Podcasts about small business tax savings podcast

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

In this episode of the Daily Mastermind, host George Wright III introduces CPA and host of the Small Business Tax Savings Podcast, Mike Jezichek. They delve into the intricacies of tax planning versus tax preparation. Mike shares insights from his extensive background in accounting and entrepreneurship, highlighting strategies for maximizing tax deductions and minimizing tax liabilities. He emphasizes the importance of proactive tax planning throughout the year and offers actionable tips for business owners. The discussion also touches on the benefits of having a tax planning mindset and the critical role of documentation. Listeners are encouraged to engage in tax planning to grow their wealth and are provided with resources to connect with Mike for further guidance. 00:43 Welcome to the Daily Mastermind00:59 Guest Introduction: Mike Jesowshek02:15 Mike's Journey into Tax Planning05:14 Understanding Tax Planning vs. Tax Preparation08:08 Maximizing Deductions: Strategies and Mindset14:47 Overcoming Audit Fears and Documentation18:52 Resources and Connecting with Mike Thanks for listening, and Please Share this Episode with someone. It would really help us to grow our show and share these valuable tips and strategies with others. Have a great day. George Wright III“It's Never Too Late to Start Living the Life You Were Meant to Live”FREE Daily Mastermind Resources:CONNECT with George & Access Tons of ResourcesGet access to Proven Strategies and Time-Test Principles for Success. Plus, download and access tons of FREE resources and online events by joining our Exclusive Community of Entrepreneurs, Business Owners, and High Achievers like YOU.Join FREE at www.JoinTheEvolution.comAbout GUEST:Mike Jesowshek, CPAMike is a true expert in making tax savings simple for small business owners. As an entrepreneur, speaker, author, and podcast host, he's all about breaking down the complex world of taxes into easy-to-understand strategies.Mike's main goal? To help you, the business owner, learn how to pay the least amount in taxes as legally possible.Having educated thousands of entrepreneurs nationwide, Mike's expertise makes navigating tax savings accessible, empowering business owners to take critical steps toward business growth and enhanced wealth.Guest Resources:Website: https://www.taxsavingspodcast.com/Instagram: https://www.instagram.com/taxsavings/Facebook: https://www.facebook.com/groups/taxsavingsX: https://x.com/tax_podcast About George Wright III:George Wright III is a Proven, Successful Entrepreneur- and he knows how to inspire entrepreneurs, companies, and individuals to achieve Massive Results. With more than 20 years of Executive Management experience and 25 years of Direct Marketing and Sales experience, George is responsible for starting and building several successful multimillion-dollar companies. He started at a very young age to network and build his experience and knowledge of what it takes to become a driven and well-known entrepreneur. George built a multi-million-dollar seminar business, promoting some of the biggest stars and brands in the world. He has accelerated the success and cash flow in each of his ventures through his network of resources and results driven strategies. George is now dedicated to teaching and sharing his Prosperity Principles and Strategies to every Driven and Passionate Entrepreneur he meets. His mission is to Empower Entrepreneurs Globally to create Massive Change and LIVE their Ultimate Destiny.

Today on the podcast we are going to talk with an Amazing resource to help you cut your business taxes and maximise the deductions you could be taking.  We are joined by Mike Jesowshek.  Mike is the Founder and Host of the Small Business Tax Savings Podcast and has spent his entire career as an entrepreneur.  Mike's mission is to help hard-working business owners overcome complex IRS rules and over-inflated tax bills so they can enjoy the fruits of their labor. This is how the Small Business TaxSavings Podcast was born.  Topics Covered Today Key differences between tax prep and tax planning How to shift from post tax to pre tax spending Maximizing the deductions you can take in business In this episode I am going to introduce you to Mike and also link you to a ton of resources you can use in your business. Don't forget to share this episode and check out all the resources Mike has to help you on your path to success.  Thanks for listening. George Wright III   Guest Resources: https://www.taxsavingspodcast.com/  FREE Daily Mastermind Resources: Join The Evolution & Daily Mastermind Community Get access to Proven Strategies and Time-Test Principles for Success. Plus, download and access tons of FREE resources and online events by joining our Exclusive Community of Entrepreneurs, Business Owners, and High Achievers like YOU. Join FREE at www.DailyMastermind.com Prosperity Pillars Poster The Prosperity Pillars Poster is a collection of 12 Principles for Success and Prosperity that will help you Live the life you were meant to live and Unleash Your Potential Daily.  Create daily rituals and affirmations with this 24x36 inch poster. www.prosperitypillars.com 3-Day Wealth Summit | Get Your 2 FREE Tickets Here: https://shrtlnk.co/22QIb About George Wright III: George Wright is a Proven, Successful Entrepreneur- and he knows how to inspire entrepreneurs, companies, and individuals to achieve Massive Results. With more than 20 years of Executive Management experience and 25 years of Direct Marketing and Sales experience, George is responsible for starting and building several successful multimillion-dollar companies. He started at a very young age to network and build his experience and knowledge of what it takes to become a driven and well-known entrepreneur. George built a multi-million-dollar seminar business, promoting some of the biggest stars and brands in the world. He has accelerated the success and cash flow in each of his ventures through his network of resources and results driven strategies. George is now dedicated to teaching and sharing his Prosperity Principles and Strategies to every Driven and Passionate Entrepreneur he meets. His mission is to Empower Entrepreneurs Globally to create Massive Change and LIVE their Ultimate Destiny.

Today on the podcast we are going to talk with an Amazing resource to help you cut your business taxes and maximise the deductions you could be taking.  We are joined by Mike Jesowshek.  Mike is the Founder and Host of the Small Business Tax Savings Podcast and has spent his entire career as an entrepreneur.  Mike's mission is to help hard-working business owners overcome complex IRS rules and over-inflated tax bills so they can enjoy the fruits of their labor. This is how the Small Business TaxSavings Podcast was born.  Topics Covered Today Key differences between tax prep and tax planning How to shift from post tax to pre tax spending Maximizing the deductions you can take in business In this episode I am going to introduce you to Mike and also link you to a ton of resources you can use in your business. Don't forget to share this episode and check out all the resources Mike has to help you on your path to success.  Thanks for listening. George Wright III   Guest Resources: https://www.taxsavingspodcast.com/  FREE Daily Mastermind Resources: Join The Evolution & Daily Mastermind Community Get access to Proven Strategies and Time-Test Principles for Success. Plus, download and access tons of FREE resources and online events by joining our Exclusive Community of Entrepreneurs, Business Owners, and High Achievers like YOU. Join FREE at www.DailyMastermind.com Prosperity Pillars Poster The Prosperity Pillars Poster is a collection of 12 Principles for Success and Prosperity that will help you Live the life you were meant to live and Unleash Your Potential Daily.  Create daily rituals and affirmations with this 24x36 inch poster. www.prosperitypillars.com 3-Day Wealth Summit | Get Your 2 FREE Tickets Here: https://shrtlnk.co/22QIb About George Wright III: George Wright is a Proven, Successful Entrepreneur- and he knows how to inspire entrepreneurs, companies, and individuals to achieve Massive Results. With more than 20 years of Executive Management experience and 25 years of Direct Marketing and Sales experience, George is responsible for starting and building several successful multimillion-dollar companies. He started at a very young age to network and build his experience and knowledge of what it takes to become a driven and well-known entrepreneur. George built a multi-million-dollar seminar business, promoting some of the biggest stars and brands in the world. He has accelerated the success and cash flow in each of his ventures through his network of resources and results driven strategies. George is now dedicated to teaching and sharing his Prosperity Principles and Strategies to every Driven and Passionate Entrepreneur he meets. His mission is to Empower Entrepreneurs Globally to create Massive Change and LIVE their Ultimate Destiny.

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

In 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 was initially a backup plan. He shares how his entrepreneurial journey commenced when he was just 14 years old. One particular story stands out, revealing Mike's early introduction to the business world. At the tender age of 10, he accompanied his father to auctions where antiques and collectibles were bought and resold. On one fateful day, his father bought an unassuming box of 10,000 bottle caps for a mere $50. This seemingly ordinary purchase became a transformative project for young Mike. He was tasked with packaging the bottle caps in sets of 100 and selling them on eBay. The profound lesson in this story was not about bottle caps but about the concept of arbitrage, the art of buying low and selling high by breaking items into smaller units or adding value. Mike Jesowshek's early exposure to this entrepreneurial concept laid the foundation for his remarkable journey. Join us as Mike Jesowshek shares his insights and experiences, unveiling the mindset that has driven his entrepreneurial success and his passion for helping business owners navigate the complex world of taxes. Don't miss this episode that's sure to inspire and empower you to unlock your own entrepreneurial potential. Website URL:: www.TaxSavingsPodcast.com Social Media Links/Handles: : Facebook: https://www.facebook.com/TaxPodcast/ Twitter: https://twitter.com/tax_podcast Instagram: https://www.instagram.com/taxsavings/ YouTube: www.taxsavingstv.com LinkedIn: https://www.linkedin.com/in/mikejesowshek/

This week Steven is joined by Mike Jesowshek, host of the Small Business Tax Savings Podcast and it's one you won't want to miss. The internet is full of headlines on tax planning topics but far too often those headlines are not accompanied by the information you need to actually get things done. Of course we are all about implementation and taking action so Steven and Mike get into the details of what it actually takes to get the tax benefits of putting your own kids on the payroll. They also discuss a broader framework you can use as you talk to your clients about how to think about the expenses they put through their business. https://bit.ly/3tblKAs

Today on the podcast we are going to talk with an Amazing resource to help you cut your business taxes and maximise the deductions you could be taking.  We are joined by Mike Jesowshek.  Mike is the Founder and Host of the Small Business Tax Savings Podcast and has spent his entire career as an entrepreneur.  Mike's mission is to help hard-working business owners overcome complex IRS rules and over-inflated tax bills so they can enjoy the fruits of their labor. This is how the Small Business TaxSavings Podcast was born.  Topics Covered Today Key differences between tax prep and tax planning How to shift from post tax to pre tax spending Maximizing the deductions you can take in business In this episode I am going to introduce you to Mike and also link you to a ton of resources you can use in your business. Don't forget to share this episode and check out all the resources Mike has to help you on your path to success.  Thanks for listening. George Wright III   Guest Resources: https://www.taxsavingspodcast.com/   FREE Daily Mastermind Resources: Join The Evolution & Daily Mastermind Community Get access to Proven Strategies and Time-Test Principles for Success. Plus, download and access tons of FREE resources and online events by joining our Exclusive Community of Entrepreneurs, Business Owners, and High Achievers like YOU. Join FREE at www.DailyMastermind.com   Prosperity Pillars Poster The Prosperity Pillars Poster is a collection of 12 Principles for Success and Prosperity that will help you Live the life you were meant to live and Unleash Your Potential Daily.  Create daily rituals and affirmations with this 24x36 inch poster. www.prosperitypillars.com   3-Day Wealth Summit | Get Your 2 FREE Tickets Here: https://shrtlnk.co/22QIb   About George Wright III: George Wright is a Proven, Successful Entrepreneur- and he knows how to inspire entrepreneurs, companies, and individuals to achieve Massive Results. With more than 20 years of Executive Management experience and 25 years of Direct Marketing and Sales experience, George is responsible for starting and building several successful multimillion-dollar companies. He started at a very young age to network and build his experience and knowledge of what it takes to become a driven and well-known entrepreneur. George built a multi-million-dollar seminar business, promoting some of the biggest stars and brands in the world. He has accelerated the success and cash flow in each of his ventures through his network of resources and results driven strategies. George is now dedicated to teaching and sharing his Prosperity Principles and Strategies to every Driven and Passionate Entrepreneur he meets. His mission is to Empower Entrepreneurs Globally to create Massive Change and LIVE their Ultimate Destiny.

Today on the podcast we are going to talk with an Amazing resource to help you cut your business taxes and maximise the deductions you could be taking.  We are joined by Mike Jesowshek.  Mike is the Founder and Host of the Small Business Tax Savings Podcast and has spent his entire career as an entrepreneur.  Mike's mission is to help hard-working business owners overcome complex IRS rules and over-inflated tax bills so they can enjoy the fruits of their labor. This is how the Small Business TaxSavings Podcast was born.  Topics Covered Today Key differences between tax prep and tax planning How to shift from post tax to pre tax spending Maximizing the deductions you can take in business In this episode I am going to introduce you to Mike and also link you to a ton of resources you can use in your business. Don't forget to share this episode and check out all the resources Mike has to help you on your path to success.  Thanks for listening. George Wright III   Guest Resources: https://www.taxsavingspodcast.com/   FREE Daily Mastermind Resources: Join The Evolution & Daily Mastermind Community Get access to Proven Strategies and Time-Test Principles for Success. Plus, download and access tons of FREE resources and online events by joining our Exclusive Community of Entrepreneurs, Business Owners, and High Achievers like YOU. Join FREE at www.DailyMastermind.com   Prosperity Pillars Poster The Prosperity Pillars Poster is a collection of 12 Principles for Success and Prosperity that will help you Live the life you were meant to live and Unleash Your Potential Daily.  Create daily rituals and affirmations with this 24x36 inch poster. www.prosperitypillars.com   3-Day Wealth Summit | Get Your 2 FREE Tickets Here: https://shrtlnk.co/22QIb   About George Wright III: George Wright is a Proven, Successful Entrepreneur- and he knows how to inspire entrepreneurs, companies, and individuals to achieve Massive Results. With more than 20 years of Executive Management experience and 25 years of Direct Marketing and Sales experience, George is responsible for starting and building several successful multimillion-dollar companies. He started at a very young age to network and build his experience and knowledge of what it takes to become a driven and well-known entrepreneur. George built a multi-million-dollar seminar business, promoting some of the biggest stars and brands in the world. He has accelerated the success and cash flow in each of his ventures through his network of resources and results driven strategies. George is now dedicated to teaching and sharing his Prosperity Principles and Strategies to every Driven and Passionate Entrepreneur he meets. His mission is to Empower Entrepreneurs Globally to create Massive Change and LIVE their Ultimate Destiny.

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

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

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

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

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

Welcome to another episode of "Building the Premier Accounting Firm" hosted by Roger Knecht. In today's conversation, Roger sits down with Mike Jesowshek, a tax expert with a strong focus on tax preparation and planning for business owners. Mike's mission is to simplify complex IRS rules and help hard-working business owners minimize their tax burdens, allowing them to enjoy the rewards they've earned. Join us as Mike shares his journey into the world of accounting and how he found his niche in tax planning and preparation. Gain insights into the clear distinction between tax planning and tax preparation, as Mike breaks down these two crucial aspects of financial management. Explore the realm of tax strategies as Mike discusses his top go-to methods for optimizing tax outcomes. Uncover the unique strategy some business owners employ to maximize deductions by involving their children in their operations. Delve into the core strategies for effective tax planning and discover additional avenues that businesses often overlook when aiming to maximize deductions. High-income individuals, especially accredited investors, can benefit from Mike's strategies tailored to their unique situations. Mike also reflects on the concepts of being rich versus being wealthy, offering a thought-provoking perspective on financial success. Learn when it's appropriate to seek external counsel and what factors to consider when selecting the right advisors for your business. Mike also shares why he transitioned from the world of accounting and tax to embark on a podcasting journey? Gain insights into his motivations and values that drive his business approach, steeped in authenticity and integrity. As the episode draws to a close, Mike imparts valuable advice on exit strategies, an often underestimated aspect of business planning. Tune in to this episode of "Building the Premier Accounting Firm" for a wealth of insights that business owners, entrepreneurs, and anyone interested in financial growth will find invaluable. Your Host: Roger Knecht, president of Universal Accounting Center Guest Name: Mike Jesowshek, CPA Mike's mission is to help hard-working business owners overcome complex IRS rules and over-inflated tax bills so they can enjoy the fruits of their labor. This is how the Small Business Tax Savings Podcast was born.   Sponsors: Universal Accounting Center Helping accounting professionals confidently and competently offer quality accounting services to get paid what they are worth.   Offers: Your Tax Saving Headquarters! Every week, we show you exactly how to reduce your tax bill and pay the least amount of taxes legally possible. Hosted by Mike Jesowshek, CPA, this quick-hitting Podcast gets you real tax-saving results without all the fluff.  Listen in to the Podcast: https://www.taxsavingspodcast.com/ Also, take some to and see what it means to become a Professoinal Tax Preparer, PTP.  Have the confidence and competence to offer quality tax planning and preparation services for individuals and businesses.  This designation (PTP) is worth your time.  Check this out NOW!   For Additional FREE Resources for accounting professionals check out this collection HERE!   Be sure to join us for GrowCon, the LIVE event for accounting professionals to work ON their business. This is a conference you don't want to miss.   Remember this, Accounting Success IS Universal. Listen to our next episode and be sure to subscribe.   Also, let us know what you think of the podcast and please share any suggestions you may have.  We look forward to your input: Podcast Feedback   For more information on how you can apply these principles to start and build your accounting, bookkeeping & tax business please visit us at www.universalaccountingschool.com or call us at 8012653777  

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Do you put filing your taxes off til the very last minute...every year? Today we welcome back Mike Jesowshek. He is a licensed CPA and the founder and host of the Small Business Tax Savings Podcast. Mike's mission is to help hard-working business owners overcome complex IRS rules and over-inflated tax bills so they can enjoy the fruits of their labor. In this episode, Mike shares with us ways small businesses can maximize their deductions, utilize tax planning strategies (to pay less taxes), what we should be doing in 2023, and so much more. This episode is packed with information you don't want to miss!   Get Weekly Tools to Build Your Business (for free!): The Entrepreneur's Toolkit Visit: Small Business Tax Savings Podcast Download Mike's E-Book: Maximize Your Deductions Listen to Previous Episode with Mike: Ep. 15: Tax Savings for Entrepreneurs with Mike Jesowshek Have a story to tell? Signup here: www.serialentrepreneurshow.com  

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

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

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

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

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

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

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

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

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

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

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

In this episode of the Thoughtful Entrepreneur, your host Josh Elledge speaks to the Host of https://www.taxsavingspodcast.com/ (Small Business Tax Savings Podcast), https://www.linkedin.com/in/mikejesowshek/ (Mike Jesowshek). Small Business Tax Savings podcast brings awareness to tax strategies that can help businesses of different sizes maximize deductions. They help business owners keep most of the earnings while paying as little tax as legally possible. Mike talks about tax strategies business owners tend to overlook and ways to maximize deductions. There are many strategies agency owners can explore. However, he recommends that it's essential to take time to do tax planning. Look at core tax planning, strategize and implement it in your business.   Key points from this episode: Overview of Tax Savings Podcast Most under-utilized tax strategies people overlook Maximizing deductions After-tax vs Pre-tax dollars Different types of tax strategies for different sizes of businesses Downfalls involved with S Corporation. Legal benefits of getting an LLC entity Tax strategies Agency owners should look at How to be strategic with tax saving?   About Mike Jesowshek: Mike is a forward-thinking CPA on a mission to guarantee that small business owners pay the least amount of taxes legally possible. He has spent his entire career as an entrepreneur. Throughout this, he witnessed all stages of business, from the good to the bad. This is why he has made it his mission to assist enterprises in experiencing achievements and setbacks. This is the origin of the Small Business Tax Savings Podcast. His ultimate goal is to help business owners in an area they are generally unfamiliar with, accounting, while also ensuring they pay the least amount of taxes legally possible. About Small Business Tax Savings Podcast: It's geared toward small business owners. They specialize in tax savings and solutions to provide small businesses with a solid financial foundation. They aim to make their clients pay as little tax as legally possible. This quick-hitting podcast hosted by Mike Jesowshek, CPA, aims to provide business owners with critical information without all the fluff. Links Mentioned in this Episode: Want to learn more? Check out the Small Business Tax Savings Podcast website at  https://www.taxsavingspodcast.com/ (https://www.taxsavingspodcast.com/) Check out the Small Business Tax Savings Podcast LinkedIn at  https://www.linkedin.com/company/taxsavings/ (https://www.linkedin.com/company/taxsavings/) Check out the Small Business Tax Savings Podcast Instagram at  https://www.instagram.com/taxsavings/ (https://www.instagram.com/taxsavings/) Check out the Small Business Tax Savings Podcast Facebook at  https://www.facebook.com/TaxPodcast/ (https://www.facebook.com/TaxPodcast/) Check out the Small Business Tax Savings Podcast Twitter at  https://twitter.com/tax_podcast (https://twitter.com/tax_podcast) Check out the Small Business Tax Savings Podcast YouTube at  https://www.youtube.com/channel/UCvP30-YtTG7NQRIaRrJkWHw (https://www.youtube.com/channel/UCvP30-YtTG7NQRIaRrJkWHw) Check out the Small Business Tax Savings Podcast Apple Podcast at  https://podcasts.apple.com/us/podcast/small-business-tax-savings-podcast/id1377376636 (https://podcasts.apple.com/us/podcast/small-business-tax-savings-podcast/id1377376636) Check out Mike Jesowshek on LinkedIn at  https://www.linkedin.com/in/mikejesowshek/ (https://www.linkedin.com/in/mikejesowshek/) Don't forget to subscribe to The Thoughtful Entrepreneur and thank you for listening.  Tune in next time! More from UpMyInfluence: Tickets for the FIRST Annual Fame and Profit Summit 2022 are on sale now! https://fameandprofit.com/tickets (Check it out HERE!) ️  We are actively booking guests for our The Thoughtful Entrepreneur.https://upmyinfluence.com/guest ( Schedule HERE). Are you a 6-figure...

Episode Summary Tax is something most online entrepreneurs don't have a clue about. My guest today on The Six Figure Entrepreneur Podcast, is Mike Jewoshek Mike is the Founder and Host of the Small Business Tax Savings Podcast and a licensed CPA. In this episode of The Six Figure Entrepreneur Podcast, Mike shares how he started as an entrepreneur and built a successful tax strategy coaching business, among other great insights into her entrepreneurial journeys and lessons she has picked along her journey as an entrepreneur. Also, in this episode, Mike gave us some amazing tips on how entrepreneurs can plan their taxes and save more on tax and how he has been able to use his podcast to build his business, land more clients, and build an audience. Links Mentioned Mike's Website Small Business Tax Savings Podcast Connect With Mike on Linkedin Mike's Book Recommendation The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime by MJ DeMarco Free Resources 1. Get a free copy of my book – The High Ticket Podcast Sales System, and learn how to use a 20 to 30 minutes podcast interview to fill up your sales pipeline with high-ticket clients without paying for ads, creating content, cold emailing, building a funnel or posting on social media. >> https://www.TheSixFigureEntrepreneur.com/Book 2. Have you got a podcast, and would you like to learn how to turn your podcast into a sales machine? Get a copy of my book – The Figure Podcast, to learn how you can use your podcast to land your dream clients and make more money from your podcast without any audience or email list. >> https://www.TheSixFigurePodcast.com/Book Episode Notes Have a business that sells a high-ticket product or service, and you will love having more high-ticket clients? Want to use a podcast or a book to build and grow your business? If this is you, then you are at the right place. Welcome to The Six-Figure Entrepreneur At The Six Figure Entrepreneur, I believe so much in using two tools – a Six Figure Podcast and a Six Figure Business Book to land more high-ticket clients without the hassle of doing stuff that is either not reliable, like running paid ads, webinars, building funnels, referral marketing or scalable like posting on social media, creating endless contents, networking, etc. These are the same two tools I used to build my businesses to profitability within the first month without any audience, no email list, and no connection. Curious to know how? Here are two ways I can help you: 1. If you want to help turn a podcast into a client accusation machine that consistently fills up your sales pipeline with your dream clients. Book a call to see how my team and I can help you get started. >>> https://www.thesixfigurepodcast/Schedule-Startegy-Call 2. If you have always wanted to write a book that will bring in more leads for your business, amplify your reach, make you become an instant authority, and build your credibility, book a call with me to get started with creating your Six Figure Business Book. >>> https://www.thebookcot/Consult

As I was building my business, I consistently listened to podcasts. One of my staple podcasts was the Small Business Tax Savings Podcast, hosted by Mike Jesowshek. I am looking forward to today's episode because Mike is today's guest. We are actually doing a cross-over episode between our two shows. I took a lot of inspiration from his podcast as I was building my business so this is a really cool experience for me. I love how Mike can break down complicated tax subjects while still providing enough information to be really helpful. You'll hear us discuss how to decipher good advice online, how to find a professional who's looking out for you, and how to educate yourself on these types of complicated topics while also empowering yourself. We also touch on competition, how everyone is welcome in this space, and why he and I believe collaboration is so important.   * Listen to Mike's podcast, Small Business Tax Savings Podcast: taxsavingspodcast.com * Join his free Facebook group: facebook.com/groups/taxsavings   * Find everything you need at www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/ * Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa * Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so * Hire us: https://www.fitnancialsolutions.com/accounting * Find me on IG @shannonweinstein * Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ * Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Welcome to the Evolvepreneur Secrets Show Join me today where we dig deep with our guests and get you the best concepts and strategies to fast-track your business. My very special guest today is Mike Jesowshek, CPA ... Mike is the Founder and Host of the Small Business Tax Savings Podcast. Mike has spent his entire career as an entrepreneur. He was CFO and co-founded several companies. Throughout that journey, he has experienced all business stages, from the good to the bad. Mike's mission is to help hard-working business owners overcome complex IRS rules and over-inflated tax bills so they can enjoy the fruits of their labor. This is how the Small Business TaxSavings Podcast was born. Mike earned his Bachelor's degree in Business Administration and Master's degree in Accounting. He is a licensed CPA.

https://www.linkedin.com/in/mikejesowshek/Website Link: http://www.TaxSavingsPodcast.comCompany/Podcast Name: Small Business Tax Savings PodcastMike Jesowshek, CPA Founder and Host of the Small Business Tax Savings Podcast

Mike Jesowshek is a modern and innovative CPA on a mission to ensure small business owners pay the least amount in taxes as legally possibly. He has been an entrepreneur his entire career. Throughout that journey he has experienced all business stages, from the good to the bad. This is why it has become his mission to help out businesses that are going through those successes and struggles. This is how the Small Business Tax Savings Podcast was born. His end goal is to help business owners in an area they are often not familiar with, accounting, and also ensure they are paying the least amount in taxes as legally possible. taxsavingspodcast.com Mentioned in this episode: Get my MP3 I have recorded my book in audio form. Get your copy for free at https://www.guywhoknowsaguy.com Network without talking to strangers Did you know that you can network without ever talking to a stranger? It's true. Networking is not about awkward conversations and elevator pitches. It is about making connections and creating value. I'll teach you how in a two minute video at https://www.guywhoknowsaguy.com/innercircle

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

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

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

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

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

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

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

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

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

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

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

Summary: Not that anyone is counting, but there's only 145 days left until tax day in the US. To make sure we're making smart year end tax moves and setting ourselves up for success for tax season. Mike Jesowshek, CPA and owner of JETRO, shares what the 2022 tax filing season looks like for small businesses. He gives advice on how to handle health insurance, retirement savings, and what to do if you want to buy a vehicle for the business. If you hired or started selling physical goods, Mike has some tips for you to be aware of the first time your file. Stick to deducting things you're already spending money on, instead of purchasing things you don't need. By turning after-tax dollars into pre-tax dollars through your business, you'll save the most money. Topics on this episode: * New tax law for this year * Accounting methods * Health Insurance deductions * Investing and retirement savings * PPP and EIDL in 2021 * Vehicles and your business Main take away? Use your business to start turning after-tax dollars into pre-tax dollars and save money! About our guest: Mike Jesowshek is a modern and innovative CPA, taking a new age approach to accounting, tax savings, and growing your business. He is the founder of JETRO, a digital accounting firm, and host of the Small Business Tax Savings Podcast. Mike has both a bachelors and masters in accounting.   Mike has spent the majority of his career as an entrepreneur.  He was CFO and co-founded several companies and has experience in all business stages. He set out on a mission to help businesses that have seen and lived the same experiences he did in business.  This is how JETRO was built.  He has been in the shoes of many small business owners out there and his end goal is to help them in one area that most business owners are not familiar with, accounting and taxes. Links: 022: www.petsitterconfessional.com/episodes/022-taxes 044: www.petsitterconfessional.com/episodes/044-coronavirus-relief-options-with-mike-jesowshek 127: www.petsitterconfessional.com/episodes/127 JETRO: https://www.jetrotax.com Facebook group: https://www.facebook.com/groups/taxsavings Podcast Website: https://www.taxsavingspodcast.com/ IRS traveling meal deduction and what is home domicile: https://www.irs.gov/taxtopics/tc511 TaxJar- https://www.taxjar.com Get Payroll Software like GUSTO: https://gusto.com/d/collin1453 Peisner Johnson: https://peisnerjohnson.com Tax Minimization Program: www.taxsavingspodcast.com/tax Relay Bank: https://relayfi.com/ Blog on PPP/EIDL Info: https://www.taxsavingspodcast.com/blog/what-do-i-need-to-know-about-the-covid-relief-bill *Note a change in what was said: "Forgiveness is not taxable and businesses ARE able to deduct expenses paid with forgiven PPP funds." Blog on Cash vs Accrual: https://www.taxsavingspodcast.com/blog/what-is-cash-and-accrual-accounting Blog on Hiring Employees: https://www.taxsavingspodcast.com/blog/how-do-i-hire-employees-in-my-business Blog on Health Insurance Premiums: https://www.taxsavingspodcast.com/blog/how-does-the-deduction-for-self-employed-health-insurance-work Blog on Sales Tax: https://www.taxsavingspodcast.com/blog/what-do-i-need-to-know-about-sales-tax Blog on Vehicles: https://www.taxsavingspodcast.com/blog/what-do-i-need-to-know-about-purchasing-deducting-and-depreciating-a-business-vehicle Blog on Maximizing Deductions: https://www.taxsavingspodcast.com/blog/what-can-i-deduct-as-a-business-expense Full show notes and transcript (https://www.petsitterconfessional.com/episodes/234)

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

Mike Jesowshek Financial Flossing: Guiding Dental Professionals to a Brighter Future with Ross Brannon  Episode 024- Effective Tax Planning Mike is the Founder and Host of the Small Business Tax Savings Podcast. Mike has spent his entire career as an entrepreneur. He was CFO and co-founded several companies. Throughout that journey he has experienced all business stages, from the good to the bad. Mike's mission is to help hard-working business owners overcome complex IRS rules and over-inflated tax bills so they can enjoy the fruits of their labor. This is how the Small Business Tax Savings Podcast was born. Listen to this information-packed Financial Flossing episode, full of tips for tax planning. Here is what to expect on this week's show: What current historically low tax rates mean for dentists, and where Mike and Ross think they'll be headed in the near future Why Mike looks towards the future when creating a client tax plan, and how he encourages his clients to take that same approach. Ways to turn after-tax spending into pre-tax spending, and how to maximize deductions Why tax planning is important for everyone- not just billionaires What financial advice Mike would give a recent dental school graduate Connect with Mike: PODCAST: https://www.taxsavingspodcast.com/ LINKEDIN: https://www.linkedin.com/in/mikejesowshek/ FACEBOOK: https://www.facebook.com/mjesowshek TWITTER: https://twitter.com/mjesowshek Learn more about your ad choices. Visit megaphone.fm/adchoices

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

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

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

S1 EP88: Advanced Tax Planning and Strategies with Mike Jesowshek    MONEY MANAGEMENT EDITION   According to some recent news from the congressional budget office, the economic forecast GDP growth is expected to grow by 7.4% in 2021. However, the deficit is expected to go to 3 trillion for the year, which is smaller than last year, but it's three times the amount it was in 2019.   And the CBO is expecting that the deficit should grow by $1.2 trillion per year by 2031, which means that the United States is going to need some money. Where will that come from?   From American citizens' taxes.   Depending on the state you currently live in, you might already be paying a lot of taxes. Have you ever wondered where these taxes go? Will these taxes be of benefit to us in the future? And most importantly, is there a way to legally pay the least amount in taxes?   For CPA and Small Business Tax Savings Podcast host Mike Jesowshek, there are multiple ways to do just that. Mike is a modern and innovative CPA on a mission to ensure small business owners pay the least amount in taxes as legally possible. Throughout his entrepreneurship journey, he has experienced all business stages, from the good to the bad. This is why it has become his mission to help out businesses that are going through those successes and struggles.    Luckily, there are various tax planning strategies for everyone to freely and legally utilize. Whether you're a W2 earner, a small business owner, or an individual who earns a household income of $250,000 or more, you can plan and strategize how much taxes you'll pay. No more grieving for the thousands of dollars you pay to Uncle Sam because there's a way to “cheat on him” a bit.   Not entirely convinced yet? Join us as Mike discusses where American citizens' taxes go, how tax planning works, and how to strategize paying the least amount of taxes legally possible. With hosts, wealth manager Lee Michael Murphy, career advisor Sergio Patterson, and attorney Matthew McElroy, tune in to this week's episode of The Free Retiree Show.   What You'll Learn: How tax planning works Baseline and Advanced Tax Strategies How to file and pay the least amount of taxes legally possible   To get the episode, show notes, and share links, please go to our podcast page. Thank you for sharing our podcast.   The Free Retiree Show Podcast Page  

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

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

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

On this episode Mike Jesowshek, CPA shares a webinar he did on the Employee Retention Tax Credit. The Employee Retention Credit is a federal government cash award available to virtually every small business (

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

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

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

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

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

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

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

Welcome to the Real Estate Ballers Show. Making money is fun but keeping as much of it in your bank as possible is even more important. Today Vee is joined by a celebrity guest, Mike Jesowshek. Their discussion is about tax planning, entity set up, the do's and dont's in taxes for real estate investors. Mike is the Founder of JETRO and Host of the Small Business Tax Savings Podcast. Mike has spent the majority of his career as an entrepreneur. He was CFO and co-founded several companies and has experience in all business stages. He set out on a mission to help businesses that have seen and lived the same experiences he did in business. This is how JETRO was built. He has been in the shoes of many small business owners out there and his end goal is to help them in one area that most business owners are not familiar with, accounting and taxes.Mike earned his Bachelor's degree in Business Administration and Masters degree in Accounting. He is a licensed CPA. When Mike is not in the office you can find him spending time with family and friends. He is also an avid sports fan and you can often find him rooting for his Milwaukee Brewers, Wisconsin Badgers, Milwaukee Bucks, and Minnesota Vikings.Vee, the founder of REBallers, is a franchise owner and a Developmental Agent of HomeVestors “We Buy Ugly Houses”.  Today, Vee is actively buying and selling properties in Houston, Austin, San Antonio, and Corpus Christi, TX while growing her rental portfolio of long-term and short-term rentals.Follow us on Social Media:Instagram @reballersFacebook: https://www.facebook.com/REBallersLinkedIn: https://www.linkedin.com/company/reballers/Join our community:https://www.facebook.com/groups/1764098016997548Wanna be on our show? Email info@reballers.comConnect with Mike JesowshekWebsite: www.TaxSavingsPodcast.comFacebook: https://www.facebook.com/TaxPodcast/Instagram: https://www.instagram.com/taxsavings/LinkedIn: https://www.linkedin.com/in/mikejesowshek/Twitter: https://twitter.com/tax_podcastPlease visit our sponsor, which made this episode possible: Buzz Vacation Rentals, a premier short-term and vacation rental manager in Houston and Galveston, helps investors to maximize earnings on their investment properties.  https://buzzvacationrentals.com/If you enjoy the show, would you please leave us a short review on Apple Podcast? It takes less than a minute, and it really makes a difference in helping to spread the words. I also love to read them and share them with our guests!Disclaimer: All information, content, and materials available in these episodes are designed for educational and inspirational purposes only. We are not financial advisers. We only express my opinion based on our experience. Your experience may be different. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments#therealestateballersshow #reballers