if they primarily serve rank-and-file employees, not owners or highly compensated employees. He also provides detailed guidelines and examples to help business owners understand and comply with IRS rules for these deductions.Discover the rules and exceptions by tuning in![00:00 - 05:10] Gym Membership Deductions and On-Premises Athletic FacilitiesMike discusses the non-deductibility of personal gym memberships.It is a rare exception for fitness instructors using gyms as their business location.To qualify to be deductible, facilities must primarily serve rank-and-file employees.Highly compensated employees are employees who earn $155,000 or more in 2024.[05:10 - 11:30] Examples and Case StudiesExample 1: Gym usage by owners and highly compensated employees vs. rank-and-file employees.Example 2: Single owner and one rank-and-file employee using the gym.Example 3: Owner and family members using the gym exclusively.Mike shares the importance of using a sign-in sheet or key card system for tracking gym usage.[11:30 - 15:45] Conclusion and Additional ResourcesDirect Quote:"No business allowable business deduction for personal expense, which would be a gym membership, but there are some rare circumstances on where a gym membership might be acceptable." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com/@TaxSavings

Ever wondered how to save on taxes with your business meal expenses?In this episode, Mike Jesowshek discusses the ins and outs of meal expense deductions for small business owners. He explains how these deductions can turn after-tax spending into pre-tax spending and outlines the criteria for deductibility. Mike emphasizes the importance of detailed record-keeping and highlights various scenarios where meal expenses can be deducted. He also touches on the differentiation between meal and entertainment expenses and mentions strategies to maximize deductions while cautioning against excessive claims that could raise red flags with the IRS.Discover practical tips by tuning in![00:00 - 03:38] Introduction and Basics of Meal DeductionsMike Jesowshek discusses basic IRS rules: food and beverage costs must be ordinary, necessary, and business-related to be deductible.Mike explains pre-tax spending versus after-tax spending.It is possible to convert a family dinner into a business expense by making it a board meeting.[03:39 - 09:08] Types of Deductible Meal ExpensesDining with others (clients, staff, vendors) is 50% deductible.Solo meals when traveling for business are also 50% deductible.Meals provided at company events or marketing presentations are 100% deductible.Company parties are 100% deductible if the majority of attendees are non-tainted employees.Entertainment expenses are not deductible.Meals associated with entertainment, like a baseball game, are 50% deductible if separated on the invoice.[09:09 - 13:31] Detailed Record-Keeping, Strategies, and PitfallsMike shares the importance of writing details directly on receipts (who, what, where, when, why).He gives a warning against excessive meal expense claims to avoid IRS red flags.[13:32 - 17:02] Recap and Additional ResourcesDirect Quotes:"Meals are a great opportunity to turn after-tax spending into pre-tax spending." - Mike Jesowshek"Keep detailed records. Write directly on the receipt who you met with, the purpose, and snap a photo for your files." - Mike Jesowshek"Don't get greedy. Make sure you're smart with it. The IRS allowed us to move after-tax spending into pre-tax spending." - Mike Jesowshek"Even though you might be having lunch with someone you consider non-business related, if you're talking business, you can often tie that to a business purpose." - Mike Jesowshek______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com/@TaxSavings

Have you ever wondered how to turn your everyday expenses into legitimate business deductions?Mike Jesowshek discusses strategies for maximizing small business tax deductions, emphasizing the importance of both obvious and non-obvious deductions. He explains that any expense, whether ordinary or necessary for the business, qualifies as a deductible. Mike emphasizes proper documentation and legal compliance to ensure these deductions are valid. He also contrasts pre-tax and after-tax spending, showing how business owners can leverage pre-tax expenses to reduce taxable income. The episode includes practical tips on turning personal expenses into business deductions and stresses the importance of keeping separate business and personal financial accounts to avoid commingling.Tune into this episode to uncover the strategies that can save your business thousands in taxes each year![00:00 - 04:54] Introduction and Basic Deduction ConceptsMike Jesowshek introduces the topic of maximizing tax deductions for small businesses.He explains basic deductible expenses like advertising and software purchases.He emphasizes the correct implementation and documentation to keep deductions legal.[04:55 - 09:33] Maximizing Deductions and Real-World Applications Mike talks about converting personal expenses to business deductions.Pre-tax versus after-tax spending and its impact on taxes.Mike shares real-life scenarios of converting personal expenses during COVID-19.It is important to keep receipts and detailed documentation for all business expenses.[09:34 - 16:45] Effective Documentation and Banking PracticesAvoid commingling of funds and separate business accounts.Mike outlines strategies for documenting meals and travels as business expenses.Mike discusses the use of accountable plans to handle business expenses paid personally.He emphasizes the importance of reimbursements to ensure proper tax records and compliance.[16:46 - 24:19] Exploring Common Deductions and Episode Wrap-UpMike encourages listeners to review the IRS guidelines to understand what qualifies as a deductible expense.He shares strategies for integrating personal activities with business purposes to optimize tax deductions.Direct Quotes:"As a business owner, pre-tax spending allows you to reduce taxable income before it even reaches your pocket." - Mike Jesowshek"Maximizing deductions isn't just about spending more; it's about spending smarter." - Mike JesowshekResources Mentioned:Free guide on maximizing deductions available at: www.TaxSavingsPodcast.com/deductions ______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com/@TaxSavings

Are you leveraging the latest tax credits to provide the best retirement plans for your employees?Hosts Mike Jesowshek and guest Matt Ruttenberg discuss retirement plan options for businesses with employees. The conversation highlights various types of retirement plans like SEP IRAs, SIMPLE IRAs, Safe Harbor 401(k)s, and traditional 401(k)s. They explore the benefits of these plans, particularly in light of recent tax credits and laws that make setting up these plans more advantageous. The episode emphasizes the importance of understanding one's business needs and goals to choose the right plan, stressing the consultative approach to retirement planning.Discover how simple adjustments to your retirement planning could save you thousands in taxes and benefit your entire team by tuning in![00:00 - 06:15] Overview of Retirement Plan OptionsMike introduces the topic of retirement plans for businesses with employees.He encourages listeners to refer to previous episodes for foundational knowledge.Matt details various retirement plans available, including SIMPLE and SEP IRAs, Safe Harbor, and traditional 401(k) plans.[06:15 - 14:49] Deep Dive into Plan Features and SelectionMatt explains how businesses can select appropriate plans based on their priorities and business goals.They discuss the role of tax credits in offsetting the costs of starting retirement plans.[14:49 - 23:01] Final Thoughts and Listener Q&AMatt and Mike address common misconceptions about the complexity and cost of setting up retirement plans.They conclude with advice on consulting professionals to tailor retirement plans to specific business needs.Direct Quotes:"The vast amount of retirement plan options available should encourage every business owner to consider what's best for their situation." - Matt Ruttenberg"Don't be afraid to reach out for help, as the right plan can significantly impact your business's and employees' futures." - Matt RuttenbergConnect with Matt Ruttenberg!LinkedIn: https://www.linkedin.com/in/mattruttenberg/ ______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com/@TaxSavings

Are you a solo entrepreneur puzzled by the myriad of retirement planning options?Mike Jesowshek welcomes back Matt Ruttenberg to discuss retirement plan options for solo entrepreneurs without employees. They highlight various plans like IRAs, SIMPLE IRAs, SEP IRAs, and solo 401(k)s, emphasizing the importance of starting with the desired savings amount to determine the most suitable plan. The episode covers the contribution limits, the benefits of each plan type, and the financial implications of choosing one plan over another, particularly in terms of tax deductions and maximizing retirement savings.Discover how choosing the right plan can maximize your savings and secure your financial future by tuning in![00:00 - 05:48] Exploring Basic Retirement Plan Options, SEP IRAs, and Solo 401(k)sMike introduces the topic of retirement plans for solo entrepreneurs.Matt discusses simple retirement options like individual IRAs and SIMPLE IRAs, highlighting their benefits and contribution limits.He elaborates on the higher contribution limits of SEP IRAs and the advantages of solo 401(k)s, including their structure and potential for higher savings.[05:48 - 15:22] Comparison of SEP IRA and Solo 401(k) Contributions and Decision-Making in Retirement PlanningMatt and Mike share a detailed explanation of how contribution limits are calculated based on business type and income.They discuss the extra benefits of solo 401(k)s, such as catch-up contributions for those over 50.Choosing the right retirement plan based on the amount one wants to save simplifies the decision-making process.[15:22 - 20:05] Closing and Resource MentionDirect Quote:"So you might have a couple hundred dollars of fees, but you are netting a substantial amount more, going into that solo than you are with the SEP IRA." - Matt RuttenbergConnect with Matt Ruttenberg!LinkedIn: https://www.linkedin.com/in/mattruttenberg/ ______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com/@TaxSavings

Are you a small business owner curious about the financial benefits of establishing a retirement plan for your company?In this episode, Mike Jeshowshek and guest Matt Ruttenberg discuss the substantial tax credits and key due dates associated with setting up retirement plans for small businesses, introduced by Secure 2.0. They delve into specific credits available, such as the startup credit and the auto-enrollment credit, and outline who qualifies for these benefits. Matt provides a detailed explanation of how businesses can maximize these credits, the importance of not missing due dates, and the strategic advantage of starting retirement plans early. They also emphasize the significant tax savings and benefits for small business owners and their employees.[00:00 - 05:51] Introduction and Overview of the Series[05:52 - 12:04] Discussing Tax Credits for Retirement PlansMatt explains the startup and auto-enrollment credits under Secure 2.0.He gives examples of how businesses can utilize these credits.[12:05 - 18:44] Qualification Criteria and Case StudiesMatt provided a detailed discussion on who qualifies for the tax credits and a case study illustrating potential savings.[18:45 - 22:24] Important Due Dates for Implementing PlansMatt outlines critical due dates for various retirement plans.What is the importance of early planning and meeting deadlines to maximize benefits?Direct Quote:"Don't wait until September 15th... It takes roughly 45 to 60 days to implement these plans... So let's start having these conversations and just start looking into it." - Matt RuttenbergConnect with Matt Ruttenberg!LinkedIn: https://www.linkedin.com/in/mattruttenberg/ ______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com/@TaxSavings

Have you ever wondered if you could hire your older child to watch your younger one and claim it as a business expense? Or are you maximizing the benefits of a Health Savings Account to its fullest potential?In this Q&A episode of the podcast, host Mike Jesowshek answers a series of listener-submitted questions covering a wide range of topics pertinent to small business owners, such as tax deductions, business expenses, payroll management, and tax strategies. Mike provides detailed insights on various scenarios, such as employing children, maximizing HSA contributions, and the proper way to handle business travel deductions. He also discusses the benefits of using payroll software for S Corporations and outlines strategies for setting reasonable salaries within an S Corporation framework. Additionally, the episode includes practical advice on managing business deductions for vehicle expenses and hiring offshore freelancers.[00:00 - 00:59] Introduction and Webinar Announcement[00:53 - 04:11] Hiring Family Members and Maximizing HSA ContributionsMike discusses the non-deductibility of hiring children for childcare within most small business contexts.Health Savings Accounts (HSAs) are tax-advantaged tools, like "retirement plans on steroids."[04:11 - 09:42] Business Purchases, Tax Implications, and Renting Personal Equipment to Your BusinessMike breaks down the financial aspects of purchasing a business, focusing on asset depreciation and the treatment of seller financing.Correctly account for personal equipment used for business to ensure tax efficiency.[09:42 - 15:31] Using Payroll Software for S Corporations and other Tax TopicsUsing payroll software to streamline payroll processes can avoid common mistakes.Providing comprehensive answers to specific questions helps clarify complex tax situations.[15:31 - 23:09] Benefits of Payroll Software for S Corps and Correct Payroll HandlingWhat are the repercussions of not managing payroll properly in a small business setting?Effective payroll management prevents penalties and ensures financial stability.[23:09 - 25:44] Travel Deductions for Business TripsMike provides guidance on how to document and justify travel expenses as ordinary and necessary for business purposes.Detailed documentation and understanding of IRS guidelines can make travel expenses deductible.[25:44 - 26:49] Closing Remarks and Additional ResourcesMike concludes with additional resources, a call for questions for future episodes, and a reminder of the upcoming webinar.Direct Quote:"Think of an HSA almost as a retirement plan on steroids." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com/@TaxSavings

Have you ever wondered how to structure your multiple business ventures efficiently while minimizing your tax burden? Mike Jesowshek delves into the complexities of business structuring, particularly for individuals owning multiple businesses or in partnership. He emphasizes the utility of S Corporations in reducing self-employment taxes and the importance of establishing a parent S Corporation to streamline business operations, financial management, and tax filing. Mike advocates for separate bookkeeping for each entity, despite their consolidation under the parent S Corp, to maintain clarity in financial and legal aspects.[00:00 - 04:20] Introduction to Business Structuring and Exploring S Corporation ComplexitiesMike Jesowshek discusses the importance of structuring for business owners with multiple ventures or partnerships. He introduces the concept of S Corporations and their benefits.Mike elaborates on the complexities and requirements of maintaining S Corporations, like payroll and tax filings.[04:20 - 07:03] Structuring for Operational EfficiencyThe conversation shifts to operational structuring, emphasizing separate bookkeeping for legal and financial clarity.Mike stresses the importance of having a singular parent S Corporation owning other businesses.[07:03 - 11:32] Tax Considerations and Partnership StructuresWhat are the tax implications and structuring options for partnerships?Mike discusses different scenarios where S Corporations can benefit or complicate partnership arrangements.[11:32 - 20:09] Practical Tips and ConclusionMike shares his concluding thoughts on business structuring with a focus on legal consultation and tax efficiency.He wraps up by encouraging listeners to plan their business structure mindfully and consult professionals.Direct Quotes:"When we talk about S Corporations, obviously the goal is to minimize self-employment taxes, but S Corps comes with some complexities as well." - Mike Jesowshek, CPA"We want to have one company that we're actively participating in running through with all of our income before touching us. And we want that company to be in most cases, an S corporation." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com/@TaxSavings

Are you perplexed by estimated taxes and worried about potential penalties? Discover how to navigate the U.S. tax system's pay-as-you-go approach and strategically plan your payments to stay on top of your tax obligations!In this episode, Mike Jesowshek discusses the importance of understanding and paying estimated taxes in the U.S., emphasizing the "pay as you go" system. He explains the concept of estimated taxes, key due dates for each quarter, and the significance of making timely payments to avoid penalties and interest. Mike introduces the "safe harbor" rule, which helps taxpayers avoid penalties if they pay a certain percentage of their previous year's tax or their current year's expected tax liability.[00:00 - 01:21] Introduction to Estimated TaxesMike Jesowshek introduces the topic of estimated taxes, explaining the pay-as-you-go system and upcoming deadlines.[01:21 - 02:45] The Mechanics of WithholdingMike discusses how withholding works for W-2 employees and the responsibilities of business owners for making tax payments.[02:45 - 04:32] Year-End Reconciliation and Tax RefundsWhat is year-end tax reconciliation and what are the misconceptions about tax refunds?  [04:32 - 06:28] Estimated Tax Due Dates and PaymentMike clarifies the quarterly tax payment due dates and the reasoning behind them.[06:28 - 10:50] Safe Harbor Rule and Calculating Estimated TaxesMike talks about the safe harbor rule, how to calculate estimated taxes and the differences based on adjusted gross income.[10:50 - 17:06] Actual Method and RecapWhat is the actual method for calculating estimated taxes and the importance of planning for fluctuating business income?Direct Quotes:"A refund doesn't mean you saved money on taxes; it's just saying you paid too much in taxes throughout the year." - Mike Jesowshek, CPA"Estimated taxes are the way that business owners can make payments against that future tax bill as they're earning money." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com/@TaxSavings

We’re thrilled to invite you to our complimentary webinar, “Slash Your 2024 Taxes: Essential Strategies for Small Business Owners.” Join us for a session packed with valuable insights to minimize your tax bill.Topic: Slash Your 2024 Taxes: Essential Strategies for Small Business OwnersDate: Wednesday April 24, 2024Time: 2pm ESTSign-Up: https://www.taxsavingspodcast.com/slashtaxesIn this webinar, you’ll learn how to:Maximize Deductions: Identify and claim all the deductions you’re entitled to.Strategic Tax Planning: Structure your finances to optimize tax benefits.Experience Top Tax Strategies: Learn about the incentives the IRS gives small business owners so you can implement them. Interactive Q&A: Get answers from tax experts to your specific questions.This is a must-attend event for any business owner eager to keep more of their hard-earned money. Register now for free and ensure your spot in this transformative session!As always, our goal is to ensure you pay the least amount in taxes as legally possible!Sign-Up: https://www.taxsavingspodcast.com/slashtaxes

Are you maximizing the potential of your real estate investments through 1031 exchanges and Opportunity Zones?In this podcast, Mike Jesowshek and guest Michael Scherer delve into the intricacies of 1031 exchanges, focusing on various replacement property options, including Delaware Statutory Trusts (DSTs) and Qualified Opportunity Zones. They discuss the advantages of passive investment through DSTs, the strategic importance of planning and consulting with tax advisors, and the potential tax deferral benefits of investing in Opportunity Zones. The conversation emphasizes the need for investors to align their investment choices with their financial goals and the importance of thorough planning.[00:00 - 04:37] Replacement Property Options and Delaware Statutory Trusts (DSTs) in 1031 ExchangesMike Jesowshek introduces the topic and welcomes back expert Michael Scherer to discuss 1031 exchange replacement properties and Opportunity Zones.Michael explains the concept of Delaware Statutory Trusts as a passive investment option for 1031 exchanges.[04:38 - 06:17] Direct Real Estate Investment vs. Passive DST InvestmentMichael compares the differences between active real estate investments and passive DST investments.What are the investor involvement and management responsibilities in different types of investments?[06:18 - 12:59] Strategies for Maximizing Tax Deferral and Qualified Opportunity Zones as an Investment AvenueExploring methods for achieving full tax deferral by combining different investment strategies, like DSTs and direct property purchases.Michael highlights the Importance of strategic planning and advisory collaboration.[12:59 - 19:06] Navigating the Complexity of 1031 Exchanges and Investment OptionsHow to approach 1031 exchanges, including the importance of selecting the right replacement properties?Michael explains the concept of Qualified Opportunity Zones, their benefits, and the tax implications involved.Opportunity Zones can serve as a fallback for failed 1031 exchanges or as a strategic choice for deferring taxes.[19:07 - 22:57] The Importance of Planning and Expert AdviceMichael emphasizes the value of expert advice and the need for early planning in the investment process.Direct Quotes:"Understanding the investor's goals and objectives and working with their tax advisor is critical." - Michael Scherer"It all comes down to planning and understanding what your objectives are." - Michael SchererConnect with Michael!LinkedIn: https://www.linkedin.com/in/michael-scherer-caia-8147504/ Email: levi.smith@rcxcapitalgroup.com ______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com/@TaxSavings

Are you maximizing your real estate investment potential through tax-deferred strategies? Mike Jesowshek and Michael Scherer delve into the intricacies of 1031 exchanges. They explain its purpose, benefits, and the critical role of proper planning and advice from tax advisors. They emphasize the necessity of involving a qualified intermediary and the potential financial advantages, including tax deferral and strategic reinvestment, to maximize wealth building in real estate investment.[00:00 - 04:52] 1031 Exchanges and its Planning and PrerequisitesMike Jesowshek introduces the topic and guest Michael Scherer from RCX Capital Group.They discuss the significance of 1031 exchanges in real estate tax strategy.Key aspects of initiating a 1031 exchange including the role of tax advisors and ownership structure, are discussed.[04:53 -12:22] 1031 Exchange Process, Timelines, and Exploring Replacement Property OptionsMichael explains the strict timelines and procedural steps involved in a 1031 exchange and the importance of investing in like-kind properties for tax deferral. He explores like-kind exchange requirements and potential replacement properties.[12:22 - 16:22] Liquidity and Investment Goals in 1031 ExchangesHow does the liquidity aspect of investments affect 1031 exchange decisions?Investment goals and timelines should align with 1031 exchange strategies.[16:22 - 20:04] Final Steps and the Role of RCX Capital Group in 1031 ExchangeMichael gives an overview of the final steps in the 1031 exchange process, focusing on replacement property identification and closing within set deadlines.He shares the importance of understanding and planning for the financial and legal intricacies of the exchange process.[20:05 - 24:23] Common Mistakes and Wrap-UpMichael outlines common mistakes in 1031 exchanges, emphasizing the need for early planning and professional guidance.Final thoughts on the importance of understanding 1031 exchanges as part of a comprehensive real estate investment strategy.Direct Quotes:"1031 exchange is an exceptional tool for wealth building, but something that you need to plan around." - Michael Scherer"Proper planning is essential. Talk through your options, understand your goals and objectives." - Michael Scherer"One of the most amazing wealth-building tools is section 1031." - Michael SchererConnect with Michael!LinkedIn: https://www.linkedin.com/in/michael-scherer-caia-8147504/ Email: levi.smith@rcxcapitalgroup.com ______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com/@TaxSavings

Ever wondered how you could significantly reduce your taxable income from real estate investments in just one year?In this episode, Mike Jesowshek introduces Gabriel Florentino from Engineered Tax Services to discuss cost segregation studies, a tax strategy for real estate investors aiming to accelerate depreciation deductions. Gabriel explains the concept and benefits of cost segregation, emphasizing its significant impact on reducing taxable income by identifying and reclassifying property components to shorter depreciable lives. The discussion also covers the importance of understanding accounting terms, the difference between cost segregation and traditional depreciation methods, and the added advantage of bonus depreciation introduced in 2017, which allows for even greater tax savings in the early years of property ownership.[00:00 - 08:37] Cost Segregation StudiesMike introduces Gabriel Florentino to discuss how cost segregation can be a key tax planning strategy for real estate investments.Cost segregation allows for accelerated depreciation, offering significant tax benefits.Gabriel explains cost segregation as a method to write off 25-30% of a real estate asset's purchase price in the first year.[08:38 - 14:36] The Impact of Bonus DepreciationBonus depreciation, starting in 2017, boosts the benefits of cost segregation by allowing immediate depreciation of certain assets.Gabriel highlights the significant tax savings achievable, even as bonus depreciation percentages change over time.[14:37 - 19:52] Practical Examples and Cost Study AnalysisGabriel provides examples demonstrating the financial benefits of cost segregation and addresses the costs associated with conducting a study.Insights into the factors affecting the cost of a cost segregation study, including property type and location.[19:53 - 22:08] Conclusion and Final ThoughtsEmphasis on the value of cost segregation for both active and passive real estate investors.Gabriel mentions the complimentary benefit analysis offered to evaluate the potential benefits of conducting a cost segregation study.Direct Quotes:"Even if it's sunsetting, there is still a huge benefit of doing a cost seg study on a property." - Gabriel Florentino"Cost segregation study is still a strong tool because you're getting the real value of depreciation for a lot of components inside a property." - Gabriel FlorentinoConnect with Gabriel!Email: gflorentino@engineeredtaxservices.com Website: https://engineeredtaxservices.com ______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com/@TaxSavings

Curious about how real estate can help you grow your wealth and save on taxes?In this episode, Mike Jesowshek discusses how real estate can serve as a tool for both wealth-building and tax savings. He emphasizes the concept of depreciation, whereby the cost of a rental property can be deducted over time, and explains how this, along with other operating expenses, can offset rental income. He also delves into strategies for utilizing passive losses to offset ordinary income, such as qualifying as an active real estate investor or a real estate professional. Additionally, he touches on the "short-term rental loophole" and the importance of considering exit strategies when selling real estate investments.[00:00 - 05:21] Introduction and Overview of Real Estate Tax PlanningReal estate serves as a powerful tool for both wealth-building and tax savings.Depreciation allows the gradual deduction of the purchase price of a rental property over time.Operating expenses, including utilities and real estate taxes, can also offset rental income.An active real estate investor status allows for a maximum deduction of $25,000 to offset ordinary income.[04:00 - 13:41] Utilizing Passive Losses and Short-Term Rental LoopholePassive losses from rental properties cannot directly offset ordinary income but can be carried forward.The short-term rental loophole allows losses from short-term rentals to offset ordinary income under certain conditions.[13:41 - 17:09] Considerations for Business Owners in Real EstateBusiness income in real estate is considered active income and requires different tax strategies.An S Corporation can be beneficial for business owners earning over a certain threshold.[17:09 - 25:51] Exit Strategies and ConclusionExiting real estate investments may trigger taxes, but strategies like 1031 exchanges can defer tax liability.Quote:"Don't get into real estate for tax savings. Get into real estate to grow your wealth and then experience the benefit of tax savings that comes with real estate as that cherry on top." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com/@TaxSavings

Are you worried about filing your tax return on time or paying your tax bill?In this episode, Mike Jesowshek discusses tax extensions and strategies for paying tax bills, addressing common misconceptions and providing practical advice. He clarifies that filing an extension does not increase audit risk and emphasizes the importance of timely filing and payment. Mike outlines options for those who can and cannot afford their tax bills, including installment agreements and offers in compromise. Throughout the discussion, he stresses the significance of proactive tax planning to avoid financial strain in the future.[00:00 - 05:21] Understanding Tax Extensions and Their ImportanceFiling an extension doesn't increase audit risk, can lower chances of audit.The reasons for filing an extension include waiting on documents or incomplete bookkeeping.Extensions extend time to file, not time to pay; taxes are still due on original deadlines.Failure to file penalties is more severe than failure to pay penalties.Make estimated payments with extensions to avoid penalties and interest.[00:05:33 - 00:18:12] Strategies for Paying Tax BillsFor those who can afford tax bills, options include automatic withdrawal, online payments, or credit/debit card payments.For those who can't afford tax bills, filing returns is crucial; failure to file penalties are harsher.The options for payment include borrowing funds, short-term payment plans, or offers in compromise.Installment agreements with the IRS require timely payments to avoid complications.Proactive tax planning and estimated tax payments can prevent future financial strain.Direct Quotes:"Filing an extension is simply an extended time to file your tax return. The taxes are still due on that original due date." - Mike Jesowshek"Extensions extend time to file, not time to pay." - Mike JesowshekResources Mentioned:IRS Direct Pay: https://www.irs.gov/payments/direct-pay ______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com/@TaxSavings

Ever wondered if your global business ventures could be affecting your U.S. taxes more than you realize? In the podcast episode, Mike Jesowshek delves into the intricacies of foreign income for small business owners, covering essential aspects such as reporting requirements, types of foreign income, tax treaties, exemptions, the foreign earned income exclusion, the foreign tax credit, and compliance with reporting obligations. He emphasizes the importance of U.S. citizens and residents reporting worldwide income on their U.S. tax returns, regardless of where the income is earned. Mike also discusses strategies to mitigate double taxation, such as utilizing tax treaties and claiming foreign tax credits or income exclusions, while underscoring the critical nature of maintaining accurate records and understanding compliance requirements to ensure transparency and adherence to tax laws.[00:00 - 05:00] Introduction to Foreign Income for EntrepreneursMike Jesowshek introduces the topic of foreign income reporting for small business owners.Discussion on the requirement for U.S. citizens and residents to report worldwide income.[05:00 - 10:00] Tax Treaties, Exemptions, and Foreign Earned Income ExclusionExplanation of tax treaties and exemptions to avoid double taxation.Details on the foreign earned income exclusion, including eligibility criteria.[10:00 - 15:18] Compliance and Reporting RequirementsOverview of the compliance and reporting requirements for U.S. taxpayers with foreign income or assets.Explanation of FBAR reporting requirements for individuals with foreign bank accounts or financial interests.Quote:"There might be a credit, there might be some exclusion of it, there might be some exemptions, but the IRS wants to know about it." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com/@TaxSavings

In this episode, Mike Jesowshek answers various listener questions regarding tax strategies, S corporation elections, hiring children for tax benefits, and setting up retirement plans for businesses with non-owner employees. The episode emphasizes the importance of structuring businesses correctly to maximize tax savings, including the considerations for S corporation status, late elections for business structures, the benefits of hiring family members, and the intricacies of purchasing a business and tax implications. Mike also discusses the potential of setting up retirement plans for employees as a tax-advantageous move for small businesses.[00:00 - 00:36] Introduction to Q&A Session[00:36 - 10:10] Q&A with Mike Jesowshek, CPA part 1Mike discusses the permanence of S corp elections and the possibility of revoking them.He explains the conditions under which a late S corp election can be made for businesses already in operation.Employing your children in your business for tax advantages has benefits.Mike discusses the tax implications of seller-financed business purchases and the importance of understanding the nature of the purchase (asset vs. stock sale).How the capitalization policy for items under $2,500 affects tax deductions.[10:10 - 23:50] Q&A with Mike Jesowshek, CPA part 2Owning multiple LLCs under one holding company can simplify tax filing and considerations for asset protection.Separating entities based on active participation versus passive income sources, such as rental properties is important.Mike gives an overview of retirement plan options for small businesses and the tax benefits associated with offering them to employees.What is the best setup for businesses operating between California and Florida?Mike’s advice on consolidating tax filings for multiple LLCs under a Wyoming LLC, emphasizes the need for legal advice on asset protection.What about hiring young grandchildren and its tax implications?Setting up a separate LLC for Airbnb or furnished property businesses.What are the tax benefits and options for setting up retirement plans for small business employees?[23:50 - 24:14] Closing SegmentDirect Quotes:"Hiring your kids is potentially a great way where you can get a business deduction and they pay no income taxes on that income, again, potentially." - Mike Jesowshek, CPA"You cannot save taxes by simply learning tax strategies. You save taxes when you learn them and then you implement them." - Mike Jesowshek, CPA"If you're starting a new business, start that business where you're operating. That's going to be the easiest piece." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com/@TaxSavings

Did you know there are still tax-saving strategies you can implement after the year has ended? In the episode, Mike Jesowshek focuses on tax strategies that entrepreneurs and business owners can implement post-year-end to optimize their tax positions. He covered various aspects, including making contributions to retirement plans (both traditional and Roth IRAs, as well as employer contributions to plans like SEP IRAs and solo 401(k)s), the importance of completing bookkeeping to not miss out on potential deductions and maximizing business deductions like home office and automobile expenses. Additionally, Mike highlights the value of health savings accounts as a tax-advantaged tool and the critical deadlines for making contributions or taking deductions to apply for the 2023 tax year.[00:00 - 05:07] Retirement Tax Strategies After Year-EndTraditional IRAs or Roth IRAs are standard retirement accounts available to both business owners and non business owners. You can contribute to a Traditional IRA or Roth IRA until your tax filing date or due date (Not to Exceed April 15). You can contribute until your tax filing date including extensions to the employER contribution portions.[05:07 - 10:27] Tax Strategies After Year-End for Business OwnersGo through all of your spending for the year with a fine tooth comb to see if there are any deductions related to the business that can be added to the bookkeeping.Do not be afraid to take a valid home office deduction.Mileage in automobile expenses can be included in tax filing.After the tax year has ended, rental property owners are still able to consider conducting a cost segregation study. [10:27 - 15:43] Other Tax StrategiesA Health Savings Account (HSA) is a strategy everyone should be utilizing and maxing out if they qualify and have the funds available to do so.You do not get a tax deduction for Coverdell IRA but when you withdraw from it for qualified education expenses, it is tax-free (including any earnings).Quote:“Health Savings Accounts are almost like a retirement plan on steroids.” - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com/@TaxSavings

Expert Danny Wright from Peisner Johnson discusses the intricacies of sales tax and how it applies to business owners. Core concepts are discussed including determining if a business is subject to sales tax, identifying 'nexus' states where sales tax may be applicable, and understanding which products or services are taxable. Danny highlights the impact of accidental non-compliance, discussing the pitfalls of not remitting the sales tax charged to customers. He also notes complications caused by remote workers or drop-shipping in different states and explains the responsibilities under new marketplace facilitator laws. Finally, Danny explains how their firm offers free consultations to help businesses understand their unique responsibilities and potential liabilities.[00:00 - 09:24] Introduction to Sales Tax for Business OwnersDanny emphasizes the critical nature of sales tax as a gross receipts tax, which is independent of business profitability. He underlines the significance of setting up tax collection processes and the peace of mind it brings, despite initial administrative costs.Three main questions are addressed: What is the sales tax nexus? Is my product or service subject to sales tax? Who is responsible for handling sales tax?[09:24 - 20:30] The Impact of Sales Tax Nexus on Business OperationsSales tax is due based on the 'ship to' address, not where the product is sold or the business has nexus.A single small transaction does not automatically trigger nexus unless it exceeds the state's established threshold.Sales tax responsibility begins only after reaching the threshold, and states often offer a grace period for businesses to register and start collecting tax.[20:54 - 33:55] Invoicing and Pricing in TaxationDanny discusses the complexity of sales tax, highlighting that a business might have both taxable and non-taxable revenue streams.How businesses invoice their customers can affect taxability.Businesses with nexus in multiple states may still find that their products are exempt from sales tax everywhere.Quotes:"It's super important to pay attention to [sales tax] because it doesn't care about profitability... it really is something that can get you in trouble in a hurry in the future if you don't get an "Once you hit [an economic nexus] threshold, that is when your responsibility begins... a lot of the states offer a grace period... that's part of what you can pay attention to when you're reviewing your nexus." - Danny Wright"If you collect tax from a customer, it's not yours. And never keep it because you're going to be dealing with questions around fraud in the future." - Danny WrightConnect with Danny!Email: dannyw@pj.tax  Website: https://peisnerjohnson.com ______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com/@TaxSavings

Are you wondering if filing separately might be the right choice for your tax situation? In this episode, Mike Jesowshek discusses various aspects of 'married filing separately' tax status, explaining when this filing status could be advantageous. He primarily mentions scenarios such as a high medical expense situation for one spouse, significant student loan debt based on income for one spouse, or a tax lien on one spouse. Though in general, he believes 'married filing jointly' often provides better tax benefits. Mike also highlights the potential downsides to filing separately, such as higher tax rates and the loss of certain tax benefits.[00:00 - 04:13] Married Filing Separately: When does it make sense?Mike emphasizes that advising clients to file separately is rare, but they want to educate on when it does make sense.Key reasons for choosing to file separately:A complete separation of tax liabilityHigh medical expensesIncome-based student loan payments[04:13 - 06:29] The Downsides of Married Filing SeparatelyA key downside highlighted is higher tax rates for those who file separately, potentially leading to a higher overall tax liability.The loss of several tax benefits when filing separately is also possible, including education tax credits, child independent care tax credits, earned income tax credits, and deductions for student loan interest and certain retirement savings contributions.Mike also touches on the potential for double taxation in community property states when filing separately, adding complexity and possibly higher tax preparation fees.[06:29 - 09:10] The Process of Filing SeparatelyEach spouse must complete their own tax returns, including their individual income, deductions, and tax bills.When filing separately, couples must decide who will claim any dependents.If one spouse opts for itemized deductions, the other must also do the same, which can be a disadvantage.Mike shares some example situations where filing separately makes more sense.[09:10 - 15:23] Recap and Final ThoughtsQuotes:"When you file separately, you're separating yourself from that spouse. So the spouse that doesn't have the tax debt doesn't get their refund necessarily taken away." - Mike Jesowshek, CPA"Most taxpayers we talk to are far better off filing jointly instead of separately. But there are some specific cases where separately makes more sense." - Mike Jesowshek, CPA"When you file separately, it doesn't mean that you're having marital issues... We just want to look at what the tax benefit is." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com/@TaxSavings

Have you ever wondered how tax planning can significantly reduce your business's tax liability compared to just tax preparation? In this episode, Mike discusses the difference between tax planning and tax preparation. Tax preparation is important and required by law. It only involves reporting your business' previous year's activity to the IRS or your state agency. Tax planning, on the other hand, is a strategic activity done throughout the year that can help reduce the amount of tax a business pays. Mike emphasizes that, while tax preparation is mandated by the law, tax planning is crucial for reducing tax liability and increasing business owners' cash flow. He also provides practical approaches on how to implement tax planning, including the importance of continuous learning and strategy implementation throughout the year.[00:00 - 05:04] Tax Planning vs Tax PreparationMike focuses on the differences between tax planning and tax preparation, especially relevant at the beginning of the year.Tax planning is an ongoing process throughout the year, from January to December.Mike addresses common concerns and misconceptions about tax planning, emphasizing that it's about legally saving on taxes.[05:04 - 12:15] The Significance of Tax PlanningMike highlights how the government incentivizes business owners through tax strategies and the positive impact of businesses on the economy.Saving taxes through planning is not cheating the government; it's making use of legal incentives.Not engaging in tax planning is like refusing government-offered benefits.Understanding the law and correctly implementing tax strategies ensures legality.Mike shares how to start with tax planning, including learning about tax strategies through various resources like podcasts, blogs, and YouTube channels.[12:15 - 17:58] Resources for Tax PlanningSee the links below!Quotes:"Our mission is to help small business owners understand the strategies that are available to them, that they can implement in their business, regardless of your business size." - Mike Jesowshek, CPA"Tax planning is not just something that we do once in June and then we're done. No, tax planning is something that's going to be constantly evolving." - Mike Jesowshek, CPA"Learning doesn't save us on taxes. Taking what we've learned and implementing it is what provides us with those tax savings." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com/@TaxSavings

What if you discovered that by embracing the new e-filing changes and understanding the nuances of the 1099 NEC, 1099-MISC, and 1099-K forms, you could not only streamline your tax processes but also potentially uncover hidden financial benefits for your business? In this episode, Mike welcomes Christina Wright to discuss the IRS 600 1099-k tax rule and its recent postponement. They also discuss the changes in e-filing, covering the difference between 1099-NECs and 1099-MISCs, their uses, and their dues. The conversation revolves around the importance of adhering to tax rules to avoid penalties and the implications of the new 1099k rule for transactions made using cards or payment apps. They also cover the future outlook of this threshold for tax year 2024. Tune in to learn more about the impact of newly-imposed e-filing changes and the recommended practices in choosing provisions for e-file providers![00:00 - 04:22] Understanding 1099s and Their ImportanceChristina highlights the 1099 NEC (Non-Employee Compensation) form, used for reporting payments to freelancers or contractors over $600. The 1099 Miscellaneous form reports various types of payments such as rents and awards.[04:22 - 11:22] Understanding 1099-k and Its ImplicationsChristina discusses the process of filing 1099 forms and the complexities involved.Historically, the 1099-k had a high threshold for reporting ($20,000 and 200 transactions), but the IRS considered lowering this to include smaller transactions. For the 2022 tax year, the IRS planned to lower the 1099-K threshold to $600, regardless of transaction count.However, the IRS postponed this change to the 2023 tax year, and then again delayed it.[11:22 - 18:05] E-filing Changes for 2023 ReturnsChristina discusses the significant e-filing changes for the 2023 tax year.She also shares the challenges of e-filing independently and the advantages of using a provider like Tax Bandits, which specializes in e-filing forms all year round.Key considerations when choosing an e-file provider include their ability to support the volume of forms, provide necessary forms and corrections, offer team coordination features, and deliver strong customer support.[18:05 - 19:59] Conclusion and Final ThoughtsQuotes:"The e-file threshold has been reduced from 250 forms to 10 forms... It's a huge change, it's a big reduction and it's going to affect a lot of businesses, even the smallest businesses."  - Christina Wright"E-filing... makes everything easier and it's cost-effective. It's not something that's going to break the bank."- Mike Jesowshek, CPAConnect with Christina Wright!Email: christina@spanenterprises.comTaxBandits: https://www.taxbandits.com ______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/

Can you believe we're already stepping into another year, and with it, another tax season, signaling it's time to gear up, get organized, and make this the easiest tax season yet?In this episode, Mike welcomes us to a fresh year, 2024, and discusses the start of a new tax season. He emphasizes the importance of preparation and provides comprehensive tips for both business owners and individuals on navigating tax season effortlessly. Topics covered include the significance of gathering documents, understanding business versus personal returns, deadlines to mark on the calendar, and the necessity of bookkeeping. He outlines various tax forms and documents one should start collecting for businesses and on a personal level.[00:00 - 03:51] Wrapping Up 2023Mike shares the importance of gathering documents such as receipts, bank statements, and sales.What is the difference between business and personal tax returns?[03:51- 14:19] The Role of Bookkeeping in Tax PreparationThe Importance of Gathering and Organizing DocumentsUnderstanding the Personal Side of Tax Preparation[14:19 - 21:08] Important Tax Filing Due DatesJanuary 16, 2024 January 31, 2024 March 15, 2024 April 15, 2024Quotes:"Bookkeeping is the backbone to your business and provides so many benefits throughout the year.” - Mike Jesowshek, CPA"The last thing that we want you to do is to keep pushing off this idea of bookkeeping." - Mike Jesowshek, CPA"Our goal is to help make this tax season the one that is so easy for you... but it takes some work on your end. You need to put in some effort and you need to get some of these things done as soon as possible." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/

How can business owners effectively plan for retirement while managing the growth and operations of their businesses?In this episode, Mike welcomes back Jeremy Keil, a retirement planning expert from Keil Financial Partners, to discuss the importance of retirement planning for business owners. They explore why business owners, whether they're just starting or have been operating for a while, often neglect retirement planning and the possible consequences of doing so. They discuss aspects such as income from businesses, selling businesses, scenarios they have encountered with various business owners, and misconceptions about Health Savings Accounts (HSAs). They also delve into practical steps and strategies that business owners can implement now to save for retirement, such as maximizing HSA and Roth IRA contributions, setting up retirement plans like simple IRAs, SEP IRAs, and 401ks, and taking advantage of age-weighted profit sharing 401ks and after-tax contributions.[00:00 - 07:21] Retirement Planning for Business OwnersJeremy discusses the importance of considering retirement spending, income maximization, and tax minimization for business owners.They address the tendency of business owners to overlook retirement planning, focusing instead on business growth and operations.The common pitfalls for business owners, such as overvaluing their business or failing to create a business model that functions independently of their personal involvement.Jeremy emphasizes the need for business owners to plan for retirement regardless of their current business success.[07:21- 17:00] Health Savings Account and Other Retirement Saving Strategies for Business Jeremy emphasizes the benefits of Health Savings Accounts (HSAs) for maximizing tax advantages in retirement savings.Advice on maximizing HSAs: contribute the maximum amount possible, and pay medical bills out-of-pocket while saving receipts for potential future reimbursement from the HSA.Business owners should consider Roth IRAs, especially if their income is below a certain threshold, highlighting the opportunity for both individual and spousal contributions.He advises starting small with retirement savings, regardless of business size, and gradually increasing contributions over time.Quotes:"Your investments, you have less control over than all the other places that I mentioned. So we want to focus on the things you can control." - Jeremy Keil"When you're saving into your retirement, you want to get the most tax advantage that you can. And the number one best tax advantage you can get in any account is the health savings account." - Jeremy KeilConnect with Jeremy!Website: www.keilfp.com Podcast: Retirement Revealed Podcast______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/

Do you want to understand how retirement savings for small business owners work?In this episode, Mike welcomes Steven Jarvis, CPA, the host of the Retirement Tax Podcast. Steven provides insight on saving for retirement, especially for small business owners, and discusses the potential tax advantages. Steven also dives into the difference between pre-tax and Roth contributions, and shares tips for managing changes in tax situations in life events such as loss of a spouse or divorce. Lastly, Steven emphasizes the need to take action based on informed decisions to ensure maximum tax efficiency.[00:00 - 05:10] Retirement Savings StrategiesSteven discusses the importance of retirement planning for entrepreneurs, contrasting it with employee retirement plans.There is a need for realistic expectations of business valuation at retirement.Business owners need to update their retirement plans as their business evolves and grows.[05:10 - 12:22] Financial Planning for Business OwnersSteven emphasizes the need for business owners to start thinking about retirement planning and seeking financial advisors.Business owners face complexities and decision-making challenges regarding retirement plans compared to W-2 employees.Steven explores the differences between pre-tax and Roth contributions, including the impact of future tax rates and personal financial situations on these decisions.The importance of understanding and preparing for the tax implications of inheriting IRAs and the differing rules for spouses and non-spousal beneficiaries is covered.[12:22 - 15:50] Tax Implications of Life-Changing EventsSteven talks about the shift in tax filing status and the need for tax planning after the loss of a spouse.The loss of a spouse affects real estate tax strategies, especially when the spouse is a real estate professional.Steven encourages us to focus on emotional healing before tackling financial adjustments.[15:50 - 17:40] Closing SegmentQuotes:"We need to make great decisions and then figure out the most tax efficient way to do that." - Steven Jarvis, CPA"The more typical experience for small business owners is that they spend their whole life working on this business that is going to always be more valuable to them than it's going to be to someone else." - Steven Jarvis, CPA "The IRS rules have changed, but the paperwork needs to catch up with it." - Steven Jarvis, CPA"Part of the reason we do long-term planning is to address some of life's inevitabilities." - Steven Jarvis, CPAConnect with Steven! LinkedInRetirement Tax Strategies Podcast______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/

In this episode, Mike gives listeners an extensive review of tax-saving strategies for their businesses. Topics include the Augusta rule for tax deductions related to board meetings, the advantages of forming an LLC over a sole proprietorship, the benefits of S Corporations at certain profit levels, and the tax implications of hiring family members. Tune in to learn more![01:24 - 04:08] Combining Family Vacations with Board Meetings for Tax DeductionsMike discusses making a family member a board member/advisor and aligning board meetings with family vacations for tax benefits.[04:08 - 06:41] Choosing the Right Business StructureA new small business owner inquires about the choice between an S Corp and a sole proprietorship for tax purposes.[06:41 - 07:32] Utilizing the Augusta Rule for Partners in BusinessThe Augusta Rule is applicable for business partners renting out their personal residences.[07:32 - 10:47] TaxElm: The Comprehensive Tax Software for All Business OwnersMike details the main features of Taxelm, starting with a tax savings blueprint that provides a roadmap of personalized tax strategies and estimated savings.[10:47 - 13:17] Understanding Business Credit Card RewardsUsing business credit card rewards, like flight miles, for personal use does not constitute a business expenditure and is generally not seen as co-mingling.[13:17 - 15:39] Tax Deductions for Property Remodeling in BusinessThe rental agreement is important in determining who bears the remodeling expenses for tax deduction purposes.[15:39 - 17:07] Optimizing Home Office Deductions for S CorporationsMike discusses the general eligibility for home office deductions and the importance of having an accountable plan in place.[17:07 - 19:10] Maximizing Home Office DeductionsThere is a potential to optimize tax structures by consolidating multiple business activities under a single S corporation.[19:10 - 21:01] Hiring Your Child in Your S CorporationThere is a distinction between hiring a child as a 1099 contractor versus a W-2 employee. [21:01 - 25:52] 1099 Requirements, TaxElm, and Hiring Family Members in an S CorporationMike addresses discusses about the tax treatment of expenses paid to a graphic designer, the number of tax-reducing strategies available in the TaxEelm library, and hiring your own children in an LLC S Corp.Quotes:"Every individual in the country can rent out their personal residence for 14 days or less and pay no income taxes on that income." - Mike Jesowshek, CPA"That cleaning company, which is owned by you or your spouse, would pay your children out of there because it's a sole proprietorship." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/

Mike Jesowshek continues his 2-part episode on year-end tax-saving strategies. In this episode, Mike covers specific strategies including hiring your kids for tax benefits, setting up a family management company for S corporations, and funding Roth IRAs for children. He also delves into the advantages of short-term rentals for offsetting income and utilizing health insurance premiums as tax deductions. Additionally, he advises on purchasing necessary business items for depreciation benefits and using a Section 105 plan for high medical expenses. [02:00] The Strategy of Hiring Your KidsRoth IRAs are beneficial for your childrenEnsure compliance and fairness when hiring your kidsHiring strategies for kids over 18[06:30] Understanding State Standard DeductionsMedical expenses and tax deductionsThe short-term rental loopholeMaximizing deductions through purchasesIf you're in startup mode, make a sale before the end of the year.[13:38] The Importance of Bookkeeping and Preparing for 1099 SeasonRushing in January or February will make you miss some deductionsIf you're paying contractors that qualify and need a 1099 sent to them, you're going to need to start prepping those starting January 1st[16:09] Recap and Importance of ImplementationThe Time Is NOW To Start Paying Less In Taxes. Join Our Tax Minimization Program (with Stress-Free Bookkeeping Training)! Join Our Tax Minimization Program Today!Key Quotes:"We talk so much about how learning is so key as business owners, as individuals in general, but implementation is just as important." - Mike Jesowshek, CPA"Hiring your kids, especially those that are under 18 is a great way to get a business deduction and those children potentially pay no income taxes on that income." - Mike Jesowshek, CPA"If you're self-employed and you're paying for health insurance premiums, it's a tax deduction." - Mike Jesowshek, CPA"An HSA is one tool that the IRS does not give out too often. You get a tax deduction going into it, there's tax-free growth and tax-free withdrawals." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/

The year is finally coming to an end. But are you and your business properly equipped for it?In this episode, Mike shares the tax strategies that should be taken into consideration as the end of the year approaches. He focuses on taxation for small businesses and the use of S Corporations. He also details some information on maximizing deductions and optimizing the benefits of LLC setups, salary considerations, retirement account funding, and board meetings. Mike also offers insights on the value of home office deductions, the importance of reasonable salaries, the benefits of accountable plans, and the 14-day home rental 'Augusta' rule. Get everything ready before 2024 by tuning in![01:17] Understanding and Utilizing S CorporationsWith an S Corporation, you need to take a reasonable salary as the owner of the businessHealth insurance should be taken as a business expense in the business before the deduction can be takenAn accountable plan is a way that you can reimburse yourself for items that you paid for[09:53] Maximizing Deductions and Utilizing Board MeetingsEvery small business owner should have some type of boardThe 14-day home rental rule or the ‘Augusta Rule’[14:02] The 14-Day Home Rental Rule and Retirement AccountsSolo 401k is the best option to put the most toward retirement[17:30] Summary and Final Checklist for Year-End Tax StrategiesThe Time Is NOW To Start Paying Less In Taxes. Join Our Tax Minimization Program (with Stress-Free Bookkeeping Training)! Join Our Tax Minimization Program Today!Key Quotes:"If you're operating as a sole proprietorship and you're starting to see some progress and think an S Corp might be in the future, do some legwork now to get that LLC set up." - Mike Jesowshek, CPA"Every time you're swiping your card, ask yourself: Is there a business purpose for this? Can I back it up? Is it reasonable and necessary in my business to make this purchase?" - Mike Jesowshek, CPA"Every small business owner should have some type of board. It serves as a great opportunity to again get tax deductions for some of those traveling, some of these meals." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/

Before you know it, 12/31/23 will be gone, and we will be in 2024. In this episode, Mike focuses on year-end tax strategies for businesses. He emphasizes the importance of timely action for implementing various tax-saving measures before the end of the year. Key topics include prepaying expenses, managing income and deductions, using business credit cards for immediate deductions, and considering Roth conversions in low-income years. Mike also discusses strategies for supporting family members in lower tax brackets and making charitable contributions before year-end. Leverage existing tax laws and opportunities to optimize financial outcomes by tuning in![02:11] Prepaying ExpensesIRS regulations contain a safe-harbor rule that allows cash-basis taxpayers to prepay and deduct qualifying expenses up to 12 months in advance without challenge, adjustment, or change by the IRS[03:52] Stop Billing your Customers, Clients, and PatientsCustomers, clients, patients, and insurance companies oftentimes don't pay until billedNot billing customers and patients is a time-tested tax-planning strategy that business owners have used successfully for years[05:30] Buying Office EquipmentBonus depreciation in 2023 is at 80%, but that will be reduced each year[07:40] Use Your Business Credit CardYou get a deduction when that item gets put on that credit cardThe day you charge a purchase to your business or personal credit card is the day you deduct the expense[08:22] Don't Assume You Are Taking Too Many DeductionsIf your business deductions exceed your business income, you have a tax loss for the yearIf you are starting your business, you could very possibly have an NOL[10:11] Convert to a Roth IRAConsider converting your 401(k) or traditional IRA to a Roth IRA, especially if you are in a down income year.[13:34] Charitable ContributionsTo get an advantage for charitable contributions, you need to be taking itemized deductionsThe Time Is NOW To Start Paying Less In Taxes. Join Our Tax Minimization Program (with Stress-Free Bookkeeping Training)! Join Our Tax Minimization Program Today!Key Quotes:"If you're running at a loss, you can carry forward those losses to offset future income." - Mike Jesowshek, CPA"If you know you're going to pay something, rent's a great example, insurance a great example, you're going to need accurate bookkeeping no matter what." - Mike Jesowshek, CPA"Do not buy things you don't need just to get a tax deduction. That is a lose-lose-lose situation." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com.

You might think that your business is a low-profit business. But is it?In this episode, Mike Jesowshek discusses vital financial concepts for small business owners, focusing on how businesses are taxed and the importance of understanding profit. He explains that profit is calculated as sales minus expenses and highlights the differences between pass-through entities and C corporations regarding tax implications. The episode also covers owner compensation methods, including owner's draws/distributions and payroll, emphasizing that owner's draws do not reduce business profit and, therefore, do not affect the taxable income.[00:58] What is Profit in Your Business? The idea of a pass-through entityMike Discusses how profit is calculated for small businesses and its importance for taxation[02:04] Pass-Through entityThere is no tax on that entity at the federal levelSole proprietorship or a single member LLC with no S corp election: you're going to file that tax return and business information on Schedule CPartnership: you're going to file that at business activity on a partnership tax return, which is form 1065If you're operating as an S corporation, you're going to have a form 1120S[05:15] How to Pay Yourself in Your BusinessYou can do an owner's draw or distribution, or you can do payrollOwners draw or distribution: Transferring money from your business account to your accountOwner's draw does not reduce the profit of your businessWith a sole proprietorship, a single member LLC that's not an S corporation or a partnership, you are legally not required to pay yourself W2[08:53] How Does Tax Work?You will be taxed on your profit: Sales minus expenses and payrollOwner pay is not an expense!Mike emphasizes the need for accurate bookkeeping and understanding of tax obligations[12:41] Quick RecapThe Time Is NOW To Start Paying Less In Taxes. Join Our Tax Minimization Program (with Stress-Free Bookkeeping Training)! Join Our Tax Minimization Program Today!Key Quotes"Your profit is very simply your sales minus your expenses." - Mike Jesowshek, CPA "Owner's draws or distributions... they do not reduce the profit of your business." - Mike Jesowshek, CPA "You're taxed on the profit of your business... that's going to be sales minus expenses equals profit." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com.

Hiring one's children is an often overlooked but incredibly beneficial strategy. With IRS regulations allowing for business deductions for wages paid to those under 18, this can be an effective pre-tax spending and money-saving opportunity for parents. In this episode, we'll discuss the importance of having proper documentation in place when utilizing this strategy, as well as creative ways to use your child's skills in your business while teaching them valuable lessons in financial management and responsibility. We'll provide resources to help you create documents and templates valid when dealing with the IRS, including a job description, employment agreement, worksheet tracking task/date/hours worked, payment proof, and W-2. Plus, we'll explore how hiring your children can move after-tax spending into pre-tax spending - so don't miss out on this super informative episode![00:27] Hiring Your Kids: Get a Business Deduction and Potentially Pay No TaxHiring your kids is allowed by the IRS and provides benefits that don't apply to other peopleYou get a business deduction, and your child potentially pays no income tax on that incomeYou can pay your child out of a sole proprietorship without having to withhold for social security, Medicare, or federal unemployment taxesYour child can claim the standard deduction of 13,850, and any income over that will be taxed at the lowest bracket[04:23] Things You Need to Know Before Hiring Your ChildThe child must be age seven or older The child must be paid a reasonable rate for the type of work they are doing in your businessTrack time, tasks, and dutiesPay to an account in the child's nameHave a job description, employment agreement, and worksheetMike shares the other benefits of hiring your child[10:32] S Corporation and Non-Direct ChildrenIf you operate as an S Corporation, you need to withhold for social security, Medicare, and federal unemploymentYou can also hire non-child family members but would need to withhold for social security, Medicare, etc.The Time Is NOW To Start Paying Less In Taxes. Join Our Tax Minimization Program (with Stress-Free Bookkeeping Training)! Join Our Tax Minimization Program Today!Key Quotes"I've never found a business where their child couldn't do something for their business. And that's as business owners; we need to start thinking, what can our child be doing for our business?" – Mike Jesowshek, CPA"There's a lot of extra benefits to hiring your children over and above just the tax benefits. Your child's starting to understand working for a living and getting paid, and now they can go buy their things and they start to learn money management." – Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

It’s been half a decade since we started the Small Business Tax Savings Podcast. In today’s episode, Mike dives into how the podcast has grown and shares an exciting announcement that you don’t want to miss. Our unwavering mission? To help business owners pay the least amount in taxes as legally possible! We're on a mission to reach every small business owner in the U.S., and your support is propelling us closer to that vision. Thank you for being an integral part of our journey.[00:23] Reflecting on Our Journey: 5 Years of the Small Business PodcastThank you for your continuous support over the years!What’s happened to the podcast in the last five years?We’ve made over 270 episodes.More than 900,000 downloads.Apple podcast rating of 4.8 from 185 reviews.13,500 members in the free Facebook group.[04:31] What’s Next? Introducing TaxElm: Your Ultimate Tax ResourceGo to https://taxelm.com for your ultimate resource for eliminating taxes and wealth growth.With features like a custom tax plan, unlimited email access to accountants, live consultations, and bookkeeping analysis, we provide comprehensive support tailored to your unique situation.Tax Savings Blueprint and TrainingUnlimited Messaging w/ AccountantAnnual 1-on-1 Live ConsultationAnnual Bookkeeping AnalysisMonthly Group Webinars and TrainingPartner Directory and Discounts[08:46] How Can You Help Us?Leave Us a Review!On Apple Podcasts or wherever you may listen to us.Follow Us/Subscribe On Social Media FacebookTwitterInstagramYouTubeLinkedInTell Family, friends, colleagues, other Business Owners, and continue to tune in every week!The Time Is NOW To Start Paying Less In Taxes. Join Our Tax Minimization Program (with Stress-Free Bookkeeping Training)!  Join Our Tax Minimization Program Today!Key Quotes"Our number one goal here is to help business owners pay the least amount in taxes as legally possible." – Mike Jesowshek, CPA“Whether you're just starting a new company or looking to optimize your existing business finances, TaxElm offers the tools and guidance you need." – Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

What’s so important about correctly classifying your workers within your business? In today's episode, Mike talks about the difference between independent contractors and employees. With the government cracking down on worker misclassification, it's more essential than ever for businesses to accurately identify their workers. Misclassifications can lead to hefty penalties, making it imperative for business owners to understand and adhere strictly to payroll guidelines.Mike stresses the importance of thorough documentation to ensure smooth 1099 NEC filings at year-end. With the filing deadline on January 31st, this episode aims to give you the knowledge and tools needed for accurate tax reporting![01:12] Employee or Independent Contractor: What's the Difference?It's the employer's duty to determine the correct classification of workers.While independent contractors receive their full payment without deductions, employees have tax and other withholdings deducted from their earnings.If classified as a 1099 independent contractor, you are responsible for paying taxes on your business profit.[06:31] How to Determine an Independent Contractor or EmployeeWho controls the work, from specifics to schedules?The IRS focuses on behavioral, financial, and type of relationship to classify workers.Whether there's an employment or independent contractor agreement in place can be a clear indicator of worker status.[14:02] Why Is Proper Classification Important? Incorrectly classifying a worker can lead to severe financial consequences, including back taxes and penalties.Just because another business classifies its workers a certain way doesn’t mean it's correct or suitable for your business.For both independent contractors and employees, having clear agreements in place helps define and solidify the working relationship.[17:28] How to Avoid 1099 Pitfalls: Year-End Filing Best PracticesIt is crucial for businesses to know when and why they need to file a 1099 NEC form. Payments totaling $600 or more to an independent contractor within a tax year necessitate this filing.Actively collect Form W-9 from all contractors regardless of the payment amount to ensure they have all necessary information on hand for potential future 1099 NEC filings.Take note of situations where a 1099 NEC filing is not requiredStart preparing for 1099 NEC filings well before the year-end to ensure a smooth and compliant filing process.The Time Is NOW To Start Paying Less In Taxes. Join Our Tax Minimization Program (with Stress-Free Bookkeeping Training)!  Join Our Tax Minimization Program Today!Key Quotes"The responsibility of determining an independent contractor or employee comes down to the employer." – Mike Jesowshek, CPA"If you're classified as a 1099 independent contractor, just know that you're responsible for paying the taxes on any income that you have." – Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Ever wondered how an S-Corp's retirement contributions differ from a sole proprietor's? Or why the salary of an S-Corp owner is under scrutiny by the IRS? Dive into today's episode as Mike answers the questions you submitted! We dive into the intricacies of S-Corp tax strategies, answer questions about ad spends and late S-Corp conversions, and delve into the practicality of hiring children in business. Plus, get tips on navigating errors in transactions and staying ahead with the latest in tax planning. [01:12] Insights on S-Corps, LLCs, and Retirement PlanningAs an S-Corp owner with a SIMPLE IRA and $200,000 income, is the 3% match on just the W2 or the total?As a sole proprietor, should I get an EIN to pay my 16-year-old for minimal work?As a multi-member LLC, can we claim our client's ad spend as an expense for tax categorization?Since it's already late in the year, can I still convert my LLC into an S Corp? Or is that an audit red flag?[11:38] Tax Implications for Home-Based Work, S Corp Salaries, and Business LossesIf I work partly from home and have an external business location, can adding a home addition be tax-deductible?What are the implications of not taking a reasonable S Corp salary and skipping payroll for two years?My business has lost money for the past three years, but things are looking to turn around this year. Can I use those prior losses, or are they gone?[17:24] Questions on 1099 Mechanics, Hiring Minors, and Maximizing S Corp DeductionsIs anyone knowledgeable about the 1099 for mechanics? I've received mixed information and am seeking clarity. Can it be done without complications?I run an S Corp landscaping business and want to hire my children, aged 8 and 10. How can I make sure I'm following all the proper procedures?A third-year California real estate agent operating as an S corp LLC expects $250k in commissions with $150k pass-through profit. How can they maximize deductions and reduce taxes?[22:17] Navigating 1040 ES Payments and Initial Capital Contributions on 1120-SSomeone with an LLC taxed as an S corp mistakenly paid 1040 ES taxes from their business account. Can this be categorized as an owner's draw?LLC (taxed as S-Corp). The owner paid $2500 to the business account on the first day. Where do I need to put this amount on the 1120-S?[24:20] Final ThoughtsThe Time Is NOW To Start Paying Less In Taxes.  Join Our Tax Minimization Program Today!Key Quotes“When we look at retirement plans, look at two things. Who are we looking to take care of? And there can be multiple choices. Is it the business owner or is it their employees or both? And then what is the purpose of the plan?"– Mike Jesowshek, CPA“Now is the opportunity if you have not started tax planning yet or if you have not completed the implementation of the tax strategies that we talk about every single week on the podcast here. Now is the time to take action." – Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

How can your health expenses actually put money back in your pocket come tax season? We take a deep dive into a topic many of us often shy away from; Health. Today's episode is about how health intersects with your wallet. Specifically, how you can leverage health-related expenses to save on your taxes. We dive into self-employed health insurance, tax strategies for high medical costs, employee health options, and health savings accounts. Whether you're self-employed, running an S corporation, or simply an individual trying to navigate the complex landscape of health-related deductions, today's episode promises insights that could potentially save you money!Don’t Forget! As part of our Tax Minimization Program, we have a full section on how to go about Health Related Tax Deductions [00:25] Determining the Health Insurance Deduction Based on Your BusinessDifferences between health insurance and medical sharing plans.Sole Proprietor or Single Member LLCS Corporation OwnerIf you have non-owner employees and provide health insurance benefits, you will get a deduction for your costs for them too[06:03] Business Owners With No Employees + High Medical CostsUtilize a Section 105 Plan to turn personal medical expenses into a business deduction.[09:05] Health Benefit Options Available For Small Businesses With Employees Check our blog What Health Benefit Options are Available for Small Businesses With Employees?Options available: Group Health InsuranceIncrease Wages to Cover Costs (Taxable)Setup an HRA or QSEHRAFor small businesses with 25 or fewer employees, we recommend the QSEHRA option[12:54] What Is An HSA and How Do They Work?Read our article diving into the HSA: What Is An HSA and How Do They Work?You get a tax deduction for the funds you contribute into an HSA.Withdrawals are tax-free if used for qualified medical expenses.Interest or earnings within the HSA are NOT taxed.[18:45] What Is An HSA and How Do They Work?As year-end approaches, our goal is to guide you through strategies to ensure you pay the least amount in taxes for 2023 legally!Start planning and implementing now to get deductions in 2023.Key Quotes“I recommend everybody, business owner or not, if you have a high deductible health plan and you qualify, you should be maxing out a health savings account in HSA." – Mike Jesowshek, CPA“We have a lot of S Corp owners that don't think about this. They skip this process and just try to take it out on Schedule 1. The IRS could come back and disallow that.’ – Mike Jesowshek, CPA“When I first started my business, it was tough to bring on employees because I didn't know how to handle the health insurance piece. I always thought it was complex, and super expensive. I learned about this idea of a QSEHRA, which is a great option where I didn't have to worry about a group plan.” – Mike Jesowshek, CPA“I would hate to see small business owners avoiding growing their business or avoiding bringing on employees for the fact of health insurance when there is an option that is relatively easy, not as complex, and potentially could save you some money as well.” – Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: htt

How should you reimburse yourself for business expenses? The truth is the answer will depend on what kind of business you have. In this episode, Mike dives into reimbursing oneself for business-related costs and introduces an accountable plan; What is it and why you might need it? He also covers the four major requirements for this plan to ensure the IRS will accept reimbursements as legitimate. This episode is a must-listen for business owners aiming to navigate the often tricky terrain of personal and business expense separation! [00:25] Reimbursing Yourself As a Sole Proprietor or Single Member LLCHow you reimburse yourself depends on how your business is organized.As a sole proprietor or single-member LLC, you simply take the deduction for thebusiness portion of an expense on your Schedule C when filing your taxes.For mileage or home office expenses, report them on Schedule C. For others, like an 80% business-used cell phone, add them to Schedule C or transfer the cost from business to personal account and claim it.[03:45] Reimbursing Yourself As A S-Corporation or C-CorporationRemember:Operating as an S-Corp means you’re an employee of the corporation. The IRS requires you to have an "Accountable Plan" in place.When you pay an employee, you pay them wages which are subject to both employment and income taxes. With a reimbursement we want to ensure employees (including you) do not get hit with taxes on reimbursements.An Accountable Plan lets owners and employees submit expenses for business reimbursement without it being taxable income. [05:36] How to Set Up An Accountable Plan A written accountable plan is advised for clarity and ease during audits. It must adhere to four key principles:Business ConnectionSubstantiationNo Excess PaymentTimelinessAs part of our Tax Minimization Program we have a full section on the Accountable Plan and we discuss how to: 1. Adopt a Written Reimbursement Policy (Accountable Plan)2. Create an Accountable Plan Template / Expense Report 3. Make the Reimbursement Payment Some common accountable plan expenses include home office, personal automobile usage, office expenses, travel, parking/tolls, business meals, tools, dues, licenses, cell phone/internet, and training.[12:30] Closing SegmentMake sure you set up and use the reimbursement system before year-end for timely expense recording!Key Quotes“How we reimburse ourself is going to depend on how our business is organized.” – Mike Jesowshek, CPA“An accountable plan is just a fancy word for reimbursement policy…it’s a tool to make sure that reimbursement is being done according to law and that the IRS will accept it." – Mike Jesowshek, CPAPodcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

What are the pros and cons of having a business-owned vehicle versus a personally-owned vehicle? In this episode of the Small Business Tax Savings Podcast, Mike dives into the often confusing and overwhelming topic of business vehicles. From selecting, buying, and maintaining a car for business use to proving business use of a vehicle to the IRS. Mike offers up his expertise on how to make sure you’re getting the most out of your vehicle when it comes to tax deductions.  Mike covers the pros and cons of having a business-owned versus personally-owned vehicle, as well as tips for determining the business use percentage and tracking mileage.  Tune in now and listen as Mike shares his advice on how to select, buy, maintain, and write off a car for business use![00:24] Get The Facts On Mileage Logs And Proving Business UseToday’s topic is, “Unleashing Powerful Vehicle Tax Strategies for Small Business Owners”Mike talks about never buying a vehicle solely for tax purposes[07:26] Determining Business Use Of A VehicleThe mileage log must be backed up with documentation proving the business purpose of the milesThe need to prove business use and purposeHave a track record of mileage log, appointment book, and receiptsCalculate business use percentage[09:17] Understanding How To Deduct Vehicle ExpensesConsider factors like mileage limits, years of use, and monthly payments when deciding to buy or lease a vehicleVehicles can be in either personal or business names as long as the correct process is followedWhat are the two main options for deduction?If you have a leased vehicle, you must stick with the same method for the duration of the lease[15:34] Closing SegmentMike shares the pros and cons of a business-owned vehicle versus a personally-owned vehicle!  Final WordsKey Quotes“Whether you have a vehicle that's in your personal name or your business name and you use it for business, either way, is acceptable. You just need to make sure that you're following the correct process, whichever way you do it.” – Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Boost your financial efficiency and navigate the complexities of depreciation with confidence!Discover the power of depreciation in the world of business and investments. Learn to leverage various depreciation methods - regular, bonus, and section 179 - to optimize your tax deductions. Uncover the nuances of asset management, including when depreciation starts and how to handle asset sales. Simplify your financial records with a capitalization policy and make well-informed year-end decisionsTune into this episode to learn all you need to know about depreciation and how it can make tax filing easier for your small business![00:00 - 07:47] Mastering Depreciation: Strategies for Business Asset ManagementDepreciation is a strategy to spread asset costs over time, useful for various businessesChoose regular depreciation (3 to 39 years), bonus depreciation (up to 80% upfront), or section 179 expensing (up to $1,160,000 in year one) based on assets and goalsDepreciation applies to machinery and buildings but not personal items or landBonus depreciation and section 179 allow front-loaded deductions; regular depreciation spreads deductions over time[07:48 - 14:42] Timing, Sales, and Capitalization StrategiesDepreciation is tied to being in business and placing an asset in service during the same year for deductionsWhen selling a depreciated asset, the gain or loss is calculated using the sales price minus the asset's basisTaxable gains from selling depreciated assets are known as depreciation recapture and can impact business taxesEstablishing a capitalization policy is crucial for effective asset management in every business Bonus depreciation and Section 179 expensing can be combined to offset income[14:43 - 21:18] Simplifying Depreciation and Asset Management: Insights for Year-End PlanningThe IRS allows businesses to expense items under $2,500 immediately rather than depreciating them.Depreciation starts when assets are in service in an active business, and partial depreciation applies to assets used for both business and personal purposesSelling depreciated assets can result in taxable gains (depreciation recapture), requiring reporting on tax returnsWith year-end approaching, understanding depreciation options and capitalization policies aids informed decisions on asset purchases and deductionsLearn More: https://www.taxsavingspodcast.com/blog/what-is-depreciation-for-my-business-when-does-a-capitalization-policy-make-senseKey Quotes"Depreciation is essentially just a way of how do we write off an asset. We buy a new truck, we buy a new piece of equipment, we buy various things for our business, and how do we write it off? That's in the form of depreciation." - Mike Jesowshek"Do not go out and buy things that you don't need simply for a tax deduction. That's a no-win situation for a business owner." Mike Jesowshek______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

How can a business utilize the “14-day home rental rule” and get the most out of their business deductions while still taking advantage of tax-free income? In this episode of the Small Business Tax Savings Podcast, Mike discusses the 14-day home rental rule, which allows business owners to shift taxable business income to tax-free personal income by renting out their home for 14 days or less in a calendar year. He explores how this strategy can be beneficial for businesses that need to host events and meetings for employees and clients, as it allows them to deduct the rental rate from their tax return.Mike covers the details of how to make use of this tax code, including the need to document rental activity, setting a reasonable rental rate, and issuing 1099s if payments exceed #600.Tune in now and listen as Mike shares how to utilize this strategy and get the most out of their business deductions while still taking advantage of tax-free income![00:24] Discover How The Augusta Rule Can Help You Shift Your BusinessToday’s topic is, “Your Guide to 14-Day Tax-Free Home Rentals”Mike discusses how this rule allows one to potentially shift taxable business income to tax-free personal income[04:40] Take Advantage Of The 14-Daay Home Rental RuleBusiness must be a separate legal entity to take advantage of this strategyNeed to have a valid business reason for rentalHome office deduction can still be taken on top of the 14-day home rentalDetermine a reasonable rental rate and have backup proof[08:34] Utilize The 14-Day Home Rental Rule For Tax DeductionsHave a lease agreement to button up the strategyMake a payment from a business account to the personal accountProcess 1099 from business to personal and zero it out on personal tax returnUtilizing the 14-day home rental rule can be used as a tax deduction[14:09] Closing SegmentMike shares how to utilize the Augusta Rule!  Final WordsKey Quotes“If you want to take advantage of this strategy, there are a few things that you need to know, you need to file, you need to be thinking about. You need to have a valid business reason. It must be 14 days or less in total for the year. And it must be a personal residence.” – Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

How can you save money with the “Kiddie Tax”? In this episode of the Small Business Tax Savings Podcast, Mike discusses strategies for reducing or avoiding the Kiddie Tax. He explains when it applies and what investments can be used to keep unearned income low.Mike provides tips on filing form 8615, investing in Series EE, saving bonds, and more.    Tune in now and listen as Mike shares his goal to ensure you are paying the lowest amount in taxes as legally possible! [00:24] Strategies To Minimize Unearned Income Tax For MinorsToday’s topic is, “How can you take advantage of the Kiddie Tax”What is a “Kiddie Tax”?[01:21] 4 Primary Criteria Of Kiddie TaxPeople were investing in stocks, interest, and dividends in their child’s name to take advantage of lower tax bracketsFour primary criteria for when the kiddie tax comes into playStay below the threshold to avoid Kiddie TaxChoose investments that yield minimal or no dividends[05:36] Minimize Kiddie Tax And Take Advantage Of Investment OpportunitiesUtilize a Section 529 plan for tax-exempt withdrawalsInvest in life insurance products with tax-deferred growthWhere can you apply “Kiddie Tax”?What are ways to avoid the “Kiddie Tax”?[08:02] Closing SegmentMike shares his goal to ensure you are paying the lowest amount in taxes as legally possible!Final Words Key Quotes“Stay below the threshold. Simply put, if the unearned income of your child is under the annual threshold. No “Kiddie Tax” applies, nothing to worry about there.” – Mike Jesowshek, CPA______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

What is the best approach for your taxes as a W2 earner? In this episode of the Small Business Tax Savings Podcast, Mike discusses strategies to save on taxes and grow wealth. Learn how to take advantage of employer matches, and traditional or ROTH IRA contributions, become an active investor in rental properties, qualify as a real estate professional, use the short-term rental loophole, and explore other opportunities to offset income with rental losses.        Mike covers everything from pre-tax retirement, contributions, Health Savings Accounts (HSAs), rental properties, starting a business, itemized deductions, and standard education.     Tune in now and listen as Mike provides tips and tricks to find out when income begins to increase, and more advanced planning opportunities like charitable activities or solar investments may become available! [00:24] Maximize Your Tax Savings And Secure Your Financial FutureToday’s topic is, “Do you want to maximize your tax savings and secure your financial future?”Mike discusses retirement plans, Health Savings Accounts (HSAs), rental properties, and starting a business[04:15] Maximize Your Retirement Savings And Take Advantage Of Tax BenefitsTake full advantage of any employer match offered as a W2 earnerConsider traditional or ROTH IRA contributions with income limits and backdoor ROTH IRA optionsHSAs provide tax deductions for contributions and tax-free withdrawals for qualified medical expensesSelf-directed investments and brokerage accounts can be used with an HSA[08:37] Maximizing Your Tax Savings As A W2 Income EarnerReal estate can be a great tax-saving strategy and wealth-building toolRental losses may not offset W2 income, but there are strategies to do soQualifying as a real estate professional or using the short-term rental loophole can help offset your W2 incomeFlexible Spending Accountants (FSAs) allow for pre-tax money to be used for certain items[15:32] Closing SegmentMike provides his tips and tricks to increase wealth planning opportunities!Final Words Key Quotes“When you make pre-tax contributions, you get a tax deduction. You're not taxed on that. You can reduce your taxable income by that amount when you contribute to that retirement plan. But when you withdraw in retirement, you pay taxes on that. So, think of the strategy as more like a tax deferral. Get a tax break today, but pay taxes later on.” – Mike Jesowshek, CPA______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Do you want to learn the ins and outs of hiring your spouse for your small business? In this episode of the Small Business Tax Savings Podcast, Mike takes a deep dive into the tax implications of hiring a spouse and how to make sure you stay on the right side of the law. Learn about the advantages and disadvantages of taking this route, such as increasing retirement contributions and gaining access to fringe benefits, but also paying additional taxes.     Mike explains why having your spouse serves as a board member may be more beneficial than simply having them work for you, what documentation must be kept in place, and how to best utilize this strategy to maximize tax savings for your business.  Tune in now and listen as Mike teaches the ins and outs of hiring your spouse for your small business![00:27] Maximize Your Retirement SavingsToday’s topic is, “Hiring Your Spouse for Tax Benefits”Mike discusses hiring your spouse, but there are tax implications to consider[02:33] Reasons To Hire A SpouseTax advantages when paying benefits such as retirement planning, health costs, and fringe benefitsMaximize retirement contributions by hiring your spouse and having them contribute to the business retirement planHiring a spouse can help maximize retirement contributions and provide a business deduction for high health costsFringe benefits such as life insurance, working condition benefits, and de minimis benefits can be provided to employees tax-free[06:04] The Benefits And Disadvantages Of Hiring Your SpouseHaving a spouse as a board member can also take advantage of certain itemsPaying wages to the spouse is not recommended as it will shift the taxes to the individual’s incomeReasons to hire a spouse:Maximize retirement contributionsShift high out-of-pocket medical costs into business deduction[12:20] Closing SegmentMike talks about the ins and outs of hiring your spouse for your business!Final WordsKey Quotes“If you hire your spouse in your business and you pay them cash wages or direct deposit wages, you're simply moving income from one area of your return to another. So you're getting a tax deduction from paying them wages, but now you're reporting that as income on the tax return that you guys do together.” – Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

How can business owners minimize taxes and maximize growth? In this episode of the Small Business Tax Savings Podcast, Mike dives into strategies to help business owners minimize taxes and maximize growth. He discusses the advantages of hiring family members and avoiding FICA taxes by staying below the standard deduction rate.Mike covers topics such as setting up an LLC or DBA, using cloud-based bookkeeping software, converting 1099 contractors into W2 employees, taking advantage of retirement plan options like solo 401K or 401K plans, and more.Tune in now and listen as Mike answers listener questions such as queries from how to structure a short-term rental business to setting up Simple IRA accounts while becoming an S-Corp![00:24] Listener Questions And Answers With Mike Jesowshek, CPAToday’s topic is, “Listener Questions and Answers”From topics such as home deductions and the tax implications of purchasing a separate property for business and primary residence      [03:58] Save On Taxes With Your Vacation Rental Cleaning BusinessPaying children under 18 for services rendered does not require FICA or federal unemployment taxesStartup costs and equipment can be written off as a tax write offMoving money into a simple IRA can avoid tax liability for the yearSolo 401K gives more options than a regular 401K[13:54] Maximize Your Retirement Savings With Solo 401K And Simple IRA OptionsBecoming an S Corp, your salary would determine how much you can contribute to retirementPayroll taxes are automatically withheld, but not for remaining distributions or profitsGood bookkeeping: separate business bank account and credit cardStay up to date on bookkeeping and do it consistently to get a good idea of how your business if performing[33:31] Closing SegmentMike shares his expertise and experience on how to minimize taxes and maximize growth!Final WordsKey Quotes“If you want to separate businesses for liability purposes, our favorite setup is to have one main company. That's an LLC tax and S corporation. And then any of those different businesses would be separate LLCs that are 100% owned by that S corporation. So that all these businesses that you own are flowing through that one S corporation.” – Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

How can you maximize your business potential? In this episode of the Small Business Tax Savings Podcast, Mike welcomes Matt Ruttenberg. Matt provides an overview of the different plans available and how they can benefit both employers and employees. Matt covers topics such as the different types of deferred compensation plans, the bonus 162 plan, and life insurance retirement plans.Tune in now and hear Matt discusses how a better understanding of the different non-qualified retirement options available and when it makes sense for you to use them![00:22] Discover Non-Qualified Retirement OptionsToday’s topic is, “Unlock Your Business Potential: Exploring Non-Qualified Retirement Plans!”Non-qualified retirement options remove the tax benefits and rules associated with qualified plansDeferred compensation is the most restrictive type of non-qualified plan[04:48] Unlocking The Benefits Of A Bonus 162 PlanA deferred compensation plan is a way to bonus employees at retirementThe Bonus 162 Plan is an executive bonus plan that uses only a life insurance platformRestrictions for targeting key employeesThe plan mimics a vesting schedule and the taxes are wiped out when the employee takes over the policy[10:22] Exploring Retirement Plan OptionsThe employer pays taxes on any bonuses given to the employee in that yearThe cash value of the policy grows tax deferred and mimics a ROTH when taking money outLife insurance policies have their place, but they are oftentimes oversoldEvery person is different and there are different solutions available[15:25] Closing SegmentMatt provides his insights to listeners to have a better understanding of the different non-qualified retirement options available to business owners!Final WordsKey Quotes“When you remove the qualified stamp from a plan, it removes a lot of the rules that go with it, not only from you as an individual, but you from an employer. So, you don't have to offer it to employees. There are no limits on contributions.” – Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

How can you take advantage of tax strategies for rental properties in order to maximize investment returns? In this episode of the Small Business Tax Savings Podcast, Mike talks about the different types of depreciation such as straight line, accelerated bonus, and section 179, how cost segregation can be used to accelerate depreciation, and how losses from rental properties can be used to offset other income.Mike covers Mortgage Interest, Property Taxes, Insurance, Repairs and Maintenance, Travel Expenses, and Hiring Your Kids.  Tune in now and hear Mike discuss leveraging tax strategies for rental properties to maximize investment returns![00:24] Exploring Depreciation Strategies For 2023Today’s topic is, “Rental Property Tax Essentials”Rental properties are a great way to save money on taxes and grow your businessDepreciation is a powerful tax savings tool for rental property owners[02:06] How To Leverage Cost Segregation StudiesDifferent types of depreciation can be used, such as straight line, accelerated bonus, and section 179The Tax deductions available for rental properties, such as:Mortgage InterestProperty TaxesInsuranceRepairsMaintenanceTravel ExpensesReal Estate Investments and cost segregation studies[07:45] Exploring The Short Term Rental LoopholePassive losses can only offset passive incomesStrategies to maximize losses include becoming a real estate investor or professionalQualifying as a real estate professional can use losses to offset W2 income and business incomeQualifying as a real estate professional can be difficult for high-income earners[16:23] Closing SegmentMike advises listeners on how to leverage tax strategies for rental properties in order to maximize investment returns!Final WordsKey Quotes“Depreciation is a powerful tax savings tool, and it's one of the reasons that so many people can get into real estate, rental properties, and utilize losses from that rental property to offset their income.” – Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Do you want to learn more about Corporate Transparency Act and how it can benefit your business? In this episode of the Small Business Tax Savings Podcast, Mike welcomes John R. Strohmeyer. John is an attorney providing legal services covering Estate Planning & Probate, Tax: Business and International, and Business / Corporate. After working for law firms for nearly nine years, I started Strohmeyer Law so that I could bring what I learned about client service from the Four Seasons to the legal industry. John covers what information needs to be reported such as legal names, dates of birth, residential addresses, identifying documents, and photocopies of those documents.Tune in now and hear John explains potential penalties for not filing and remind people to get this done ahead of time![00:23] Corporate Transparency Act ExplainedMike welcomes John R. Strohmeyer to the show!Today’s topic is, “Cracking the Code: Corporate Transparency Act Explained for Small Business Owners”       John is an attorney providing legal services covering Estate Planning & Probate[04:14] What Is The Purpose Of The Corporate Transparency ActWhat is the purpose of the Corporate Transparency Act?The government requires information on beneficial owners, senior officers, and people with substantial influence on entitiesTrusts and general partnerships are exempt from filingWhat are the exemptions for entities?[13:16] Understanding How The Corporate Transparency Act Can Help Your BusinessPenalties for willful failures are 500 per day and potential criminal penaltiesHonest mistakes may be exempt from penaltiesWhen will the Corporate Transparency Act take effect?Changes in beneficial owners must be reported within 30 days[24:33] Closing SegmentJohn shares where listeners could learn more about the Corporate Transparency Act!Final WordsKey Quotes“When a new client comes in and says, “Hey, I want an LLC.” Great. Until we have all of your information and it's ready to file. Once you've got it, we'll be able to nail all of your other Corporate Transparency Act requirements so you don't have to think about it. And until those beneficial owners change or some of their information changes, there's nothing else to file.” – John R. Strohmeyer______Connect with John through his:Website: Strohmeyer LawLinkedIn: @johnthelawyerFacebook: John StrohmeyerTwitter: @johnthelawyer______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

What is the importance of understanding and implementing a mid-year tax strategy? In this episode of the Small Business Tax Savings Podcast, Mike shares his knowledge and resources to help small business owners reduce taxation liabilities and maximize their savings.Mike covers topics such as entity structures, maximizing deductions, retirement plans, real estate investing, hiring family members, the 14-day home rental rule, automobile and equipment purchases, health insurance, capitalization policies, health savings accounts, and year-end strategies.Tune in now and hear Mike provides listeners with a wealth of knowledge on how to save money when it comes to taxation and benefit from all available deductions on mid-year tax-saving strategies![00:22] Top 10 Tax Saving Strategies For Small Businesses in 2023Today’s topic is, “The Top 10 Mid-Year Tax Saving Strategies”How to conduct a mid-year tax review to identify changes in profit, balance sheet, and W2 income[08:41] How To Conduct A Mid-Year Tax ReviewTaking action on implementing tax strategiesUtilize resources such as podcasts, blogs, and TV to learn more about tax savingsIdentify potential tax savings from changes in a family situation such as new children or spouse job changeUnderstand where profits are going to be for effective tax savings[11:28] Learn Tax Strategies, Implement Them, And Take Advantage Of Tax CreditsExplore real estate investing for tax savingsLearn and understand tax strategiesImplement tax strategies to reduce the tax billConduct a mid-year tax review to understand where you are and where you are going[17:58] Closing SegmentMike shares how listeners can benefit from all available deductions on mid-year tax savings strategies!Final WordsKey Quotes“Start learning. Start listening. Start watching. Start reading. Whatever way you like to learn, dive into this free content that we are constantly putting out for you, business owners. Whether you're making a thousand dollars a year or a million dollars a year, these strategies are available to you.” – Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

How can you create an effective business plan and pay the least amount in taxes possible? In this episode of the Small Business Tax Savings Podcast, Mike welcomes Brandon White and discusses the 11 slides needed for a successful back of the Napkin Business plan. They provide tips on crafting an elevator pitch to understand team funding needs and provide a summary slide. Owners stay organized and concise when creating their business plans. Brandon emphasizes how critical it is to have a strong team in order to scale your business and succeed. Market size, competitive landscape, financials, and more that are critical for small businesses.Tune in now and hear Brandon and learn how to create an effective business plan that will help you grow your business and pay the least amount in taxes as legally possible![00:56] What Are The Traits To Look For In Your Small Business TeamMike welcomes back his guest, Brandon White!Today’s topic is, “Team, Funding, and Summary”[03:56] How To Make Your Business More Valuable And Easier To ManageThe core team should include, a board of directors, advisors, and ambassadors/influencersSelf-reflection and judgmentHonesty with themselves and othersThey should have the tenacity and be willing to challenge authority[10:30] Delegation Is Key To Making Your Business More ValuableBusiness exit planning makes business more valuableDelegation is key in order to make life easierThe business will never scale if it relies on one personFinancials determine funding needs[18:14] Closing SegmentBrandon teaches listeners how to create an effective business plan and pay the least amount in taxes!Final WordsKey Quotes“I've learned that you actually want the board members to work for you. You don't want to just report to them, you actually then want them working for the company, and you are likely going to give them some form of compensation. So, figure out who those are.” – Brandon White______Connect with Brandon through his:Website: Brandon C. WhiteLinkedIn: Brandon WhiteYouTube: Edge with Brandon WhiteInstagram: @brandoncwhite______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

What is the importance of researching your competition and managing your financials? In this episode of the Small Business Tax Savings Podcast, Mike welcomes Brandon White and discusses the 11 slides needed for a successful back of the Napkin Business plan. They provide tips on how to create a compelling and concise business plan that will help you save money and grow your business. Brandon dives into creating elevator pitches, problem-solving, market opportunities, go-to-market plans, financials, and more. Discover the importance of understanding your competition in order to succeed in business and find out about the different sources and tools available for researching and analyzing competitors such as SWOT analysis, Magic Quadrant, SEC filings, etc.Tune in now and hear Brandon talk about various funding options, including venture capital or angel investments, getting a loan, or trading stocks![00:22] The Back Of The Napkin To Business PlanMike welcomes back his guest, Brandon White!Today’s topic is, “Competition and Financials”The focus on competition to avoid getting blindsided  [02:40] Identifying And Understanding Your CompetitionCompetition can be used as a motivator to help you grow and push your productsCollaboration with forward-thinking competitors to help each other outSoftware company doing 500 million in revenue shows it is possibleSWOT analysis to break apart competition[08:35] Breaking Down Revenue Lines And Optimizing Your Net ProfitIdentify who your competition is and where they are in the marketCash is king and understanding your revenue lines and expenses is keyMarketing should be included to understand how much money you’ll make from marketingFigure out funding options beyond venture capitalists or angel investors[16:45] Closing SegmentBrandon talks about various funding options when creating a business plan and growing your business!Final WordsKey Quotes“Identify who your competition is, where they are in the market, which is where you really are going. You may think they're competition and they're not even competition.” – Brandon WhiteConnect with Brandon through his:Website: https://brandoncwhite.com/LinkedIn: https://www.linkedin.com/in/brandonwhite/YouTube: https://www.youtube.com/channel/UCabV9Rcw4MohWvTGr3OTzFwInstagram: https://www.instagram.com/brandoncwhite/?hl=en--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

How do you create an effective elevator pitch for your business? In this episode of the Small Business Tax Savings Podcast, Mike welcomes Brandon White about their four-part series, “Back of the Napkin to Business Plan and 11 Sides”. Brandon is an entrepreneur with two exists, lots of strikeouts, an angel investor, a former venture capitalist, and worked in Marketing at America Online.He started his professional career in technology as a pioneer on the Internet in 1996 as the Founder/CEO of Worldwide Angler, Inc. Worldwide Angler was recognized as the #1 social networking and e-commerce site for sport fishermen on the Internet. He bought the company back from investors in 2001 and led it to a successful exit a decade later to a large public media company. Tune in now and hear Brandon’s advice on creating an effective elevator pitch and how to write your own back-of-the-napkin business plan![00:25] Breaking Down The Market OpportunityMike welcomes back his guest, Brandon White!Today’s topic is about the go-to-market plan, traction, and milestones[01:15] How To Determine Your Market Size And Create A Go-To-Market PlanBusiness plans don’t have to be 50-pages long, they can be concise and get information across easilyMarket opportunity slide should build from the top down, not bottom upInvestors will dive down into the market size and how much you can getGoogle is a great tool to find industry reports[14:29] Attract, Engage, And DelightPublic company SEC filings have an incredible amount of informationYour go-to-market plan should spell out how you’re going to sell, distribute, and get the product to the customerAttract, engage, and delight modelIdentifying market opportunities and having milestones for 12 to 18 months[19:03] Closing SegmentBrandon shares with the listeners how to identify your market opportunities and come up with your go-to-market plan!Final WordsKey Quotes“The business plan is your roadmap. And at some point, you are going to have to make first contact with your market and actually sell into it.” – Brandon WhiteConnect with Brandon through his:Website: https://brandoncwhite.com/LinkedIn: https://www.linkedin.com/in/brandonwhite/YouTube: https://www.youtube.com/channel/UCabV9Rcw4MohWvTGr3OTzFwInstagram: https://www.instagram.com/brandoncwhite/?hl=en--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

How do you create an effective elevator pitch for your business? In this episode of the Small Business Tax Savings Podcast, Mike welcomes Brandon White about their four-part series, “Back of the Napkin to Business Plan and 11 Sides”. Brandon is an entrepreneur with two exists, lots of strikeouts, an angel investor, a former venture capitalist, and worked in Marketing at America Online.He started his professional career in technology as a pioneer on the Internet in 1996 as the Founder/CEO of Worldwide Angler, Inc. Worldwide Angler was recognized as the #1 social networking and e-commerce site for sport fishermen on the Internet. He bought the company back from investors in 2001 and led it to a successful exit a decade later to a large public media company. Tune in now and hear Brandon’s advice on creating an effective elevator pitch and how to write your own back-of-the-napkin business plan![00:22] Back Of The Napkin To Business PlanMike is launching a four-part series with Brandon White on Back of the Napkin To Business PlanBrandon is an entrepreneur with two exits, a former venture capitalist, angel investor, and podcast host[01:12] Creating An Impactful Business PlanHe wrote his first business plan in 1995 which became the largest social networking and e-commerce site for fishermen on the internetA business plan can be broken down into people, market, funding, and productHis mentor advised him to get a product that solves a problem and sell it for more than it costsHaving a good elevator pitch that explains what the company does in an interesting way[08:40] A Step-by-Step Guide To Create A Business PlanA bad elevator pitch is too wordy and includes unnecessary detailsAn elevator pitch should be less than 15 secondsA business plan is needed and not just for first-time business ownersA business plan can be used as a guide for first-time business owners[19:08] Closing SegmentBrandon advises listeners to create an effective elevator pitch and how to write their own back-of-the-napkin business plan!Final WordsKey Quotes“Business isn't as complicated as people want to make it.” – Brandon WhiteConnect with Brandon through his:Website: https://brandoncwhite.com/LinkedIn: https://www.linkedin.com/in/brandonwhite/YouTube: https://www.youtube.com/channel/UCabV9Rcw4MohWvTGr3OTzFwInstagram: https://www.instagram.com/brandoncwhite/?hl=en--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Do you want to know how you can save money on taxes through smart strategies and proper filing? In this episode of the Small Business Tax Savings Podcast, Mike answers listener questions every other month in a Q&A session. He tackles some of the most common questions from small business owners.Mike covers topics such as the Augusta Rule, “Why banks penalize small business owners?”, whether one should receive W2s when they are employed in the family business, and the best way to receive payments for his business.Tune in now as Mike explains how you can save money on taxes through smart strategies and proper filing![00:25] Listener Q&AsToday’s episode is, “Listener Q&A”Mike invites listeners to submit their questions for the next Q&A[01:10] Maximizing Tax Deductions For Small Business OwnersWhat is the “Augusta Rule”?Banks penalize small business owners who strategize well and take advantage of tax deductions/creditsThe government does not offer incentives to banks or loan providers to work with these scenariosTry to find a bank that is business-friendly and understands what you’re doing[09:25] Understanding The Tax Implications Of Multiple Business In One LLCWhen filing a personal return and paying taxes, use an owner’s draw in QuickBooksFor paying kids for work done in the business, issue them W2s for 2022 and 2023To protect LLC status, payments should go through the business bank accountWhen paying estimated taxes for a single-member LLC or S Corp, use a personal social security number[20:53] Closing SegmentMike explains how you can save money on taxes through smart strategies and proper filing!Final WordsKey Quotes“Remember, with any business deduction we take, the deduction has to be ordinary and necessary... So just make sure you have the documentation to support it and that everything makes sense. Remember, we need agreements in place, rental agreements, we need a fair rental value.” – Mike Jesowshek, CPA--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

What Is an S Corp and Should I Become One in 2023? In this episode of the Small Business Tax Savings Podcast, Mike provides an in-depth analysis of the advantages of becoming an S-corporation. Mike reviews the different entity types and explains why an S-corporation is often a better option.  Mike covers topics of what an S-corporation is, when to become one, how to set it up, what constitutes a reasonable salary for an S-corporation owner, and how to maintain an S-corporation after.Tune in now as Mike discusses all the details on how to minimize self-employment taxes and save money legally by electing to be taxed as an S-corporation![00:28] What is an S-Corp and should I become one in 2023?Today’s episode is, “What is an S-Corp, and Should I become one in 2023?”Mike discusses everything you need to know about S-corporations[06:01] When Does An S-Corporation Make Sense?Self-employment taxes are roughly 15% of business profitsAn S-corporation makes sense when the business starts to profit around $40, 000 - $50, 000 per yearYou pay self-employment taxes on the reasonable salary option that you take as an owner of the companyBy electing for S-corporation status, you can avoid self-employment taxes on income over and above the reasonable salary[10:32] What Are The Downsides Of An S-Corporation?What are the downsides of an S-corporation?Having separate business tax returns which is more complex and costlyIn order to be an S-corporation, you need to have an LLC or C-corporation set upS-corporations help minimize self-employment taxes[16:54] Closing SegmentMike discusses all the details on how to minimize self-employment taxes and save money legally through electing be taxes as an S-corporation!Final WordsKey Quotes“S Corp is simply a tax election. It is not an entity type. We're just electing for an LLC that we already have set up, or a C Corporation that we already have set up. We're electing for that entity to be taxed as an S Corporation. And really, the main reason for an S Corporation is to help lower the amount of self-employment taxes you pay.” – Mike Jesowshek, CPA--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

How Is Your Income Taxed? In this episode of the Small Business Tax Savings Podcast, Mike breaks down the basics of taxation so that listeners can create a roadmap for their own businesses.Mike explains two main types of tax – ordinary income tax and capital gains tax, as well as self-employment taxes and FICA taxation for W2 employees. He covers the different types of income taxes, such as earned income, passive income, and portfolio or investment income.Tune in now as Mike uncovers the complexities of taxation and learn how it can help you become informed on ways to pay the least amount of taxes legally possible![00:25] Understanding How Taxes WorkToday’s episode is, “How Is Your Income Taxed?”There are two main types of tax: ordinary income tax and capital gains taxOrdinary income tax rates depend on factors such as marital status, household status, etc.[01:29] The Difference Between Ordinary Income Tax and Capital Gains Tax RatesOrdinary income tax rates depend on factors such as marital status, household status, etc.Capital gains tax are taxed at preferred rates of 0%, 15%, or 20% compared to the ordinary income tax rateShort-term capital gains, assets held for less than a year, are taxed at an ordinary income tax rateEarned income is taxed at the ordinary income tax rate and self-employment taxes may apply[12:40] The Benefits Of Passive Income and Investment IncomePassive income is not subject to FICA or self-employment taxesPassive losses can only offset passive incomePortfolio or investment income is taxed at ordinary income tax ratesFor assets held for more than one-year, a preferred capital gains tax of 0%, 15%, or 20% depending on the income is applicable [15:38] Closing SegmentMike shares his knowledge in order for listeners to uncover the complexities of taxation and learn how it can help you become informed on ways to pay the least amount of taxes legally possible!Final WordsKey Quotes“I would never advise every business owner to fully understand taxes. That's why we have accountants. That's why, we come in and help clients in certain areas. But having a basic understanding of how tax works is so key to a really painless amount of taxes legally possible. It's important for you as a business owner to have that foundation knowledge.” – Mike Jesowshek, CPA--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

What Retirement Plan Options Are Available For My Business in 2023? In this episode of the Small Business Tax Savings Podcast, Mike interviews Matt Ruttenberg from Life Inc. Retirement Services about retirement plan options available for small businesses in 2023.Matt dives into the different types of retirement plans available for business owners, including traditional IRAs, ROTH IRAs, SEP IRAs, Solo 401Ks, Simple IRAs, and the new Starter 401K coming out in 2014. Tune in now as Matt discusses the importance of saving money on taxes and creating a secure future for themselves and their employees![00:30] Retirement Plan Options For Small Business OwnersToday’s episode is all about retirement plan options that are available for your business in 2023Mike interviews Matt Rutenberg, the CMO at Life, Inc. Retirement Services[09:00] Maximize Retirement Savings with SEP IRA, Solo 401K, and Simple IRA OptionsThe goal of a retirement plan is to save money on taxes or recruit/retrain employeesTraditional IRA and ROTH IRA available for personal retirement savingsSEP IRA option for solo business owners with employer contributions up to $66, 000He hints that ROTH contributions may be allowed into SEP IRAs[12:30] Exploring Retirement Options For Business OwnersSEP IRA has a maximum contribution of $25, 000Solo 401K is a better option as it allows for an additional employee contribution of $22, 500 in 2023Traditional IRA and ROTH IRA are the two main retirement options for solo business owners with no outside employeesPayroll-directed IRA is available for business owners with outside employees or non-owner, non-family members      [19: 00] Closing SegmentMatt offers his advice on the importance of saving money on taxes and creating a secure future for themselves and their employees!Final WordsConnect with Matt!Website: Life Inc.LinkedIn: Matt RuttenbergTwitter:  @Matt_RuttenbergInstagram: @Matt_RuttenbergFacebook: Life Inc. RetirementKey Quotes“If you're trying to segment out certain employees or yourself, you might have to go towards a non-qualified plan because if you have a qualified plan like a 401k, Simple, there's rules and fairness… If you are non-qualified, it removes all those fairness rules, and then you can start targeting certain individuals and so on and so forth.” – Matt Ruttenberg--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

How do you avoid an IRS audit? In this episode of the Small Business Tax Savings Podcast, Mike discusses how to prevent an IRS audit, from co-mingling personal and business expenses to having separate bank accounts and credit banks, ditching cash payments, and taking bookkeeping seriously.Mike provides tips on what’s needed for business purposes and how to prove payment. He explains the details behind documenting automobile expenses like mileage logs and receipts to support the business purpose.Tune in now as Mike shares his advice on being aggressive in taking advantage of laws that are advantageous to you, so you can ensure you have all the documentation you need for your expenses in case of an audit![00:25] The Best Practices To Avoid An IRS AuditToday’s episode is all about avoiding an IRS auditWhat are the best ways to avoid an IRS audit?[05:00] How To Avoid An IRS Audit As A Small Business OwnerThe documentation needed for business expenses:Receipt/invoice with a dollar amountProof of paymentItemized receipts are recommended to have as much detail as possibleWho, what, where, when, and why should be written directly on the receipt for any business expense?[07:16] Understanding What Documentation Is Needed For Business Expenses And Automobile ExpensesProof of payment is required to ensure that a payment was made for the itemDocumentation should be kept in a digital fileA mileage log is required for automobile expensesDocumentation should include details of the business purpose of the trip  [15: 55] Closing SegmentMike shares his advice on being aggressive in taking advantage of laws that are advantageous to you!Final WordsKey Quotes“As a business owner, you have a huge advantage… You have nothing to worry about because you have all the documentation to back it up. Be aggressive. We always say be aggressive, but don't get greedy.” – Mike Jesowshek--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Are you struggling to save money on your small business taxes? In this episode of the Small Business Tax Savings Podcast, Mike discusses how to maximize meals and travel deductions, separate entertainment expenses from meals, and find a business purpose for all meetings that involve food or drinks.Mike provides examples of deductible meal expenses such as dining with prospects or staff members, company parties and presentations, team-building activities, recreational events and more.Mike adds more items that are eligible for deductions, which are transportation costs, lodging expenses, and rental cars.Tune in now as Mike shares an example of how a road trip can be used as both a business trip and a personal vacation if planned correctly![00:00] Maximizing Tax Deductions For Meals And TravelToday’s episode is all about maximizing meals and travel deductions!Mike states that starting in 2018 with the Tax Cuts and Jobs Act, entertainment expenses are no longer deductible, but the meal portion around that entertainment can be expenses[01:38] Unlocking The Potential Of Travel ExpensesCompany parties or presentations and food for restaurants are 100% deductibleMeals are generally 50% deductible when dining with a prospect, client, vendor, staff member, or team memberMike provides examples of expenses:Potential client/employee team mealsCompany parties/presentationsOffice meals and foodFood and drinks at golf outingsTeam building/recreational eventsMeals at a country club[13:59] Maximizing Business Deductions And Write-OffsMeal and drink of a country club membership is deductible if used for business purposesSolo meals and drinks are deductible if it is part of a business meeting or on an overnight tripTravel expenses such as transportation, lodging, car rentals, tolls, parking, taxies, Uber are deductibleWhat is considered a “Business day”?  [15: 53] Closing SegmentMike shares how a road trip can be used as both a business trip and a personal vacation if it’s planned correctly!Final WordsKey Quotes“Don't get greedy. Do the sniff test on these items, and make sure you're documenting and supporting to help back all this up.” – Mike Jesowshek--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

How Can I Maximize Office Expenses and Employee Benefits? In this episode of the Small Business Tax Savings Podcast, Mike discusses how to shift from after-tax spending to pre-tax spending, highlighting acceptable expenses that qualify as ordinary and necessary.Mike offers a guide to maximizing available business deductions and discusses planning opportunities for maximizing deductions in technology write-offs, subscriptions, and memberships.Mike emphasizes the importance of finding business purposes for expenses in order to take advantage of tax deductions as a business owner. He talks about de minimis benefits which are small and infrequent gifts or items that can be given to employees without tax.Tune in now as Mike offers an ultimate guide to business deductions at his website and learn valuable insights on office expenses and employee benefits! [00:00] Maximizing Office Expenses And Employee Benefits For Small Business OwnersToday’s episode is about how you can maximize office expenses and employee benefitsMaximizing shift toward expenses and employee benefits for small business ownersThe mindset shift towards pre-tax spending instead of after-tax spending[05:56] Planning Opportunities For Business OwnersWhat is included in employee benefit expenses?Capitalization and depreciation for items over $2, 500Technology write-offs overlooked by business ownersSubscriptions and memberships can have a business purpose and be deductible[10:11] Maximizing Tax Deductions Through De Minimis Fringe BenefitsPlanning opportunities to maximize deductions for business ownersDe Minimis benefits are small and infrequent gifts that are tax-free to the recipient and deductible for the businessWhat is not included with de Minimis benefits?The activity must be primarily for the benefit of employees other than highly compensated employees, owners, and family members[13:36] Closing SegmentMike advises listeners that maximizing deductions requires a mindset shift toward pre-tax expenses and an understanding as a business deductionFinal WordsKey Quotes“If we can find a business purpose for it, it's ordinary and necessary in our business, we have that business purpose, we have support to back that up, that can be a business expense.” – Mike Jesowshek--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Did you know that there are many tax deductions available that can help you save money? In this episode of the Small Business Tax Savings Podcast, Mike discusses maximizing advertising and gift deductions, which is part of a bigger series on business deductions and write-offs.Mike talks about advertising expenses, these refer to costs associated with promoting a company or brand through media buys, social media, website creation, and influencer marketing, among others. The key is finding a business purpose for everyday spending to turn into pre-tax spending.Mike explores the different ways to maximize tax deductions through charitable contributions, advertising expenses, and gift expenses. He delves into ways to categorize gifts as advertising expenses, such as placing logos on items or using them for training.Tune in now and check out Mike’s guide for more in-depth information on maximizing deductions while growing your small business! [00:00] Maximizing Advertising And Gift Deductions For Small Business OwnersToday’s episode is about Maximizing  Advertising and Gift DeductionsAdvertising expenses include promoting your business through various channels such as TV, Radio, Social Media, websites, etc.Gift expenses can be deductible if they are ordinary and necessary business expenses[00:50] Planning Opportunities For Business OwnersThe goal is to turn after-tax spending into pre-tax spending by finding a business purpose for everyday spendingSwag items with company logos are considered advertising expensesAdvertising expenses include promoting the brand at conventions or through contestsPlanning opportunities exist to move spending from channels[09:33] Turning Charitable Contributions Into Advertising ExpensesSponsoring a charity event or doing a charity drive can be considered an advertising expense if it leads to business growthReview-based donation systemPlanning opportunities for gift expenses include different categorizations and gifting to married couples or familiesBranding and logo can turn gifts into advertising expenses [14:17] Closing SegmentMike advises listeners that any items that cost $4 or less with your name on it are not considered gifts by the IRS  Final WordsKey Quotes“With the Tax Cuts and Job Act, the new standard deduction is increased. So many people actually lose out on getting a tax advantage of giving to charity if their itemized deduction is lower than what the standard is. So, if you can find a way to tie this type of spending to advertising, you can take it as an advertising expense, which is going to be more beneficial to you than a charitable contribution.” – Mike Jesowshek--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

How do you maximize deductions in your business? In this episode of the Small Business Tax Savings Podcast, Mike explores the core concept of deducting ordinary and necessary expenses as pre-tax spending, rather than after-tax spending.Mike provides an overview of various deductible expenses, including contract labor or outside services and insurance premiums. Before paying contractors, he advises a W9 from the m and sends 1099 at year-end.Mike covers various business expenses that are deductible, including life insurance for employees (if the company is not a beneficiary), interest on loans and mortgages, repairs and maintenance, taxes and licenses, and wages and salaries for employees. Mike emphasizes the importance of turning after-tax spending into pre-tax spending and ensuring that expenses are ordinary and necessary in your line of business.Tune in now so that you won’t miss out on the opportunity to grow your business while saving on taxes! [00:00] Maximizing Business DeductionsToday’s episode is about maximizing deductions in businessMike provides an overview of various deductible expenses, including contract labor and insurance premiums[01:07] Understanding Business ExpensesWhat are examples of deductible expenses?Life insuranceInterest in business expenseRepairs and maintenance expensesTaxes and licenses related to businessSales tax collected from buyers must be included in gross receiptsWage and salaries for employeesMaximizing deductions is about running after-tax spending into pre-tax spending[12:00] How To Lower Your Tax Liability And Saving MoneyBusiness expenses must be ordinary and necessary in your line of businessOther general expenses include bad debts, bank service charges, commissions and fees, education and training for business-related continuing education, legal and professional servicesNot getting greedy with deductions and doing the “sniff test” to ensure the legitimacy[13:24] Closing SegmentMike encourages listeners to check out the ultimate guide to maximizing business deductions and write-offs for full documentation requirementsFinal WordsKey Quotes“If you have an employee or if they get to the phase where they would be categorized as an employee, that's going to be separate. That's going to be recorded in their wages and salaries.” – Mike Jesowshek--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

What are the different tax deductions for small businesses? In this episode of the Small Business Tax Savings Podcast, Mike explains that certain expenses are tax deductible if they are ordinary and necessary for the business and have proper documentation to support them.Mike Jesowshek shares his insights into how businesses can claim this expense as a deductible item on their taxes.Mike covers various questions related to business expenses, S-Corp election, payroll, and documentation needed for paying a child in the business. Mike offers advice to Matt who needs help buying a new house with more office space since he runs his business from home.Tune in now and find out how you can save money on your taxes while growing your small business! [00:01] Listener Q&A with Mike Jesowshek, CPAPaying kids under S-Corp or sole proprietorship, deducting shipping fees, and maximizing deductions for sponsoring a golf teamPaying kids through sole proprietorship avoids withholding for social security and Medicare tax, federal unemployment, and state unemploymentSponsorship of a golf team can be a business deduction if it’s an advertising play with the intention to gain business from it[05:21] Understanding Tax Deductible Expenses for Sponsors and Small Business OwnersSponsorship expenses must be ordinary and necessary business deductionsGolf outings with clients are not deductible as a business expenseHome office deductions require exclusive use for business purposesPersonal use of home office space is not deductible[10:52] S-Corp Payroll and Hiring Your Kids for Your BusinessPaying federal and state taxes from a business bank account is acceptableEvent application fees for a food truck are tax-deductible expensesPaying a fee to run a business at a location is a business expenseDocumentation needed to pay child in business includes a job description, employment agreement, timesheet recording, and reasonable pay rate [14:40] Closing SegmentMike shares that buying a new house with bigger office space for a home-based business is possible. Fluctuating income can result in a low salary with a catch-up at year-end to meet a reasonable salaryFinal WordsKey Quotes“When we look at home office, it has to be exclusive use. So, if there is any personal use, no longer deductible, no longer able to be used as a home office unless it's a walkthrough.” – Mike Jesowshek--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

How does the Secure 2.0 Act affect 401Ks? In this episode, Matt Ruttenberg discusses the Secure 2.0 Act and how it can significantly affect tax credits for business owners. The Secure 2.0 Act is a piece of legislation that aims to improve retirement security for Americans.The Secure 2.0 Act offers three main tax credits for businesses that offer retirement plans, including an administration tax credit of $250 per non-highly compensated participant up to 100% of administration fees, and an auto-enroll credit of $500 for the first three years of a plan starting in 2023.The tax credits are only applicable to new plans, and there is still some clarification needed around certain details. Matt highlights various changes and tax credits for retirement plans that will be implemented in 2023. The contribution tax credit is the biggest and most significant tax credit, providing up to $1, 000 per participant who earns $100, 000 or less per year. This credit covers a new tax credit for small businesses that offer retirement plans.Tune in now as Matt explains how The Secure 2.0 Act affects 401Ks and its impact on retirement planning! [00:01] How The Secure 2.0 Act Affect 401KsMike welcomes Matt Rutenberg from Life Inc. Retirement ServicesHow does the Secure 2.0 Act affect 401Ks?Huge tax credits for business owners, up to $250 per participant for administration feesAn auto-enrollment tax credit of $500 for the first three years of new plans starting in 2023[03:37] Tax Credits Available For Small Business Retirement PlansNew releases for retirement plans in 2023, 2024, and 2025Opt-in plans implemented before 2023 are not eligible for tax creditsAdministrative and auto-enroll changes for new plans in 2023Simple IRAs eligible for administration tax creditsRetirement plans can be a selling point to attract and retain employees [10:46] Closing SegmentMatt reminds listeners that the deadline for employee contribution to solo 401Ks is pushed back for the first year of the plan!Final WordsKey Quotes“It's a clear goal here. They need people to save, they want people to save for retirement on their own, and these tax credits are helping to get the ball moving and to get the contributions going.” – Matt Ruttenberg--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

What is the most crucial for every business small business owner out there? In this episode, we discuss estimated taxes, where you’re a W2 employee, your taxes are calculated and paid by your employer, or as a business owner, it’s up to you to make sure you pay your own estimated taxes quarterly to cover federal and state agencies.This is because the US tax system is a pay-as-you-go system where taxes are owed on earnings as they are earned.What happens if you don’t pay enough in estimated taxes? When it comes time to file your year-end tax return, it’s simply a reconciliation of what was earned and what was paid throughout the year. If you don’t pay enough in estimated taxes, you’ll face potential penalties and interest. But don’t worry, understanding estimated taxes can help avoid big tax surprises for small business owners.Tune in now as Mike emphasizes the importance of staying on top of estimated tax payments to avoid penalties and underpayment! [00:01] Understanding Estimated TaxesWhat is the importance of estimated taxes for small business owners?The US tax system is pay-as-you-go, meaning you owe taxes as you earn moneyW2 employees have taxes withheld by employers, but business owners must pay estimated taxes on their ownEstimated taxes are paid quarterly to cover federal and state agencies[03:40] The Safe Harbor Method And Actual Method ExplainedYear-end tax return reconciles what you earned and what you paid in taxes, resulting in either a refund or the amount owedInterest and penalties may apply if you owe taxes at year-endThe IRS recognizes four quarters for estimated tax purposes, but they differ from the normal quarter systemThere are two methods for calculating estimated taxes:The Safe Harbor MethodThe Actual Method[18:13] Closing SegmentMike advises listeners to ensure that they stay on top of their estimated taxes and make sure that they’re avoiding interest and penalties when possible!Final WordsKey Quotes“By understanding estimated taxes, it can really avoid big tax surprises along with penalties, interest, and various things like that. So hopefully you walk away from today knowing what estimated taxes are, how you pay them, and how you calculate them.” – Mike Jesowshek, CPA--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Are you unsure about the difference between trademarks and copyrights for businesses? On this episode of the Small Business Tax Savings Podcast, we are joined by Andrea Sager to discuss the crucial information that small business owners need to know.Andrea Sager helps listeners to understand the importance of protecting your brand by filing applications and navigating copyright law.She shares why statutory damages are essential when registering copyright, how photographers are now using cease and desist letters as a business model, and when it makes sense to register for copyright.Tune in now as we explore how to protect yourself legally and monetize your creative works through trademarks and copyrights! [00:01] Understanding Trademarks and CopyrightsMike welcomes Andrea Sager to the show!Why you need trademarks and copyrights for your businessTrademarks protect brandings, such as brand names, logos, slogans, and podcast namesCopyright protects creative work, such as blog posts, videos, photos, and recordings[02:37] How To Protect Your Work From InfringementFederal registration is needed for trademarks to have federal rightsCopyright protection is automatic but filing may be necessary to sue for infringementStatutory damages for copyrights are important because it is hard to prove damages in a copyright caseCopyright registration varies depending on the medium, namely: blog posts, podcasts, photography, etc.Designers should send their designs to be monitored before publishing them[05:40] The Cost And Process Of Obtaining A Federal TrademarkCopyright infringement can lead to statutory damages and possibly a lawsuitThe cost of filing a copyright lawsuitThe process for filing a copyright lawsuitTrademark applications should be filed as soon as possible when a business has momentum[18:18] Closing SegmentAndrea advises listeners to protect themselves legally and monetize their creative works through trademarks and copyrights! Final WordsKey Quotes“Trademarks are your branding, your brand identity, your brand name, your logo, a slogan, a product name, a podcast name, anything that has a unique name within your business. It can probably be protected with a trademark… So, trademarks are branding, copyrights are content.” – Andrea Sager--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Are you aware of the legal protections your business needs? On this episode of the Small Business Tax Savings Podcast, we welcome Andrea Sager, Andrea is a lawyer with experience in contract law. She explains the different types of contracts businesses need for protection.Andrea Sager highlights that having a privacy policy, terms of use, service agreement, employment agreement, and independent contractor agreement are essential for most businesses.She provides valuable advice on when to use a template or hire an attorney for custom contracts and how to protect yourself if you’re working with an LLC, she outlines her best tips for creating meaningful agreements with clients and cautions against signing any document without reading it first.Tune in now to learn the importance of signing contracts and how to do so respectfully and professionally! [00:01] When To Get Custom Agreements Versus Contract TemplatesMike welcomes Andrea Sager to the show!When money or value is changing hands, a written agreement should be in placePrivacy policy and terms of use are required by federal law for websites[03:47] Why Is It Essential For You To Have Contractual AgreementsShe discusses the terms of use and agreements with regard to product-based businesses and service providersEmployers need an employment agreement to lay out rights, duties, expectations, and benefits for employeesContractors need an independent contractor agreementShe recommends talking to an attorney to make sure proper contracts are in place when generating business income[08:15] Protect Your Business With ContractAn LLC provides protection from legal liability and should be included in contractsContracts should lay out the rights and duties of both partiesAn email agreement with an offer, acceptance, and consideration can form a contractRunning a business for years without contracts should consider changing into a contract-based business moving forward [12:27] Closing SegmentAndrea provides listeners reasons for having contracts include needing a line of credit from a bank or wanting to button up business operationsFinal WordsKey Quotes“Keep in mind, anytime value is changing hands, that's when you want to have a written agreement.” – Andrea Sager--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Why do you need to file for LLC protection for your business? On this episode of the Small Business Tax Savings Podcast, we welcome Andrea Sager, Andrea is a serial entrepreneur and a lawyer. She knows first-hand how important it is for businesses of any size or stage to have legal support.Andrea Sager discusses the importance of filing for LLC protection from day one and how it can protect your personal assets from the debts of your company.She explores the potential drawbacks of not obtaining an LLC, including how to combat them. Andrea sheds light on setting up a separate business banking account to properly account for finances and maintain LLC protection. Get all this helpful information and more in this episode of the Small Business Tax Savings Podcast.Tune in now and learn how small business owners protect their businesses and maximize their tax savings! [00:01] The Pros And Cons Of An LLCMike welcomes Andrea Sager to the show!Why do you need an LLC for your business?What does an LLC stand for?[01:30] The Benefits Of LLCs For Small BusinessesAn LLC will protect you personally from the debts of your companyLLCs are usually the best option for small businesses, while corporations are better for businesses with investorsMost companies file their corporations in Delaware due to its favorable laws and courtsIt is usually best to file in the state that you live in as there is no tax benefit to filing in another state[10:26] How To Setup An LLC And Protect Your BusinessThe only way to avoid the California franchise tax is to literally move out of CaliforniaTo maintain the protection of an LLC, separate bank accounts must be maintained and funds cannot be commingledAn operating agreement is not required by law but is recommended in case something happens to the business or its owners[16:44] Closing SegmentAndrea invites listeners to her own podcast, “The Legalpreneur Podcast”!  Final WordsKey Quotes“You want that protection as soon as possible. You don't want to wait until you're making a hundred thousand dollars or whatever that magic number is. You want that LLC from day one because anything that happens before you're an LLC you do not get the LLC protection for.” – Andrea Sager--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Are you struggling to pay your tax bill? Don’t panic – there are options! In this episode, we discuss the different ways you can pay your taxes, from having the payment withdrawn with e-filing to using a debit or credit card.Mike Jesowshek offers advice such as how to create an IRS account and locate preferred vendors for payment processors. He explains what happens if you don’t pay the full amount on time – including interest and penalties, and how to avoid them.He covers state payment options and shares his tips on where to help if you need it. Get all this helpful information and more in this episode of the Small Business Tax Savings Podcast.Tune in now and learn more information on how to pay your tax bill and what happens if you don’t have the funds available! [00:01] Options for Those Who Can Afford to Pay and Those Who CannotMike provides options to pay the tax bill in full:Withdraw with e-filing of tax returnPay online via a bank account with an IRS accountPay online via a bank account using Direct PayPay online via debit or credit cardFor those who cannot afford to pay their tax bill:Create an IRS account to view balances, payment plans, and more[06:36] Learn How to Handle Your Tax Bill When You Can't Afford to PayIf you can’t afford to pay your tax bill, “Don’t panic, there are options available.”Make sure you are still filing your tax return or requesting an extension by the deadlinePay as much as you can with a tax return or extension filing to avoid penaltiesFailure to pay penalties[14:28] Don't Get Stuck in a Tax Penalty SituationThe interest rate on unpaid taxes is the federal short-term rate, compounded dailyOptions for paying taxes include:Borrowing fundsShort-term payment plan/installment agreementOffer in compromiseMake sure to file a tax return even if unable to pay the full amount[17:52] Closing SegmentCheck the State’s website for payment plans and penalties/interest rates: https://www.irs.gov/Final WordsKey Quotes“If you have both a failure to file and a failure to pay penalty in the same month, the failure to file penalty is reduced by the amount of the failure to pay penalty for that month.So, it's going to be a combined penalty of 5% for each month. If after five months you still haven't paid, the failure to file penalty will max out, but the failure to pay penalty continues until those taxes are paid.” – Mike Jesowshek--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

What do you need to know about tax extensions? On this episode of the Small Business Tax Savings Podcast, Mike provides an in-depth look at tax extensions and how they can help you.Mike Jesowshek discusses the difference between an extension of time to file and an extension of time to pay, potential reasons for needing a tax extension, how to request one, and the associated deadlines for different business structures.The potential risks associated with filing late and the penalties that could come with it. He provides tips on how to reduce your risk of an audit and what options are available for payment if you can’t afford to pay your tax bill. Get all this helpful information and more in this episode of the Small Business Tax Savings Podcast.Tune in now and learn more information on how to pay your tax bill and what happens if you don’t have the funds available! [00:01] Securing Your Business And Personal Tax Returns With Tax ExtensionsMike talks about tax extensions can be done for both business and personal tax returnsA tax extension is an extension of time to file your taxes, not to pay taxes owed[05:08] Dates To Remember: Filing Your Tax Return Or Extensions RequestExtensions are requested from the IRS or other government agenciesHe provides reasons for needing an extension that includes:Waiting on documentsBookkeeping not being completedWanting more time to ensure accuracyFor S-Corporations and Partnerships, file a tax return or an extension request by March 15th, 2023For C-Corporations and Personal Tax Returns (including Schedule C and E), file a tax return or extension request by April 18th, 2023[09:07] File Your Tax Return by the Extended Date to Avoid Interest and Audit RiskIf you've successfully extended, make sure to file the return by September 15th (for S-Corporations and Partnerships or October 16th (for C-Corporations and Personal Tax ReturnsInterest may be added if taxes are not paid on timeFiling an extension does not increase the risk of audit and may decrease itThe extension request must be filed by the original due date, and include payment with the extension request with an estimated tax bill [15:50] Closing SegmentMike will be discussing the options available to pay tax bills next week!  Final WordsKey Quotes“We don't want to just keep pushing things back because that's going to put more stress on you if you're waiting to file your tax return because you have, “Bookkeeping not completed”, and things like that. Just take some time, get it done, that stuff that we want to be forgetting about. We want to be filing and getting it past our minds. So don't try to just push these continually to the next deadline.” – Mike Jesowshek--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Do you want to know how to maximize tax savings for your small business? On this episode, of the Small Business Tax Savings Podcast, Mike provides answers to listeners’ questions about small business taxes and strategies to get the most out of every dollar. Mike Jesowshek delves into topics such as utilizing baseline tax strategies, advanced tax strategies, deducting advertising expenses, understanding the taxation of assets within an irrevocable trust, taking advantage of charitable contributions, and more.Discover strategies for back taxes and penalties related to S Corporations, such as fixing it moving forward or starting fresh in 2023 with fees and penalties. Get all this helpful information and more in this episode of the Small Business Tax Savings Podcast.Tune in now and don’t miss the opportunity for tax savings! [00:01] Maximize Your Tax Savings To Go Beyond The $500, 000 Business Loss Limitation Baseline tax strategies are available to business owners at all stages of all income levelsAdvanced tax strategies are typically not looked into until baseline tax strategies[04:27] Tax Implications of Irrevocable Trusts ExplainedClothing is traditionally not deductible if it appropriate for everyday useYour logo must be obvious for use in promotional activitiesFurniture used for Airbnb can be depreciatedIncome generated from assets within an irrevocable trust is taxed at higher tax ratesInterest or income accumulated within the trust is taxable either to the trust or the beneficiary[10:50] Strategies For Taking Reasonable Salary And Avoiding IRS Red FlagsAny earnings left within the trust are taxable, while any distributed earning is taxable to the beneficiaryCash basis taxpayers report income based on what they change, not what they would normally chargeDeductible materials can be used to create a loss in a specific scenarioCharitable contributions can be moved to advertising expenses for tax benefitsLate S-Corporations election is possible but a reasonable salary must be taken for that yearLate filing of tax returns will incur penalties and interest[17:49] Closing SegmentMike shares options for S-Corporations including either paying taxes for not being on top of it in 2022 or doing back work and penalties and then doing the S-CorporationFinal WordsKey Quotes“If you're a high-income earner, what we talk about when we look at tax planning, tax strategies, this idea of baseline tax strategies. Baseline tax strategies are available to business owners at all stages of all income levels.” – Mike Jesowshek--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Are you a small business owner looking to save money on taxes? On this episode of the Small Business Tax Savings Podcast, Mike discusses strategies available to those who missed out on tax planning before year-end, and how to still optimize your tax return even after the end of the year.Mike Jesowshek explains how contributions to Traditional IRAs, Health Savings Accounts (HAS), Coverdell IRAs, SEP IRAs, Solo 401Ks, Profit Sharing Plans, Home Office deductions, and other business strategies should be completed by either the filing date or by April 18th whichever is earlier.This conversation reviews items such as automobile expenses and deductions related to spend that can be taken advantage of if not already done so. This is an invaluable resource for small business owners who want to ensure they are paying the least amount of taxes legally possible.Tune in now and don’t miss the opportunity for tax savings! [00:01] Tax Strategies To Lower Tax Bill After Year EndTax planning is important throughout the year, not just during tax seasonOptions available for those who didn’t get to tax planning throughout the year [04:51] Maximize Your Retirement And Business Tax Strategies Before Year EndTraditional IRA and ROTH IRA contributions can be made up until the tax filing date or the original due date (whichever is sooner)Employee contributions to a retirement plan can be made up until the tax filing date including extensionsSEP IRA contribution can be made up until the date of filing with a max of the extended due dateEmployer contribution limits are 25% of W2 or 20% of net self-employment income[09:42 ] Utilizing Available Strategies For Business Tax SavingsTraditional IRA, ROTH IRA, and employee contributions to retirement plans are no longer available after December 31Complete inaccurate bookkeeping to take advantage of potential deductionsHome office deductions is a valid deductions and should be taken advantage ofAutomobile expenses should be calculated and included in the tax filingHealth Savings Account (HSA) is a strategy that everyone should utilize and max out[12:59] Closing SegmentMike shares to make 2023 the year to do tax planning throughout the year and pay the least amount of taxes legally possible by implementing available strategiesFinal wordsKey Quotes“Don't be afraid to take a valid home office deduction. Don't be afraid of it. It is a completely legal deduction and we highly recommend, that every business owner take advantage of it as long as you're doing it the right way.” – Mike Jesowshek--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Are you ready to learn the In’s and Out’s of selling a small business? On this episode of the Small Business Tax Savings Podcast, we welcome back Stuart H. Sorkin from Business and Legal Advisors to discuss how to eventually exit from your business. This is part two of a two-part series where he discusses why owners exit their business and how to best prepare for it. Stuart H. Sorkin discuss how to best prepare for an exit from a business. He tackles topics such as separating lifestyle businesses from other types of businesses, creating a management team, and handcuffing key employees to ensure the success of the M&A process.This conversation provides insight into the due diligence process for selling or buying a business and the importance of finding a professional with experience in mergers and acquisitions. He discusses the important of an LOI when negotiating an acquisition and some key points for sellers to consider, such as warranties, taxes, liabilities, and post-acquisition services Tune in now to learn more about planning for your eventual exit from your business! [00:01] Critical Considerations For A Successful AcquisitionCreating a business that has value and can go beyond the ownerThe difference between a lifestyle business and other types of businessesDelegating decisions to create a management teamSelling a business as an absentee owner[05:15] Navigating The Complexities Of The Due Diligence Process In Business DealsAn Overview of the M&A processA Letter of Intent (LOI) is a non-binding document outlining the transactionSellers should specify an amount related to the covenant not to competeGolden handcuffing key employees in advance can prevent “deal failure”[11:16] Maximize Your Return And Minimize RiskIt is important to seek professional counsel prior to signing an LOIAn LOI may include an exclusivity clause, where the seller cannot talk to anyone else while due diligence is taking placeCashless transactions are becoming more common, where the seller gets equity instead of cash[15:03] Understanding The M&A ProcessSellers should not hide anything during the process as it could come back to bite themIt is important to find a professional who understands M&A work to protect yourself and maximize returnTax planning should be done before the deal closes in order to maximize tax strategies[17:59] Closing SegmentFinal wordsKey Quotes“The point is that you're going to negotiate… There's usually an exclusivity clause that says you can't sell while I'm doing due diligence. You can't even talk to anyone else during due diligence. So, if the deal falls apart, you got to be ready. You've also been off the market for a period of time.” – Stuart H. SorkinResources MentionedConnect with Stuart:Stuart on LinkedInBusiness and Legal Advisors Webpage--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Do you know why every owner exit their business and how can you prepare for this? On this episode of the Small Business Tax Savings Podcast, we welcome Stuart H. Sorkin from Business and Legal Advisors to discuss the ins and outs of exiting a business. This is part one of a two-part series geared towards educating people on what an exit plan looks like and what to consider when leaving their business. Stewart explains that there are six different ways an owner can exit their business: selling to family, management, a third party, becoming an absentee owner, having it liquidated or dying. He also encourages creating a strategic plan from day one in order to ensure that all partners have the same goals in mind.  Stewart dives into important topics such as the importance of finding a trusted employee to run the business until it is ready to be sold, aligning the goals of key employees with those of the owner, building a due diligence library as part of preparation for potential sale and accounting for unplanned exits from the business. He stresses how important it is to think about the future but also factor in changes that may occur along the way.  This conversation touches upon many key points that will help you understand how to best prepare your business for sale and create an exit strategy from day one. If you are in the process of or thinking about exiting your business, tune in now for this insightful discussion! [00:00] Exploring Business Exits·         Every owner will exit his business in one of six ways: selling to family, selling to management, selling to a third party, becoming an absentee owner, liquidating, or dying.·         If an owner does not choose one of the first four options, one of the last two will happen.·         Partners need to have aligned goals and they must agree on the number they need out of the business.·         Financial planning should be done to determine what is needed from the business for retirement  [04:35] Planning for the Future·         Strengths and weaknesses of the business and management team should be identified·         Business owners should consider delegating tasks they don't like doing·         A strategic plan should be created with a perfect scenario 10-15 years out ·         Plans should be adjusted as needed, but there needs to be a destination in mind ·         Consider unplanned exits such as family members or management team leaving [08:55] Preparing for a Potential Sale at Any Point in Time·         At some point, you need to find a key employee that you trust to run the business until it is ready for sale. ·         Tie this person in with a stay bonus or percentage commission on the sale of the business. ·         Align key employees' goals with yours regarding an eventual sale. ·         Make sure the business is not too dependent on one or two customers. ·         Always be prepared for a potential sale of the business. [13:28] Creating a Plan for Growth·         Common goals and objectives should be established for a startup·         Financials and personal goals should be taken into account·         Avoid becoming an "absentee owner" by delegating tasks·         Businesses should have a plan for growth

Are you ready to create a successful business plan for 2023? On this episode of the Small Business Tax Savings Podcast and hear from Mike on how to set up your business for success. This episode dives into the importance of bookkeeping, tax planning, and strategic planning. Learn how to create a perfect scenario, three- and five-year plans, and a list of action items that need to be completed this year. Find out why having an accountability partner is so important in staying motivated and meeting goals, as well as which websites are great resources for finding more information about tax savings. Finally, get tips on tracking progress during regular board meetings and making adjustments as needed.[00:00] Discover How to Achieve Your Perfect Scenario with Strategic Planning ·         Strategic planning in a business is where a business defines its strategy or direction and then makes decisions or plans on how it can get there.·         Determine your perfect scenario: step away from your business for half a day and brainstorm what your perfect scenario would look like in 10-15 years.·         Do your five-year plan, and three-year plan, and determine and implement your 2023 strategic plan.·         Examples of things that may come up during brainstorming session: having your personal residence fully paid off, having a vacation home, working only two to three days per week, having a business profit of a million or 5 million or a hundred thousand dollars, having investments and or savings greater than 5 million, etc.[04:42] Creating a Three- or Five-Year Plan and Annual Strategic Plan for Your Perfect Scenario·         Three- or five-year plan: list of action items and goals to complete in the next three or five years·         Annual strategic plan: specific action items to do this year to start chipping away at future goals·         Examples of action items: hire a social media marketing firm, grow social followers, close new sales, hire staff members, max out retirement accounts, put money into investment/savings account, hire kids and fund their Roth, set up a bookkeeping system, tax planning[08:50] Strategic Planning, Bookkeeping, and Tax Planning·         Take some time to put together a strategic plan for 2023·         Include building out your perfect scenario, three- and five-year plans·         Check back throughout the year during regular board meetings to see progress·         Start researching and learning about tax strategies available to everyday business owners·         Get an accountability partner to ensure sticking with the plan [12:15] Closing Segment Final wordsKey Quotes“The ultimate goal here is to build out a roadmap. A roadmap that's going to take you or lead you to that perfect scenario.” – Mike Jesowshek“This is your opportunity to dream, your opportunity to think of what would things look like if everything was perfect in 10 or 15 years.” – Mike JesowshekResources MentionedBlog Posts: ·         https://www.taxsavingspodcast.com/blog/how-can-i-setup-my-business-for-success-in-2023 --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages:

Do you want to set up your small business for success in 2023? On this episode of the Small Business Tax Savings Podcast, we discuss key steps and action items to make sure you are ready to make a major impact. In this episode, Mike discusses how small business owners can set up their businesses for success in 2023. Mike emphasizes the importance of bookkeeping and provides tips on how to do it regularly, keep separate business and personal financial accounts, and maintain accurate records and receipts. Mike also advises creating a budget, reviewing financial statements, and setting goals for the future. Other tips include automating tasks, staying organized, and seeking professional help when needed. [00:00] 3 Key Bookkeeping Tips to Help You Grow and Pay Less in Taxes• Bookkeeping is the backbone to every business and should be done regularly (monthly at a minimum). • Set up a separate bank account and/or credit card for your business and avoid commingling personal and business expenses. • Keep great records and receipts to ensure accuracy in bookkeeping. [04:07] Maximize Your Tax Savings in 2023• Record business expenses as an owner's draw or reimburse yourself• Create a spreadsheet of business expenses on personal accounts• Utilize an accountable plan for personal expenses related to the business• Keep great records and receipts digitally • Consider using cloud-based accounting software • Budgeting is important for understanding your business's financial performance and setting goals [08:07] Start the Year Right• Implement strategies while they are fresh in your mind• Join our tax minimization program or hire a tax strategist• Think about tax planning first, then tax filing and preparation• Strategic planning is important for business success [12:15] Strategic Planning and Tax Savings Tips• Read and listen to the resources that our podcast offer• Take bookkeeping seriously and update it regularly • Don't have any commingling of business and personal items • Keep receipts and documentation • File digitally and keep on file • Research, listen, read, and implement ideas • Put a strategic plan together • Get an accountability partner  [12:59] Closing Segment• Final words  Key Quotes  “Bookkeeping is the backbone to every business.” – Mike Jesowshek “If you keep up with your bookkeeping on a regular basis, you keep business and personal items separate, and you file all necessary documents in a digital file as soon as you receive them, you will have less stress, be on top of your business and pay less in taxes”. – Mike Jesowshek  Resources Mentioned Blog Posts: ·         https://www.taxsavingspodcast.com/bookkeeping  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844

Are you dreading tax season? Join us on this episode of the Tax Savings Podcast as we discuss how to best prepare for tax season in 2023. Mike will cover a variety of topics, including action items such as completing bookkeeping, gathering receipts, bank statements, loan documents, asset purchases or sales, and completing an accountable plan. Mike will also provide helpful advice on due dates related to the 2022 tax year and tips on how to best prepare for filing. Plus, he is going to discuss how to create a system in place for tax documents that makes the upcoming tax season easier and stress free. Don’t miss out on this valuable information![00:00] What Your Accountant Needs and Tips to Make it Stress-Free·       Be proactive and get your documents and financials in order at the beginning of the year.·       Complete your bookkeeping as soon as possible and wrap up the previous year.·       Gather all necessary documents, including receipts, bank statements, loan documents, asset purchases/sales, and accountable documents.·       Consider using digital tools to organize and store your documents[04:02] Gather Documents, Complete Your Accountable Plan, and Send to Your Accountant·       Separate interest and principle when doing bookkeeping for loans.·       Let your accountant know if you made any asset purchases or sold any assets that are already on your books.·       Complete your accountable plan and add the activity to your books. ·       Send income statement (profit & loss) and balance sheet to accountant ·       Gather all tax documents and put them in one digital file before sending to accountant [07:44] Gathering Tax-Related Documents for Tax Season ·       Gather documents such as last year's tax return, payroll documents, 1099s, 1098s, K-1s, health insurance forms, 1098-E for student loan interest and 1098-T for tuition·       Collect information on real estate taxes, medical expenses, charitable contributions, childcare expenses and estimated taxes·       As a business owner, keep track of estimated tax payments.·       Create a spreadsheet with all of the collected information [11:21] 2022 Tax Year Due Dates and Tips for Business Owners·       Quarter 4 estimated tax payments are due on January 16th.·       W-2 and 1099 forms are due to recipients by January 31st.·       S corporation, partnership, and multi-member LLC tax returns are due on March 15th or can be extended by that date.·       Personal, single member LLC, and C corporation tax returns are due on April 18th or can be extended by that date. April 18th is also the deadline for IRA and HSA contributions for 2022.·       To minimize stress, it is helpful to have a system in place for organizing tax documents as they come in throughout the year.  [16:00] Closing Segment• Final words Key Quotes“Take the time now to gather all of your tax documents and have a system in place for organizing them. This will make tax season a breeze and allow you to focus more on your business”. – Mike Jesowshek Resources MentionedBlog Posts:·       https://www.taxsavingspodcast.com/blog/how-do-i-reimburse-

On this episode we had Will DeShazo from Growth Tools on to discuss how you can build an email list utilizing a lead magent.Resources MentionedBlog Posts:https://videofruit.com/blog/how-to-build-an-email-list/https://videofruit.com/blog/lead-generation-coaching/https://videofruit.com/blog/lead-magnet/Workshop:https://www.youtube.com/watch?v=m_VajqZhYro--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Shannon Weinstein and I have a discussion together.  This is a cross-over episode between our two shows.We discussed:How to decipher good advice online.How to find a professional who's looking out for you.How to educate yourself on these types of complicated topics while also empowering yourself.Competition, how everyone is welcome in this space, and why Shannon and I believe collaboration is so important.Resources MentionedKeep What You Earn Podcast:https://podcasts.apple.com/us/podcast/keep-what-you-earn/id1580071347--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode we invited David Price and Zhenya Slack from Delphinus Capital to talk SBA loans. The SBA 7(a) loan program is the most popular and most used type loan of the Small Business Administration's lending program. The loan program is designed to assist small businesses obtain capital with reasonable terms and rates. We discussed:What is an SBA 7(a) Loan?Who is Eligible for an SBA 7(a) Loan?In addition to the traditional SBA 7(a), there are 2 very rare programs that aren’t offered through most of the traditional banks. It’s through the SBA 7(a) Express Working Capital program.Resources MentionedBlog Posts:https://www.taxsavingspodcast.com/blog/what-is-an-sba-loan--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

There are a couple of weeks left before the year ends, and small business owners should be thinking about ways to reduce their tax burden before year-end to maximize savings. That is why in this episode Mike is going to be discussing year-end tax strategies, such as bonus depreciation, credit card reimbursement, prepaying expenses, and buying equipment for your business, among other things.   [00:00] What Do I Need to Prepare for Tax Savings at Year-End• The IRS safe harbor rule allows cash basis taxpayers to prepay and deduct qualifying expenses up to 12 months in advance.• This includes business insurance premiums but basically you can prepay up to 12 months in advance and get the deduction here in the year that you make the payment.• Not billing customers, clients or patients temporarily can shift income from this year into a future year. [04:23] Strategies to Save on Taxes • Buying equipment or vehicles now can potentially save money in taxes in the future but remember only buy things that your business really needs and will use.• Bonus depreciation is still at 100% in 2022, but it will be reduced each year after that.[08:37] Don't Overthink Making Deductions• Mike shares on why you can deduct the full $100,000 in 2022 using a 100% bonus depreciation. And if you wait until 2023, you're only gonna be able to deduct $80,000 or 80% in bonus depreciation in year one.• He also discusses if you should rush out and purchase business property before 2022 ends to take advantage of that 100% bonus depreciation and why is not necessarily the case. [12:46] Prepaying Expenses for a Tax Deduction • If your business expenses exceed your income, you have a loss for the year. This is called a net operating loss and can be carried forward.• You should never stop documenting your deductions and claiming what is rightfully yours.• Prepaying expenses can help you move income from one year to another, and can also create a tax loss in the year you prepay them. [16:45] A Recap of Tax-Saving Strategies• Try to always your credit cards in most cases.• Don't assume you're taking too many deductions.• If you are not operating at a loss, don't be afraid that loss is gonna carry forward an offset future income.• Don't stop taking deductions that are valid legal and available to you simply because you don't want to go to a loss.[18:09] Closing Segment• Final wordsKey Quotes“Do not assume you are taking too many deductions. The IRS code was written the way it was for a reason, so that you as a business owner can take advantage of it”. – Mike JesowshekResources MentionedBlog Posts: ·         https://www.taxsavingspodcast.com/blog/what-year-end-tax-strategies-are-available-to-business-owners·         https://www.taxsavingspodcast.com/blog/what-is-depreciation-for-my-business-when-does-a-capitalization-policy-make-sense·         https://www.taxsavingspodcast.com/blog/what-do-i-need-to-prepare-for-tax-savings-at-year-endLast Episode ·         https://podcasts.apple.com/us/podcas

Hey Small Business Owners! In this episode, we're going to be talking about what you need to do in order to prepare for the end of the year. Specifically, we're going to be discussing things like salary calculation, charitable contributions, recordkeeping, and maximizing deductions.  Make sure you're doing your homework and getting ready for the end of the year.[00:00] Small Business Tax Tips for Year End• If you're taxed as an S corporation, make sure you're taking a reasonable salary and paying self-employed health insurance premiums.• Before December 31st, be sure to review your year-end tax strategies, including yearend salary and health insurance deductions.• Make sure your payroll provider is aware of any changes to your self-employed health insurance premiums.[04:04] Underlooked Strategies to Increase Deductions• There are specific things that an accountable plan must include in order to be considered valid, such as adding health insurance to your W2 and finalizing reimbursements.• Maximizing deductions can include trading business purchases for tax breaks, but only if the purchase is necessary for the business.• Hiring family members in your business can be a great way to reduce taxes and support them at the same time.[07:44] How to Maximize Business Deductions and Write-Offs• Mike reminds us of some key points to remember before year-end, including establishing or funding a retirement plan and taking care of business gifts.[11:12] Ways to Prepare your Bookkeeping• Make sure you're completing any charitable contributions of either cash or property or goods.• Remember to take advantage of charitable deductions if you're not itemizing, and to complete your bookkeeping up to date.• Start to file various tax documents and receipts as you receive them.[14:51] Essential Planning for Filing Taxes• Make sure you're paying a reasonable salary before year-end. This salary needs to be completed before year-end.• If you're thinking about funding a set IRA or a solo 401k, make sure you're factoring that into your salary calculation.[18:09] Closing Segment• Final wordsKey Quotes“When we talk about maximizing deductions, we're not necessarily talking about going out and buying things you don't need. But rather, we're talking about how can we move after-tax spending money that you're already spending.” – Mike JesowshekResources MentionedBlog Posts: https://www.taxsavingspodcast.com/blog/what-is-a-reasonable-compensation-for-an-s-corporation-ownerhttps://www.taxsavingspodcast.com/blog/how-does-the-deduction-for-self-employed-health-insurance-workhttps://www.taxsavingspodcast.com/blog/why-should-i-hire-my-kids-in-my-business https://www.taxsavingspodcast.com/blog/how-can-i-maximize-business-deductions-and-write-offs-------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsa

It is important to pay yourself as an owner, but sometimes the process can be messy and confusing. There are a variety of options available, depending on the type of business entity you have. Certain payroll deductions will reduce your business income, but guaranteed payments are unaffected by profit or loss. In this episode, Mike discusses ways to pay yourself from your business and what requirements must be met to do so. He also dives into how to save money on taxes through proper accounting and salary deductions. [00:00] How to Pay Yourself as a Business Owner: An Overview·         An owner's draw is not considered a business expense and therefore does not reduce your business profit.·         Payroll requires doing payroll tax withholdings, form filings, and making payments to various government agencies.·         Payroll is a business expense that reduces your business income. [04:11] Owner's Draw, Guaranteed Payment, or Dividend·         Paying yourself as an owner via payroll is an expense to your business, but it's gonna be reported on your tax return as income.·         A dividend is a rarer way to pay yourself as a business owner and it's similar to an owner's draw distribution but oftentimes requires some extra year-end paperwork.·         With a sole proprietorship or single-member LLC, paying yourself via an owner's draw is the simplest way to do it [11:49] How to Pay Yourself Before Year End•       If you're operating as a sole proprietorship or single-member LLC, you'll pay yourself with an owner's draw or distribution. •       If you're operating as a partnership, you'll pay yourself as an owner's draw and/or guaranteed payment. •       If you're operating as an S corporation, you'll pay yourself with both distribution and payroll. [16:00] Strategies for Saving on Taxes•       Some strategies include paying yourself a reasonable salary, taking a salary from your business, and running an S corporation correctly.   Key Quotes “Always remember with a pass-through entity, you are taxed on the profit of your business regardless of how much money you leave in or take out of that.” – Mike Jesowshek   Resources Mentioned ●     Accounting software: https://gusto.com/●     Bookkeeping blog article: https://taxsavingspodcast.com/bookkeeping. --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Understanding what your business entity is will allow you to take advantage of tax strategies and maximize your deductions. In this episode, we talk about what are the different types of business entities and how they are taxed.[01:01] The Types of Business EntitiesNo Entity or Sole ProprietorshipLimited Liability CompanyC CorporationAn S Corporation is not an entity at the state level but a tax election [02:37] What is a Pass Through Entity?Most small businesses do not pay federal income taxes at the corporate levelThe profits from their business pass through to the owners of the company where it is then taxedThis includes a Sole Proprietor, an LLC, or an S CorporationA C Corporation is not considered a pass through because the company pays taxes on the profit of the business at the corporate level[04:04] Where Do You Report Your Business Activity and How Is Your Business Income Taxed? Sole Proprietorship or Single Member LLC (No S Corp Election) File your business information on a Schedule C on your personal tax return (Form 1040) You will pay both ordinary income taxes and self-employment taxes on the business profit on your personal returnPartnership or Multi Member LLC (No S Corp Election) File your business information on Form 1065Each partner will then receive a K1 with their share of activity which will be used to report on their personal tax return (Form 1040)Each active partner will pay both ordinary income taxes and self-employment taxes on their share of business profit on their personal return S CorporationFile your business information on Form 1120SEach owner will receive a K1 with their share of activity which will be used to report on their personal tax return (Form 1040)Each active individual owner will pay ordinary income taxes on their share of profit on their personal tax returnC CorporationFile your business information on Form 1120The corporation will pay corporate taxes on the income of the business on the corporate level [08:40] Final ThoughtsIt's so important to understand how your business entity is structured to get clear on how it’s taxedKey Quote“With a pass through entity, you are taxed on the profit of the business regardless of how much money you leave in or take out of the business.” - Mike Jesowshek Resources MentionedBlog Posts:https://www.taxsavingspodcast.com/blog/how-is-my-business-entity-taxedhttps://www.taxsavingspodcast.com/blog/earned-income-how-is-my-income-taxedhttps://taxsavingspodcast.com/scorp --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

So many business owners for far too long have been told that they need to go out and buy things in order to lower their taxes. In this episode, we want you to change your way of thinking and maximize deductions and write-offs. We dig deep into concepts you need to know and steps you need to take. [01:09] Pre Tax vs. After Tax DollarsAfter tax dollars: money that you spend after it's been taxed Pre tax dollars: spending done prior to the money being taxed This is spending that you do within your business prior to them being taxed Strategize on how you can find after tax dollars that can be moved to pre tax dollars[03:32] What Can You Deduct as a Business Expense?In your business, you will have ordinary and necessary expenses that you can deduct when filing your taxesOrdinary expenses: common and accepted expenses in your industryNecessary expenses: expenses that are helpful and appropriate in operating your small business [04:57] What Are Examples of Business Expenses?Here's a list of common business expenses[06:56] Maximizing Business Deductions and Write-OffsHow can you move spending that you are already doing from after tax spending into pre tax spending by finding a business purpose?Go through your personal credit card statement and see if you can find a business purpose to spending that you have already doneUtilize an accountable plan to reimburse yourselfFor every spending, ask yourself, "Is there a business purpose for this?" and if so, run it through the business and get a pre tax deduction for it[09:27] What Do I Need to Document When Maximizing Deductions?Talk with your tax professional before acting to ensure it’s valid in your line of businessHave a separate bank account (and credit card) for your businessKeep records and receiptsDon’t be greedy[13:00] Final ThoughtsDon’t be afraid to take advantage of the tax law the way it's written for youKey Quote“We always want to be thinking about how can we move after tax spending, spending that we're already doing, finding a business purpose to it, and move it to pre tax spending.” - Mike Jesowshek Resources MentionedBlog Posts:https://www.taxsavingspodcast.com/blog/how-can-i-maximize-business-deductions-and-write-offs https://www.taxsavingspodcast.com/blog/how-do-i-reimburse-myself-from-the-business-when-does-an-accountable-plan-come-into-play The Ultimate List of Business Deductions Free Ebook:https://www.taxsavingspodcast.com/deductions  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Using a car for your business comes with expenses but it also has tax deduction benefits. In this episode, we break down everything you need to know before you decide to buy or lease a business vehicle and how you can take a tax write-off and save money.[02:27] Should I Buy or Lease a Vehicle?How often do you expect to drive it? If you're going to be driving a lot of miles, a lease might not be a good optionHow long do you plan to keep it?A lease is better if you always want a new vehicleHow much do you want for your monthly payment? Lease payments are generally less than a loan[04:45] Should I Put the Vehicle Under My Personal Name or Business Name?Find the Business Use Percentage (BUP) = Business Miles / Total Miles If the vehicle is going to be used for business (>50%), it is recommended to put it in the business nameIf the vehicle is going to be used for personal (>50%), it is recommended to put it in your personal nameS or C Corp: use an accountable plan to reimburse yourselfSole Proprietor or Single Member LLC: include the business use on the Schedule C filing [08:41] How Do I Write Off a Business Vehicle?Mileage Method: you get a specific tax deduction per mile drivenIf you use the vehicle for business less than 50% of the time, you must use this method Actual Method: BUP x Total Actual Expense If you use the actual expense method, you cannot also use mileage deduction When disposing of a purchased vehicle, you will have a gain or loss depending on the basis of the vehicle[13:17] How Does Depreciation of a Business Vehicle Work?If Gross Vehicle Weight Rating is more than 6,000 pounds: you can write off 100% with bonus depreciationIf GVWR is 6,000 pounds or less: you can write off up to $19,200 in 2022 if you buy it and place it in service before year-end[16:39] Final ThoughtsAlways keep a mileage log and track all of your expensesKey Quote“If you're going to have a business vehicle, make sure you record your mileage, track it, do all that extra legwork you need to do to prove the business use of that vehicle.” - Mike JesowshekResources MentionedBlog Posts:https://www.taxsavingspodcast.com/blog/how-do-i-write-off-a-business-vehiclehttps://www.taxsavingspodcast.com/blog/what-do-i-need-to-know-about-purchasing-deducting-and-depreciating-a-business-vehicle  Podcast Episode:https://podcasts.apple.com/us/podcast/accountable-plan-importance-expense-reimbursement/id1377376636?i=1000451160618 --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Health care matters not just for you but also for your business. In this episode, we examine how employers can set up medical plans based on their business structure and what strategies to apply to save on taxes.[01:28] Self-Employed Health Insurance DeductionIf you're self-employed, you will always get a business deduction for the health insurance costs that you incurFor Sole Proprietorship or Single Member LLC: deduct self-employed health insurance premiums on Schedule 1 of your personal tax return (1040)For S Corporation Owner: Have the S Corp pay for the insuranceAdd it to your W2 payroll as S Corp owner self-employed health insurance. Your payroll provider should know how to handle this.Deduct on your personal tax return (Schedule 1) If you are providing health insurance for non-owner employees, include those on their W2, in Box 12 with code DD[04:21] Options Available to Business Owners With High Medical CostsYou can utilize a Section 105 plan to turn personal medical expenses into a business deduction and be able to reimburse employees for medical costs incurred[06:16] Options are Available for Small Businesses With EmployeesSome options are: group health insurance, increased wages, HRA or QSEHRAFor small businesses with less than 50 full-time  employees that don't offer a group health insurance policy:With a QSEHRA, employers reimburse employees tax-free for medical expensesYou can offer yearly allowances of up to $5,450 for single employees and $11,050 for employees with a family[10:27] What Is An HSA and How Do They Work?If you contribute to an HSA, withdrawals are tax-free when used for qualified medical expenses and interest or earnings are NOT taxed The maximum you can contribute to an HSA for 2022 is $3,650 for self-only or $7,300 for familiesAn HSA is a great savings vehicle because there is no tax on the interest or gains earned within it[13:00] Final ThoughtsStart thinking about these health insurance options and be on top of tax planningKey Quotes“Taking care of your health is so important, and oftentimes as a busy professional, that's something that gets put to the side. And so there's also tax planning that comes into play when we talk about various aspects of health.” - Mike Jesowshek“I was afraid to bring employees simply because of this little piece of medical. I was afraid would cost too much. But there are options out there.” - Mike JesowshekResources MentionedBlog Posts:https://www.taxsavingspodcast.com/blog/what-health-related-tax-strategies-should-i-consider-for-2022 https://www.taxsavingspodcast.com/blog/how-does-the-deduction-for-self-employed-health-insurance-work --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Being an entrepreneur can be challenging and having a board of advisors is a great way to get guidance and outside perspective that can positively impact your business. In this episode, we tell you all about its benefits: from tax deductions to personal and professional growth.[00:58] Tax Advantages of Board MeetingsA board of advisors or advisory board is a group of people appointed to provide advice and counsel for a businessThe members of your advisory board could be family members, friends, colleagues, or anyone you want to bring inHolding regular board meetings can be a tax advantage, as all travel and expenses related to the meetings are deductible except for entertainment expensesOne way to utilize this advantage is to have board meetings at your home, which is known as the Augusta Rule[04:41] What Documentation Should I Be Recording or Keeping?The meetings must be ordinary and necessaryHave a record or minutes of the meeting on file to outline what was accomplished and discussedInclude who attended, location, time spent, agenda items, outcomes, etc.The more documentation, the betterKeep receipts and store them digitally[05:53] The Power of Having a Board of AdvisorsWith a board of advisors, you get insights from othersDepending on your entity structure and location, you may actually be required to hold the annual meetingYou are held accountable and become motivated to get things doneBoard meetings can also help with planning and alignment because you have the opportunity to think about the future of the businessIt provides stress relief[08:29] Final ThoughtsConsult your attorney to know which type of board would be the best for you and how to set it upKey Quotes“What better way to not only get a tax deduction but you’re getting your family involved in your business, and they could potentially be better prepared to pass it on in the future to future generations.” - Mike Jesowshek“If you're having these monthly meetings, it helps keep you accountable. Your board wants to see what was accomplished. They want to see the progress, and this can help move you along.” - Mike Jesowshek“You can have anybody on your board that you want, as long as you think they're going to be able to provide some great guidance to you and really be a stamping point to help your business out.” - Mike JesowshekResources MentionedBlog Posts: https://www.taxsavingspodcast.com/blog/how-can-i-utilize-a-board-meeting-for-tax-savings https://www.taxsavingspodcast.com/blog/what-is-the-14-day-home-rental-strategy-aka-the-augusta-rule --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks with Attorney Andrew M Ayers about things you need to have in place to maintain your corporate entity.1) Your Corporate Binder2) Why Do I Need to Keep Corporate Records?3) Do I Need to File My Corporate Records with the State?LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/what-do-i-need-to-maintain-my-corporate-entityJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-do-i-need-to-maintain-my-corporate-entityJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

With January fast approaching, it’s important for business owners to start preparing their 1099-NECs. If you want to stay ahead and get everything in order before the deadline, this episode is for you! We discuss whether or not a transaction needs a 1099, what the process for filing is, and what will happen if you missed filing a 1099. [01:07] Fast Facts About 1099-NECsIf your business pays a subcontractor or vendor, whether it’s an individual or a company, a total of $600+, you need to request a W9 so you can send them a 1099-NECIf you received a 1099-NEC as a contractor, you must report this income to the IRSBe it one-time or accumulative, as long as the total payment is over $600, you need to file a 1099-NEC[04:05] When It Is NOT Required to File 1099-NECsPayments to C or S CorporationsEmployees Payments for merchandise, telephone, freight, or storage Payments to non-U.S. citizens performing work outside of the U.SPayments made via Credit Card or PayPal[06:25] 1099-NEC Preparation Made EasyStep 1 – Collect a W9 from all contractors before you payStep 2 – Fill out the 1099-NECStep 3 – Send a copy of the 1099-NEC form to the contractorStep 4 – File a copy of the 1099-NEC with the IRS and State (if required)For contractors who are  non-U.S. citizens - get an accomplished W8-BEN or W8-BEN-E instead[08:54] Penalties for Failing to File a 1099-NEC1099-NECs must be filed at the IRS and sent to the recipient by January 31st of the following yearThe fine will depend on how late you are[10:16] Different Types of 1099sThere are over 15 types of 1099 forms that are used for various purposes[12:30] Final ThoughtsDo that legwork now so you can get on top of the forms neededUtilize software to make processing and filing easierKey Quotes“If you are the one paying the contractor, you are the one that files the 1099-NEC.” - Mike Jesowshek“Sometimes it's hard to get a W9 from someone after the fact so just ask for it upfront. Again, one rule of thumb before you pay anyone, collect a W9 from them.” - Mike JesowshekResources MentionedBlog Post: https://www.taxsavingspodcast.com/blog/what-do-i-need-to-know-about-1099s-for-business-ownersSoftware: https://www.track1099.com/ Downloads: IRS: Instructions for Forms 1099-MISC and 1099-NECIRS: Form 1099-NECIRS: Form 1099-MISC--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

The home office deduction is a tax deduction almost anyone can take advantage of, especially post-COVID’s work-from-home movement. There's a lot of confusion among business owners thinking that the home office deduction is an IRS red flag, but in this episode, we set the record straight. We talk about this deduction, who can qualify for it, and everything you need to know.  [01:02] What Qualifies As A Home Office?The home office deduction is not a red flag, as long as you're doing it properlyA home office is used exclusively for business and on a regular basisIt is a principal place of business that is used to meet clients or is used to do administrative or management work[04:34] How To Calculate the Home Office DeductionThe simplified option: Standard deduction of $5 per square foot of home used for business (maximum 300 square feet)The actual method: Your BUP multiplied by all the expenses associated with that home[09:17] Where Do You Claim The Home Office Deduction?Claiming the deduction will depend on how your business is set upCheck out our blog on the Accountable Plan and why it’s important[10:40] Final Thoughts on How the Home Office Deduction WorksIt’s not an audit risk if you do it properly To help prove your deduction, keep a log and take photos to record the business use of that home officeBonus tip: A home office increases the amount of business mileage you can takeKey Quotes“The home office deduction is not a red flag as long as you're doing it properly. Actually, the home office deduction is something that the majority of business owners should take advantage of.” – Mike Jesowshek“A home office deduction is not an audit risk as long as you're doing it right. Just don't get greedy. Make sure you document the necessary items to support your deduction.” – Mike JesowshekResources MentionedBlog Mentioned - Accountable Plan Importance (Expense Reimbursement): https://www.taxsavingspodcast.com/blog/what-is-an-accountable-plan-and-why-is-it-important-to-my-businessArticle: https://www.taxsavingspodcast.com/blog/how-does-the-home-office-deduction-workJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA brings on guest, Jack Wang, to discuss the strategies available to increase college financial aid as part 3 of our mini series around college savings and financial aid.1) Which of these schools give - and which students get money?2) What does this all mean?LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/what-strategies-are-available-to-increase-college-financial-aidJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-strategies-are-available-to-increase-college-financial-aidJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA brings on guest, Jack Wang, to discuss the basics around financial aid for college as part 2 of our mini series around college savings and financial aid.1) What are the types of aid?2) What are the sources of aid?3) What year counts for financial aid?4) What does this all mean?LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/what-are-the-basics-around-financial-aid-for-college-what-options-are-availableJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-are-the-basics-around-financial-aid-for-college-what-options-are-availableJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA brings on guest, Jack Wang, to discuss the options available for college saving as part 1 of our mini series around college savings and financial aid.LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/what-options-are-available-for-college-savingJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-options-are-available-for-college-savingJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks about taxes around the sale of your home.1) What Is The Home Sale Gain Exclusion?2) How Does The Home Sale Gain Exclusion Work If It Had Business Use?3) Sale of Home ExamplesLINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/do-i-have-to-pay-taxes-if-i-sell-my-homeThe Ultimate Guide to Real Estate Taxes: https://www.taxsavingspodcast.com/realestateJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/do-i-have-to-pay-taxes-if-i-sell-my-homeJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA wraps up  our mini real estate series with a special guest to discuss minimizing taxes while growing wealth utilizing real estate. His name is Dave Zook. This is one listen you do not want to miss!LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/interview-with-dave-zook-minimizing-taxes-while-growing-wealth-utilizing-real-estateThe Ultimate Guide to Real Estate Taxes: https://www.taxsavingspodcast.com/realestateJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/interview-with-dave-zook-minimizing-taxes-while-growing-wealth-utilizing-real-estateJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA adds to a series we are doing on rental property taxes and discusses entity structures for rental properties.1) What Do I Need To Know About Entity Structures for Real Estate?2) Should I Use An S Corp for Rental Properties?3) Should I Setup My Own Management Company?4) Should I Rent My Building to My Business?5) Entity Structure SummaryLINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/what-entity-structure-should-i-have-for-a-rental-propertyThe Ultimate Guide to Real Estate Taxes: https://www.taxsavingspodcast.com/realestateJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-entity-structure-should-i-have-for-a-rental-propertyJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA adds to a series we are doing on rental property taxes and discusses short term rentals.1) What Does The IRS Consider a Short Term Rental?2) What Are The Different Tax Treatments for Short Term Rentals?3) What Are The Pros and Cons Of Having Short Term Rental On Schedule C?4) What Are The Pros and Cons Of Having Short Term Rental On Schedule E?LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/how-are-short-term-rentals-taxedThe Ultimate Guide to Real Estate Taxes: https://www.taxsavingspodcast.com/realestateJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/how-are-short-term-rentals-taxedJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA adds to a series we are doing on rental property taxes and discusses expenses available for rental property owners.1) What Expenses Can I Deduct For Rental Properties?2) What Are Some Examples of Deductible Rental Property Expenses?3) What Unique Expense Tax Strategies Are Available for Rental Properties?LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/what-expenses-are-available-for-rental-propertiesThe Ultimate Guide to Real Estate Taxes: https://www.taxsavingspodcast.com/realestateJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-expenses-are-available-for-rental-propertiesJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA adds to a series we are doing on rental property taxes and discusses being classified as an active investor or real estate professional.1) What Is An Active Real Estate Investor?2) What Is A Real Estate Professional?3) Active Investor and Real Estate Professional Example and SummaryLINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/what-is-an-active-investor-and-real-estate-professionalThe Ultimate Guide to Real Estate Taxes: https://www.taxsavingspodcast.com/realestateJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-is-an-active-investor-and-real-estate-professionalJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA adds to a series we are doing on rental property taxes and discusses real estate losses.1) Why Do Rental Properties Often Produce a Loss?2) How Are Passive Losses Handled?3) How Can I Utilize Passive Losses?LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/what-do-i-need-to-know-about-real-estate-lossesThe Ultimate Guide to Real Estate Taxes: https://www.taxsavingspodcast.com/realestateJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-do-i-need-to-know-about-real-estate-lossesJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA adds to a series we are doing on rental property taxes and discusses real estate repairs and improvements.1) What Are Real Estate Repairs and Maintenance?2) What Are Real Estate Improvements?3) How Do I Turn Spending Into Repairs vs Improvements?LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/how-are-real-estate-repairs-and-improvements-handledThe Ultimate Guide to Real Estate Taxes: https://www.taxsavingspodcast.com/realestateJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/how-are-real-estate-repairs-and-improvements-handledJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA adds to a series we are doing on rental property taxes and discusses depreciation.1) What Parts of Rental Real Estate Can Be Depreciated?2) What Is the Depreciable Life for a Real Estate Investment?3) What Is a Cost Segregation Study?4) What Is Bonus Depreciation?5) Rental Property Depreciation ExampleLINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/how-does-depreciation-work-for-real-estateThe Ultimate Guide to Real Estate Taxes: https://www.taxsavingspodcast.com/realestateJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/how-does-depreciation-work-for-real-estateJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks with Guy Baker about Charitable Remainder Trusts (CRT) and how they can be used to eliminate capital gain taxes.1) What Is A Charitable Remainder Trust (CRT)?2) How Does A Charitable Remainder Trust (CRT) Work? 3) What Are Things to Consider With A Charitable Remainder Trust (CRT)? 4) What Different Types of Charitable Remainder Trusts (CRTs) Are There?5) What Are The Downsides Of A Charitable Remainder Trust (CRT)?6) Want An Introduction To Our Preferred CRT Vendor?LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/how-can-i-use-a-charitable-remainder-trust-crt-to-eliminate-capital-gainsJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/how-can-i-use-a-charitable-remainder-trust-crt-to-eliminate-capital-gainsJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks about how cryptocurrency is taxed.1) How Is Crypto Taxed?2) What Crypto Is Taxed At Capital Gain vs Ordinary Income Tax?3) What Crypto Activity Is NOT Taxable?4) What Happens If I Have a Crypto Loss?5) Do I Need To Report Crypto To The IRS?6) What Are Some Tax Strategies Around Crypto?LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/how-is-cryptocurrency-taxedJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/how-is-cryptocurrency-taxedJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks what portfolio income is and how it is taxed.1) What Is Portfolio Income?2) How Is Portfolio Income Taxed?3) What Is The Good Thing About Portfolio Income?4) What Type Of Income Is Non-Taxable?5) Portfolio and Non-Taxable Income - SummaryLINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/portfolio-income-how-is-my-income-taxedJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/portfolio-income-how-is-my-income-taxedJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks what passive income is and how it is taxed.1) What Is Passive Income?2) How Is Passive Income Taxed?3) What Is The Good Thing About Passive Income?4) What Are The Passive Activity Loss Rules?5) Passive Income - SummaryLINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/passive-income-how-is-my-income-taxedJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/passive-income-how-is-my-income-taxedJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks what earned income is and how it is taxed.1) What Is Earned Income?2) How Is Earned Income Taxed?3) How Is S Corporation Income Taxed?4) What Is The Good Thing About Self Employment Income (or Non Passive S Corp Income)?5) Earned Income - SummaryLINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/earned-income-how-is-my-income-taxedSign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/earned-income-how-is-my-income-taxedJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks the two main types of tax, ordinary income tax and capital gain tax.1) What Is Ordinary Income Tax?2) What Is A Capital Gain or Loss?3) What Are Capital Gain Tax Rates?4) How Are Capital Losses Treated?5) What Other Taxes Are There? LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/what-is-ordinary-income-tax-vs-capital-gain-taxSign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-is-ordinary-income-tax-vs-capital-gain-taxJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks about how credit card rewards are taxed.1) How Are Frequent Flyer Miles, Hotel Points, and Other Credit Card Point Rewards Taxed?2) How Are Cash Back Rewards and Rebates Taxed?3) How Are Credit Card Sign-Up Bonuses Taxed?4) What Happens If I Donate Credit Card Cash Rewards/Rebates to Charity?5) Credit Card Rewards SummaryLINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/how-are-credit-card-rewards-taxedJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/how-are-credit-card-rewards-taxedJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA does a full business retirement plan Q&A with Matt Ruttenberg from Life Inc Retirement Services.Get in contact with Matt Ruttenberg or find previous episodes here: https://www.taxsavingspodcast.com/blog/business-retirement-plan-q-a-sessionJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/business-retirement-plan-q-a-sessionJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks the tax rates for 2022 along with other important resources.1) 2022 Individual Tax Rates2) 2022 Business Tax Rates3) 2022 Social Security and Medicare Tax Rates4) 2022 Capital Gain Tax Rates5) 2022 Standard Deduction6) 2022 Retirement Plans7) 2022 Vehicle Deductions8) 2022 Medical ExpenseWithin our blog post we also have a complete desktop guide that you can download and reference.LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/2022-tax-rates-and-resourcesSign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/2022-tax-rates-and-resourcesJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks about estate tax and what you need to know.1) What Is Inheritance Tax and Estate Tax?2) When Does Estate Tax Matter?3) If I Gift Assets or Money, Is That Taxed?4) How Do I Minimize Estate Taxes?5) Estate Taxes SummaryLINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/how-are-my-assets-taxed-when-i-dieSign-Up for LIVE Webinar (2022 Tax Strategies to Ensure Business Owners Pay the Least Amount Possible - May 4, 2022 at 2pm EST): https://www.taxsavingspodcast.com/webinarSign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/how-are-my-assets-taxed-when-i-dieJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks Andrew M Ayers in a part 3 of our estate planning mini series about a revocable living trust.1) Types of Trusts2) When Should I Create A Trust?3) Do I Still Need a Will?4) What Are The Main Components of a Trust? Some Terminology5) Mistakes to AvoidLINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/what-is-a-revocable-living-trust-why-is-it-important-for-business-ownersSign-Up for LIVE Webinar (2022 Tax Strategies to Ensure Business Owners Pay the Least Amount Possible - May 4, 2022 at 2pm EST): https://www.taxsavingspodcast.com/webinarSign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-is-a-revocable-living-trust-why-is-it-important-for-business-ownersJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks Andrew M Ayers in a part 2 of our estate planning mini series about the power of attorney document.1) Financial Power of Attorney2) Signing Your POA3) Where Do You Get One?4) What Do You Do With It When It's Signed?5) Healthcare Power of Attorney6) What's in a Healthcare Power of Attorney?7) Signing Your Healthcare Power of Attorney8) HIPAA Authorizations9) Mistakes to AvoidLINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/what-is-a-power-of-attorney-what-healthcare-documents-do-i-need-in-estate-planningSign-Up for LIVE Webinar (2022 Tax Strategies to Ensure Business Owners Pay the Least Amount Possible - May 4, 2022 at 2pm EST): https://www.taxsavingspodcast.com/webinarSign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-is-a-power-of-attorney-what-healthcare-documents-do-i-need-in-estate-planningJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks to Andrew M Ayers and kick off our estate planning mini series about the wills.1) Do I Need a Will?2) Do I Want to Avoid Probate Court?3) Probate v. Non-Probate Assets4) What's in Your Will?5) Signing Your Will6) How Often Should You Update Your Will?LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/what-is-a-last-will-and-testament-why-is-it-important-for-business-ownersSign-Up for LIVE Webinar (2022 Tax Strategies to Ensure Business Owners Pay the Least Amount Possible - May 4, 2022 at 2pm EST): https://www.taxsavingspodcast.com/webinarSign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-is-a-last-will-and-testament-why-is-it-important-for-business-ownersJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks about entity structure setups when you have multiple businesses.1) What Options Are Available To Structure Multiple Businesses?2) How Does a Management Company With DBAs Work?3) How Does a Management Company With Subsidiary LLCs Work?4) How Does Multiple Business in Separate Entities Owned Individually Work?5) How Should I Structure Multiple Businesses?6) How Should I Structure My Business With Multiple Owners?LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/how-should-i-structure-multiple-businessesSign-Up for LIVE Webinar (2022 Tax Strategies to Ensure Business Owners Pay the Least Amount Possible - May 4, 2022 at 2pm EST): https://www.taxsavingspodcast.com/webinarSign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/how-should-i-structure-multiple-businessesJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks about when an S Corp may or may not make sense.1) What Are The S Corp Requirements?2) When Should I NOT Be An S Corporation?3) When Should I Be An S Corporation?LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/when-should-i-or-should-i-not-become-an-s-corpSign-Up for LIVE Webinar (2022 Tax Strategies to Ensure Business Owners Pay the Least Amount Possible - May 4, 2022 at 2pm EST): https://www.taxsavingspodcast.com/webinarSign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/when-should-i-or-should-i-not-become-an-s-corpJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks about S Corps.1) What Is An S Corporation?2) Why Would Someone Want To Be An S Corporation?3) How Is An S Corp Taxed?4) What Is The Difference In Taxes Between A Sole Proprietorship and S Corp?5) Is There Any Disadvantages To An S Corp?6) Can You Give a Quick Summary of S Corporations?LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/what-is-an-s-corpSign-Up for LIVE Webinar (2022 Tax Strategies to Ensure Business Owners Pay the Least Amount Possible - May 4, 2022 at 2pm EST): https://www.taxsavingspodcast.com/webinarSign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-is-an-s-corpJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/mjesowshek-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks about tax refunds.1) Where's My Tax Refund?2) What Is a Tax Refund?3) Tax Refund SummaryLINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/where-s-my-refund-what-is-a-tax-refundSign-Up for LIVE Webinar (2022 Tax Strategies to Ensure Business Owners Pay the Least Amount Possible - May 4, 2022 at 2pm EST): https://www.taxsavingspodcast.com/webinarSign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/where-s-my-refund-what-is-a-tax-refundJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/mjesowshek-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks about tax extensions.1) Is Filing an Extension a Bad Thing?2) What Are The Extension Deadlines For Tax Year 2021 And What Form Do I Use?3) What Happens If I Do Not File An Extension?4) Important Items / RecapLINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/is-filing-an-extension-a-bad-thing-what-do-i-need-to-know-about-tax-extensionsSign-Up for LIVE Webinar (2022 Tax Strategies to Ensure Business Owners Pay the Least Amount Possible - May 4, 2022 at 2pm EST): https://www.taxsavingspodcast.com/webinarSign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/is-filing-an-extension-a-bad-thing-what-do-i-need-to-know-about-tax-extensionsJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/mjesowshek-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks about the Roth IRA and why it can be so powerful.1) What Is a Traditional IRA?2) What Is a Roth IRA?3) Why Are Roth IRAs So Powerful?4) What Happens If I Phase Out of a Roth IRA?5) What Else Should I Know About Roth's?LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/what-is-a-roth-ira-and-why-is-it-so-powerfulSign-Up for LIVE Webinar (2022 Tax Strategies to Ensure Business Owners Pay the Least Amount Possible - May 4, 2022 at 2pm EST): https://www.taxsavingspodcast.com/webinarSign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-is-a-roth-ira-and-why-is-it-so-powerfulJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/mjesowshek-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks about the options you have available to you to pay for your tax bill.1) How Do I Make A Tax Payment?2) What Do I Need To Know If I Cannot Afford To Pay My Tax Bill?3) What Happens If I Do Not Pay My Taxes On Time?4) What Options Are Available To Pay My Taxes?LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/what-options-do-i-have-to-pay-for-my-tax-billSign-Up for LIVE Webinar (2022 Tax Strategies to Ensure Business Owners Pay the Least Amount Possible - May 4, 2022 at 2pm EST): https://www.taxsavingspodcast.com/webinarSign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-options-do-i-have-to-pay-for-my-tax-billJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/mjesowshek-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA bring Matt Ruttenberg from Life Inc Retirement Services on to discuss retirement options available for business owners in 2022.1) What Is The Goal of A Business Retirement Plan?2) What Retirement Options Are Available On The Personal Side?3) What Retirement Plan Options Are Best For Businesses With No Outside Employees? 4) What Retirement Plan Options Are Best For Businesses With Employees?5) What Advanced Retirement Planning Options Are Available?LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/what-retirement-plan-options-are-available-for-my-business-in-2022Sign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-retirement-plan-options-are-available-for-my-business-in-2022Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/mjesowshek-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks about the difference between an independent contract and employee and why it is important in your business.1) What Is An Independent Contractor?2) What Is An Employee?3) Why Is Independent Contractor vs Employee Such a Big Deal?4) How Do I Determine If A Worker Is An Independent Contractor or Employee?5) What Is The California "AB 5 Law"?6) Independent Contractor vs Employee Wrap Up and Common MistakesLINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/what-is-the-difference-between-an-independent-contractor-vs-employeeSign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-is-the-difference-between-an-independent-contractor-vs-employeeJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/mjesowshek-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks about tax strategies that are still available to you (after year-end) prior to filing your 2021 tax return.1) What Retirement Tax Strategies Are Available After Year-End?2) What Business Tax Strategies Are Available After Year-End?3) What Other Tax Strategies Are Available After Year-End?4) Calendar Deadlines for In-Season Tax Saving StrategiesLINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/what-tax-strategies-are-available-after-the-year-is-over-tax-strategies-after-12-31-21Sign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-tax-strategies-are-available-after-the-year-is-over-tax-strategies-after-12-31-21Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/mjesowshek-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks with Chris Hanna. He shares his story of entering the entrepreneurial journey and shares tips he has learned along the way.1) Mistake #1: Ignoring Your Taxes Until They’re Due the Following Year2) Mistake #2: Neglecting Your Bigger Financial Picture3) Mistake #3: Treating Your Taxes Like a ChoreLINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/what-3-mistakes-do-new-high-income-entrepreneurs-make-and-how-can-they-avoid-themSign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastPodcast Guest: Chris Hanna, Financial Coach - https://www.chrisallenhanna.com/Article: https://www.taxsavingspodcast.com/blog/what-3-mistakes-do-new-high-income-entrepreneurs-make-and-how-can-they-avoid-themJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://app.simplymeet.me/mjesowshek-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks about the difference between a hobby and a business and why this could be so important to you.1) What is a Hobby?2) What Are Hobby Loss Rules?3) How Can I Turn My "Hobby" Into a Business?LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/what-s-the-difference-between-a-hobby-and-businessSign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-s-the-difference-between-a-hobby-and-businessJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://app.simplymeet.me/mjesowshek-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks about the 2021 tax due dates and how to be prepared for this upcoming tax season.1) What Are The 2021 Tax Due Dates?2) Action Steps For Your Business Tax Return3) Action Steps For Your Personal Tax ReturnLINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/when-are-2021-tax-returns-due-how-can-i-make-this-tax-season-stress-freeSign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/when-are-2021-tax-returns-due-how-can-i-make-this-tax-season-stress-freeJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://app.simplymeet.me/mjesowshek-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA takes some time to talk about the Small Business Tax Savings Summit. He then ends it with a guest appearance he had on the Financial Flossing Podcast.LINKS FROM THE SHOWSign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitCheck Out The Financial Flossing Podcast: https://podcasts.apple.com/us/podcast/financial-flossing/id1573619911Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA takes some time to talk about the Tax Minimization Program. He then ends it with a guest appearance he had on The Free Retiree Show.LINKS FROM THE SHOWJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  Check Out The Free Retiree Show: https://podcasts.apple.com/us/podcast/the-free-retiree-show/id1479301321Sign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summit--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks about 1099s and why they are so important to you as a business owner.1) What Is the One Thing I Need to Make Sure I Know About 1099s?2) When Do I Need to File a 1099-NEC?3) What is the Typical 1099-NEC Process?4) When Does the 1099-NEC Need to Be Filed By?5) What Are the Penalties for Not Filing a 1099-NEC?6) What Other Types of 1099 Forms Are There?7) SummaryLINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/what-do-i-need-to-know-about-1099s-for-business-ownersSign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-do-i-need-to-know-about-1099s-for-business-ownersJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks about depreciation and why a capitalization policy is so important for business owners.1) What Is Depreciation?2) What Options Do You Have for Deducting Asset Purchases?3) What Is a Basic Example of Depreciation?4) What are the Rules Around Depreciation?5) When Does Depreciation Begin?6) What Happens If I Sell a Depreciated Asset?7) What Is a Capitalization Policy and Should I Implement One?LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/what-is-depreciation-for-my-business-when-does-a-capitalization-policy-make-senseSign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-is-depreciation-for-my-business-when-does-a-capitalization-policy-make-senseJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks about last minute tax strategies that are available to business owners that need to be implemented before year-end.1) High Level Quick Hit Year-End Items2) Prepay Expenses Using the IRS Safe Harbor3) Stop Billing Customers, Clients, and Patients4) Buy Office Equipment5) Use Your Credit Cards6) Don’t Assume You Are Taking Too Many Deductions7) Other Year-End Strategies (Join Our Tax Minimization Program)LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/what-year-end-tax-strategies-are-available-to-business-ownersSign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-year-end-tax-strategies-are-available-to-business-ownersJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks with Lester Cook from KBKG about cost segregation.1) What is Cost Segregation?2) What is a Cost Segregation Study & How Does it Work?3) What is Involved in a Cost Segregation Study?4) When should a Cost Segregation study be conducted?5) What are the Benefits of Cost Segregation?6) Interested in Exploring a Cost Segregation Study? Setup a call to determine your eligibility and we will get you connected with our cost segregation expert!LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/what-is-a-cost-segregation-study-and-when-does-it-make-senseSign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-is-a-cost-segregation-study-and-when-does-it-make-senseJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks about reimbursing yourself from the business and the importance of having an accountable plan in place.1) Operating As A Sole Proprietor or Single Member LLC, How Do I Reimburse Myself?2) Operating As A S or C Corp, How Do I Reimburse Myself?3) What Is An Accountable Plan?4) How Do I Setup An Accountable Plan?5) What Are Some Common Accountable Plan Expenses?6) What Else Do I Need To Know About Reimbursements?LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/how-do-i-reimburse-myself-from-the-business-when-does-an-accountable-plan-come-into-playSign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/how-do-i-reimburse-myself-from-the-business-when-does-an-accountable-plan-come-into-playJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks with Jonathan Tucker from KBKG about the Research and Development (R&D) Tax Credit.1) What is the Research and Development (R&D) Tax Credit?2) What are the Potential Benefits of the R&D Tax Credit?3) R&D Tax Credit - Four-Part Test4) R&D Tax Credit - Qualifying Activities5) R&D Tax Credit - Qualifying Expenditures6) Interested in the R&D Credit? Setup a call to determine your eligibility and we will get you connected with our R&D expert!LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/what-is-the-research-and-development-r-d-credit-and-how-do-i-qualifySign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-is-the-research-and-development-r-d-credit-and-how-do-i-qualifyJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA continues our "Healthcare Mini Series" with breakdown of the options that are available to those business owners looking to offer health benefits to their employees.1) What Is a Health Reimbursement Arrangement (HRA)?2) How Does an HRA Work?3) What is a QSEHRA (Qualified Small Employer HRA)?4) What Are The Benefits of a QSEHRA?5) How Do I Setup and Manage a QSEHRA?6) What Other Things Do I Need To Know About a QSEHRA?LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/what-health-benefit-options-are-available-for-small-businessesSign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-health-benefit-options-are-available-for-small-businessesJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA continues our "Healthcare Mini Series" with breakdown of the options that are available to those solo business owners out there with high medical costs.1) What Is a Section 105 Plan?2) How Do I Qualify for a Section 105 Plan?3) How Does a Section 105 Plan Work?4) Can You Give An Example of a Section 105 Plan?5) What Other Things Should I Consider Regarding a Section 105 Plan?LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/what-options-are-available-to-business-owners-with-high-medical-costsSign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-options-are-available-to-business-owners-with-high-medical-costsJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA continues our "Healthcare Mini Series" with breakdown of the Health Savings Account (HSA).1) What Is a Health Savings Account (HSA)?2) What Are the Benefits of an HSA?3) What Are The 2021 HSA Contribution Limits?4) How Am I Eligible to Contribute To An HSA?5) What Else Should I Consider When Thinking About An HSA?LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/what-is-an-hsa-and-how-do-they-workSign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-is-an-hsa-and-how-do-they-workJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA kicks off the "Healthcare Mini Series" with some guidance on treatment for self-employed health insurance premiums.1) How Do I Report Self-Employed Health Insurance Premiums as a Sole Proprietor or Single Member LLC?2) How Do I Report Self-Employed Health Insurance Premiums as an S Corporation Owner?3) How Do I Report Insurance Premiums Paid For Non Owner Employees?4) What Else Do I Need To Know About Deductions for Health Insurance Premiums?LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/how-does-the-deduction-for-self-employed-health-insurance-workSign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/how-does-the-deduction-for-self-employed-health-insurance-workJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA shares a webinar he did on the Employee Retention Tax Credit. The Employee Retention Credit is a federal government cash award available to virtually every small business (1) Eligibility2) Period of Availability3) AmountLINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/ercSign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/ercJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this special, one-off episode Mike Jesowshek, CPA announces the Small Business Tax Savings Summit and that registration is now open!Sign-Up Now: https://www.taxsavingspodcast.com/summitDates: June 14 + 15, 20221) Register before 11/30/21 for $150 off - Coupon Code: SAVETAXES212) Tax Minimization Program Members = Free Registration - Grab your coupon code within the program.Sign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summitJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------

On this episode Mike Jesowshek, CPA interviewed MJ Demarco, international best-selling author. We talk about how you can shift away from the status quo way of thinking and build a business quickly (note: not easily) to create long-term wealth.Our guest MJ DeMarco shares personal stories about how he became wealthy at a young age and tips he has for other aspiring and current entrepreneurs out there. This episode is packed with golden nuggets. Join us on his journey as we venture into the topics of becoming a millionaire and beyond.3 Key TakeawaysUnderstanding the CENTS Framework (a set of five commandments that evaluate business ideas and their possibility for a lucrative outcome) can move you from working for time to becoming a multi-millionaire. Stop Chasing Money and Start Chasing NEEDSValue Skew Can Change Your Business and Your LifeShow Blog: https://www.taxsavingspodcast.com/blog/interview-with-mj-demarco-a-international-best-selling-author-the-millionaire-fastlane--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/interview-with-mj-demarco-a-international-best-selling-author-the-millionaire-fastlaneJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA continues the "Starting a Business" series with a Q&A session for those topics that were sent to us throughout the series. This is Part 2 of 2.LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/starting-a-business-series-q-a-sessionDeep Dive S Corp Series: https://www.taxsavingspodcast.com/scorpDeep Dive Bookkeeping Series: https://www.taxsavingspodcast.com/bookkeeping  Download Our Free Ultimate List of Business Deductions: https://www.taxsavingspodcast.com/deductionsJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/starting-a-business-series-q-a-sessionJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA continues the "Starting a Business" series with a Q&A session for those topics that were sent to us throughout the series. This is Part 1 of 2.LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/starting-a-business-series-q-a-sessionDeep Dive S Corp Series: https://www.taxsavingspodcast.com/scorpDeep Dive Bookkeeping Series: https://www.taxsavingspodcast.com/bookkeeping  Download Our Free Ultimate List of Business Deductions: https://www.taxsavingspodcast.com/deductionsJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/starting-a-business-series-q-a-sessionJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA continues the "Starting a Business" series! He explains what software apps you will want to consider.1) What Are the Two Most Vital Accounting Apps For a New Business Owner?2) What Do I Use Bookkeeping Software For?3) What Do I Use Payroll Software For? 4) What Other Accounting Apps Should Business Owners Consider?LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/what-apps-do-i-need-as-a-new-business-ownerDeep Dive S Corp Series: https://www.taxsavingspodcast.com/scorpDeep Dive Bookkeeping Series: https://www.taxsavingspodcast.com/bookkeeping  Download Our Free Ultimate List of Business Deductions: https://www.taxsavingspodcast.com/deductionsJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-apps-do-i-need-as-a-new-business-ownerJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA continues the "Starting a Business" series! He explains what estimated taxes are and the importance of them and how you go about paying for them.1) When Do You Owe Taxes On Your Earnings?2) How Does the Year-End Tax Return Play Into All Of This?3) When Are Estimated Taxes Due?4) How Do I Calculate Estimated Taxes?5) What Happens If I Do Not Pay Estimated Taxes (or Underpay)? 6) How Do I Pay Estimated Taxes?LINKS FROM THE SHOWShow Blog: https://www.taxsavingspodcast.com/blog/what-are-estimated-taxes-and-how-do-i-pay-themDeep Dive S Corp Series: https://www.taxsavingspodcast.com/scorpDeep Dive Bookkeeping Series: https://www.taxsavingspodcast.com/bookkeeping  Download Our Free Ultimate List of Business Deductions: https://www.taxsavingspodcast.com/deductionsJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-are-estimated-taxes-and-how-do-i-pay-themJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.comSmall Business Tax Savings Podcast

On this episode Mike Jesowshek, CPA continues the "Starting a Business" series! He discusses how you go about paying yourself as the business owner.1) How Do I Pay Myself As A Business Owner?2) Based On My Entity Type, How Should I Pay Myself?3) How Are Taxes Handled In Each of the Payment Options?4) What Else Do I Need To Know About Paying Myself?LINKS FROM THE SHOWDeep Dive S Corp Series: https://www.taxsavingspodcast.com/scorpDeep Dive Bookkeeping Series: https://www.taxsavingspodcast.com/bookkeeping  Download Our Free Ultimate List of Business Deductions: https://www.taxsavingspodcast.com/deductionsJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/how-do-i-pay-myself-as-a-business-ownerJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.comSmall Business Tax Savings Podcast

On this episode Mike Jesowshek, CPA continues the "Starting a Business" series! He discusses the high level things you need to know about taxes as a new business owner.1) What Do I Need To Know About Tax, From A Basic Level?2) How Is My Business Taxed?3) What Is This S Corporation You Talk About?4) How Often Do I Need To Pay Taxes?5) When Are Tax Returns Due?6) What Other Business Taxes Do I Need To Consider?LINKS FROM THE SHOWDeep Dive S Corp Series: https://www.taxsavingspodcast.com/scorpDeep Dive Bookkeeping Series: https://www.taxsavingspodcast.com/bookkeeping  Download Our Free Ultimate List of Business Deductions: https://www.taxsavingspodcast.com/deductionsJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-do-i-need-to-know-about-taxes-as-a-business-ownerJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA continues the "Starting a Business" series! He discusses the things you need to think about as you look to start hiring employees1) Do I Bring On Workers As Independent Contractors or Employees?2) How Do I Hire Employees?3) What Should I Consider When Hiring Employees?LINKS FROM THE SHOWDeep Dive S Corp Series: https://www.taxsavingspodcast.com/scorpDeep Dive Bookkeeping Series: https://www.taxsavingspodcast.com/bookkeeping  Download Our Free Ultimate List of Business Deductions: https://www.taxsavingspodcast.com/deductionsJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  Promotion - Win a T-Shirt and 1 Year Subscription to the Tax Minimization Program: https://www.taxsavingspodcast.com/promo--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/how-do-i-hire-employees-in-my-businessJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA continues the "Starting a Business" series! He discusses the importance of doing bookkeeping in your business.1) What Is Bookkeeping?2) What Type of Transactions Do I Need To Be Tracking or Recording via Bookkeeping?3) What Is An Income Statement (or Profit and Loss)?4) What Is A Balance Sheet?LINKS FROM THE SHOWDeep Dive S Corp Series: https://www.taxsavingspodcast.com/scorpDeep Dive Bookkeeping Series: https://www.taxsavingspodcast.com/bookkeeping  Download Our Free Ultimate List of Business Deductions: https://www.taxsavingspodcast.com/deductionsJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  Promotion - Win a T-Shirt and 1 Year Subscription to the Tax Minimization Program: https://www.taxsavingspodcast.com/promo--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/do-i-need-to-do-bookkeeping-for-my-businessJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA continues the "Starting a Business" series! For this one we have special guest, Andrew M Ayers on to discuss the process of setting up an LLC or Corporation1) Choose a Name2) Choose Owners3) Choose Formation Type4) Get Your Team Ready5) Filing With StateLINKS FROM THE SHOWDeep Dive S Corp Series: https://www.taxsavingspodcast.com/scorp Deep Dive Bookkeeping Series: https://www.taxsavingspodcast.com/bookkeeping  Download Our Free Ultimate List of Business Deductions: https://www.taxsavingspodcast.com/deduction Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax  Promotion - Win a T-Shirt and 1 Year Subscription to the Tax Minimization Program: https://www.taxsavingspodcast.com/promo--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastGuest Host: Andrew M. Ayers (www.AndrewMAyers.com)Article: https://www.taxsavingspodcast.com/blog/how-do-i-setup-an-llc-or-corporationJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA continues the "Starting a Business" series! For this one we have special guest, Andrew M Ayers on to discuss staying a Sole Prop or Incorporating.1) Sole Proprietorships2) Incorporating Your BusinessLINKS FROM THE SHOWDeep Dive S Corp Series: https://www.taxsavingspodcast.com/scorpDeep Dive Bookkeeping Series: https://www.taxsavingspodcast.com/bookkeeping Download Our Free Ultimate List of Business Deductions: https://www.taxsavingspodcast.com/deductionJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax Promotion - Win a T-Shirt and 1 Year Subscription to the Tax Minimization Program: https://www.taxsavingspodcast.com/promo--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastGuest Host: Andrew M. Ayers (www.AndrewMAyers.com)Article: https://www.taxsavingspodcast.com/blog/should-i-stay-a-sole-prop-or-organize-an-llc-or-corporationJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA kicks off the new "Starting a Business" series!1) What Stage Am I At In The Business?2) How Should I Organize My Business?3) What Do I Need To Know About Tax, From A Basic Level?4) How Much Should I Put Away For Taxes?5) What Other Things Should I Be Paying Attention To From The Start?LINKS FROM THE SHOW Start-Up Costs: https://www.taxsavingspodcast.com/blog/how-are-start-up-costs-handled Download Our Free Ultimate List of Business Deductions: https://www.taxsavingspodcast.com/deduction Deep Dive Bookkeeping Series: https://www.taxsavingspodcast.com/bookkeeping Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax Promotion - Win a T-Shirt and 1 Year Subscription to the Tax Minimization Program: https://www.taxsavingspodcast.com/promo--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-initial-things-should-i-consider-when-starting-a-new-businessJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA talks about business deductions and how to maximize them.1) What Can I Deduct As A Business Expense?2) How Do I Maximize Business Deductions?3) A Few Notes And Things To Think About4) Promotion - Win a T-Shirt and 1 Year Subscription to the Tax Minimization Program: https://www.taxsavingspodcast.com/promo5) Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax6) Download Our Free Ultimate List of Business Deductions: https://www.taxsavingspodcast.com/deductions--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/what-can-i-deduct-as-a-business-expenseFREE Bookkeeping Training Program Sign-Up: https://www.taxsavingspodcast.com/offers/BxrnWMYN/checkoutJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA gives a 3 year update on the Podcast.1) 3 Years In Review2) What's New?3) What's Next?4) How Can You Help?5) Promotion - Win a T-Shirt and 1 Year Subscription to the Tax Minimization Program6) Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax7) Download Our Free Ultimate List of Business Deductions: https://www.taxsavingspodcast.com/deductions--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastArticle: https://www.taxsavingspodcast.com/blog/small-business-tax-savings-podcast-3-years-in-reviewFREE Bookkeeping Training Program Sign-Up: https://www.taxsavingspodcast.com/offers/BxrnWMYN/checkoutJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Mike Jesowshek, CPA has special guest Matt Ruttenberg on from Life Inc Retirement Services to discuss what you need to know about retirement plan deadlines.1) Retirement Plan Deadlines For Companies w/ No Non-Owner Employees2) Retirement Plan Deadlines For Companies w/ Employees3) What Else Should I Know?4) Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax5) Download Our Free Ultimate List of Business Deductions: https://www.taxsavingspodcast.com/deductions6) By the way, if you are still pondering which retirement plan is right or you need help setting one up, we work directly with Life, Inc Retirement Services. Email us for an introduction or visit this page: https://lifeincrs.com/jetro/--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/what-do-i-need-to-know-about-retirement-plan-deadlines/FREE Bookkeeping Training Program Sign-Up: https://www.taxsavingspodcast.com/offers/BxrnWMYN/checkoutJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks about how the child tax credit has changed specifically for 2021.1) What Are The Typical Parameters Around The Child Tax Credit?2) What Are The Changes To The Child Tax Credit For 2021?3) Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax4) Download Our Free Ultimate List of Business Deductions: https://www.taxsavingspodcast.com/deductions--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/how-does-the-child-tax-credit-work-for-2021/FREE Bookkeeping Training Program Sign-Up: https://www.taxsavingspodcast.com/offers/BxrnWMYN/checkoutJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks about how you can potentially deduct 100% of the cost of employee recreation and parties.1) How Is It Possible To Get a 100% Deduction For Entertainment?2) What Else Do I Need To Know?3) Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax4) Download Our Free Ultimate List of Business Deductions: https://www.taxsavingspodcast.com/deductions--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/how-can-i-deduct-100-of-employee-recreation-and-parties/FREE Bookkeeping Training Program Sign-Up: https://www.taxsavingspodcast.com/offers/BxrnWMYN/checkoutJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks about what to do if you have business expenses that you accidentally paid for personally.1) How Do I Avoid A Big Tax Bill?2) How Do I Avoid A Tax Surprise?3) Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/how-do-i-avoid-a-big-tax-bill-or-surprise/FREE Bookkeeping Training Program Sign-Up: https://www.taxsavingspodcast.com/offers/BxrnWMYN/checkoutJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks about what start-up costs are and how they are handled.1) What Are Start Up Costs?2) What Are Organizational Costs?3) How Does The Tax Deduction For Start-Up and Organizational Costs Work?4) Examples Of Start-Up Costs Deduction5) Start-Up Costs Frequently Asked Questions6) Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/how-are-start-up-costs-handled/FREE Bookkeeping Training Program Sign-Up: https://www.taxsavingspodcast.com/offers/BxrnWMYN/checkoutJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks about what baseline tax strategies are and how they compare to advanced tax strategies.1) What Are Baseline Tax Strategies?2) What Are Advanced Tax Strategies?3) Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/what-are-baseline-tax-strategies-vs-advanced-tax-strategies/FREE Bookkeeping Training Program Sign-Up: https://www.taxsavingspodcast.com/offers/BxrnWMYN/checkoutJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks about what to do if you have business expenses that you accidentally paid for personally.1) Why Should I Separate Business and Personal Expenses?2) Okay, I Accidentally Paid For A Business Expense On My Personal Account. Now What?3) FREE WEBINAR: Tax Secrets Nobody Tells Entrepreneurs - Sign-Up: https://www.taxsavingspodcast.com/secretsDetails: Tuesday, May 18, 2021 12:00 PM CDT4) Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/i-accidentally-paid-for-business-expenses-using-personal-funds-now-what/FREE Bookkeeping Training Program Sign-Up: https://www.taxsavingspodcast.com/offers/BxrnWMYN/checkoutJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA has special guest, Gordon Henry, on to discuss how you can modernize your small business.1) FREE WEBINAR: Tax Secrets Nobody Tells Entrepreneurs - Sign-Up: https://www.taxsavingspodcast.com/secretsDetails: Tuesday, May 18, 2021 12:00 PM CDT2) Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Find More Info on Gordon Henry and Thryv: https://www.thryv.com/FREE Bookkeeping Training Program Sign-Up: https://www.taxsavingspodcast.com/offers/BxrnWMYN/checkoutJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks about how you can hire your kids in your business!1) What Do I Need To Know About Hiring My Kids In My Business?2) Great, Now How Do I Do It?3) FREE WEBINAR: Tax Secrets Nobody Tells Entrepreneurs - Sign-Up: https://www.taxsavingspodcast.com/secretsDetails: Tuesday, May 18, 2021 12:00 PM CDT4) Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/why-should-i-hire-my-kids-in-my-business/FREE Bookkeeping Training Program Sign-Up: https://www.taxsavingspodcast.com/offers/BxrnWMYN/checkoutJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks about the changes to meal expenses here in 2021.1) How Does The Meal Deduction Typically Work?2) Great, Now What Changed For 2021?3) WEBINAR: Tax Secrets Nobody Tells Entrepreneurs - Sign-Up: https://www.taxsavingspodcast.com/secretsDetails: Tuesday, May 18, 2021 12:00 PM CDT4) Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/what-do-i-need-to-know-about-meal-expenses-for-2021/FREE Bookkeeping Training Program Sign-Up: https://www.taxsavingspodcast.com/offers/BxrnWMYN/checkoutJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks about the options available to you to get money out of your business to you personally.1) What Is An Owner’s Draw vs Salary? 2) How Do I Take Money Out Of My Company?3) My Business Bank Account Is Empty, Why Am I Still Showing A Profit?4) Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/how-do-you-get-profits-out-of-your-business/FREE Bookkeeping Training Program Sign-Up: https://www.taxsavingspodcast.com/offers/BxrnWMYN/checkoutJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks about the options available to you if you cannot afford your tax bill.1) What Do I Need To Know If I Cannot Afford To Pay My Tax Bill?2) What Happens If I Do Not Pay My Taxes On Time?3) What Options Are Available To Pay My Taxes?4) Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/what-if-i-cannot-afford-to-pay-my-taxes-when-due/FREE Bookkeeping Training Program Sign-Up: https://www.taxsavingspodcast.com/offers/BxrnWMYN/checkoutJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks about the tax extensions and what you need to know.1) Is It Fine To File An Extension?2) What Are The Extension Deadlines For Tax Year 2020 And What Form Do I Use?3) What Happens If I Do Not File An Extension?4) Important Items / Recap5) Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/is-it-fine-to-file-an-extension-and-what-do-i-need-to-know-about-tax-extensions/FREE Bookkeeping Training Program Sign-Up: https://www.taxsavingspodcast.com/offers/BxrnWMYN/checkoutJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks about the home office and what you need to know.1) What Qualifies As A Home Office?2) How Do I Calculate The Home Office Deduction?3) What Else Do I Need To Know About The Home Office?4) Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/can-i-have-a-home-office-if-i-have-another-office/FREE Bookkeeping Training Program Sign-Up: https://www.taxsavingspodcast.com/offers/BxrnWMYN/checkoutJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks about the newly passed COVID relief package, American Rescue Plan Act.1) American Rescue Plan Act – Stimulus Payments2) American Rescue Plan Act – Unemployment Benefits3) American Rescue Plan Act – Child Tax Credit4) American Rescue Plan Act – Other Items To Note5) Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/american-rescue-plan-act-what-do-i-need-to-know/FREE Bookkeeping Training Program Sign-Up: https://www.taxsavingspodcast.com/offers/BxrnWMYN/checkoutJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks about the tax return filing requirements and if you even need to file.1) Do I Need To File A Personal Tax Return?2) Do I Need To File A Business Tax Return?3) Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/do-i-need-to-file-a-tax-return-personal-or-business/FREE Bookkeeping Training Program Sign-Up: https://www.taxsavingspodcast.com/offers/BxrnWMYN/checkoutJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks about the 14 day home rental strategy (also known as The Augusta Rule).1) What Is The 14 Day Home Rental Strategy (aka The Augusta Rule)?2) What Do I Need To Do To Implement The 14 Day Home Rental Strategy?3) Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/what-is-the-14-day-home-rental-strategy-aka-the-augusta-rule/FREE Bookkeeping Training Program Sign-Up: https://www.taxsavingspodcast.com/offers/BxrnWMYN/checkoutJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA has special guest Matt Ruttenberg on to continue our series on retirement plan options. On this episode we discuss advanced retirement options for high income earners.1) What Is A Cash Balance Plan?2) Looking to connect with a professional or find out which retirement plan is right for you? Go Here: https://lifeincrs.com/jetro/3) Official Founding Member Pre-Launch of Tax Minimization Program (COUPON: FOUNDINGMEMBER): https://www.taxsavingspodcast.com/tax--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/what-are-some-advanced-retirement-plan-options-for-high-income-earners/FREE Bookkeeping Training Program Sign-Up: https://www.taxsavingspodcast.com/offers/BxrnWMYN/checkoutJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA has special guest Matt Ruttenberg on to continue our series on retirement plan options. On this episode we discuss the Safe Harbor and QACA Safe Harbor 401k.1) What Is A Safe Harbor 401k?2) What Is A QACA Safe Harbor 401k?3) Looking to connect with a professional or find out which retirement plan is right for you? Go Here: https://lifeincrs.com/jetro/4) Official Founding Member Pre-Launch of Tax Minimization Program (COUPON: FOUNDINGMEMBER): https://www.taxsavingspodcast.com/tax--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/what-is-a-safe-harbor-401k-or-qaca-safe-harbor-401k/FREE Bookkeeping Training Program Sign-Up: https://www.taxsavingspodcast.com/offers/BxrnWMYN/checkoutJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA has special guest Matt Ruttenberg on to continue our series on retirement plan options. On this episode we discuss the Traditional 401k.1) What Is a Traditional 401k and What Do I Need To Know About Traditional 401ks?2) Looking to connect with a professional or find out which retirement plan is right for you? Go Here: https://lifeincrs.com/jetro/3) Official Founding Member Pre-Launch of Tax Minimization Program (COUPON: FOUNDINGMEMBER): https://www.taxsavingspodcast.com/tax--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/what-is-a-traditional-401k-for-businesses/FREE Bookkeeping Training Program Sign-Up: https://www.taxsavingspodcast.com/offers/BxrnWMYN/checkoutJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA has special guest Matt Ruttenberg on to continue our series on retirement plan options. On this episode we discuss the SIMPLE IRA and Payroll Deducted IRA.1) What Is a SIMPLE IRA and What Do I Need To Know About SIMPLE IRAs?2) What Is A Payroll Deducted IRA and What Do I Need To Know About A Payroll Deducted IRA?3) Looking to connect with a professional or find out which retirement plan is right for you? Go Here: https://lifeincrs.com/jetro/4) Official Founding Member Pre-Launch of Tax Minimization Program (COUPON: FOUNDINGMEMBER): https://www.taxsavingspodcast.com/tax--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/what-is-a-simple-ira-or-payroll-deducted-ira/FREE Bookkeeping Training Program Sign-Up: https://www.taxsavingspodcast.com/offers/BxrnWMYN/checkoutJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA has special guest Matt Ruttenberg on to continue our series on retirement plan options. On this episode we discuss the SEP IRA and Solo or Individual 401k.1) What Is a SEP IRA and What Do I Need To Know About SEP IRAs?2) What Is a Solo 401k and What Do I Need To Know About Solo 401ks?3) Should I Do a SEP IRA or Solo 401k For My Business?4) Looking to connect with a professional or find out which retirement plan is right for you? Go Here: https://lifeincrs.com/jetro/5) Introduction to our new product launch! Join Our Waiting List Here: https://www.jetrotax.com/launch/--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/what-is-a-sep-ira-and-solo-or-individual-401k/FREE Bookkeeping Training Program Sign-Up: https://www.taxsavingspodcast.com/offers/BxrnWMYN/checkoutJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA has special guest Matt Ruttenberg on to start a series that we are doing on retirement plan options.1) What Is Your Goal With a Retirement Plan?2) What Retirement Plan Options Are Best For Businesses With No Outside Employees?3) What Retirement Plan Options Are Best For Businesses With Employees?4) Looking to connect with a professional or find out which retirement plan is right for you? Go Here: https://lifeincrs.com/jetro/5) Introduction to our new product launch! Join Our Waiting List Here: https://www.jetrotax.com/launch/--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/what-retirement-options-are-available-for-business-owners/FREE Bookkeeping Training Program Sign-Up: https://www.taxsavingspodcast.com/offers/BxrnWMYN/checkoutJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA has special guest Danny Wright on to talk about what you need to know about sales tax..1) What Is Sales Tax Nexus?2) Is My Product or Service Subject to Sales Tax?3) When It Comes to Sales Tax, What Process Should I Follow?4) Introduction to our new product launch! Join Our Waiting List Here: https://www.jetrotax.com/launch/--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/what-do-i-need-to-know-about-sales-tax/FREE Bookkeeping Training Program Sign-Up: https://www.taxsavingspodcast.com/offers/BxrnWMYN/checkoutJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks about how you can make this tax season stress free and some of the important due dates for 2020.1) Action Steps For Your Business Tax Return2) Action Steps For Your Personal Tax Return3) What Are The 2020 Tax Due Dates?4) What Is The JETRO Tax Process?5) Introduction to our new product launch! Join Our Waiting List Here: https://www.jetrotax.com/launch/--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/how-can-i-make-tax-season-stress-free-and-what-are-the-2020-tax-due-dates/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTrainingJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks about the new COVID relief bill and what you need to know. Here is what is discussed today:1) What Is Included In the COVID Relief Bill for Individuals?2) What Is Included In the COVID Relief Bill for Businesses?3) Introduction to our new product launch! Join Our Waiting List Here: https://www.jetrotax.com/launch/--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/what-do-i-need-to-know-about-the-covid-relief-bill/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTrainingJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA shares an appearance he had on The One Big Tip Podcast by Jeff Mendelson.  Here are the show notes from that episode:When Mike stepped out of his marketing job and into the new realm of tax accounting, he took a lot of helpful business practices with him. One of the primary factors was the idea of a virtual business. While most tax firms still have brick and mortar locations, Mike’s virtual firm, JETRO, stands out among the crowd.Owning several businesses himself, Mike noticed a need for a tax firm that had the flexibility and rates that only a virtual firm could offer. While he admits that he missed out on the experience gained by working for a public accounting firm, his fresh perspective allowed him to create a new model that worked for him.Mike’s One Big Tip is for small business owners to focus on tax planning. “When most people think of taxes,” he says, “they think ‘I see my accountant in February, March, or April to prepare and file my taxes. Then they send it off and I don't talk to that accountant again until next February, March, or April.”The reality is that, by that time, the tax year is over and it’s already too late to take advantage of many of the tax strategies available to you. Tax planning is considering your tax year before the bill comes due.While altering your numbers or neglecting to report income isn’t recommended, there are many ways to legally reduce your tax liability. For the most part, this comes from lowering your taxable income. As a W-2 employee, there isn’t much you can do to lower this number outside of contributing to your retirement. This is because your taxes are taken out of your gross income before you even see it. You only spend money after taxes.However, as a small business owner, you can flip this mindset on its head and consider ways to spend money before taxes. Things such as dinner with potential or current clients, mileage in between offices or worksites, and costs associated with a home office can all be deducted from your taxable income, which in turn lowers your tax bill.Taxes are incredibly complex and can easily be oversimplified. Hiring a professional may cost money upfront, but they’ll likely save you far more in the long run.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Original Episode Link: https://jeffmendelson.com/onebigtip/e57-mike-jesowshek/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTrainingJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks about purchasing, deducting, and depreciation a business vehicle. Here is what is discussed today:1) What Options are Available for Vehicle Deductions?2) What Do I Need To Know About Vehicle Depreciation?3) How Do I Depreciate a New or Used SUV, Van or Pickup Truck With GVWR of 6,001 Pounds or More?4) How Do I Deduct a New or Used Car or Vehicle With a GVWR of 6,000 Pounds or Less?5) Vehicle Depreciation Key Points and Take-Aways--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/what-do-i-need-to-know-about-purchasing-deducting-and-depreciating-a-business-vehicle/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTrainingJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks about self employed health insurance and what you need to do to ensure you get a full deduction. He also talks about a few other last minute health strategies you can utilize yet here in 2020. Here is what is discussed today:1) How do I report self-employed health insurance premiums as a sole proprietor or single member LLC?2) How do I report self-employed health insurance premiums as an S Corporation owner?3) What Other Health Related Options Are Available to Small Business?--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/what-do-i-need-to-know-about-deducting-self-employed-health-insurance-plus-last-minute-medical-plan-strategies/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTrainingJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks about strategies you can implement before year-end to minimize your taxes. Here is what is discussed today:1) Prepay Expenses Using the IRS Safe Harbor2) Stop Billing Customers, Clients, and Patients3) Buy Office Equipment4) Use Your Credit Cards5) Don’t Assume You Are Taking Too Many Deductions--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/what-can-i-do-in-my-business-before-year-end-to-minimize-taxes/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTrainingJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks about what an accountable plan is and how it can be beneficial in your business. Here is what is discussed today:1) What is an Accountable Plan?2) Why Is It Important To Have An Accountable Plan?3) How Do I Implement An Accountable Plan?4) Example of Common Accountable Plan Expenses--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/what-is-an-accountable-plan-and-why-is-it-important-to-my-business/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTrainingJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks about PPP Forgiveness and the tax treatment along with tax treatment on the EIDL advance. Here is what is  discussed today:1) Paycheck Protection Program (PPP) Forgiveness2) Paycheck Protection Program (PPP) Tax Treatment3) Economic Injury Disaster Loan (EIDL) Advance Tax Treatment--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/coronavirus-covid-19-ppp-forgiveness-and-tax-treatment-eidl-advance/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTrainingJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and  many others visit our website at  www.JETROtax.com. You can also give us  a call at 844-327-9272 or send your questions to us  at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks about 1099s and this new 1099-NEC form and what you need to know. Here is what is  discussed today:1) What is Form 1099?2) What is a 1099-MISC vs 1099-NEC?3) When Do I Need to File a 1099-NEC?4) When Is The 1099-NEC Filing Deadline?5) What Are The Penalties For Not Filing A 1099-NEC?6) 1099-MISC and 1099-NEC Summary--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/what-is-a-1099-nec-and-what-do-i-need-to-know-about-1099s/Form 1099-NEC: https://www.irs.gov/pub/irs-pdf/f1099nec.pdfForm 1099-MISC: https://www.irs.gov/pub/irs-pdf/f1099msc.pdfForm W9: https://www.irs.gov/pub/irs-pdf/fw9.pdfTrack1099 (Software): https://www.track1099.com/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTrainingJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at  www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA has special guest Liz Briggson from Adamy Valuation on to discuss how you go about valuing your business and things you should consider if you plan to sell your business in the future or want to put together a succession plan.——–Podcast Host: Mike Jesowshek, CPA – Founder of JETRO (www.JETROtax.com)Special Guest: Liz Briggson, CPA, CVA - Adamy Valuation (www.adamyvaluation.com) - Email: lbriggson@adamyvaluation.comArticle: https://www.jetrotax.com/how-do-i-value-my-business-what-do-i-need-to-know-if-i-plan-to-sell/Value Driver One: Higher Profits and Cash Flow - Article: https://adamyvaluation.com/value-driver-higher-profits-and-cash-flow/Value Driver Two: Lower Risk - Article: https://adamyvaluation.com/value-driver-lower-risk/Value Driver Three: Higher Growth Potential - Article: https://adamyvaluation.com/value-driver-higher-growth-potential/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTrainingJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek——–Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/——–To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA invites a few JETRO bookkeepers on for a panel discussion to wrap up the "All About Bookkeeping" series. If you missed the 8 part series, check those out. On today's panel is:  Chris Gorman Daud Waziri Heather McGregor Mike Jesowshek, CPA--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/all-about-bookkeeping-series-everything-you-need-to-know-about-bookkeeping/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTrainingJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and   many others visit our website at  www.JETROtax.com. You can also  give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA finishes our "All About Bookkeeping" series. If you  missed the first seven episodes, check those out. Here is what is discussed today:1) Not doing bookkeeping on a regular basis and not reading and analyzing your financials.2) Incorrect categorizing or over categorizing transactions.3) Failing to keep receipts for purchases.4) Recording personal items or payments to the owner as business expenses.5) Incorrectly recording major purchases and potential corresponding loans with those purchases.6) Not recording payroll correctly.7) Being unfamiliar or inexperienced with the entire process.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/top-7-most-common-bookkeeping-mistakes-made/  FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTrainingJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and   many others visit our website at  www.JETROtax.com. You can also  give   us a call at 844-327-9272 or send your questions to us   at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA continues our "All About Bookkeeping" series. If you missed the first six episodes, check those out. Here is what is  discussed today:1. What Is a Statement of Cash Flows?2. What Are the Different Parts of a Statement of Cash Flows?3. What Financial Statements are Important to Small Businesses?--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/2020/10/12/what-is-the-statement-of-cash-flows-any-other-important-financial-statements/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTraining--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and  many others visit our website at  www.JETROtax.com. You can also  give  us a call at 844-327-9272 or send your questions to us  at: Sales@JETROtax.com

On this episode Mike   Jesowshek, CPA continues our "All About Bookkeeping" series. If you  missed the first five episodes, check those out. Here is what is discussed today:1. What Is a Balance Sheet Recap?2. What Are the Different Parts of A Balance Sheet?3. Why Is A Balance Sheet Important? What Can I Do With the Information From a Balance Sheet?4. Final Items Related to the Balance Sheet--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/2020/10/06/how-do-i-read-a-balance-sheet-and-why-is-it-important/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTraining--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at  www.JETROtax.com. You can also  give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike  Jesowshek, CPA continues our "All About Bookkeeping" series. If you missed the first three episodes, check those out. Here is what is  discussed today:1. What Is a Income Statement (also known as Profit and Loss) Recap?2. What Are the Different Parts of An Income Statement?3. Why Is An Income Statement Important? What Can I Do With the Information From a Profit and Loss?4. Final Items Related to the Income Statement--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/2020/09/28/how-do-i-read-an-income-statement-and-why-is-it-important/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTraining--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and     many others visit our website at  www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA continues our "All About Bookkeeping" series. If you missed the first three episodes, check those out. Here is what is discussed today:1. What Is a Income Statement (also known as Profit and Loss)?2. What Is a Balance Sheet?3. Differences Between Income Statement and Balance Sheet--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/2020/09/22/what-is-an-income-statement-vs-balance-sheet/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTraining--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and    many others visit our website at  www.JETROtax.com. You can also give   us  a call at 844-327-9272 or send your questions to us    at: Sales@JETROtax.com

On this episode Mike  Jesowshek, CPA continues our "All About Bookkeeping" series. If you  missed the first two check those out. Here is what is discussed today:1. What Is Cash Basis Accounting/Bookkeeping?2. What Is Accrual Basis Accounting/Bookkeeping?3. Should I Use Cash or Accrual Basis?4. Example / Walk Through--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/2020/09/16/what-is-cash-and-accrual-accounting/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTraining--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and   many others visit our website at  www.JETROtax.com. You can also give  us  a call at 844-327-9272 or send your questions to us   at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA continues our "All About Bookkeeping" series. If you missed the first one check that out. Here is what is discussed today:1. What Are Debits vs Credits?2. What Is a Chart of Accounts?3. Examples--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/2020/09/08/what-are-bookkeeping-debits-credits-and-chart-of-accounts/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTraining--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and  many others visit our website at  www.JETROtax.com. You can also give us  a call at 844-327-9272 or send your questions to us  at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA kicks off our "All About Bookkeeping" series with a important topic, what is bookkeeping and why do you need it. Topics discussed include:1. What Is Bookkeeping? Simplified Definition  2. What Is a Bookkeeper Responsible For?  3. Why Do I Need Bookkeeping?  --------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/2020/09/02/what-is-bookkeeping-and-why-do-i-need-bookkeeping-for-my-business/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTraining--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and  many others visit our website at  www.JETROtax.com. You can also give us  a call at 844-327-9272 or send your questions to us  at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks wraps up the S Corporation series with a nice summary of the prior 6 episodes.Here are the topics covered in the prior episodes and summarized here.1. What Is a Pass Through Entity?2. What Is An LLC and How Is It Different From An S Corporation?3. What Is An S Corporation and Why Should I Elect To Be One?4. What Are The Requirements For An S Corporation and How Do I Set One Up?5. What Is A Reasonable Compensation For An S Corporation Owner?6. I Have An S Corporation, Now What Do I Need To Know?--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/2020/08/19/everything-you-need-to-know-about-s-corporations/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTraining--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at  www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks about what you need to know now that you are setup as an S Corp, specifically discussion S Corporation owner health insurance and accountable plans (aka reimbursement policy).  This is one episode in a multi-part  series that talks about S  Corporations. Be sure to check out the prior episodes as well to get  the full understanding.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: http://www.jetrotax.com/2020/08/19/i-have-an-s-corporation-now-what-do-i-need-to-know/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTraining--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and   many others visit our website at  www.JETROtax.com. You can also give  us a  call at 844-327-9272 or send  your questions to us   at: Sales@JETROtax.com

On  this episode Mike   Jesowshek, CPA talks about what a reasonable compensation is for an S Corporation owner is an how you can go about trying to determine one. This is one episode in a multi-part  series that  talks about S Corporations. Be sure to check out the prior episodes as  well to get the full understanding.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: http://www.jetrotax.com/2020/08/12/what-is-a-reasonable-compensation-for-an-s-corporation-owner/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTraining--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and  many others visit our website at  www.JETROtax.com. You can also give us a  call at 844-327-9272 or send  your questions to us  at: Sales@JETROtax.com

On this episode Mike   Jesowshek, CPA talks about what the requirements are for an S Corporation and how you can go about electing S Corp status in your business. This is one episode in a multi-part  series that talks about S Corporations. Be sure to check out the prior episodes as well to get the full understanding.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: http://www.jetrotax.com/2020/08/05/what-are-the-requirements-for-an-s-corporation-and-how-do-i-set-one-up/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTraining--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and  many others visit our website at www.JETROtax.com. You can also give us a  call at 844-327-9272 or send your questions to us  at: Sales@JETROtax.com

On this episode Mike  Jesowshek, CPA talks about what an S Corporation is and why you may want to elect to be taxed as one. This is one episode in a multi-part series that talks about S Corporations. Be sure to check out the prior two episodes as well to get the full understanding.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/2020/07/28/what-is-an-s-corporation-and-why-should-i-elect-to-be-one/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTraining--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike  Jesowshek, CPA talks about what a sole proprietorship and an LLC is and how that is different form an S Corporation. This is just one episode in a multi-part series!--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/2020/07/21/what-is-an-llc-and-how-is-it-different-from-an-s-corporation/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTraining--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike  Jesowshek, CPA talks about pass through entities. What are they are what does it mean?--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/2020/07/14/what-is-a-pass-through-entity/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTraining--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and     many others visit our website at www.JETROtax.com. You can also give   us  a  call at 844-327-9272 or send your questions to us at:  Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks about how to structure your business if you have multiple owners. He walks through two main options that are available to you.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: http://www.jetrotax.com/2020/07/08/how-should-i-structure-my-business-with-multiple-owners/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTraining--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and    many others visit our website at www.JETROtax.com. You can also give  us  a  call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike   Jesowshek, CPA talks about company retreats for your employees or clients. This is a great opportunity to connect on another level with your team.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTraining--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and   many others visit our website at www.JETROtax.com. You can also give us  a  call at 844-327-9272 or send your questions to us at:    Sales@JETROtax.com

On this episode Mike  Jesowshek, CPA talks about the Paycheck Protection Program (PPP) forgiveness details. With all of the changes that have been occurring this an overall update and summary to where we are today.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Paycheck Protection Program (PPP) Forgiveness Cheat Sheet Article: https://www.jetrotax.com/2020/06/23/paycheck-protection-program-ppp-forgiveness-cheat-sheet/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTraining--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and  many others visit our website at www.JETROtax.com. You can also give us a  call at 844-327-9272 or send your questions to us at:   Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks about the importance of tax planning for business owners and the difference between tax preparation and filing and tax planning. As a business owner, tax planning is necessary to minimize the amount in pay in taxes as much as legally possible.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTraining--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at:  Sales@JETROtax.com

On this episode Mike  Jesowshek, CPA talks about banking options, whther that is using a big bank, small bank or even a new digital bank. He also talks about the PPP bill that was passed and is now law to ease the restrictions a bit on the program. --------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTrainingFree PPP Loan Forgiveness Application Tool: https://ppp.bank/JETRO Coronavirus COVID-19 Resource Hub: https://www.jetrotax.com/2020/03/18/coronavirus-accounting-tax/--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many     others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks about the bill that was passed by the House related to the PPP, a free tool to help with the PPP loan forgiveness, and a notice that funds are still available if you have not yet gotten PPP funding.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTrainingFree PPP Loan Forgiveness Application Tool: https://ppp.bank/JETRO Coronavirus COVID-19 Resource Hub: https://www.jetrotax.com/2020/03/18/coronavirus-accounting-tax/--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many    others visit our website at www.JETROtax.com. You can also give us    a call at 844-327-9272 or send your questions to us at:    Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks about the top 4 bookkeeping rules that you need to follow as a business owner.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTrainingJETRO Coronavirus COVID-19 Resource Hub: https://www.jetrotax.com/2020/03/18/coronavirus-accounting-tax/--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many   others visit our website at www.JETROtax.com. You can also give us   a call at 844-327-9272 or send your questions to us at:   Sales@JETROtax.com

On this episode Mike  Jesowshek, CPA talks about the paycheck protection program, specifically about PPP loan certification clarification, PPP loan taxability, and PPP loan forgiveness application.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)PPP Loan Forgiveness Application: https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdfFREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTrainingJETRO Coronavirus COVID-19 Resource Hub: https://www.jetrotax.com/2020/03/18/coronavirus-accounting-tax/--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many  others visit our website at www.JETROtax.com. You can also give us  a call at 844-327-9272 or send your questions to us at:  Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks about new tax deadlines and extension requirements due to the Coronavirus. He also discussed student loan payments made by the employer and how they are not taxable to the employee if made by 12/31/20.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTrainingJETRO Coronavirus COVID-19 Resource Hub: https://www.jetrotax.com/2020/03/18/coronavirus-accounting-tax/--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

On this episode Mike  Jesowshek, CPA introduces our new FREE Bookkeeping Training Program all inclusive with templates, video training, etc. He also talks about giving back to the community and a thank you to both listeners and clients for playing a role in this contribution made by JETRO on your behalf.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTrainingJETRO Coronavirus COVID-19 Resource Hub: https://www.jetrotax.com/2020/03/18/coronavirus-accounting-tax/--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many      others visit our website at www.JETROtax.com.You can also give us a     call  at 844-327-9272 or send your questions to us at    Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks about the forgiveness piece of the Paycheck Protection Program (PPP). He is also talks about the certification item that was made when applying for the PPP.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)JETRO Coronavirus COVID-19 Resource Hub: https://www.jetrotax.com/2020/03/18/coronavirus-accounting-tax/Gusto Guide to the Paycheck Protection Program (PPP): https://gusto.com/blog/payroll/paycheck-protection-program-smb-guide#Loan_forgiveness_for_Paycheck_Protection_Program--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many     others visit our website at www.JETROtax.com.You can also give us a    call  at 844-327-9272 or send your questions to us at   Sales@JETROtax.com

On this episode Mike  Jesowshek, CPA talks about the employee retention tax credit (ERTC) COVID-19 relief option. We've talked heavily about EIDL and PPP but what about ERTC? Don't you love all the acronyms?--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)JETRO Coronavirus COVID-19 Resource Hub: https://www.jetrotax.com/2020/03/18/coronavirus-accounting-tax/--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many    others visit our website at www.JETROtax.com.You can also give us a   call  at 844-327-9272 or send your questions to us at  Sales@JETROtax.com

On this episode Mike Jesowshek, CPA talks about the COVID-19 relief options available to business owners and individuals. Topics include: Paycheck Protection Program (PPP), Economic Injury Disaster Loans (EIDL), SBA Loan Subsidies, Employee Retention Tax Credits, Net Operating Losses (NOLs), Charitable Contributions, Recovery Rebates (Checks in the Mail), Retirement Account Disbursements, and Student Loan Relief.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Gusto Resource Hub: https://gusto.com/blog/business-finance/cares-act#Employee_retention_credits_and_payroll_tax_reliefJETRO Coronavirus COVID-19 Resource Hub: https://www.jetrotax.com/2020/03/18/coronavirus-accounting-tax/--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many   others visit our website at www.JETROtax.com.You can also give us a  call  at 844-327-9272 or send your questions to us at Sales@JETROtax.com

On this episode I talked about the part of the CARES act as it relates to the checks to Americans, charitable contributions in 2020 and the ability of net operating loss carry-back.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)JETRO Coronavirus COVID-19 Resource Hub: https://www.jetrotax.com/2020/03/18/coronavirus-accounting-tax/--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many  others visit our website at www.JETROtax.com.You can also give us a call  at 844-327-9272 or send your questions to us at Sales@JETROtax.com

On this episode we give an update on the Paycheck Protection Program (PPP) and talk about the options available to you as a business owner.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)EIDL Application: https://covid19relief.sba.gov/#/ Payment Protection Program (PPP) Fact Sheet from US Treasury: https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

In this episode Mike Jesowshek, CPA talks about two Coronavirus COVID-19 government loan options.  1) Economic Injury Disaster Loan (EIDL) and 2) Paycheck Protection Program (PPP).NOTE: UPDATE TO PPP PROGRAM AFTER RECORDING:-Interest Rate: 0.5% - Updated As Of 3/31/20-Term: 2 Years - Updated As Of 3/31/20--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)JETRO Coronavirus Resource Center: https://www.jetrotax.com/2020/03/18/coronavirus-accounting-tax/Video Version: https://youtu.be/1I2Kinx3BfMEIDL Application: https://covid19relief.sba.gov/#/PPP Info (US Chamber of Commerce): https://www.uschamber.com/sites/defau...--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

In this episode Mike Jesowshek, CPA talks about the importance of planning during this difficult time.  Start putting together good, bad, and ugly plans so you know what actions your business will take as certain thresholds are met.  Go through your income statement and see what items you can cut or downgrade to reduce costs.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)JETRO Coronavirus (COVID-19) – Accounting and Tax Outlook: https://www.jetrotax.com/2020/03/18/coronavirus-accounting-tax/--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

In this episode Mike Jesowshek, CPA talks about the Coronavirus and how it may be impacting your business.  This is time as a business owner to step up, be that leader, embrace the tough situation and take what is given to do the best for your business, your employees, your customers, and your community.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

In this episode Mike Jesowshek, CPA talks with Kelly Coughlin from the Tax Resolution Help Center.  This is a great intro to tax resolution and things that you can do and should know if you are running into tax issues.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Podcast Guest: Kelly Coughlin - Tax Resolution Help Center (https://taxresolutionhelpcenter.com/)--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

In this episode Mike Jesowshek, CPA talks about the upcoming 2019 tax due date deadlines along with some changes for 2020.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)--------JETRO 2020 Pocket Tax Guide: https://bit.ly/2TNEIb1Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

In this episode Mike Jesowshek, CPA talks about the various types of income and how they are taxed.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

In this episode Mike Jesowshek, CPA talks with Alex Sonkin regarding high end tax strategies and JETRO's partnership with his program. --------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Special Guest: Alex Sonkin--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

In this episode Mike Jesowshek, CPA talks about per diems and how they relate to your employees, not the business owner.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

In this episode Mike Jesowshek, CPA talks about per diems and how they work for business owners.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

In this episode Mike Jesowshek, CPA talks about charitable contributions and whether you should make them personally or through a business.  He also discusses how you can turn a payment to a charitable organization into a deductible business expense.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

In this episode Mike Jesowshek, CPA talks about what happens if you were suppose to send a 1099 to a contract but did not.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

In this episode Mike Jesowshek, CPA answers a listeners question about how they can have an empty bank account but still show a profit.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

Sales Tax - What do I need to know? - In this episode Mike Jesowshek, CPA has special guest Dan Petry on from Avalara to give an initial overview of what small business owners need to know about sales tax.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Podcast Guest: Dan Petry - Avalara--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

Podcast Changes and Tax Due Dates - In this episode Mike Jesowshek, CPA introduces some changes to the Podcast and discusses tax due dates as we enter tax season.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

In this episode Mike Jesowshek, CPA reflects on 2019 and gives some insights on great changes coming to the podcast in 2020!--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

Gather W9s and Make Tax Season Stress Free - In this episode Mike Jesowshek, CPA and Lisa Ransom, CPA talk about getting W9s from contractors paid over $600 throughout the year and tips on how to make this tax season an easy one!--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Podcast Co-Host: Lisa Ransom, CPA--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

Self Employed Health Insurance and Reasonable Salary Before Year-End - In this episode Mike Jesowshek, CPA and Lisa Ransom, CPA talk about running a reasonable compensation for S Corp owners as well as the correct treatment for self employed health insurance costs.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Podcast Co-Host: Lisa Ransom, CPA--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

Last Minute Year-End Tax Strategies - In this episode Mike Jesowshek, CPA and Lisa Ransom, CPA talked about last minute year-end tax strategies.  They discuss prepaying expenses, stopping billing and pushing it to next year, buying office equipment, using credit card and not being afraid to take too many deductions.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Podcast Co-Host: Lisa Ransom, CPA--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

Business Banking Reimagined (w/ Special Guest Yoseph West) - Digital banking, what's that? This week I sat down with Yoseph West from Relay and talked about a new way to do banking. We encourage our clients to modernize everything else in their business but we always get stuck at banking. That has changed. Imagine a modern banking platform that you could do everything you currently do at your current bank (and more) all with no fees. Learn what the future of banking looks like.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Podcast Guest: Yoseph West - Relay (https://relayfi.com/)--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

Marriage, Kids, and Family Tax Strategies Before Year-End - In this episode Mike Jesowshek, CPA talks about hiring your kids, how getting married or divorce can impact you before year-end, and how to make use of the 0 percent capital gains tax bracket.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

Backdoor Roth IRA and Retirement Options Before Year-End - In this episode Mike Jesowshek, CPA talks about setting up a Solo 401k before year-end as well as the backdoor Roth IRA strategy for high income earners.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

In this episode Mike Jesowshek, CPA talks about purchasing vehicles before year-end and how the tax deduction works for that.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

Financing Small Businesses and Franchises (w/ Special Guest Paul Bosley) - In this episode Mike Jesowshek, CPA talks with Paul Bosley about financing options for small businesses and franchises.  You will find out about options available and things you need to think about ahead of time.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Podcast Guest: Paul Bosley - Owner of Business Finance Depot (www.BusinessFinanceDepot.com)--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

Deducting Travel For Business - In this episode Mike Jesowshek, CPA talks about deducting travel as a business expense and how you have the ability to turn almost any trip into a business trip and even your personal weekend days could potentially become deductible business days.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

Preparing Your Bookkeeping for Year-End In this episode Mike Jesowshek, CPA talks about things you can and should be doing now to make sure your books are prepared for year-end.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

Marketing in the Digital Era (w/ Special Guests Jeff Van Kampen and Nick Urso) - In this episode Mike Jesowshek, CPA has special guests Jeff Van Kampen and Nick Urso on to discuss digital marketing in the digital era.  This is a great episode to get insights on various marketing strategies and nuggets to help your business grow.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Special Guest: Jeff Van Kampen - Instagram: @jeffvkay - LinkedIn: Jeff Van KampenSpecial Guest: Nick Urso - Instagram: nick_urso - LinkedIn: Nick Urso--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/UVK Media Website: https://www.uvkmedia.comUVK Media Instagram: uvk_media--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

Expensing Items Under $2,500 (Safe Harbor Method) - In this episode Mike Jesowshek, CPA talks about the safe harbor method and how you are able to expense all items under $2,500 without having to deal with capitalization and depreciation. This is one method that every business should be implementing!--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

Accountable Plan Importance (Expense Reimbursement) - In this episode Mike Jesowshek, CPA talks about the importance of setting up an accountable plan and key things you need to consider.  The last thing you want is a reimbursement that is considered taxable income to you or your employees.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

Home Office Deduction for S Corporations - In this episode Mike Jesowshek, CPA talks about the ability to claim the home office deduction as an S Corporation owner even though there is no specific line item for it, like the Schedule C.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

In this episode I share a part of my interview with Brian Kelly on The Mind Body Business Show.  We discuss daily routines, success, failures, team culture, and so much more.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Guest Interviewer: Brian Kelly - The Mind Body Business Show--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

In this episode Mike Jesowshek, CPA talks about quarterly estimated taxes for business owners.  Who need to make them, when you need to make them and what type of penalties you could be faced with.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

In this episode Mike Jesowshek, CPA has Fred Varin and Jackie Brajner on from Topline Results to discuss CRM and Digital Marketing for small businesses.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Special Guest: Fred Varin and Jackie Brajner from Topline ResultsTopline Results Website: https://www.toplineresults.com/--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

In this episode Mike Jesowshek, CPA talks about how  the Tax Cuts and Jobs Act removed the “directly related and associated with” requirements from business meals and why this matters to your business.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

In this episode Mike Jesowshek, CPA talks about an article he read and the differences between habits and goals and how you can actually use habits to attain even your wildest goals. --------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://fs.blog/2017/06/habits-vs-goals/--------Podcast Website: www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROtax.com

On this episode we talk about how commingling personal and business items can be damaging to your business.********Podcast Host: Mike Jesowshek CPA, from JETRO and Associates********Podcast Website: www.TaxSavingsPodcast.com********To find out more on this topic and many others visit our website at www.JETROTax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.********Doing your own books can take up hours of your time, not to mention  the hours you spend wondering if you did it right. But what do you do if  you can’t afford to hire a professional? How about free training from  the pros to help you do your own books in less time, with less stress  and better results.  Learn More or Join Now: www.JETROtax.co/challenge********We specialize in serving only small business owners helping them with  bookkeeping, taxes, and payroll. When it comes to taxes we are not just  a prepare and file firm we take it a step further and concentrate on  tax savings throughout the year.  We have been taking care of hundreds  business owners across the country since the firm began. To keep things  simple we have created pre-built packages and pricing so there are never  any surprises.  ********

On this episode we have a special guest, Paul Moore, on to discuss tax savings that available for real estate investors.  This is a followup and deeper discussion from an episode we did back on May 8, 2019 (Passive Investing Using Real Estate).  If you are not a real estate investor yet check out that episode first and then come back to this one when it is more relevant.********Podcast Host: Mike Jesowshek CPA, from JETRO and AssociatesSpecial Guest: Paul Moore********Paul's Website: https://www.wellingscapital.com/********Podcast Website: www.TaxSavingsPodcast.com********Doing your own books can take up hours of your time, not to mention the hours you spend wondering if you did it right. But what do you do if you can’t afford to hire a professional? How about free training from the pros to help you do your own books in less time, with less stress and better results.  Learn More or Join Now: www.JETROtax.co/challenge********To find out more on this topic and many others visit our website at www.JETROTax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.********We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year.  We have been taking care of hundreds business owners across the country since the firm began. To keep things simple we have created pre-built packages and pricing so there are never any surprises.  ********

On this episode we talk about how being organized as a sole proprietorship or partnership you are not allowed to treat yourself, as an owner, as a W2 employee.********Podcast Host: Mike Jesowshek CPA, from JETRO and Associates********Article: https://www.jetrotax.com/blog/sole-props-and-partners-mistakenly-paying-themselves-illegal-w2-wages/540186********Podcast Website: www.TaxSavingsPodcast.com********To find out more on this topic and many others visit our website at www.JETROTax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.********Doing your own books can take up hours of your time, not to mention  the hours you spend wondering if you did it right. But what do you do if  you can’t afford to hire a professional? How about free training from  the pros to help you do your own books in less time, with less stress  and better results.  Learn More or Join Now: www.JETROtax.co/challenge********We specialize in serving only small business owners helping them with  bookkeeping, taxes, and payroll. When it comes to taxes we are not just  a prepare and file firm we take it a step further and concentrate on  tax savings throughout the year.  We have been taking care of hundreds  business owners across the country since the firm began. To keep things  simple we have created pre-built packages and pricing so there are never  any surprises.  ********

On this episode we talk about tax strategies to hiring your children within your business.  Rather than helping support your children with your post-tax dollars, you can instead hire them to work for your business and pay them with tax-deductible dollars.********Podcast Host: Mike Jesowshek CPA, from JETRO and Associates********Article: https://www.jetrotax.com/blog/get-those-kids-a-job-and-take-advantage-of-tax-breaks/43970********Podcast Website: www.TaxSavingsPodcast.com********To find out more on this topic and many others visit our website at www.JETROTax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.********Doing your own books can take up hours of your time, not to mention  the hours you spend wondering if you did it right. But what do you do if  you can’t afford to hire a professional? How about free training from  the pros to help you do your own books in less time, with less stress  and better results.  Learn More or Join Now: www.JETROtax.co/challenge********We specialize in serving only small business owners helping them with  bookkeeping, taxes, and payroll. When it comes to taxes we are not just  a prepare and file firm we take it a step further and concentrate on  tax savings throughout the year.  We have been taking care of hundreds  business owners across the country since the firm began. To keep things  simple we have created pre-built packages and pricing so there are never  any surprises.  ********

On this episode we have a special guest, Bill Moeller, on to discuss mortgages and how it effects those that are self employed. In our firm we hear more and more business owners worried about getting a loan while running a business and this episode will help you navigate those waters!********Podcast Host: Mike Jesowshek CPA, from JETRO and AssociatesSpecial Guest: Bill Moeller********Bill's Website: www.BillTheBanker.com********Podcast Website: www.TaxSavingsPodcast.com********Doing your own books can take up hours of your time, not to mention the hours you spend wondering if you did it right. But what do you do if you can’t afford to hire a professional? How about free training from the pros to help you do your own books in less time, with less stress and better results.  Learn More or Join Now: www.JETROtax.co/challenge********To find out more on this topic and many others visit our website at www.JETROTax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.********We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year.  We have been taking care of hundreds business owners across the country since the firm began. To keep things simple we have created pre-built packages and pricing so there are never any surprises.  ********

On this episode we talk about some of the tax changes for 2019.  I know it feels like we just left tax season but it is time to start thinking about 2019 now that we are half way through the year.********Podcast Host: Mike Jesowshek CPA, from JETRO and Associates********Article: https://www.jetrotax.com/blog/looking-ahead-to-2019-taxes/43936********Podcast Website: www.TaxSavingsPodcast.com********To find out more on this topic and many others visit our website at www.JETROTax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.********Doing your own books can take up hours of your time, not to mention  the hours you spend wondering if you did it right. But what do you do if  you can’t afford to hire a professional? How about free training from  the pros to help you do your own books in less time, with less stress  and better results.  Learn More or Join Now: www.JETROtax.co/challenge********We specialize in serving only small business owners helping them with  bookkeeping, taxes, and payroll. When it comes to taxes we are not just  a prepare and file firm we take it a step further and concentrate on  tax savings throughout the year.  We have been taking care of hundreds  business owners across the country since the firm began. To keep things  simple we have created pre-built packages and pricing so there are never  any surprises.  ********

On this episode we talk about Xerocon 2019 in San Diego.  We also discuss our free bookkeeping training program for those small or startup businesses.********Podcast Host: Mike Jesowshek CPA, from JETRO and Associates********Training Program Sign-Up: https://www.JETROtax.co/ChallengeXerocon Blog Post: https://www.jetrotax.com/blog/xerocon-2019-recap/528626********Podcast Website: www.TaxSavingsPodcast.com********To find out more on this topic and many others visit our website at www.JETROTax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.********Doing your own books can take up hours of your time, not to mention  the hours you spend wondering if you did it right. But what do you do if  you can’t afford to hire a professional? How about free training from  the pros to help you do your own books in less time, with less stress  and better results.  Learn More or Join Now: www.JETROtax.co/challenge********We specialize in serving only small business owners helping them with  bookkeeping, taxes, and payroll. When it comes to taxes we are not just  a prepare and file firm we take it a step further and concentrate on  tax savings throughout the year.  We have been taking care of hundreds  business owners across the country since the firm began. To keep things  simple we have created pre-built packages and pricing so there are never  any surprises.  ********

On this episode we have a special guest, Eric Rosenberg, on to discuss turning a side hustle into a business.  ********Podcast Host: Mike Jesowshek CPA, from JETRO and AssociatesSpecial Guest: Eric Rosenberg********Eric's Website: https://www.PersonalProfitability.com/Eric's Freebie Podcast Offer: https://www.PersonalProfitability.com/Bootcamp********Podcast Website: www.TaxSavingsPodcast.com********To find out more on this topic and many others visit our website at www.JETROTax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.********Doing your own books can take up hours of your time, not to mention  the hours you spend wondering if you did it right. But what do you do if  you can’t afford to hire a professional? How about free training from  the pros to help you do your own books in less time, with less stress  and better results.  Learn More or Join Now: www.JETROtax.co/challenge********We specialize in serving only small business owners helping them with  bookkeeping, taxes, and payroll. When it comes to taxes we are not just  a prepare and file firm we take it a step further and concentrate on  tax savings throughout the year.  We have been taking care of hundreds  business owners across the country since the firm began. To keep things  simple we have created pre-built packages and pricing so there are never  any surprises.  ********

On this episode we talk about time tracking for not only hourly employees but as well as job costing and performance.  We talked about a software called TSheets which is actually what we use in our firm.  ********Podcast Host: Mike Jesowshek CPA, from JETRO and Associates********TSheets Sign-Up: https://www.tsheets.com/#a:jetro********Podcast Website: www.TaxSavingsPodcast.com********To find out more on this topic and many others visit our website at www.JETROTax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.********Doing your own books can take up hours of your time, not to mention the hours you spend wondering if you did it right. But what do you do if you can’t afford to hire a professional? How about free training from the pros to help you do your own books in less time, with less stress and better results.  Learn More or Join Now: www.JETROtax.co/challenge********We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year.  We have been taking care of hundreds business owners across the country since the firm began. To keep things simple we have created pre-built packages and pricing so there are never any surprises.  ********

On this episode we talk about modern day payroll and how technology has made this pesky task so much easier and cost effective.  ********Podcast Host: Mike Jesowshek CPA, from JETRO and Associates********Gusto Sign-Up: https://gusto.com/partners/invite/jetro-and-associates********Podcast Website: www.TaxSavingsPodcast.com********To find out more on this topic and many others visit our website at www.JETROTax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.********Doing your own books can take up hours of your time, not to mention the hours you spend wondering if you did it right. But what do you do if you can’t afford to hire a professional? How about free training from the pros to help you do your own books in less time, with less stress and better results.  Learn More or Join Now: www.JETROtax.co/challenge********We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year.  We have been taking care of hundreds business owners across the country since the firm began. To keep things simple we have created pre-built packages and pricing so there are never any surprises.  ********

On this episode we have a special guest, Kimberly Massey, on to discuss obtaining business credit and alternative funding.  ********Podcast Host: Mike Jesowshek CPA, from JETRO and AssociatesSpecial Guest: Kimberly Massey********Kimberly's Website: https://www.YesBusinessCredit.comKimberly's Podcast Offer: https://www.GetYourMoney911.com********Podcast Website: www.TaxSavingsPodcast.com********To find out more on this topic and many others visit our website at www.JETROTax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.********Doing your own books can take up hours of your time, not to mention the hours you spend wondering if you did it right. But what do you do if you can’t afford to hire a professional? How about free training from the pros to help you do your own books in less time, with less stress and better results.  Learn More or Join Now: www.JETROtax.co/challenge********We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year.  We have been taking care of hundreds business owners across the country since the firm began. To keep things simple we have created pre-built packages and pricing so there are never any surprises.  ********

On this episode we discuss retirement options for business owners with  employees.  We talk about both a SIMPLE IRA and 401(k) including the characteristics of each and which one might make sense for you.  ********Podcast Host: Mike Jesowshek CPA, from JETRO and Associates********Podcast Website: www.TaxSavingsPodcast.com********To find out more on this topic and many others visit our website at www.JETROTax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.********Doing your own books can take up hours of your time, not to mention the hours you spend wondering if you did it right. But what do you do if you can’t afford to hire a professional? How about free training from the pros to help you do your own books in less time, with less stress and better results.  Learn More or Join Now: www.JETROtax.co/challenge********We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year.  We have been taking care of hundreds business owners across the country since the firm began. To keep things simple we have created pre-built packages and pricing so there are never any surprises.  ********

On this episode we discuss retirement options for business owner with zero or few employees.  We talk about both a SEP IRA and Solo 401(k) including the characteristics of each and which one might make sense for you.  ********Podcast Host: Mike Jesowshek CPA, from JETRO and Associates********Podcast Website: www.TaxSavingsPodcast.com********Doing your own books can take up hours of your time, not to mention the hours you spend wondering if you did it right. But what do you do if you can’t afford to hire a professional? How about free training from the pros to help you do your own books in less time, with less stress and better results.  Learn More or Join Now: www.JETROtax.co/challenge********To find out more on this topic and many others visit our website at www.JETROTax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.********We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year.  We have been taking care of hundreds business owners across the country since the firm began. To keep things simple we have created pre-built packages and pricing so there are never any surprises.  ********

On this episode we have a special guest, Lane Kawaoka, on to discuss passive investing using real estate.  Great information is shared if you are looking into adding some passive income to your portfolio using rental properties.********Podcast Host: Mike Jesowshek CPA, from JETRO and AssociatesSpecial Guest: Lane Kawaoka********Lane's Website: https://simplepassivecashflow.com/Lane's Email: Lane@SimplePassiveCashflow.com********Podcast Website: www.TaxSavingsPodcast.com********Doing your own books can take up hours of your time, not to mention the hours you spend wondering if you did it right. But what do you do if you can’t afford to hire a professional? How about free training from the pros to help you do your own books in less time, with less stress and better results.  Learn More or Join Now: www.JETROtax.co/challenge********To find out more on this topic and many others visit our website at www.JETROTax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.********We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year.  We have been taking care of hundreds business owners across the country since the firm began. To keep things simple we have created pre-built packages and pricing so there are never any surprises.  ********

On this episode we dig into both Traditional and Roth IRAs and go through the important information on each and compare them side by side. ********Podcast Host: Mike Jesowshek CPA, from JETRO and Associates********Podcast Website: www.TaxSavingsPodcast.com********Doing your own books can take up hours of your time, not to mention the hours you spend wondering if you did it right. But what do you do if you can’t afford to hire a professional? How about free training from the pros to help you do your own books in less time, with less stress and better results.  Learn More or Join Now: www.JETROtax.co/challenge********To find out more on this topic and many others visit our website at www.JETROTax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.********We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year.  We have been taking care of hundreds business owners across the country since the firm began. To keep things simple we have created pre-built packages and pricing so there are never any surprises.  ********

On this episode we go a little different direction and discuss some of the fulfillment you as a business owner can get from giving to those that are less fortunate.********Podcast Host: Mike Jesowshek CPA, from JETRO and Associates********Podcast Website: www.TaxSavingsPodcast.com********Doing your own books can take up hours of your time, not to mention the hours you spend wondering if you did it right. But what do you do if you can’t afford to hire a professional? How about free training from the pros to help you do your own books in less time, with less stress and better results.  Learn More or Join Now: www.JETROtax.co/challenge********To find out more on this topic and many others visit our website at www.JETROTax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.********We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year.  We have been taking care of hundreds business owners across the country since the firm began. To keep things simple we have created pre-built packages and pricing so there are never any surprises.  ********

On this episode we talk about things you can do in your business NOW to avoid accounting and tax stress. Tax season is over and you may be relieved thinking you do not have to worry about that again for another year. If this is you, I want you to step back a few months and think about the stress and anxiety you were facing this tax season. If you do the same thing this year as you did last, you will be faced with that same stress and anxiety. This anxiety can be avoided; you just need to be willing to put in a little leg work throughout the year. ********Podcast Host: Mike Jesowshek CPA, from JETRO and Associates********Podcast Website: www.TaxSavingsPodcast.com********Doing your own books can take up hours of your time, not to mention the hours you spend wondering if you did it right. But what do you do if you can’t afford to hire a professional? How about free training from the pros to help you do your own books in less time, with less stress and better results.  Learn More or Join Now: www.JETROtax.co/challenge********To find out more on this topic and many others visit our website at www.JETROTax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.********We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year.  We have been taking care of hundreds business owners across the country since the firm began. To keep things simple we have created pre-built packages and pricing so there are never any surprises.  ********

On this episode we talk about some last minute tax filing tips.  We discuss extensions and payments.  Happy almost end to tax season everyone!********Podcast Host: Mike Jesowshek CPA, from JETRO and Associates********Podcast Website: www.TaxSavingsPodcast.com********Doing your own books can take up hours of your time, not to mention the hours you spend wondering if you did it right. But what do you do if you can’t afford to hire a professional? How about free training from the pros to help you do your own books in less time, with less stress and better results.  Learn More or Join Now: www.JETROtax.co/challenge********To find out more on this topic and many others visit our website at www.JETROTax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.********We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year.  We have been taking care of hundreds business owners across the country since the firm began. To keep things simple we have created pre-built packages and pricing so there are never any surprises.  ********

This episode is different from our normal. We hosted a webinar this week that I believe provides great information for our audience so I wanted to work it into an episode.  We touch on: Tax strategies that save small businesses thousands each and every year, the top 3 tips that will bulletproof your business from an IRS audit, and how to develop a bookkeeping system to facilitate financial success.********Podcast Host: Mike Jesowshek CPA, from JETRO and Associates********Podcast Website: www.TaxSavingsPodcast.com********Doing your own books can take up hours of your time, not to mention the hours you spend wondering if you did it right. But what do you do if you can’t afford to hire a professional? How about free training from the pros to help you do your own books in less time, with less stress and better results.  Learn More or Join Now: www.JETROtax.co/challenge********To find out more on this topic and many others visit our website at www.JETROTax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.********We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year.  We have been taking care of hundreds business owners across the country since the firm began. To keep things simple we have created pre-built packages and pricing so there are never any surprises.  ********

In this episode I talk about filing a tax extension for either you or your business or both.  The deadline for Multi Member LLCs, Partnerships, and S Corporations is March 15th.  The deadline for your personal return including Single Member LLCs and Sole Props along with C Corporations is April 15th.  Listen to learn more!********Podcast Host: Mike Jesowshek CPA, from JETRO and Associates********Podcast Website: www.TaxSavingsPodcast.com********We are hosting a webinar on April 2nd at 11am CST.  If you are unable to make that time, sign-up anyways and we can send you a recording. Visit this link to sign-up for the webinar!  Sign-Up: Webinar.TaxSavingsPodcast.com********Doing your own books can take up hours of your time, not to mention the hours you spend wondering if you did it right. But what do you do if you can’t afford to hire a professional? How about free training from the pros to help you do your own books in less time, with less stress and better results.  Learn More or Join Now: www.JETROtax.co/challenge********To find out more on this topic and many others visit our website at www.JETROTax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.********We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year.  We have been taking care of hundreds business owners across the country since the firm began. To keep things simple we have created pre-built packages and pricing so there are never any surprises.  ********

In this episode I talk about the payment methods available to pay for your tax bill. I also talk about options available to you if you are unable to pay your tax bill by the deadline.********Podcast Host: Mike Jesowshek CPA, from JETRO and Associates********Podcast Website: www.TaxSavingsPodcast.com********We are hosting a webinar on April 2nd at 11am CST.  If you are unable to make that time, sign-up anyways and we can send you a recording. Visit this link to sign-up for the webinar!  Sign-Up: Webinar.TaxSavingsPodcast.com********Doing your own books can take up hours of your time, not to mention the hours you spend wondering if you did it right. But what do you do if you can’t afford to hire a professional? How about free training from the pros to help you do your own books in less time, with less stress and better results.  Learn More or Join Now: www.JETROtax.co/challenge********To find out more on this topic and many others visit our website at www.JETROTax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.********We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year.  We have been taking care of hundreds business owners across the country since the firm began. To keep things simple we have created pre-built packages and pricing so there are never any surprises.  ********

In this episode I talk about the home office deduction.  Since home office may be the most misunderstood deduction available I want to break it down for you. You may have been brainwashed to hear the home office is an immediate red flag with the IRS. If your accountant is telling you this, they are simply wrong. Abusing the home office is a red flag but avoiding the home office is simply a mistake and we will break it all down for you.********Podcast Host: Mike Jesowshek CPA, from JETRO and Associates********Podcast Website: www.TaxSavingsPodcast.com********Doing your own books can take up hours of your time, not to mention the hours you spend wondering if you did it right. But what do you do if you can’t afford to hire a professional? How about free training from the pros to help you do your own books in less time, with less stress and better results.  Learn More or Join Now: www.JETROtax.co/challenge********To find out more on this topic and many others visit our website at www.JETROTax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.********We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year.  We have been taking care of hundreds business owners across the country since the firm began. To keep things simple we have created pre-built packages and pricing so there are never any surprises.  ********

In this episode we talk about the SEP. A Simplified Employee Pensions (“SEPs”) is an IRA that let allows you contribute more than the usual $5,500 IRA limit for yourself and your employees.  You can contribute to a SEP IRA for the prior year up to the day you file your tax return (including extensions).********Podcast Host: Mike Jesowshek CPA, from JETRO and Associates********Doing your own books can take up hours of your time, not to mention the hours you spend wondering if you did it right. But what do you do if you can’t afford to hire a professional? How about free training from the pros to help you do your own books in less time, with less stress and better results. Learn More or Join Now: www.JETROtax.co/challenge********To find out more on this topic and many others visit our website at www.JETROTax.com. You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.********We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year.  We have been taking care of hundreds business owners across the country since the firm began. To keep things simple we have created pre-built packages and pricing so there are never any surprises.  ********

In this episode we discuss tax law changes and how they relate to you personally. These are changes from the tax bill passed at the end of 2017 that you will start to see now during the 2018 tax filing season.********Podcast Host: Mike Jesowshek CPA, from JETRO and Associates********PROGRAM LAUNCH:  Our new training program is now live! It is a learning course where we: Teach you how to setup a bookkeeping system and manage it to ensure accurate financials at any time.  Teach you about different entity options and which one might be best for your business. Teach you how to setup and manage payroll for your business all on your own. Teach you tax saving strategies that can save you thousands ever year. Go beyond the basics and teach you advanced bookkeeping and tax strategies to propel business growth and savings. AND SO MUCH MORE, ALL FOR FREE*!It is completely free, with one caveat, you need to signup for a Xero bookkeeping software account through us. It is the same price that Xero charges you just get this free training program in addition on the back end.  Learn More or Join Now: www.JETROtax.co/challenge********To find out more on this topic and many others visit our website at www.JETROTax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.********We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year.  We have been taking care of hundreds business owners across the country since the firm began. To keep things simple we have created pre-built packages and pricing so there are never any surprises.  ********

In this episode we discuss tax law changes and how they relate to your business. These are changes from the tax bill passed at the end of 2017 that you will start to see now during the 2018 tax filing season.********Podcast Host: Mike Jesowshek CPA, from JETRO and Associates********PROGRAM LAUNCH: At the end of February we are launching and incredible program for small business owners looking to manage their finances on their own. It is our Steps to Success training program that goes through how to setup and manage a bookkeeping system built for success, how to manage and run payroll, ways to save thousands in taxes, and so much more. Best part about it, this program will be FREE, with one caveat, you need to signup for a Xero (cloud bookkeeping software) account through us. It is the same price that Xero charges.********To find out more on this topic and many others visit our website at www.JETROTax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.********We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year.  We have been taking care of hundreds business owners across the country since the firm began. To keep things simple we have created pre-built packages and pricing so there are never any surprises.  ********

Judging your total tax amount based on your refund is wrong. In this episode we will be outlining the tax refund (or amount due) and how that actually correlates to your total tax paid. We will also discuss what numbers you SHOULD be looking at when comparing total tax year to year.-----Podcast Host: Mike Jesowshek CPA, from JETRO and Associates-----PROGRAM LAUNCH: At the end of February we are launching and incredible program for small business owners looking to manage their finances on their own. It is our Steps to Success training program that goes through how to setup and manage a bookkeeping system built for success, how to manage and run payroll, ways to save thousands in taxes, and so much more. Best part about it, this program will be FREE, with one caveat, you need to signup for a Xero (cloud bookkeeping software) account through us. It is the same price that Xero charges.-----To find out more on this topic and many others visit our website at www.JETROTax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.-----We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year.  We have been taking care of hundreds business owners across the country since the firm began. To keep things simple we have created pre-built packages and pricing so there are never any surprises.  -----

With cash continuing to be used less frequently, credit card processing is nearly required in businesses of all types.  This week we have a special guest on our podcast to talk about what you should be looking for when thinking about credit card processing for your business.Podcast Host: Mike Jesowshek CPA, from JETRO and AssociatesPodcast Special Guest: Greg Rosen from HeartlandTo find out more on this topic and many others visit our website at www.JETROTax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year.  We have been taking care of hundreds business owners across the country since the firm began. To keep things simple we have created pre-built packages and pricing so there are never any surprises.

Last week we talked about the importance of bookkeeping and this week I want to expand on the software options that are solid and on the market today. Software Options Discussed: Quickbooks Online, Xero, and WavePodcast Host: Mike Jesowshek CPA, from JETRO and AssociatesTo find out more on this topic and many others visit our website at www.JETROTax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year.  We have been taking care of hundreds business owners across the country since the firm began. To keep things simple we have created pre-built packages and pricing so there are never any surprises.

You can help alleviate tax anxiety by keeping up with your bookkeeping and reviewing your work on a regular basis.  The act of bookkeeping can also be useful for many reasons other than just tax season. This episode is chalked full with tips and trick to alleviate that bookkeeping stress as a business owner.Podcast Host: Mike Jesowshek CPA, from JETRO and AssociatesTo find out more on this topic and many others visit our website at www.JETROTax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year.  We have been taking care of hundreds business owners across the country since the firm began. To keep things simple we have created pre-built packages and pricing so there are never any surprises.

Owner draws and dividends for pass through entities do not have an effect on your taxable income, your taxable income will strictly be your profit from the business regardless of those personal transactions.Podcast Host: Mike Jesowshek CPA, from JETRO and AssociatesTo find out more on this topic and many others visit our website at www.JETROTax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year.  We have been taking care of hundreds business owners across the country since the firm began. To keep things simple we have created pre-built packages and pricing so there are never any surprises.

The Tax Cuts and Jobs Act was passed all the way back in December of 2017.  However, 2018 is the first year that you will start to see some of the effects from it.  In this episode we do a quick summary of some of the major changes that you will start to see on your return this year.Podcast Host: Mike Jesowshek CPA, from JETRO and AssociatesTo find out more on this topic and many others visit our website at www.JETROTax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year.  We have been taking care of hundreds business owners across the country since the firm began. To keep things simple we have created pre-built packages and pricing so there are never any surprises.

Welcome to 2019! In this weeks episode we will be discussing items that you can take care of now, early in tax season, that will leave you fully prepared for tax preparation and filing.Podcast Host: Mike Jesowshek CPA, from JETRO and AssociatesTo find out more on this topic and many others visit our website at www.JETROTax.com.You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year. To keep things simple and flexible, we created a menu of services that clients can bundle into a package completely customized to their needs. Pay only for the things you need, and nothing you don’t.

Year-end is here!  Get a refresher of some last final minute items you might want to consider for 2018.Podcast Host: Mike Jesowshek CPA, from JETRO and Associates To find out more on this topic and many others visit our website at www.JETROTax.com. You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com. We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year. To keep things simple and flexible, we created a menu of services that clients can bundle into a package completely customized to their needs. Pay only for the things you need, and nothing you don’t.

As we get closer to year-end you might want to consider a SEP IRA or Solo 401k for your S Corporation. In this episode we will breakdown the essentials you need to know and consider as we enter year-end.Podcast Host: Mike Jesowshek CPA, from JETRO and Associates To find out more on this topic and many others visit our website at www.JETROTax.com. You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com. We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year. To keep things simple and flexible, we created a menu of services that clients can bundle into a package completely customized to their needs. Pay only for the things you need, and nothing you don’t.

Guest Hots: This episode will be talking about the basics of life insurance for not only business owners but individuals alike. Podcast Host: Mike Jesowshek CPA, from JETRO and Associates Guest Hosts: Raymond Chip Lambert & Mitchell Heberer To find out more on this topic and many others visit our website at www.JETROTax.com. You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com. We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year. To keep things simple and flexible, we created a menu of services that clients can bundle into a package completely customized to their needs. Pay only for the things you need, and nothing you don’t.

S Corporation officers must be paid a reasonable salary. This salary must be completed by the end of the year so if you are a S-Corp business owner that has not processed a reasonable salary yet or need to make an increase to reach the reasonable salary amount, it is important that it is done before December 31.Podcast Host: Mike Jesowshek CPA, from JETRO and Associates To find out more on this topic and many others visit our website at www.JETROTax.com. You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com. We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year. To keep things simple and flexible, we created a menu of services that clients can bundle into a package completely customized to their needs. Pay only for the things you need, and nothing you don’t.

In order to be able to deduct self-employed health insurance you have to be reporting it correctly. This is different for sole proprietors and S Corporations. In this episode we will be talking about non only self-employed health insurance but the health insurance tax credit, health savings accounts (HSA), and the health insurance penalty.Podcast Host: Mike Jesowshek CPA, from JETRO and Associates To find out more on this topic and many others visit our website at www.JETROTax.com. You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com. We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year. To keep things simple and flexible, we created a menu of services that clients can bundle into a package completely customized to their needs. Pay only for the things you need, and nothing you don’t.

1099’s ARE VERY IMPORTANT and we want you to be as ready as possible to prepare your 1099’s this year. As you know, any vendor that is a sole proprietor or unincorporated small business that you paid more than $600 during the year should get a 1099 showing what was paid. This allows you to deduct that payment. Podcast Host: Mike Jesowshek CPA, from JETRO and Associates To find out more on this topic and many others visit our website at www.JETROTax.com. You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com. We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year. To keep things simple and flexible, we created a menu of services that clients can bundle into a package completely customized to their needs. Pay only for the things you need, and nothing you don’t.

Deferring income into the new year is a great way to lower taxable income in the current year for cash basis filers. It should be noticed that this should still be done cautiously and only with "Good Payers" and without hurting the business!Podcast Host: Mike Jesowshek CPA, from JETRO and Associates To find out more on this topic and many others visit our website at www.JETROTax.com. You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com. We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year. To keep things simple and flexible, we created a menu of services that clients can bundle into a package completely customized to their needs. Pay only for the things you need, and nothing you don’t.

Accelerating expenses before year-end is a great way to get some cash off of the books and take advantage of a tax deduction for cash basis filers. It should be noticed that this should still be done cautiously!Podcast Host: Mike Jesowshek CPA, from JETRO and Associates To find out more on this topic and many others visit our website at www.JETROTax.com. You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com. We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year. To keep things simple and flexible, we created a menu of services that clients can bundle into a package completely customized to their needs. Pay only for the things you need, and nothing you don’t.

With the new tax law the standard deduction has nearly doubled making the ability to utilize itemized deductions harder. Today we discuss a technique called "bunching" to help take advantage of those itemized deductions. Podcast Host: Mike Jesowshek CPA, from JETRO and AssociatesTo find out more on this topic and many others visit our website at www.JETROTax.com. You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com. We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year. To keep things simple and flexible, we created a menu of services that clients can bundle into a package completely customized to their needs. Pay only for the things you need, and nothing you don’t.

Mike Jesowshek, CPA at JETRO and Associates discusses small business retirement planning options including both qualified and non-qualified planning. Matthew Schumaker from Principal was a special guest. This is a recording of a previous webinar we hosted. More Info: We have many printouts for additional information, contact us if you'd like to send them over. Podcast/Webinar Host: Mike Jesowshek CPA, from JETRO and Associates Podcast/Webinar Guest: Matthew Schumaker from PrincipalTo find out more on this topic and many others visit our website at www.JETROTax.com. You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com. We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year. To keep things simple and flexible, we created a menu of services that clients can bundle into a package completely customized to their needs. Pay only for the things you need, and nothing you don’t. Our tax and bookkeeping packages start at just $75 per month.

Entertainment expenses may be gone starting in 2018 but the IRS finally released guidance regarding the meals deduction for business owners.More Info: https://www.jetrotax.com/blog/rejoice-business-meals-are-still-deductible/43517Podcast Host: Mike Jesowshek CPA, from JETRO and AssociatesTo find out more on this topic and many others visit our website at www.JETROTax.com. You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com. We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year. To keep things simple and flexible, we created a menu of services that clients can bundle into a package completely customized to their needs. Pay only for the things you need, and nothing you don’t. Our tax and bookkeeping packages start at just $75 per month.

On this podcast Mike Jesowshek CPA, from JETRO and Associates has a friendly reminder for those that haven't filed their 2017 tax returns yet.Business (S-Corp or Partnership) Extension Deadline: September 17, 2018 (Monday)Personal Extension Deadline: October 15, 2018 (Monday)To find out more on this topic and many others visit our website at www.JETROTax.com. You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com. We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year. To keep things simple and flexible, we created a menu of services that clients can bundle into a package completely customized to their needs. Pay only for the things you need, and nothing you don’t. Our tax and bookkeeping packages start at just $75 per month

On this podcast Mike Jesowshek CPA, from JETRO and Associates discusses accounting, bookkeeping, and tax essentials that can save business owners thousands. This is a recording of a previous webinar that was hosted.To find out more on this topic and many others visit our website at www.JETROTax.com. You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com. At JETRO and Associates, we do accounting a little bit differently than our competition. We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year. To keep things simple and flexible, we created a menu of services that clients can bundle into a package completely customized to their needs. Pay only for the things you need, and nothing you don’t. Our tax and bookkeeping packages start at just $75 per month

On this podcast Mike Jesowshek CPA, from JETRO and Associates discusses how to avoid and bulletproof yourself from an IRS audit..To find out more on this topic and many others visit our website at www.JETROTax.com. You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com. At JETRO and Associates, we do accounting a little bit differently than our competition. We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year. To keep things simple and flexible, we created a menu of services that clients can bundle into a package completely customized to their needs. Pay only for the things you need, and nothing you don’t. Our tax and bookkeeping packages start at just $75 per month!

On this podcast Derek Kellett CPA, from JETRO and Associates discusses entertainment expenses being disallowed in 2018 and how that may or may not change how business meals are expensed.To find out more on this topic and many others visit our website at www.JETROTax.com. You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com. At JETRO and Associates, we do accounting a little bit differently than our competition. We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year. To keep things simple and flexible, we created a menu of services that clients can bundle into a package completely customized to their needs. Pay only for the things you need, and nothing you don’t. Our tax and bookkeeping packages start at just $75 per month!

On this podcast Mike Jesowshek CPA, from JETRO and Associates discusses the classification of workers as independent contractors or employees in relation to fitness studios and gyms.To find out more on this topic and many others visit our website at www.JETROTax.com. You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com. At JETRO and Associates, we do accounting a little bit differently than our competition. We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year. To keep things simple and flexible, we created a menu of services that clients can bundle into a package completely customized to their needs. Pay only for the things you need, and nothing you don’t. Our tax and bookkeeping packages start at just $75 per month!

On this podcast Derek Kellett CPA, from JETRO and Associates discusses the S Corporation and how it could potentially benefit your business. He also talks about various items to be aware of with the structure.To find out more on this topic and many others visit our website at www.JETROTax.com. You can also give us a call at 844-327-9272 or send your questions to us at Sales@JETROTax.com.At JETRO and Associates, we do accounting a little bit differently than our competition. We specialize in serving only small business owners helping them with bookkeeping, taxes, and payroll. When it comes to taxes we are not just a prepare and file firm we take it a step further and concentrate on tax savings throughout the year. To keep things simple and flexible, we created a menu of services that clients can bundle into a package completely customized to their needs. Pay only for the things you need, and nothing you don’t. Our tax and bookkeeping packages start at just $75 per month!

On this podcast Derek Kellett CPA, from JETRO and Associates discusses finishing tax season and looking onward to things that can be planned ahead to help your business.Find out more on this topic and many others at www.JETROTax.com.

On this podcast Mike Jesowshek CPA, from JETRO and Associates discusses sales tax and what may require you to file sales tax in a specific state or locality. Find out more on this topic and many others at www.JETROTax.com.In his sales tax examples he uses fitness studio and gym owners.

On this podcast Milwaukee Accountant, Mike Jesowshek CPA, from JETRO and Associates discusses 5 bookkeeping tips that new business owners should understand especially when they are just starting out. JETRO and Associates 12605 W North Ave #232 Brookfield, WI 53005 O: 844-327-9272 E: Sales@JETROTax.comqdOELYqIDn3z8v9ARWLW

Overview of JETRO and Associates and how we do accounting a little bit different from our competition. We specialize in serving only small business owners. Helping small businesses with bookkeeping, taxes, and payroll. We run a digital firm with packages built for companies of all sizes and stages in business.JETRO and Associates12605 W North Ave #232Brookfield, Wisconsin 53005O: 844-327-9272E: Sales@JETROTax.comW: www.JETROTax.com