Shows
Small Business Tax Savings PodcastThe Biggest Tax Planning Mistakes Business Owners Will Regret in 2026 with Mark J. KohlerSend us a textDo 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 Fre...
2025-12-1722 minSmall Business Tax Savings PodcastYear-End Tax Strategies Every Business Owner MUST Do Before December 31Send us a textYear-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 B...
2025-12-0326 minSmall Business Tax Savings PodcastWrite It Off Now. Depreciation, Capitalization Policy, and the 100% Bonus RuleSend us a textWhat 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 bu...
2025-11-2620 minSmall Business Tax Savings PodcastHe Makes $300K+ with an S-Corp… But Paid Way Too Much in Taxes! Live Tax AuditSend us a textMost 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...
2025-11-1942 minSmall Business Tax Savings PodcastHow to Hire Your Kids and Save $12,000 in Taxes (Legally)Send us a textWhat 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 IR...
2025-11-1217 minSmall Business Tax Savings PodcastThe Home Office Deduction Explained: How to Save Up to $1,500 a YearSend us a textDo 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...
2025-09-1022 minSmall Business Tax Savings PodcastDo You Need Tax Planning (Spoiler: You Might Be Missing Out)Send us a textMost 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 f...
2025-06-0421 minSmall Business Tax Savings PodcastToo Much Profit? Double Your Income Without Doubling Your TaxesSend us a text🚀 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 buildi...
2025-05-1419 minSmall Business Tax Savings PodcastBeware of Hidden Built-In Gain (BIG) Taxes When Transitioning to S CorporationSend us a textThinking 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 scen...
2025-02-1918 minSmall Business Tax Savings PodcastTax Q&A: Short-Term Rentals, 1099 Confusion, Entity Conversions, and Creative Tax StrategiesSend us a textHave 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 ent...
2025-02-1227 minSmall Business Tax Savings Podcast2025 Tax Changes Every Small Business Owner Needs To KnowSend us a textAre 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...
2025-02-0521 minSmall Business Tax Savings PodcastBook Launch! Small Business Tax Savings HandbookSend us a textAre 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...
2025-01-2910 minSmall Business Tax Savings PodcastBuild Your Own Family Office—Start Saving Taxes and Building Wealth Today!Send us a textWhat 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 p...
2025-01-2224 minSmall Business Tax Savings PodcastMaximize Your Wealth In 2025 - Create Your Financial Roadmap Now!Send us a textHow 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.
2025-01-0820 minSmall Business Tax Savings PodcastThe New IRS Rule That Could Cost Your Business THOUSANDSSend us a textAre 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 th...
2025-01-0118 minSmall Business Tax Savings PodcastTax Expert Explains How To Get Ahead of 99% of BusinessesSend us a textWhat 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...
2024-12-2519 minSmall Business Tax Savings PodcastWhy Your 401(k) Explodes After You Save $100,000Send us a textWhat 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...
2024-12-1819 minSmall Business Tax Savings PodcastTax Questions Answered: Vehicle Deductions, Entity Structure, WOTC Compliance, and More!Send us a textDid 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...
2024-12-1127 minSmall Business Tax Savings PodcastMaster Tax Loss Harvesting: Maximize Your Savings Today!Send us a textWhat 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 sto...
2024-12-0416 minSmall Business Tax Savings PodcastIncome Timing Hacks: Slash Your Taxes in High and Low-Income YearsSend us a textAre 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.Â
2024-11-2725 minSmall Business Tax Savings PodcastUltimate Tax Strategy Checklist for Year-End Success (2024)Send us a textAre 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...
2024-11-2032 minSmall Business Tax Savings PodcastAdvanced Tax Strategies For Business Owners (SIMPLIFIED)Send us a textAre 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...
2024-11-1330 minSmall Business Tax Savings PodcastThe ULTIMATE Guide to an Accountable Plan for Your Business (2024)Send us a textAre 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 o...
2024-11-0617 minSmall Business Tax Savings PodcastHarris vs Trump | How The Election Will Impact Your LLCSend us a textHow 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...
2024-10-3016 minSmall Business Tax Savings PodcastGuide To Building A Mega Backdoor RothSend us a textDo 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 c...
2024-10-2314 minSmall Business Tax Savings PodcastListener Q&A with Mike Jesowshek CPASend us a textHave 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...
2024-10-1624 minSmall Business Tax Savings PodcastBuy, Borrow, Die Paradox: How The Rich Get Richer Using DebtSend us a textWhat 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...
2024-10-0910 minSmall Business Tax Savings PodcastHow to Write Off Your Home Office Expenses and SAVE BIGSend us a textAre 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...
2024-09-2518 minSmall Business Tax Savings PodcastMaster Health Tax Hacks for Small Biz Success in 2024!Send us a textAre 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...
2024-09-1819 minSmall Business Tax Savings PodcastThe $2M Yacht Tax Write-Off That Triggered an IRS AuditSend us a textCould 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...
2024-09-1114 minSmall Business Tax Savings Podcast30+ Tax Write-Offs You’ve Never Heard Of ｜ The Ultimate Tax Write Off GuideSend us a textHave 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...
2024-09-0457 minSmall Business Tax Savings PodcastHow I Saved An Agency $15,000 In Taxes (In 12 Months)Send us a textMike 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 eat...
2024-08-2821 minSmall Business Tax Savings PodcastS Corps, Gym Membership Deductions, Solo 401(k)s, and Family Hires: Listener Q&A with Mike Jesowshek CPASend us a textAre 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...
2024-08-1423 minSmall Business Tax Savings PodcastThe Work Opportunity Tax Credit Pays You 40% of Wages!Send us a textBusiness 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...
2024-08-0715 minSmall Business Tax Savings PodcastHow ANY Business Owner Can BEAT The IRS In 15 MinutesSend us a textAre 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...
2024-07-2416 minSmall Business Tax Savings PodcastCapitalization Policies & Depreciation Explained: Essential Tips for Business OwnersSend us a textHave 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...
2024-07-1725 minSmall Business Tax Savings PodcastWhy You Shouldn't Be an S Corporation In 2024Send us a textAre 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...
2024-07-1023 minSmall Business Tax Savings PodcastTax Savings Mid-Year Check: Essential Strategies for Small BusinessesSend us a textAre 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.
2024-06-2621 minSmall Business Tax Savings PodcastDebunking Common Myths About Employing Your Children!Send us a textEver 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...
2024-06-1924 minSmall Business Tax Savings PodcastListener Q&A with Mike Jesowshek CPASend us a textEver 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.
2024-06-1226 minSmall Business Tax Savings PodcastUnderstanding the Qualified Business Income Deduction for Small Business OwnersSend us a textAre 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 r...
2024-06-0523 minSmall Business Tax Savings PodcastUnlocking the Secrets of Meal Expense Deductions for Small Businesses in 2024Send us a textEver 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...
2024-05-2217 minSmall Business Tax Savings PodcastTop Small Business Tax Deductions: How to MAXIMIZE SavingsSend us a textHave 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...
2024-05-1524 minSmall Business Tax Savings PodcastListener Q&A with Mike Jesowshek CPASend us a textHave 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...
2024-04-1727 minSmall Business Tax Savings PodcastStrategic Business Structuring: Navigating Multiple Ventures and Partnership SuccessSend us a textHave 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.
2024-04-1020 minSmall Business Tax Savings PodcastTop 5 Secrets to Navigating Estimated Taxes for Small Business OwnersSend us a textAre 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 "...
2024-04-0319 minSmall Business Tax Savings PodcastUnlocking Tax Deferral: Leveraging Opportunity Zones & Mastering 1031 Exchange Property IdentificationSend us a textAre 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...
2024-03-2725 minSmall Business Tax Savings Podcast1031 Exchange Mastery: Skyrocket Your Real Estate Profits with Tax-Deferred StrategiesSend us a textAre 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 g...
2024-03-2024 minSmall Business Tax Savings Podcast2024 Real Estate Tax Mastery: Unlocking Deductions & Strategies for Property OwnersSend us a textCurious 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...
2024-03-0625 minSmall Business Tax Savings PodcastDeadlines Approaching: Mastering Tax Extensions and Payment OptionsSend us a textAre 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...
2024-02-2818 minSmall Business Tax Savings PodcastForeign Income Mastery for Entrepreneurs: Your Ultimate GuideSend us a textEver 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 e...
2024-02-2115 minSmall Business Tax Savings PodcastListener Q&A with Mike Jesowshek CPASend us a textIn 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.
2024-02-1424 minSmall Business Tax Savings PodcastUnlock Hidden Tax Benefits: Post-Year-End Tactics for EntrepreneursSend us a textDid 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 e...
2024-02-0716 minSmall Business Tax Savings PodcastDecoding The Tax Puzzle: Understanding Married Filing SeparatelySend us a textAre 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 f...
2024-01-2415 minSmall Business Tax Savings PodcastPlanning Ahead: The Undeniable Importance of Tax Planning Over Preparation for Business OwnersSend us a textHave 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 m...
2024-01-1718 minSmall Business Tax Savings PodcastConquer Tax Season 2024: Your Essential Prep Guide for 2023 Returns & Crucial Deadlines Every Business Owner Must KnowSend us a textCan 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...
2024-01-0321 minSmall Business Tax Savings PodcastListener Q&A with Mike Jesowshek CPA (12/13/2023)Send us a textIn 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...
2023-12-1326 minSmall Business Tax Savings PodcastYear-End Wrap-Up Part 2: Proactive Tax-Saving Strategies for Business OwnersSend us a textMike 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 KidsR...
2023-12-0621 minSmall Business Tax Savings PodcastYear-End Wrap-Up Part 1: Proactive Tax-Saving Strategies for Business OwnersSend us a textThe 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...
2023-11-2923 minSmall Business Tax Savings PodcastExpert Tips on Year-End Tax Strategies for Small Business OwnersSend us a textBefore 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 ex...
2023-11-2219 minSmall Business Tax Savings PodcastThe ABCs of Business Tax: Understanding How Your Entity is Taxed and How to Pay YourselfSend us a textYou 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...
2023-11-1515 minSmall Business Tax Savings PodcastThe Untold Benefits of Hiring Your Kids in Your BusinessSend us a textHiring 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 d...
2023-11-0817 min
What Are You Made Of?The Mindset of a Tax-Savvy Entrepreneur: Mike Jesowshek's StoryIn this engaging episode, we welcome a distinguished guest, Mike Jesowshek, the mastermind behind The Small Business Tax Savings Podcast. Mike's primary objective is to equip business owners with the knowledge they need to make informed tax decisions, ensuring they legally and ethically minimize their tax obligations year after year.
Host Mike C-Roc embarks on a deep dive into Mike Jesowshek's journey, unearthing the origins of his entrepreneurial spirit. Right from the start, Mike Jesowshek displayed a distinctive mindset that set him apart. Though he is a CPA and accountant by profession, his career...
2023-11-0133 minSmall Business Tax Savings PodcastSmall Business Tax Savings Podcast - 5 Years in ReviewSend us a textIt’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.
2023-11-0112 minSmall Business Tax Savings PodcastNavigating the Maze of Independent Contractors vs Employees - Critical Insights for Your Business!Send us a textWhat’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...
2023-10-2525 minSmall Business Tax Savings PodcastListener Q&A with Mike: S-Corp Nuances, Home-Based Tax Strategies, Navigating Complex Deductions and More!Send us a textEver 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 Planning...
2023-10-1825 minSmall Business Tax Savings PodcastMastering Tax Strategies for Health Costs: How to Maximize Deductions and Save Big!Send us a textHow 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...
2023-10-1121 minSmall Business Tax Savings PodcastMastering Accountable Plans: Unlock Tax Savings and Streamline Business ExpensesSend us a textHow 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! ...
2023-10-0416 minSmall Business Tax Savings PodcastRev Up Your Tax Savings: Unleashing Powerful Vehicle Tax Strategies for Small Business OwnersSend us a textWhat 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 bus...
2023-09-2725 minSmall Business Tax Savings PodcastMaximizing Tax Savings with Depreciation and Capitalization Policies for Small Business OwnersSend us a textBoost 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...
2023-09-2021 minSmall Business Tax Savings PodcastUnlock Tax Savings: The Augusta Rule - Your Guide to 14-Day Tax-Free Home RentalsSend us a textHow 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...
2023-09-1317 minSmall Business Tax Savings PodcastKiddie Tax Explained: A Comprehensive Guide for ParentsSend us a textHow 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] Strategi...
2023-09-0609 minSmall Business Tax Savings PodcastMaximize Your Money: Unveiling Game-Changing Tax Strategies for W2 EarnersSend us a textWhat 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 busin...
2023-08-3018 minSmall Business Tax Savings PodcastHiring Your Spouse: Business Boost or Bust?Send us a textDo 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 b...
2023-08-2314 minSmall Business Tax Savings PodcastListener Q&A with Mike Jesowshek CPASend us a textHow 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.
2023-08-1634 minSmall Business Tax Savings PodcastRental Property Tax Essentials: Top Tips & Updates for 2023 You Need to KnowSend us a textHow 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. Â Tune in now and hear Mike discuss l...
2023-08-0218 minSmall Business Tax Savings PodcastTop 10 Mid-Year Tax Saving Strategies Every Small Business Owner Must KnowSend us a textWhat 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...
2023-07-1920 minSmall Business Tax Savings PodcastListener Q&A with Mike Jesowshek, CPASend us a textDo 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.Tu...
2023-06-1423 minSmall Business Tax Savings PodcastWhat Is an S Corp and Should I Become One in 2023?Send us a textWhat 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. Â 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 t...
2023-06-0719 minSmall Business Tax Savings PodcastHow Is My Income Taxed?Send us a textHow 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 ho...
2023-05-3116 minSmall Business Tax Savings PodcastHow Do I Avoid an IRS Audit as a Business Owner?Send us a textHow 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 be...
2023-05-1717 minSmall Business Tax Savings PodcastHow Can I Maximize Meals and Travel Deductions?Send us a textAre 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...
2023-05-1017 minSmall Business Tax Savings PodcastHow Can I Maximize Office Expenses and Employee Benefits?Send us a textHow 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...
2023-05-0317 minSmall Business Tax Savings PodcastHow Can I Maximize Advertising and Gift Deductions?Send us a textDid 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...
2023-04-2616 minSmall Business Tax Savings PodcastHow Can I Maximize Deductions in My Business?Send us a textHow 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...
2023-04-1915 minSmall Business Tax Savings PodcastListener Q&A with Mike Jesowshek, CPASend us a textWhat 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...
2023-04-1221 minSmall Business Tax Savings PodcastWhat Do I Do If I Cannot Pay My Tax Bill? What Options Do I Have To Pay For My Tax Bill?Send us a textAre 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 h...
2023-03-0117 minSmall Business Tax Savings PodcastWhat Do I Need To Know About Tax Extensions?Send us a textWhat 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...
2023-02-2215 minSmall Business Tax Savings PodcastListener Q&A with Mike Jesowshek, CPASend us a textDo 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 pen...
2023-02-1520 minSmall Business Tax Savings PodcastHow Can I Lower My Tax Bill After Year End?Send us a textAre 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...
2023-02-0812 minSmall Business Tax Savings PodcastWhat is Strategic Planning?Send us a textAre 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...
2023-01-1813 minSmall Business Tax Savings PodcastHow Can I Setup My Business for Success in 2023?Send us a textDo 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...
2023-01-1113 min
Small Business Tax Savings PodcastWhat Health Related Tax Strategies Should I Consider for 2022?Send us a textHealth 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:Â Have the S Corp pay for t...
2022-10-2614 min
Small Business Tax Savings PodcastHow Can I Utilize a Board Meeting for Tax Savings?Send us a textBeing 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...
2022-10-1912 min
Small Business Tax Savings PodcastWhat Do I Need To Know About 1099-NECs?Send us a textWith 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 yo...
2022-10-0516 min
Small Business Tax Savings PodcastHow Does the Home Office Deduction Work?Send us a textThe 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 use...
2022-09-2817 min
Small Business Tax Savings PodcastAppearance on The One Big Tip Podcast with Jeff MendelsonSend us a textOn 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 him...
2020-12-2313 min
Small Business Tax Savings PodcastAll About Bookkeeping Panel Discussion with JETRO BookkeepersSend us a textOn 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:Â 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/
2020-10-2825 min
Law Firm Accounting and Tax PodcastIntroduction to Mike Hudkins CPA (Law Firm Expert)In this episode Mike Jesowshek, CPA introduces Mike Hudkins CPA, from the JETRO team, who has spent the vast majority of his career working with solo and small law firms.
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Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)
Podcast Co-Host: Mike Hudkins, CPA
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Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/
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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...
2019-08-2816 minLaw Firm Accounting and Tax PodcastIntroduction to the Law Firm Accounting and Tax Podcast and Mike Jesowshek, CPAIn this episode Mike Jesowshek, CPA introduces himself to listeners so you can understand why you should be listening on a regular basis. He also discusses topics that will be discussed on this podcast and his promise to all listeners: that you will walk away from every episode with more knowledge that you can use to grow your firm, pay less in taxes, and ensure you are financially sound and bulletproof from an audit.
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Podcast Host: Mike Jesowshek, CPA - Founder of JETRO
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Learn More at www.JETROtax...
2019-07-2603 min