Small Business Tax Savings Podcast – Détails, épisodes et analyse

What if you could pay your kids a salary, take a business deduction, and teach them real financial skills at the same time? In this episode, Mike Jesowshek, CPA, explains how to legally hire your children in your business, what the IRS actually allows, and how to do it correctly so you avoid audits and penalties.

You’ll learn the rules for paying your kids under age 18, how to document their work, how much you can pay them tax-free, and how this strategy can double as a wealth-building tool through Roth IRAs.

👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/

Chapters

(01:16) Why Hire Your Kids?
There are two big reasons: tax savings and teaching opportunities. You get a business deduction, and your kids earn tax-free income while learning real work and money skills.

(02:11) Turning After-Tax Spending Into Pre-Tax Spending
Instead of paying for sports, camps, or activities with after-tax dollars, you can pay your kids from your business and let them cover those costs using pre-tax income.

(03:30) What the IRS Actually Says
Payments to children under 18 working for a parent’s sole proprietorship are exempt from Social Security and Medicare taxes. Mike reads the exact IRS language to prove it’s black and white in the tax code.

(04:11) How It Works in Practice
If your child earns under the standard deduction (about $15,000), they pay no income tax. You deduct their wages as a business expense, and you avoid FICA taxes if paying from a Schedule C or single-member LLC.

(06:21) Setting It Up Correctly
You need proof. Mike explains that kids must be at least 7, paid a reasonable wage, tracked for hours and tasks, paid into their own account, and issued a W2 at year-end.

(11:04) Bonus Benefit: Roth IRA
Kids can use earned income from the business to fund a Roth IRA. Mike shows how $25,000 invested by age 13 could grow to over $1 million by retirement.

(12:55) What About S Corps?
S corporations must withhold FICA taxes, but Mike explains a workaround: Splitting part of the business into a Schedule C entity to pay your kids through that side.

Podcast Host:

Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com

🚀 Visit:  https://www.TaxSavingsPodcast.com 

🚀 Check Out TaxElm: https://taxelm.com/

🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/

🚀 YouTube: www.TaxSavingsTV.com

👋🏼 GET IN TOUCH
You can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏

🙌LEAVE A REVIEW
If you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐

🎙 ABOUT THE PODCAST
The Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

If you’ve ever wanted to move money from your business to yourself without paying extra tax, this episode is for you.

In this episode, you’ll learn how the Augusta Rule, also called the 14-Day Home Rental Rule, lets business owners rent their personal homes to their own business and receive that income completely tax-free. You’ll also learn exactly how to document it, what proof the IRS expects, and the common mistakes that can get this strategy disallowed.

👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/

Chapters

(00:44) Why the Augusta Rule Exists
The history of the rule, starting with homeowners in Augusta, Georgia, who rented their houses during the Masters Tournament.

(02:07) What the IRS Code Actually Says
This strategy came from homeowners in Augusta, Georgia, who rented their homes during the Masters Golf Tournament. The IRS decided that short-term home rentals of 14 days or less don’t count as rental properties and therefore don’t create taxable income.

(03:09) How to Use It as a Business Owner
You can legally rent your personal home to your own business for legitimate events and claim a business deduction while keeping the income tax-free.

(04:21) What Not to Do
Why you can’t just write yourself a random check without documentation or a valid business purpose.

(04:53) 4 Key Steps to Make the Augusta Rule Work

There must be a clear business reason, like a meeting or retreat. Set a fair rate using local hotel or Airbnb prices and keep proof. Create a short rental agreement with the purpose, dates, and rate, then pay yourself from the business account and keep records.

(07:10) When to File a 1099 to Yourself
If total rental payments exceed $600, you must issue yourself a 1099 and clear it out on your return under Section 280A(g).

(07:50) Example: Putting It All Together
A sample year with quarterly board meetings, a team retreat, and training events shows how this can total over $7,000 in tax-free income.

(10:39) Do It Right or Risk Losing the Deduction
The importance of solid documentation, fair rates, and proper proof to defend the deduction in an audit.

Podcast Host:

Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com

🚀 Visit:  https://www.TaxSavingsPodcast.com 

🚀 Check Out TaxElm: https://taxelm.com/

🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/

🚀 YouTube: www.TaxSavingsTV.com

👋🏼 GET IN TOUCH
You can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏

🙌LEAVE A REVIEW
If you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐

🎙 ABOUT THE PODCAST
The Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Some entrepreneurs sell their companies and walk away with zero federal taxes. How? 

This is thanks to a strategy called QSBS.

In this episode, tax strategist Alessandro of Get Dynasty breaks down Qualified Small Business Stock, new changes from the “Big Beautiful Bill,” and how founders can use trusts to multiply tax-free exits. If you’re building or investing in startups, this could be the single most powerful tax break you’ll ever use.

👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ 

Chapters:

(00:00) How Founders Pay $0 in Taxes With QSBS

The “greatest tax exemption that exists” and why startup founders need to know it.

(00:48) What is QSBS and Who Qualifies

Key rules, industries that benefit, and those excluded (law firms, banks, services).

(03:30) Can LLCs and S Corps Still Benefit?

How to flip into a C Corp, restart the clock, and unlock bigger gains.

(06:05) Real Example: $126M of QSBS Eligibility

How flipping from LLC to C Corp can multiply your tax-free exclusion.

(08:10) New Rules From the Big Beautiful Bill and Why States Matter 

Exclusion raised to $15M, partial exclusions after 3–4 years, and $75M asset threshold, plus, which states recognize QSBS?

(15:00) Don’t Be Too Early, Don’t Be Too Late

The timing mistakes founders make when setting up QSBS.

(18:30) Stacking QSBS With Trusts

How Get Dynasty helps founders create trusts for $40M+ in tax-free gains.

(23:00) Avoiding Common Mistakes

Why planning early is critical and why TikTok tax tips miss the bigger picture.

(27:30) Success Stories: Roblox and Beyond

How founders have shielded $40M–$120M from taxes using QSBS trusts.

Podcast Host:

Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com

🚀 Visit:  https://www.TaxSavingsPodcast.com 

🚀 Check Out TaxElm: https://taxelm.com/

🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/

🚀 YouTube: www.TaxSavingsTV.com

👋🏼 GET IN TOUCH
You can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏

🙏 LEAVE A REVIEW
If you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐

🎙 ABOUT THE PODCAST
The Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

How can business owners effectively plan for retirement while managing the growth and operations of their businesses?

In this episode, Mike welcomes back Jeremy Keil, a retirement planning expert from Keil Financial Partners, to discuss the importance of retirement planning for business owners. They explore why business owners, whether they're just starting or have been operating for a while, often neglect retirement planning and the possible consequences of doing so. They discuss aspects such as income from businesses, selling businesses, scenarios they have encountered with various business owners, and misconceptions about Health Savings Accounts (HSAs). They also delve into practical steps and strategies that business owners can implement now to save for retirement, such as maximizing HSA and Roth IRA contributions, setting up retirement plans like simple IRAs, SEP IRAs, and 401ks, and taking advantage of age-weighted profit sharing 401ks and after-tax contributions.

[00:00 - 07:21] Retirement Planning for Business Owners

• Jeremy discusses the importance of considering retirement spending, income maximization, and tax minimization for business owners.
• They address the tendency of business owners to overlook retirement planning, focusing instead on business growth and operations.
• The common pitfalls for business owners, such as overvaluing their business or failing to create a business model that functions independently of their personal involvement.
• Jeremy emphasizes the need for business owners to plan for retirement regardless of their current business success.

[07:21- 17:00] Health Savings Account and Other Retirement Saving Strategies for Business 

• Jeremy emphasizes the benefits of Health Savings Accounts (HSAs) for maximizing tax advantages in retirement savings.
• Advice on maximizing HSAs: contribute the maximum amount possible, and pay medical bills out-of-pocket while saving receipts for potential future reimbursement from the HSA.
• Business owners should consider Roth IRAs, especially if their income is below a certain threshold, highlighting the opportunity for both individual and spousal contributions.
• He advises starting small with retirement savings, regardless of business size, and gradually increasing contributions over time.

Quotes:

"Your investments, you have less control over than all the other places that I mentioned. So we want to focus on the things you can control." - Jeremy Keil

"When you're saving into your retirement, you want to get the most tax advantage that you can. And the number one best tax advantage you can get in any account is the health savings account." - Jeremy Keil

Connect with Jeremy!

Website: www.keilfp.com 

Podcast: Retirement Revealed Podcast

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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

Join TaxElm: https://taxelm.com/

IncSight Packages (Full-Service): https://incsight.net/pricing/

Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale

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Podcast Website: https://www.TaxSavingsPodcast.com

Facebook Group: https://www.facebook.com/groups/taxsavings/

Do you want to understand how retirement savings for small business owners work?

In this episode, Mike welcomes Steven Jarvis, CPA, the host of the Retirement Tax Podcast. Steven provides insight on saving for retirement, especially for small business owners, and discusses the potential tax advantages. Steven also dives into the difference between pre-tax and Roth contributions, and shares tips for managing changes in tax situations in life events such as loss of a spouse or divorce. Lastly, Steven emphasizes the need to take action based on informed decisions to ensure maximum tax efficiency.

[00:00 - 05:10] Retirement Savings Strategies

• Steven discusses the importance of retirement planning for entrepreneurs, contrasting it with employee retirement plans.
• There is a need for realistic expectations of business valuation at retirement.
• Business owners need to update their retirement plans as their business evolves and grows.

[05:10 - 12:22] Financial Planning for Business Owners

• Steven emphasizes the need for business owners to start thinking about retirement planning and seeking financial advisors.
• Business owners face complexities and decision-making challenges regarding retirement plans compared to W-2 employees.
• Steven explores the differences between pre-tax and Roth contributions, including the impact of future tax rates and personal financial situations on these decisions.
• The importance of understanding and preparing for the tax implications of inheriting IRAs and the differing rules for spouses and non-spousal beneficiaries is covered.

[12:22 - 15:50] Tax Implications of Life-Changing Events

• Steven talks about the shift in tax filing status and the need for tax planning after the loss of a spouse.
• The loss of a spouse affects real estate tax strategies, especially when the spouse is a real estate professional.
• Steven encourages us to focus on emotional healing before tackling financial adjustments.

[15:50 - 17:40] Closing Segment

Quotes:

"We need to make great decisions and then figure out the most tax efficient way to do that." - Steven Jarvis, CPA

"The more typical experience for small business owners is that they spend their whole life working on this business that is going to always be more valuable to them than it's going to be to someone else." - Steven Jarvis, CPA

 "The IRS rules have changed, but the paperwork needs to catch up with it." - Steven Jarvis, CPA

"Part of the reason we do long-term planning is to address some of life's inevitabilities." - Steven Jarvis, CPA

Connect with Steven! 

LinkedIn

Retirement Tax Strategies Podcast

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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

Join TaxElm: https://taxelm.com/

IncSight Packages (Full-Service): https://incsight.net/pricing/

Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale

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Podcast Website: https://www.TaxSavingsPodcast.com

Facebook Group: https://www.facebook.com/groups/taxsavings/

In this episode, Mike gives listeners an extensive review of tax-saving strategies for their businesses. Topics include the Augusta rule for tax deductions related to board meetings, the advantages of forming an LLC over a sole proprietorship, the benefits of S Corporations at certain profit levels, and the tax implications of hiring family members. Tune in to learn more!

[01:24 - 04:08] Combining Family Vacations with Board Meetings for Tax Deductions

• Mike discusses making a family member a board member/advisor and aligning board meetings with family vacations for tax benefits.

[04:08 - 06:41] Choosing the Right Business Structure

• A new small business owner inquires about the choice between an S Corp and a sole proprietorship for tax purposes.

[06:41 - 07:32] Utilizing the Augusta Rule for Partners in Business

• The Augusta Rule is applicable for business partners renting out their personal residences.

[07:32 - 10:47] TaxElm: The Comprehensive Tax Software for All Business Owners

• Mike details the main features of Taxelm, starting with a tax savings blueprint that provides a roadmap of personalized tax strategies and estimated savings.

[10:47 - 13:17] Understanding Business Credit Card Rewards

• Using business credit card rewards, like flight miles, for personal use does not constitute a business expenditure and is generally not seen as co-mingling.

[13:17 - 15:39] Tax Deductions for Property Remodeling in Business

• The rental agreement is important in determining who bears the remodeling expenses for tax deduction purposes.

[15:39 - 17:07] Optimizing Home Office Deductions for S Corporations

• Mike discusses the general eligibility for home office deductions and the importance of having an accountable plan in place.

[17:07 - 19:10] Maximizing Home Office Deductions

• There is a potential to optimize tax structures by consolidating multiple business activities under a single S corporation.

[19:10 - 21:01] Hiring Your Child in Your S Corporation

• There is a distinction between hiring a child as a 1099 contractor versus a W-2 employee. 

[21:01 - 25:52] 1099 Requirements, TaxElm, and Hiring Family Members in an S Corporation

• Mike addresses discusses about the tax treatment of expenses paid to a graphic designer, the number of tax-reducing strategies available in the TaxEelm library, and hiring your own children in an LLC S Corp.

Quotes:

"Every individual in the country can rent out their personal residence for 14 days or less and pay no income taxes on that income." - Mike Jesowshek, CPA

"That cleaning company, which is owned by you or your spouse, would pay your children out of there because it's a sole proprietorship." - Mike Jesowshek, CPA

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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

Join TaxElm: https://taxelm.com/

IncSight Packages (Full-Service): https://incsight.net/pricing/

Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale

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Podcast Website: https://www.TaxSavingsPodcast.com

Facebook Group: https://www.facebook.com/groups/taxsavings/

Mike Jesowshek continues his 2-part episode on year-end tax-saving strategies. In this episode, Mike covers specific strategies including hiring your kids for tax benefits, setting up a family management company for S corporations, and funding Roth IRAs for children. He also delves into the advantages of short-term rentals for offsetting income and utilizing health insurance premiums as tax deductions. Additionally, he advises on purchasing necessary business items for depreciation benefits and using a Section 105 plan for high medical expenses. 

[02:00] The Strategy of Hiring Your Kids

• Roth IRAs are beneficial for your children
• Ensure compliance and fairness when hiring your kids
• Hiring strategies for kids over 18

[06:30] Understanding State Standard Deductions

• Medical expenses and tax deductions
• The short-term rental loophole
• Maximizing deductions through purchases
• If you're in startup mode, make a sale before the end of the year.

[13:38] The Importance of Bookkeeping and Preparing for 1099 Season

• Rushing in January or February will make you miss some deductions
• If you're paying contractors that qualify and need a 1099 sent to them, you're going to need to start prepping those starting January 1st

[16:09] Recap and Importance of Implementation

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:

"We talk so much about how learning is so key as business owners, as individuals in general, but implementation is just as important." - Mike Jesowshek, CPA

"Hiring your kids, especially those that are under 18 is a great way to get a business deduction and those children potentially pay no income taxes on that income." - Mike Jesowshek, CPA

"If you're self-employed and you're paying for health insurance premiums, it's a tax deduction." - Mike Jesowshek, CPA

"An HSA is one tool that the IRS does not give out too often. You get a tax deduction going into it, there's tax-free growth and tax-free withdrawals." - Mike Jesowshek, CPA

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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

Join TaxElm: https://taxelm.com/

IncSight Packages (Full-Service): https://incsight.net/pricing/

Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale

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Podcast Website: https://www.TaxSavingsPodcast.com

Facebook Group: https://www.facebook.com/groups/taxsavings/

The year is finally coming to an end. But are you and your business properly equipped for it?

In this episode, Mike shares the tax strategies that should be taken into consideration as the end of the year approaches. He focuses on taxation for small businesses and the use of S Corporations. He also details some information on maximizing deductions and optimizing the benefits of LLC setups, salary considerations, retirement account funding, and board meetings. Mike also offers insights on the value of home office deductions, the importance of reasonable salaries, the benefits of accountable plans, and the 14-day home rental 'Augusta' rule. 

Get everything ready before 2024 by tuning in!

[01:17] Understanding and Utilizing S Corporations

• With an S Corporation, you need to take a reasonable salary as the owner of the business
• Health insurance should be taken as a business expense in the business before the deduction can be taken
• An accountable plan is a way that you can reimburse yourself for items that you paid for

[09:53] Maximizing Deductions and Utilizing Board Meetings

• Every small business owner should have some type of board
• The 14-day home rental rule or the ‘Augusta Rule’

[14:02] The 14-Day Home Rental Rule and Retirement Accounts

• Solo 401k is the best option to put the most toward retirement

[17:30] Summary and Final Checklist for Year-End Tax Strategies

The Time Is NOW To Start Paying Less In Taxes. Join Our Tax Minimization Program (with Stress-Free Bookkeeping Training)! Join Our Tax Minimization Program Today!

Key Quotes:

"If you're operating as a sole proprietorship and you're starting to see some progress and think an S Corp might be in the future, do some legwork now to get that LLC set up." - Mike Jesowshek, CPA

"Every time you're swiping your card, ask yourself: Is there a business purpose for this? Can I back it up? Is it reasonable and necessary in my business to make this purchase?" - Mike Jesowshek, CPA

"Every small business owner should have some type of board. It serves as a great opportunity to again get tax deductions for some of those traveling, some of these meals." - Mike Jesowshek, CPA

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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

Join TaxElm: https://taxelm.com/

IncSight Packages (Full-Service): https://incsight.net/pricing/

Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale

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Podcast Website: https://www.TaxSavingsPodcast.com

Facebook Group: https://www.facebook.com/groups/taxsavings/

Before you know it, 12/31/23 will be gone, and we will be in 2024. 

In this episode, Mike focuses on year-end tax strategies for businesses. He emphasizes the importance of timely action for implementing various tax-saving measures before the end of the year. Key topics include prepaying expenses, managing income and deductions, using business credit cards for immediate deductions, and considering Roth conversions in low-income years. Mike also discusses strategies for supporting family members in lower tax brackets and making charitable contributions before year-end. 

Leverage existing tax laws and opportunities to optimize financial outcomes by tuning in!

[02:11] Prepaying Expenses

• IRS regulations contain a safe-harbor rule that allows cash-basis taxpayers to prepay and deduct qualifying expenses up to 12 months in advance without challenge, adjustment, or change by the IRS

[03:52] Stop Billing your Customers, Clients, and Patients

• Customers, clients, patients, and insurance companies oftentimes don't pay until billed
• Not billing customers and patients is a time-tested tax-planning strategy that business owners have used successfully for years

[05:30] Buying Office Equipment

• Bonus depreciation in 2023 is at 80%, but that will be reduced each year

[07:40] Use Your Business Credit Card

• You get a deduction when that item gets put on that credit card
• The day you charge a purchase to your business or personal credit card is the day you deduct the expense

[08:22] Don't Assume You Are Taking Too Many Deductions

• If your business deductions exceed your business income, you have a tax loss for the year
• If you are starting your business, you could very possibly have an NOL

[10:11] Convert to a Roth IRA

• Consider converting your 401(k) or traditional IRA to a Roth IRA, especially if you are in a down income year.

[13:34] Charitable Contributions

• To get an advantage for charitable contributions, you need to be taking itemized deductions

The Time Is NOW To Start Paying Less In Taxes. Join Our Tax Minimization Program (with Stress-Free Bookkeeping Training)! Join Our Tax Minimization Program Today!

Key Quotes:

"If you're running at a loss, you can carry forward those losses to offset future income." - Mike Jesowshek, CPA

"If you know you're going to pay something, rent's a great example, insurance a great example, you're going to need accurate bookkeeping no matter what." - Mike Jesowshek, CPA

"Do not buy things you don't need just to get a tax deduction. That is a lose-lose-lose situation." - Mike Jesowshek, CPA

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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

Join TaxElm: https://taxelm.com/

IncSight Packages (Full-Service): https://incsight.net/pricing/

Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale

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Podcast Website: https://www.TaxSavingsPodcast.com

Facebook Group: https://www.facebook.com/groups/taxsavings/

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To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. 

You might think that your business is a low-profit business. But is it?

In this episode, Mike Jesowshek discusses vital financial concepts for small business owners, focusing on how businesses are taxed and the importance of understanding profit. He explains that profit is calculated as sales minus expenses and highlights the differences between pass-through entities and C corporations regarding tax implications. The episode also covers owner compensation methods, including owner's draws/distributions and payroll, emphasizing that owner's draws do not reduce business profit and, therefore, do not affect the taxable income.

• The idea of a pass-through entity
• Mike Discusses how profit is calculated for small businesses and its importance for taxation

• There is no tax on that entity at the federal level
• Sole proprietorship or a single member LLC with no S corp election: you're going to file that tax return and business information on Schedule C
• Partnership: you're going to file that at business activity on a partnership tax return, which is form 1065
• If you're operating as an S corporation, you're going to have a form 1120S

• You can do an owner's draw or distribution, or you can do payroll
• Owners draw or distribution: Transferring money from your business account to your account
• Owner's draw does not reduce the profit of your business
• With a sole proprietorship, a single member LLC that's not an S corporation or a partnership, you are legally not required to pay yourself W2

• You will be taxed on your profit: Sales minus expenses and payroll
• Owner pay is not an expense!
• Mike emphasizes the need for accurate bookkeeping and understanding of tax obligations

[12:41] Quick Recap
The Time Is NOW To Start Paying Less In Taxes. Join Our Tax Minimization Program (with Stress-Free Bookkeeping Training)! Join Our Tax Minimization Program Today!

 "You're taxed on the profit of your business... that's going to be sales minus expenses equals profit." - Mike Jesowshek, CPA

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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

Join TaxElm: https://taxelm.com/

IncSight Packages (Full-Service): https://incsight.net/pricing/

Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale
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Podcast Website: https://www.TaxSavingsPodcast.com

Facebook Group: https://www.facebook.com/groups/taxsavings/
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To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com.