Small Business Tax Savings Podcast

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 Expenses [03:52] Stop Billing your Customers, Clients, and Patients [05:30] Buying Office Equipment [07:40] Use Your Business Credit Card [08:22] Don't Assume You Are Taking Too Many Deductions [10:11] Convert to a Roth IRA [13:34] Charitable Contributions 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: "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 Podcast Join 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.com Facebook 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? [02:04] Pass-Through entity [05:15] How to Pay Yourself in Your Business [08:53] How Does Tax Work? [12:41] Quick Recap 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 "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 Podcast Join 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.com Facebook 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 Tax [04:23] Things You Need to Know Before Hiring Your Child [10:32] S Corporation and Non-Direct Children 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 Podcast Join 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.com Facebook 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 Podcast [04:31] What’s Next? Introducing TaxElm: Your Ultimate Tax Resource https://taxelm.com [08:46] How Can You Help Us? Apple PodcastsFacebookTwitterInstagramYouTubeLinkedIn 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 Podcast Join 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.com Facebook 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? [06:31] How to Determine an Independent Contractor or Employee [14:02] Why Is Proper Classification Important? [17:28] How to Avoid 1099 Pitfalls: Year-End Filing Best Practices 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 Podcast Join 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.com Facebook 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 Planning [11:38] Tax Implications for Home-Based Work, S Corp Salaries, and Business Losses [17:24] Questions on 1099 Mechanics, Hiring Minors, and Maximizing S Corp Deductions [22:17] Navigating 1040 ES Payments and Initial Capital Contributions on 1120-S [24:20] Final Thoughts 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 Podcast Join 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.com Facebook 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 Business [06:03] Business Owners With No Employees + High Medical Costs [09:05] Health Benefit Options Available For Small Businesses With Employees What Health Benefit Options are Available for Small Businesses With Employees?[12:54] What Is An HSA and How Do They Work? What Is An HSA and How Do They Work?[18:45] What Is An HSA and How Do They Work? 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 Podcast Join 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 LLC [03:45] Reimbursing Yourself As A S-Corporation or C-Corporation [05:36] How to Set Up An Accountable Plan Tax Minimization Program [12:30] Closing Segment 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, CPA Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join 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.com Facebook 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 Use [07:26] Determining Business Use Of A Vehicle [09:17] Understanding How To Deduct Vehicle Expenses [15:34] Closing Segment Key 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 Podcast Join 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.com Facebook 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 decisions Tune 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 Management [07:48 - 14:42] Timing, Sales, and Capitalization Strategies [14:43 - 21:18] Simplifying Depreciation and Asset Management: Insights for Year-End Planning Learn More: https://www.taxsavingspodcast.com/blog/what-is-depreciation-for-my-business-when-does-a-capitalization-policy-make-sense Key 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 Podcast Join 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.com Facebook 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 Business [04:40] Take Advantage Of The 14-Daay Home Rental Rule [08:34] Utilize The 14-Day Home Rental Rule For Tax Deductions [14:09] Closing Segment Key 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 Podcast Join 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.com Facebook 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 Minors [01:21] 4 Primary Criteria Of Kiddie Tax [05:36] Minimize Kiddie Tax And Take Advantage Of Investment Opportunities [08:02] Closing Segment 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 Podcast Join 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.com Facebook 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 Future [04:15] Maximize Your Retirement Savings And Take Advantage Of Tax Benefits [08:37] Maximizing Your Tax Savings As A W2 Income Earner [15:32] Closing Segment 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 Podcast Join 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.com Facebook 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 Savings [02:33] Reasons To Hire A Spouse [06:04] The Benefits And Disadvantages Of Hiring Your Spouse [12:20] Closing Segment Key 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 Podcast Join 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.com Facebook 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, CPA [03:58] Save On Taxes With Your Vacation Rental Cleaning Business [13:54] Maximize Your Retirement Savings With Solo 401K And Simple IRA Options [33:31] Closing Segment Key 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 Podcast Join 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.com Facebook 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 Options [04:48] Unlocking The Benefits Of A Bonus 162 Plan [10:22] Exploring Retirement Plan Options [15:25] Closing Segment Key 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 Podcast Join 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.com Facebook 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 2023 [02:06] How To Leverage Cost Segregation Studies [07:45] Exploring The Short Term Rental Loophole [16:23] Closing Segment Key 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 Podcast Join 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.com Facebook 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 Explained [04:14] What Is The Purpose Of The Corporate Transparency Act [13:16] Understanding How The Corporate Transparency Act Can Help Your Business [24:33] Closing Segment Key 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 Law LinkedIn: @johnthelawyer Facebook: John Strohmeyer Twitter: @johnthelawyer ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join 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.com Facebook 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 2023 [08:41] How To Conduct A Mid-Year Tax Review [11:28] Learn Tax Strategies, Implement Them, And Take Advantage Of Tax Credits [17:58] Closing Segment Key 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 Podcast Join 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.com Facebook 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 Team [03:56] How To Make Your Business More Valuable And Easier To Manage [10:30] Delegation Is Key To Making Your Business More Valuable [18:14] Closing Segment Key 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. White LinkedIn: Brandon White YouTube: Edge with Brandon White Instagram: @brandoncwhite ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join 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.com Facebook 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