Small Business Tax Savings Podcast

Are you a solo entrepreneur puzzled by the myriad of retirement planning options? Mike Jesowshek welcomes back Matt Ruttenberg to discuss retirement plan options for solo entrepreneurs without employees. They highlight various plans like IRAs, SIMPLE IRAs, SEP IRAs, and solo 401(k)s, emphasizing the importance of starting with the desired savings amount to determine the most suitable plan. The episode covers the contribution limits, the benefits of each plan type, and the financial implications of choosing one plan over another, particularly in terms of tax deductions and maximizing retirement savings. Discover how choosing the right plan can maximize your savings and secure your financial future by tuning in! [00:00 - 05:48] Exploring Basic Retirement Plan Options, SEP IRAs, and Solo 401(k)s [05:48 - 15:22] Comparison of SEP IRA and Solo 401(k) Contributions and Decision-Making in Retirement Planning [15:22 - 20:05] Closing and Resource Mention Direct Quote: "So you might have a couple hundred dollars of fees, but you are netting a substantial amount more, going into that solo than you are with the SEP IRA." - Matt Ruttenberg Connect with Matt Ruttenberg! LinkedIn: https://www.linkedin.com/in/mattruttenberg/ ______ 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/ YouTube: https://www.youtube.com/@TaxSavings

Are you a small business owner curious about the financial benefits of establishing a retirement plan for your company? In this episode, Mike Jeshowshek and guest Matt Ruttenberg discuss the substantial tax credits and key due dates associated with setting up retirement plans for small businesses, introduced by Secure 2.0. They delve into specific credits available, such as the startup credit and the auto-enrollment credit, and outline who qualifies for these benefits. Matt provides a detailed explanation of how businesses can maximize these credits, the importance of not missing due dates, and the strategic advantage of starting retirement plans early. They also emphasize the significant tax savings and benefits for small business owners and their employees. [00:00 - 05:51] Introduction and Overview of the Series [05:52 - 12:04] Discussing Tax Credits for Retirement Plans [12:05 - 18:44] Qualification Criteria and Case Studies [18:45 - 22:24] Important Due Dates for Implementing Plans Direct Quote: "Don't wait until September 15th... It takes roughly 45 to 60 days to implement these plans... So let's start having these conversations and just start looking into it." - Matt Ruttenberg Connect with Matt Ruttenberg! LinkedIn: https://www.linkedin.com/in/mattruttenberg/ ______ 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/ YouTube: https://www.youtube.com/@TaxSavings

Have you ever wondered if you could hire your older child to watch your younger one and claim it as a business expense? Or are you maximizing the benefits of a Health Savings Account to its fullest potential? In this Q&A episode of the podcast, host Mike Jesowshek answers a series of listener-submitted questions covering a wide range of topics pertinent to small business owners, such as tax deductions, business expenses, payroll management, and tax strategies. Mike provides detailed insights on various scenarios, such as employing children, maximizing HSA contributions, and the proper way to handle business travel deductions. He also discusses the benefits of using payroll software for S Corporations and outlines strategies for setting reasonable salaries within an S Corporation framework. Additionally, the episode includes practical advice on managing business deductions for vehicle expenses and hiring offshore freelancers. [00:00 - 00:59] Introduction and Webinar Announcement [00:53 - 04:11] Hiring Family Members and Maximizing HSA Contributions [04:11 - 09:42] Business Purchases, Tax Implications, and Renting Personal Equipment to Your Business [09:42 - 15:31] Using Payroll Software for S Corporations and other Tax Topics [15:31 - 23:09] Benefits of Payroll Software for S Corps and Correct Payroll Handling [23:09 - 25:44] Travel Deductions for Business Trips [25:44 - 26:49] Closing Remarks and Additional Resources Direct Quote: "Think of an HSA almost as a retirement plan on steroids." - Mike Jesowshek, CPA ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings 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/ YouTube: https://www.youtube.com/@TaxSavings

Have you ever wondered how to structure your multiple business ventures efficiently while minimizing your tax burden? Mike Jesowshek delves into the complexities of business structuring, particularly for individuals owning multiple businesses or in partnership. He emphasizes the utility of S Corporations in reducing self-employment taxes and the importance of establishing a parent S Corporation to streamline business operations, financial management, and tax filing. Mike advocates for separate bookkeeping for each entity, despite their consolidation under the parent S Corp, to maintain clarity in financial and legal aspects. [00:00 - 04:20] Introduction to Business Structuring and Exploring S Corporation Complexities [04:20 - 07:03] Structuring for Operational Efficiency [07:03 - 11:32] Tax Considerations and Partnership Structures [11:32 - 20:09] Practical Tips and Conclusion Direct Quotes: "When we talk about S Corporations, obviously the goal is to minimize self-employment taxes, but S Corps comes with some complexities as well." - Mike Jesowshek, CPA "We want to have one company that we're actively participating in running through with all of our income before touching us. And we want that company to be in most cases, an S corporation." - Mike Jesowshek, CPA ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings 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/ YouTube: https://www.youtube.com/@TaxSavings

Are you perplexed by estimated taxes and worried about potential penalties? Discover how to navigate the U.S. tax system's pay-as-you-go approach and strategically plan your payments to stay on top of your tax obligations! In this episode, Mike Jesowshek discusses the importance of understanding and paying estimated taxes in the U.S., emphasizing the "pay as you go" system. He explains the concept of estimated taxes, key due dates for each quarter, and the significance of making timely payments to avoid penalties and interest. Mike introduces the "safe harbor" rule, which helps taxpayers avoid penalties if they pay a certain percentage of their previous year's tax or their current year's expected tax liability. [00:00 - 01:21] Introduction to Estimated Taxes [01:21 - 02:45] The Mechanics of Withholding [02:45 - 04:32] Year-End Reconciliation and Tax Refunds [04:32 - 06:28] Estimated Tax Due Dates and Payment [06:28 - 10:50] Safe Harbor Rule and Calculating Estimated Taxes [10:50 - 17:06] Actual Method and Recap Direct Quotes: "A refund doesn't mean you saved money on taxes; it's just saying you paid too much in taxes throughout the year." - Mike Jesowshek, CPA "Estimated taxes are the way that business owners can make payments against that future tax bill as they're earning money." - Mike Jesowshek, CPA ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings 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/ YouTube: https://www.youtube.com/@TaxSavings

We’re thrilled to invite you to our complimentary webinar, “Slash Your 2024 Taxes: Essential Strategies for Small Business Owners.” Join us for a session packed with valuable insights to minimize your tax bill. Topic: Slash Your 2024 Taxes: Essential Strategies for Small Business Owners Date: Wednesday April 24, 2024 Time: 2pm EST Sign-Up: https://www.taxsavingspodcast.com/slashtaxes In this webinar, you’ll learn how to: Maximize Deductions: Strategic Tax Planning:Experience Top Tax Strategies: Interactive Q&A: This is a must-attend event for any business owner eager to keep more of their hard-earned money. Register now for free and ensure your spot in this transformative session! As always, our goal is to ensure you pay the least amount in taxes as legally possible! Sign-Up: https://www.taxsavingspodcast.com/slashtaxes

Are you maximizing the potential of your real estate investments through 1031 exchanges and Opportunity Zones? In this podcast, Mike Jesowshek and guest Michael Scherer delve into the intricacies of 1031 exchanges, focusing on various replacement property options, including Delaware Statutory Trusts (DSTs) and Qualified Opportunity Zones. They discuss the advantages of passive investment through DSTs, the strategic importance of planning and consulting with tax advisors, and the potential tax deferral benefits of investing in Opportunity Zones. The conversation emphasizes the need for investors to align their investment choices with their financial goals and the importance of thorough planning. [00:00 - 04:37] Replacement Property Options and Delaware Statutory Trusts (DSTs) in 1031 Exchanges [04:38 - 06:17] Direct Real Estate Investment vs. Passive DST Investment [06:18 - 12:59] Strategies for Maximizing Tax Deferral and Qualified Opportunity Zones as an Investment Avenue [12:59 - 19:06] Navigating the Complexity of 1031 Exchanges and Investment Options [19:07 - 22:57] The Importance of Planning and Expert Advice Direct Quotes: "Understanding the investor's goals and objectives and working with their tax advisor is critical." - Michael Scherer "It all comes down to planning and understanding what your objectives are." - Michael Scherer Connect with Michael! LinkedIn: https://www.linkedin.com/in/michael-scherer-caia-8147504/ Email: levi.smith@rcxcapitalgroup.com ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings 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/ YouTube: https://www.youtube.com/@TaxSavings

Are you maximizing your real estate investment potential through tax-deferred strategies? Mike Jesowshek and Michael Scherer delve into the intricacies of 1031 exchanges. They explain its purpose, benefits, and the critical role of proper planning and advice from tax advisors. They emphasize the necessity of involving a qualified intermediary and the potential financial advantages, including tax deferral and strategic reinvestment, to maximize wealth building in real estate investment. [00:00 - 04:52] 1031 Exchanges and its Planning and Prerequisites [04:53 -12:22] 1031 Exchange Process, Timelines, and Exploring Replacement Property Options [12:22 - 16:22] Liquidity and Investment Goals in 1031 Exchanges [16:22 - 20:04] Final Steps and the Role of RCX Capital Group in 1031 Exchange [20:05 - 24:23] Common Mistakes and Wrap-Up Direct Quotes: "1031 exchange is an exceptional tool for wealth building, but something that you need to plan around." - Michael Scherer "Proper planning is essential. Talk through your options, understand your goals and objectives." - Michael Scherer "One of the most amazing wealth-building tools is section 1031." - Michael Scherer Connect with Michael! LinkedIn: https://www.linkedin.com/in/michael-scherer-caia-8147504/ Email: levi.smith@rcxcapitalgroup.com ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings 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/ YouTube: https://www.youtube.com/@TaxSavings

Ever wondered how you could significantly reduce your taxable income from real estate investments in just one year? In this episode, Mike Jesowshek introduces Gabriel Florentino from Engineered Tax Services to discuss cost segregation studies, a tax strategy for real estate investors aiming to accelerate depreciation deductions. Gabriel explains the concept and benefits of cost segregation, emphasizing its significant impact on reducing taxable income by identifying and reclassifying property components to shorter depreciable lives. The discussion also covers the importance of understanding accounting terms, the difference between cost segregation and traditional depreciation methods, and the added advantage of bonus depreciation introduced in 2017, which allows for even greater tax savings in the early years of property ownership. [00:00 - 08:37] Cost Segregation Studies [08:38 - 14:36] The Impact of Bonus Depreciation [14:37 - 19:52] Practical Examples and Cost Study Analysis [19:53 - 22:08] Conclusion and Final Thoughts Direct Quotes: "Even if it's sunsetting, there is still a huge benefit of doing a cost seg study on a property." - Gabriel Florentino "Cost segregation study is still a strong tool because you're getting the real value of depreciation for a lot of components inside a property." - Gabriel Florentino Connect with Gabriel! Email: gflorentino@engineeredtaxservices.com Website: https://engineeredtaxservices.com ______ 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/ YouTube: https://www.youtube.com/@TaxSavings

Curious about how real estate can help you grow your wealth and save on taxes? In this episode, Mike Jesowshek discusses how real estate can serve as a tool for both wealth-building and tax savings. He emphasizes the concept of depreciation, whereby the cost of a rental property can be deducted over time, and explains how this, along with other operating expenses, can offset rental income. He also delves into strategies for utilizing passive losses to offset ordinary income, such as qualifying as an active real estate investor or a real estate professional. Additionally, he touches on the "short-term rental loophole" and the importance of considering exit strategies when selling real estate investments. [00:00 - 05:21] Introduction and Overview of Real Estate Tax Planning [04:00 - 13:41] Utilizing Passive Losses and Short-Term Rental Loophole [13:41 - 17:09] Considerations for Business Owners in Real Estate [17:09 - 25:51] Exit Strategies and Conclusion Quote: "Don't get into real estate for tax savings. Get into real estate to grow your wealth and then experience the benefit of tax savings that comes with real estate as that cherry on top." - Mike Jesowshek, CPA ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings 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/ YouTube: https://www.youtube.com/@TaxSavings

Are you worried about filing your tax return on time or paying your tax bill? In this episode, Mike Jesowshek discusses tax extensions and strategies for paying tax bills, addressing common misconceptions and providing practical advice. He clarifies that filing an extension does not increase audit risk and emphasizes the importance of timely filing and payment. Mike outlines options for those who can and cannot afford their tax bills, including installment agreements and offers in compromise. Throughout the discussion, he stresses the significance of proactive tax planning to avoid financial strain in the future. [00:00 - 05:21] Understanding Tax Extensions and Their Importance [00:05:33 - 00:18:12] Strategies for Paying Tax Bills Direct Quotes: "Filing an extension is simply an extended time to file your tax return. The taxes are still due on that original due date." - Mike Jesowshek "Extensions extend time to file, not time to pay." - Mike Jesowshek Resources Mentioned: https://www.irs.gov/payments/direct-pay ______ 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/ YouTube: https://www.youtube.com/@TaxSavings

Ever wondered if your global business ventures could be affecting your U.S. taxes more than you realize? In the podcast episode, Mike Jesowshek delves into the intricacies of foreign income for small business owners, covering essential aspects such as reporting requirements, types of foreign income, tax treaties, exemptions, the foreign earned income exclusion, the foreign tax credit, and compliance with reporting obligations. He emphasizes the importance of U.S. citizens and residents reporting worldwide income on their U.S. tax returns, regardless of where the income is earned. Mike also discusses strategies to mitigate double taxation, such as utilizing tax treaties and claiming foreign tax credits or income exclusions, while underscoring the critical nature of maintaining accurate records and understanding compliance requirements to ensure transparency and adherence to tax laws. [00:00 - 05:00] Introduction to Foreign Income for Entrepreneurs [05:00 - 10:00] Tax Treaties, Exemptions, and Foreign Earned Income Exclusion [10:00 - 15:18] Compliance and Reporting Requirements Quote: "There might be a credit, there might be some exclusion of it, there might be some exemptions, but the IRS wants to know about it." - Mike Jesowshek, CPA ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings 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/ YouTube: https://www.youtube.com/@TaxSavings

In this episode, Mike Jesowshek answers various listener questions regarding tax strategies, S corporation elections, hiring children for tax benefits, and setting up retirement plans for businesses with non-owner employees. The episode emphasizes the importance of structuring businesses correctly to maximize tax savings, including the considerations for S corporation status, late elections for business structures, the benefits of hiring family members, and the intricacies of purchasing a business and tax implications. Mike also discusses the potential of setting up retirement plans for employees as a tax-advantageous move for small businesses. [00:00 - 00:36] Introduction to Q&A Session [00:36 - 10:10] Q&A with Mike Jesowshek, CPA part 1 [10:10 - 23:50] Q&A with Mike Jesowshek, CPA part 2 [23:50 - 24:14] Closing Segment Direct Quotes: "Hiring your kids is potentially a great way where you can get a business deduction and they pay no income taxes on that income, again, potentially." - Mike Jesowshek, CPA "You cannot save taxes by simply learning tax strategies. You save taxes when you learn them and then you implement them." - Mike Jesowshek, CPA "If you're starting a new business, start that business where you're operating. That's going to be the easiest piece." - Mike Jesowshek, CPA ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings 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/ YouTube: https://www.youtube.com/@TaxSavings

Did you know there are still tax-saving strategies you can implement after the year has ended? In the episode, Mike Jesowshek focuses on tax strategies that entrepreneurs and business owners can implement post-year-end to optimize their tax positions. He covered various aspects, including making contributions to retirement plans (both traditional and Roth IRAs, as well as employer contributions to plans like SEP IRAs and solo 401(k)s), the importance of completing bookkeeping to not miss out on potential deductions and maximizing business deductions like home office and automobile expenses. Additionally, Mike highlights the value of health savings accounts as a tax-advantaged tool and the critical deadlines for making contributions or taking deductions to apply for the 2023 tax year. [00:00 - 05:07] Retirement Tax Strategies After Year-End [05:07 - 10:27] Tax Strategies After Year-End for Business Owners [10:27 - 15:43] Other Tax Strategies Quote: “Health Savings Accounts are almost like a retirement plan on steroids.” - Mike Jesowshek, CPA ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings 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/ YouTube: https://www.youtube.com/@TaxSavings

Expert Danny Wright from Peisner Johnson discusses the intricacies of sales tax and how it applies to business owners. Core concepts are discussed including determining if a business is subject to sales tax, identifying 'nexus' states where sales tax may be applicable, and understanding which products or services are taxable. Danny highlights the impact of accidental non-compliance, discussing the pitfalls of not remitting the sales tax charged to customers. He also notes complications caused by remote workers or drop-shipping in different states and explains the responsibilities under new marketplace facilitator laws. Finally, Danny explains how their firm offers free consultations to help businesses understand their unique responsibilities and potential liabilities. [00:00 - 09:24] Introduction to Sales Tax for Business Owners [09:24 - 20:30] The Impact of Sales Tax Nexus on Business Operations [20:54 - 33:55] Invoicing and Pricing in Taxation Quotes: "It's super important to pay attention to [sales tax] because it doesn't care about profitability... it really is something that can get you in trouble in a hurry in the future if you don't get an "Once you hit [an economic nexus] threshold, that is when your responsibility begins... a lot of the states offer a grace period... that's part of what you can pay attention to when you're reviewing your nexus." - Danny Wright "If you collect tax from a customer, it's not yours. And never keep it because you're going to be dealing with questions around fraud in the future." - Danny Wright Connect with Danny! Email: dannyw@pj.tax Website: https://peisnerjohnson.com ______ 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/ YouTube: https://www.youtube.com/@TaxSavings

Are you wondering if filing separately might be the right choice for your tax situation? In this episode, Mike Jesowshek discusses various aspects of 'married filing separately' tax status, explaining when this filing status could be advantageous. He primarily mentions scenarios such as a high medical expense situation for one spouse, significant student loan debt based on income for one spouse, or a tax lien on one spouse. Though in general, he believes 'married filing jointly' often provides better tax benefits. Mike also highlights the potential downsides to filing separately, such as higher tax rates and the loss of certain tax benefits. [00:00 - 04:13] Married Filing Separately: When does it make sense? [04:13 - 06:29] The Downsides of Married Filing Separately [06:29 - 09:10] The Process of Filing Separately [09:10 - 15:23] Recap and Final Thoughts Quotes: "When you file separately, you're separating yourself from that spouse. So the spouse that doesn't have the tax debt doesn't get their refund necessarily taken away." - Mike Jesowshek, CPA "Most taxpayers we talk to are far better off filing jointly instead of separately. But there are some specific cases where separately makes more sense." - Mike Jesowshek, CPA "When you file separately, it doesn't mean that you're having marital issues... We just want to look at what the tax benefit is." - Mike Jesowshek, CPA ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings 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/ YouTube: https://www.youtube.com/@TaxSavings

Have you ever wondered how tax planning can significantly reduce your business's tax liability compared to just tax preparation? In this episode, Mike discusses the difference between tax planning and tax preparation. Tax preparation is important and required by law. It only involves reporting your business' previous year's activity to the IRS or your state agency. Tax planning, on the other hand, is a strategic activity done throughout the year that can help reduce the amount of tax a business pays. Mike emphasizes that, while tax preparation is mandated by the law, tax planning is crucial for reducing tax liability and increasing business owners' cash flow. He also provides practical approaches on how to implement tax planning, including the importance of continuous learning and strategy implementation throughout the year. [00:00 - 05:04] Tax Planning vs Tax Preparation [05:04 - 12:15] The Significance of Tax Planning [12:15 - 17:58] Resources for Tax Planning Quotes: "Our mission is to help small business owners understand the strategies that are available to them, that they can implement in their business, regardless of your business size." - Mike Jesowshek, CPA "Tax planning is not just something that we do once in June and then we're done. No, tax planning is something that's going to be constantly evolving." - Mike Jesowshek, CPA "Learning doesn't save us on taxes. Taking what we've learned and implementing it is what provides us with those tax savings." - Mike Jesowshek, CPA ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings 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/ YouTube: https://www.youtube.com/@TaxSavings

What if you discovered that by embracing the new e-filing changes and understanding the nuances of the 1099 NEC, 1099-MISC, and 1099-K forms, you could not only streamline your tax processes but also potentially uncover hidden financial benefits for your business? In this episode, Mike welcomes Christina Wright to discuss the IRS 600 1099-k tax rule and its recent postponement. They also discuss the changes in e-filing, covering the difference between 1099-NECs and 1099-MISCs, their uses, and their dues. The conversation revolves around the importance of adhering to tax rules to avoid penalties and the implications of the new 1099k rule for transactions made using cards or payment apps. They also cover the future outlook of this threshold for tax year 2024. Tune in to learn more about the impact of newly-imposed e-filing changes and the recommended practices in choosing provisions for e-file providers! [00:00 - 04:22] Understanding 1099s and Their Importance [04:22 - 11:22] Understanding 1099-k and Its Implications [11:22 - 18:05] E-filing Changes for 2023 Returns [18:05 - 19:59] Conclusion and Final Thoughts Quotes: "The e-file threshold has been reduced from 250 forms to 10 forms... It's a huge change, it's a big reduction and it's going to affect a lot of businesses, even the smallest businesses." - Christina Wright "E-filing... makes everything easier and it's cost-effective. It's not something that's going to break the bank."- Mike Jesowshek, CPA Connect with Christina Wright! Email: christina@spanenterprises.com TaxBandits: https://www.taxbandits.com ______ 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/

Can you believe we're already stepping into another year, and with it, another tax season, signaling it's time to gear up, get organized, and make this the easiest tax season yet? In this episode, Mike welcomes us to a fresh year, 2024, and discusses the start of a new tax season. He emphasizes the importance of preparation and provides comprehensive tips for both business owners and individuals on navigating tax season effortlessly. Topics covered include the significance of gathering documents, understanding business versus personal returns, deadlines to mark on the calendar, and the necessity of bookkeeping. He outlines various tax forms and documents one should start collecting for businesses and on a personal level. [00:00 - 03:51] Wrapping Up 2023 [03:51- 14:19] The Role of Bookkeeping in Tax Preparation [14:19 - 21:08] Important Tax Filing Due Dates Quotes: "Bookkeeping is the backbone to your business and provides so many benefits throughout the year.” - Mike Jesowshek, CPA "The last thing that we want you to do is to keep pushing off this idea of bookkeeping." - Mike Jesowshek, CPA "Our goal is to help make this tax season the one that is so easy for you... but it takes some work on your end. You need to put in some effort and you need to get some of these things done as soon as possible." - Mike Jesowshek, CPA ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings 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/

How can business owners effectively plan for retirement while managing the growth and operations of their businesses? In this episode, Mike welcomes back Jeremy Keil, a retirement planning expert from Keil Financial Partners, to discuss the importance of retirement planning for business owners. They explore why business owners, whether they're just starting or have been operating for a while, often neglect retirement planning and the possible consequences of doing so. They discuss aspects such as income from businesses, selling businesses, scenarios they have encountered with various business owners, and misconceptions about Health Savings Accounts (HSAs). They also delve into practical steps and strategies that business owners can implement now to save for retirement, such as maximizing HSA and Roth IRA contributions, setting up retirement plans like simple IRAs, SEP IRAs, and 401ks, and taking advantage of age-weighted profit sharing 401ks and after-tax contributions. [00:00 - 07:21] Retirement Planning for Business Owners [07:21- 17:00] Health Savings Account and Other Retirement Saving Strategies for Business Quotes: "Your investments, you have less control over than all the other places that I mentioned. So we want to focus on the things you can control." - Jeremy Keil "When you're saving into your retirement, you want to get the most tax advantage that you can. And the number one best tax advantage you can get in any account is the health savings account." - Jeremy Keil Connect with Jeremy! Website: www.keilfp.com Podcast: Retirement Revealed Podcast ______ 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/