Podcast Small Business Tax Savings Podcast by Mike Jesowshek, CPA Episodes

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	Title	Pub. Date	Duration
	How to Hire Your Kids and Save $12,000 in Taxes (Legally)	12 Nov 2025	00:17:03
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.
	Rent Your Home to Your Business Tax-Free \| Augusta Rule 101	05 Nov 2025	00:14:00
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.
	Sell Your Company with $0 Taxes? QSBS Explained	03 Sep 2025	00:32:18
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.
	Master Your Future Retirement: With Guest from Retirement Revealed Podcast	27 Dec 2023	00:17:00
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 ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join TaxElm: https://taxelm.com/ IncSight Packages (Full-Service): https://incsight.net/pricing/ Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/
	Planting the Retirement Seed: With Guest from Retirement Tax Podcast	20 Dec 2023	00:17:40
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 ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join TaxElm: https://taxelm.com/ IncSight Packages (Full-Service): https://incsight.net/pricing/ Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/
	Listener Q&A with Mike Jesowshek CPA (12/13/2023)	13 Dec 2023	00:26:13
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 ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join TaxElm: https://taxelm.com/ IncSight Packages (Full-Service): https://incsight.net/pricing/ Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/
	Year-End Wrap-Up Part 2: Proactive Tax-Saving Strategies for Business Owners	06 Dec 2023	00:21:09
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 ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join TaxElm: https://taxelm.com/ IncSight Packages (Full-Service): https://incsight.net/pricing/ Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/
	Year-End Wrap-Up Part 1: Proactive Tax-Saving Strategies for Business Owners	29 Nov 2023	00:23:12
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 ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join TaxElm: https://taxelm.com/ IncSight Packages (Full-Service): https://incsight.net/pricing/ Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/
	Expert Tips on Year-End Tax Strategies for Small Business Owners	22 Nov 2023	00:19:34
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 ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join TaxElm: https://taxelm.com/ IncSight Packages (Full-Service): https://incsight.net/pricing/ Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com.
	The ABCs of Business Tax: Understanding How Your Entity is Taxed and How to Pay Yourself	15 Nov 2023	00:15:10
You might think that your business is a low-profit business. But is it? In this episode, Mike Jesowshek discusses vital financial concepts for small business owners, focusing on how businesses are taxed and the importance of understanding profit. He explains that profit is calculated as sales minus expenses and highlights the differences between pass-through entities and C corporations regarding tax implications. The episode also covers owner compensation methods, including owner's draws/distributions and payroll, emphasizing that owner's draws do not reduce business profit and, therefore, do not affect the taxable income. [00:58] What is Profit in Your Business? The idea of a pass-through entity Mike Discusses how profit is calculated for small businesses and its importance for taxation [02:04] Pass-Through entity 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 [05:15] How to Pay Yourself in Your Business 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 [08:53] How Does Tax Work? 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! Key Quotes "Your profit is very simply your sales minus your expenses." - Mike Jesowshek, CPA "Owner's draws or distributions... they do not reduce the profit of your business." - Mike Jesowshek, CPA "You're taxed on the profit of your business... that's going to be sales minus expenses equals profit." - Mike Jesowshek, CPA ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join TaxElm: https://taxelm.com/ IncSight Packages (Full-Service): https://incsight.net/pricing/ Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com.
	The Untold Benefits of Hiring Your Kids in Your Business	08 Nov 2023	00:17:58
Hiring one's children is an often overlooked but incredibly beneficial strategy. With IRS regulations allowing for business deductions for wages paid to those under 18, this can be an effective pre-tax spending and money-saving opportunity for parents. In this episode, we'll discuss the importance of having proper documentation in place when utilizing this strategy, as well as creative ways to use your child's skills in your business while teaching them valuable lessons in financial management and responsibility. We'll provide resources to help you create documents and templates valid when dealing with the IRS, including a job description, employment agreement, worksheet tracking task/date/hours worked, payment proof, and W-2. Plus, we'll explore how hiring your children can move after-tax spending into pre-tax spending - so don't miss out on this super informative episode! [00:27] Hiring Your Kids: Get a Business Deduction and Potentially Pay No Tax Hiring your kids is allowed by the IRS and provides benefits that don't apply to other people You get a business deduction, and your child potentially pays no income tax on that income You can pay your child out of a sole proprietorship without having to withhold for social security, Medicare, or federal unemployment taxes Your child can claim the standard deduction of 13,850, and any income over that will be taxed at the lowest bracket [04:23] Things You Need to Know Before Hiring Your Child The child must be age seven or older The child must be paid a reasonable rate for the type of work they are doing in your business Track time, tasks, and duties Pay to an account in the child's name Have a job description, employment agreement, and worksheet Mike shares the other benefits of hiring your child [10:32] S Corporation and Non-Direct Children If you operate as an S Corporation, you need to withhold for social security, Medicare, and federal unemployment You can also hire non-child family members but would need to withhold for social security, Medicare, etc. The Time Is NOW To Start Paying Less In Taxes. Join Our Tax Minimization Program (with Stress-Free Bookkeeping Training)! Join Our Tax Minimization Program Today! Key Quotes "I've never found a business where their child couldn't do something for their business. And that's as business owners; we need to start thinking, what can our child be doing for our business?" – Mike Jesowshek, CPA "There's a lot of extra benefits to hiring your children over and above just the tax benefits. Your child's starting to understand working for a living and getting paid, and now they can go buy their things and they start to learn money management." – Mike Jesowshek, CPA ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	Small Business Tax Savings Podcast - 5 Years in Review	01 Nov 2023	00:12:31
It’s been half a decade since we started the Small Business Tax Savings Podcast. In today’s episode, Mike dives into how the podcast has grown and shares an exciting announcement that you don’t want to miss. Our unwavering mission? To help business owners pay the least amount in taxes as legally possible! We're on a mission to reach every small business owner in the U.S., and your support is propelling us closer to that vision. Thank you for being an integral part of our journey. [00:23] Reflecting on Our Journey: 5 Years of the Small Business Podcast Thank 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 Resource Go 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 Training Unlimited Messaging w/ Accountant Annual 1-on-1 Live Consultation Annual Bookkeeping Analysis Monthly Group Webinars and Training Partner 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 Facebook Twitter Instagram YouTube LinkedIn Tell 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 Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	Navigating the Maze of Independent Contractors vs Employees - Critical Insights for Your Business!	25 Oct 2023	00:25:20
What’s so important about correctly classifying your workers within your business? In today's episode, Mike talks about the difference between independent contractors and employees. With the government cracking down on worker misclassification, it's more essential than ever for businesses to accurately identify their workers. Misclassifications can lead to hefty penalties, making it imperative for business owners to understand and adhere strictly to payroll guidelines. Mike stresses the importance of thorough documentation to ensure smooth 1099 NEC filings at year-end. With the filing deadline on January 31st, this episode aims to give you the knowledge and tools needed for accurate tax reporting! [01:12] Employee or Independent Contractor: What's the Difference? It's the employer's duty to determine the correct classification of workers. While independent contractors receive their full payment without deductions, employees have tax and other withholdings deducted from their earnings. If classified as a 1099 independent contractor, you are responsible for paying taxes on your business profit. [06:31] How to Determine an Independent Contractor or Employee Who controls the work, from specifics to schedules? The IRS focuses on behavioral, financial, and type of relationship to classify workers. Whether there's an employment or independent contractor agreement in place can be a clear indicator of worker status. [14:02] Why Is Proper Classification Important? Incorrectly classifying a worker can lead to severe financial consequences, including back taxes and penalties. Just because another business classifies its workers a certain way doesn’t mean it's correct or suitable for your business. For both independent contractors and employees, having clear agreements in place helps define and solidify the working relationship. [17:28] How to Avoid 1099 Pitfalls: Year-End Filing Best Practices It is crucial for businesses to know when and why they need to file a 1099 NEC form. Payments totaling $600 or more to an independent contractor within a tax year necessitate this filing. Actively collect Form W-9 from all contractors regardless of the payment amount to ensure they have all necessary information on hand for potential future 1099 NEC filings. Take note of situations where a 1099 NEC filing is not required Start preparing for 1099 NEC filings well before the year-end to ensure a smooth and compliant filing process. The Time Is NOW To Start Paying Less In Taxes. Join Our Tax Minimization Program (with Stress-Free Bookkeeping Training)! Join Our Tax Minimization Program Today! Key Quotes "The responsibility of determining an independent contractor or employee comes down to the employer." – Mike Jesowshek, CPA "If you're classified as a 1099 independent contractor, just know that you're responsible for paying the taxes on any income that you have." – Mike Jesowshek, CPA ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	Independent Contractor or Employee? Hiring Mistakes That Trigger an IRS Audit	27 Aug 2025	00:22:35
Misclassifying workers is one of the biggest mistakes a business owner can make. It might seem cheaper to pay someone as a 1099 contractor, but if the IRS says they should be a W-2 employee, you’re looking at back taxes, penalties, and possible audits that could cripple your business. In this episode, Mike breaks down the IRS framework for worker classification, the red flags that trigger audits, and the tax differences between employees and contractors. You’ll learn how to protect your business, avoid costly penalties, and even find tax strategies that benefit both employers and contractors. 👉 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: (00:16) Why Misclassification Is a Major IRS Red Flag When workers are incorrectly classified as contractors instead of employees, the employer becomes responsible for unpaid payroll taxes, Social Security, Medicare, unemployment taxes, plus penalties and interest. (04:01) What Triggers an IRS Audit Unemployment claims and disgruntled workers are the two most common red flags. (05:43) The IRS 3-Factor Test Worker status is based on behavioral control, financial control, and the overall relationship. (09:47) Signs of an Employee vs Contractor Clear examples that distinguish W-2 employees from 1099 contractors. (12:29) Tax Treatment of Each Worker Type How payroll taxes, reporting, and deductions differ between W-2s and 1099s. (15:22) Practical Tips for Staying Compliant Contracts, scope of work, and how to defend your classification in an audit. (16:31) Tax Strategies for Employers How hiring employees changes access to tools like the Solo 401(k). (17:08) Tax Strategies for Contractors Turning a 1099 gig into a business with deductions, retirement plans, and S Corp elections. 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.
	Listener Q&A with Mike: S-Corp Nuances, Home-Based Tax Strategies, Navigating Complex Deductions and More!	18 Oct 2023	00:25:48
Ever wondered how an S-Corp's retirement contributions differ from a sole proprietor's? Or why the salary of an S-Corp owner is under scrutiny by the IRS? Dive into today's episode as Mike answers the questions you submitted! We dive into the intricacies of S-Corp tax strategies, answer questions about ad spends and late S-Corp conversions, and delve into the practicality of hiring children in business. Plus, get tips on navigating errors in transactions and staying ahead with the latest in tax planning. [01:12] Insights on S-Corps, LLCs, and Retirement Planning As an S-Corp owner with a SIMPLE IRA and $200,000 income, is the 3% match on just the W2 or the total? As a sole proprietor, should I get an EIN to pay my 16-year-old for minimal work? As a multi-member LLC, can we claim our client's ad spend as an expense for tax categorization? Since it's already late in the year, can I still convert my LLC into an S Corp? Or is that an audit red flag? [11:38] Tax Implications for Home-Based Work, S Corp Salaries, and Business Losses If I work partly from home and have an external business location, can adding a home addition be tax-deductible? What are the implications of not taking a reasonable S Corp salary and skipping payroll for two years? My business has lost money for the past three years, but things are looking to turn around this year. Can I use those prior losses, or are they gone? [17:24] Questions on 1099 Mechanics, Hiring Minors, and Maximizing S Corp Deductions Is anyone knowledgeable about the 1099 for mechanics? I've received mixed information and am seeking clarity. Can it be done without complications? I run an S Corp landscaping business and want to hire my children, aged 8 and 10. How can I make sure I'm following all the proper procedures? A third-year California real estate agent operating as an S corp LLC expects $250k in commissions with $150k pass-through profit. How can they maximize deductions and reduce taxes? [22:17] Navigating 1040 ES Payments and Initial Capital Contributions on 1120-S Someone with an LLC taxed as an S corp mistakenly paid 1040 ES taxes from their business account. Can this be categorized as an owner's draw? LLC (taxed as S-Corp). The owner paid $2500 to the business account on the first day. Where do I need to put this amount on the 1120-S? [24:20] Final Thoughts The Time Is NOW To Start Paying Less In Taxes. Join Our Tax Minimization Program Today! Key Quotes “When we look at retirement plans, look at two things. Who are we looking to take care of? And there can be multiple choices. Is it the business owner or is it their employees or both? And then what is the purpose of the plan?"– Mike Jesowshek, CPA “Now is the opportunity if you have not started tax planning yet or if you have not completed the implementation of the tax strategies that we talk about every single week on the podcast here. Now is the time to take action." – Mike Jesowshek, CPA ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	Mastering Tax Strategies for Health Costs: How to Maximize Deductions and Save Big!	11 Oct 2023	00:21:24
How can your health expenses actually put money back in your pocket come tax season? We take a deep dive into a topic many of us often shy away from; Health. Today's episode is about how health intersects with your wallet. Specifically, how you can leverage health-related expenses to save on your taxes. We dive into self-employed health insurance, tax strategies for high medical costs, employee health options, and health savings accounts. Whether you're self-employed, running an S corporation, or simply an individual trying to navigate the complex landscape of health-related deductions, today's episode promises insights that could potentially save you money! Don’t Forget! As part of our Tax Minimization Program, we have a full section on how to go about Health Related Tax Deductions [00:25] Determining the Health Insurance Deduction Based on Your Business Differences between health insurance and medical sharing plans. Sole Proprietor or Single Member LLC S Corporation Owner If you have non-owner employees and provide health insurance benefits, you will get a deduction for your costs for them too [06:03] Business Owners With No Employees + High Medical Costs Utilize a Section 105 Plan to turn personal medical expenses into a business deduction. [09:05] Health Benefit Options Available For Small Businesses With Employees Check our blog What Health Benefit Options are Available for Small Businesses With Employees? Options available: Group Health Insurance Increase Wages to Cover Costs (Taxable) Setup an HRA or QSEHRA For small businesses with 25 or fewer employees, we recommend the QSEHRA option [12:54] What Is An HSA and How Do They Work? Read our article diving into the HSA: What Is An HSA and How Do They Work? You get a tax deduction for the funds you contribute into an HSA. Withdrawals are tax-free if used for qualified medical expenses. Interest or earnings within the HSA are NOT taxed. [18:45] What Is An HSA and How Do They Work? As year-end approaches, our goal is to guide you through strategies to ensure you pay the least amount in taxes for 2023 legally! Start planning and implementing now to get deductions in 2023. Key Quotes “I recommend everybody, business owner or not, if you have a high deductible health plan and you qualify, you should be maxing out a health savings account in HSA." – Mike Jesowshek, CPA “We have a lot of S Corp owners that don't think about this. They skip this process and just try to take it out on Schedule 1. The IRS could come back and disallow that.’ – Mike Jesowshek, CPA “When I first started my business, it was tough to bring on employees because I didn't know how to handle the health insurance piece. I always thought it was complex, and super expensive. I learned about this idea of a QSEHRA, which is a great option where I didn't have to worry about a group plan.” – Mike Jesowshek, CPA “I would hate to see small business owners avoiding growing their business or avoiding bringing on employees for the fact of health insurance when there is an option that is relatively easy, not as complex, and potentially could save you some money as well.” – Mike Jesowshek, CPA ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join Our Tax Minimization Program: htt
	Mastering Accountable Plans: Unlock Tax Savings and Streamline Business Expenses	04 Oct 2023	00:16:26
How should you reimburse yourself for business expenses? The truth is the answer will depend on what kind of business you have. In this episode, Mike dives into reimbursing oneself for business-related costs and introduces an accountable plan; What is it and why you might need it? He also covers the four major requirements for this plan to ensure the IRS will accept reimbursements as legitimate. This episode is a must-listen for business owners aiming to navigate the often tricky terrain of personal and business expense separation! [00:25] Reimbursing Yourself As a Sole Proprietor or Single Member LLC How you reimburse yourself depends on how your business is organized. As a sole proprietor or single-member LLC, you simply take the deduction for the business portion of an expense on your Schedule C when filing your taxes. For mileage or home office expenses, report them on Schedule C. For others, like an 80% business-used cell phone, add them to Schedule C or transfer the cost from business to personal account and claim it. [03:45] Reimbursing Yourself As A S-Corporation or C-Corporation Remember:Operating as an S-Corp means you’re an employee of the corporation. The IRS requires you to have an "Accountable Plan" in place. When you pay an employee, you pay them wages which are subject to both employment and income taxes. With a reimbursement we want to ensure employees (including you) do not get hit with taxes on reimbursements. An Accountable Plan lets owners and employees submit expenses for business reimbursement without it being taxable income. [05:36] How to Set Up An Accountable Plan A written accountable plan is advised for clarity and ease during audits. It must adhere to four key principles: Business Connection Substantiation No Excess Payment Timeliness As part of our Tax Minimization Program we have a full section on the Accountable Plan and we discuss how to: 1. Adopt a Written Reimbursement Policy (Accountable Plan) 2. Create an Accountable Plan Template / Expense Report 3. Make the Reimbursement Payment Some common accountable plan expenses include home office, personal automobile usage, office expenses, travel, parking/tolls, business meals, tools, dues, licenses, cell phone/internet, and training. [12:30] Closing Segment Make sure you set up and use the reimbursement system before year-end for timely expense recording! Key Quotes “How we reimburse ourself is going to depend on how our business is organized.” – Mike Jesowshek, CPA “An accountable plan is just a fancy word for reimbursement policy…it’s a tool to make sure that reimbursement is being done according to law and that the IRS will accept it." – Mike Jesowshek, CPA Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	Rev Up Your Tax Savings: Unleashing Powerful Vehicle Tax Strategies for Small Business Owners	27 Sep 2023	00:25:22
What are the pros and cons of having a business-owned vehicle versus a personally-owned vehicle? In this episode of the Small Business Tax Savings Podcast, Mike dives into the often confusing and overwhelming topic of business vehicles. From selecting, buying, and maintaining a car for business use to proving business use of a vehicle to the IRS. Mike offers up his expertise on how to make sure you’re getting the most out of your vehicle when it comes to tax deductions. Mike covers the pros and cons of having a business-owned versus personally-owned vehicle, as well as tips for determining the business use percentage and tracking mileage. Tune in now and listen as Mike shares his advice on how to select, buy, maintain, and write off a car for business use! [00:24] Get The Facts On Mileage Logs And Proving Business Use Today’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 Vehicle The mileage log must be backed up with documentation proving the business purpose of the miles The need to prove business use and purpose Have a track record of mileage log, appointment book, and receipts Calculate business use percentage [09:17] Understanding How To Deduct Vehicle Expenses Consider factors like mileage limits, years of use, and monthly payments when deciding to buy or lease a vehicle Vehicles can be in either personal or business names as long as the correct process is followed What 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 Segment Mike shares the pros and cons of a business-owned vehicle versus a personally-owned vehicle! Final Words Key Quotes “Whether you have a vehicle that's in your personal name or your business name and you use it for business, either way, is acceptable. You just need to make sure that you're following the correct process, whichever way you do it.” – Mike Jesowshek, CPA ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	Maximizing Tax Savings with Depreciation and Capitalization Policies for Small Business Owners	20 Sep 2023	00:21:18
Boost your financial efficiency and navigate the complexities of depreciation with confidence! Discover the power of depreciation in the world of business and investments. Learn to leverage various depreciation methods - regular, bonus, and section 179 - to optimize your tax deductions. Uncover the nuances of asset management, including when depreciation starts and how to handle asset sales. Simplify your financial records with a capitalization policy and make well-informed year-end decisions Tune into this episode to learn all you need to know about depreciation and how it can make tax filing easier for your small business! [00:00 - 07:47] Mastering Depreciation: Strategies for Business Asset Management Depreciation is a strategy to spread asset costs over time, useful for various businesses Choose regular depreciation (3 to 39 years), bonus depreciation (up to 80% upfront), or section 179 expensing (up to $1,160,000 in year one) based on assets and goals Depreciation applies to machinery and buildings but not personal items or land Bonus depreciation and section 179 allow front-loaded deductions; regular depreciation spreads deductions over time [07:48 - 14:42] Timing, Sales, and Capitalization Strategies Depreciation is tied to being in business and placing an asset in service during the same year for deductions When selling a depreciated asset, the gain or loss is calculated using the sales price minus the asset's basis Taxable gains from selling depreciated assets are known as depreciation recapture and can impact business taxes Establishing a capitalization policy is crucial for effective asset management in every business Bonus depreciation and Section 179 expensing can be combined to offset income [14:43 - 21:18] Simplifying Depreciation and Asset Management: Insights for Year-End Planning The IRS allows businesses to expense items under $2,500 immediately rather than depreciating them. Depreciation starts when assets are in service in an active business, and partial depreciation applies to assets used for both business and personal purposes Selling depreciated assets can result in taxable gains (depreciation recapture), requiring reporting on tax returns With year-end approaching, understanding depreciation options and capitalization policies aids informed decisions on asset purchases and deductions Learn More: https://www.taxsavingspodcast.com/blog/what-is-depreciation-for-my-business-when-does-a-capitalization-policy-make-sense Key Quotes "Depreciation is essentially just a way of how do we write off an asset. We buy a new truck, we buy a new piece of equipment, we buy various things for our business, and how do we write it off? That's in the form of depreciation." - Mike Jesowshek "Do not go out and buy things that you don't need simply for a tax deduction. That's a no-win situation for a business owner." Mike Jesowshek ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	Unlock Tax Savings: The Augusta Rule - Your Guide to 14-Day Tax-Free Home Rentals	13 Sep 2023	00:17:29
How can a business utilize the “14-day home rental rule” and get the most out of their business deductions while still taking advantage of tax-free income? In this episode of the Small Business Tax Savings Podcast, Mike discusses the 14-day home rental rule, which allows business owners to shift taxable business income to tax-free personal income by renting out their home for 14 days or less in a calendar year. He explores how this strategy can be beneficial for businesses that need to host events and meetings for employees and clients, as it allows them to deduct the rental rate from their tax return. Mike covers the details of how to make use of this tax code, including the need to document rental activity, setting a reasonable rental rate, and issuing 1099s if payments exceed #600. Tune in now and listen as Mike shares how to utilize this strategy and get the most out of their business deductions while still taking advantage of tax-free income! [00:24] Discover How The Augusta Rule Can Help You Shift Your Business Today’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 Rule Business must be a separate legal entity to take advantage of this strategy Need to have a valid business reason for rental Home office deduction can still be taken on top of the 14-day home rental Determine a reasonable rental rate and have backup proof [08:34] Utilize The 14-Day Home Rental Rule For Tax Deductions Have a lease agreement to button up the strategy Make a payment from a business account to the personal account Process 1099 from business to personal and zero it out on personal tax return Utilizing the 14-day home rental rule can be used as a tax deduction [14:09] Closing Segment Mike shares how to utilize the Augusta Rule! Final Words Key Quotes “If you want to take advantage of this strategy, there are a few things that you need to know, you need to file, you need to be thinking about. You need to have a valid business reason. It must be 14 days or less in total for the year. And it must be a personal residence.” – Mike Jesowshek, CPA ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	Kiddie Tax Explained: A Comprehensive Guide for Parents	06 Sep 2023	00:09:18
How can you save money with the “Kiddie Tax”? In this episode of the Small Business Tax Savings Podcast, Mike discusses strategies for reducing or avoiding the Kiddie Tax. He explains when it applies and what investments can be used to keep unearned income low. Mike provides tips on filing form 8615, investing in Series EE, saving bonds, and more. Tune in now and listen as Mike shares his goal to ensure you are paying the lowest amount in taxes as legally possible! [00:24] Strategies To Minimize Unearned Income Tax For Minors Today’s topic is, “How can you take advantage of the Kiddie Tax” What is a “Kiddie Tax”? [01:21] 4 Primary Criteria Of Kiddie Tax People were investing in stocks, interest, and dividends in their child’s name to take advantage of lower tax brackets Four primary criteria for when the kiddie tax comes into play Stay below the threshold to avoid Kiddie Tax Choose investments that yield minimal or no dividends [05:36] Minimize Kiddie Tax And Take Advantage Of Investment Opportunities Utilize a Section 529 plan for tax-exempt withdrawals Invest in life insurance products with tax-deferred growth Where can you apply “Kiddie Tax”? What are ways to avoid the “Kiddie Tax”? [08:02] Closing Segment Mike 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 Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	Maximize Your Money: Unveiling Game-Changing Tax Strategies for W2 Earners	30 Aug 2023	00:18:15
What is the best approach for your taxes as a W2 earner? In this episode of the Small Business Tax Savings Podcast, Mike discusses strategies to save on taxes and grow wealth. Learn how to take advantage of employer matches, and traditional or ROTH IRA contributions, become an active investor in rental properties, qualify as a real estate professional, use the short-term rental loophole, and explore other opportunities to offset income with rental losses. Mike covers everything from pre-tax retirement, contributions, Health Savings Accounts (HSAs), rental properties, starting a business, itemized deductions, and standard education. Tune in now and listen as Mike provides tips and tricks to find out when income begins to increase, and more advanced planning opportunities like charitable activities or solar investments may become available! [00:24] Maximize Your Tax Savings And Secure Your Financial Future Today’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 Benefits Take full advantage of any employer match offered as a W2 earner Consider traditional or ROTH IRA contributions with income limits and backdoor ROTH IRA options HSAs provide tax deductions for contributions and tax-free withdrawals for qualified medical expenses Self-directed investments and brokerage accounts can be used with an HSA [08:37] Maximizing Your Tax Savings As A W2 Income Earner Real estate can be a great tax-saving strategy and wealth-building tool Rental losses may not offset W2 income, but there are strategies to do so Qualifying as a real estate professional or using the short-term rental loophole can help offset your W2 income Flexible Spending Accountants (FSAs) allow for pre-tax money to be used for certain items [15:32] Closing Segment Mike 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 Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	Hiring Your Spouse: Business Boost or Bust?	23 Aug 2023	00:14:30
Do you want to learn the ins and outs of hiring your spouse for your small business? In this episode of the Small Business Tax Savings Podcast, Mike takes a deep dive into the tax implications of hiring a spouse and how to make sure you stay on the right side of the law. Learn about the advantages and disadvantages of taking this route, such as increasing retirement contributions and gaining access to fringe benefits, but also paying additional taxes. Mike explains why having your spouse serves as a board member may be more beneficial than simply having them work for you, what documentation must be kept in place, and how to best utilize this strategy to maximize tax savings for your business. Tune in now and listen as Mike teaches the ins and outs of hiring your spouse for your small business! [00:27] Maximize Your Retirement Savings Today’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 Spouse Tax advantages when paying benefits such as retirement planning, health costs, and fringe benefits Maximize retirement contributions by hiring your spouse and having them contribute to the business retirement plan Hiring a spouse can help maximize retirement contributions and provide a business deduction for high health costs Fringe 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 Spouse Having a spouse as a board member can also take advantage of certain items Paying wages to the spouse is not recommended as it will shift the taxes to the individual’s income Reasons to hire a spouse: Maximize retirement contributions Shift high out-of-pocket medical costs into business deduction [12:20] Closing Segment Mike talks about the ins and outs of hiring your spouse for your business! Final Words Key Quotes “If you hire your spouse in your business and you pay them cash wages or direct deposit wages, you're simply moving income from one area of your return to another. So you're getting a tax deduction from paying them wages, but now you're reporting that as income on the tax return that you guys do together.” – Mike Jesowshek, CPA ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	Listener Q&A with Mike Jesowshek CPA	16 Aug 2023	00:34:26
How can business owners minimize taxes and maximize growth? In this episode of the Small Business Tax Savings Podcast, Mike dives into strategies to help business owners minimize taxes and maximize growth. He discusses the advantages of hiring family members and avoiding FICA taxes by staying below the standard deduction rate. Mike covers topics such as setting up an LLC or DBA, using cloud-based bookkeeping software, converting 1099 contractors into W2 employees, taking advantage of retirement plan options like solo 401K or 401K plans, and more. Tune in now and listen as Mike answers listener questions such as queries from how to structure a short-term rental business to setting up Simple IRA accounts while becoming an S-Corp! [00:24] Listener Questions And Answers With Mike Jesowshek, CPA Today’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 Business Paying children under 18 for services rendered does not require FICA or federal unemployment taxes Startup costs and equipment can be written off as a tax write off Moving money into a simple IRA can avoid tax liability for the year Solo 401K gives more options than a regular 401K [13:54] Maximize Your Retirement Savings With Solo 401K And Simple IRA Options Becoming an S Corp, your salary would determine how much you can contribute to retirement Payroll taxes are automatically withheld, but not for remaining distributions or profits Good bookkeeping: separate business bank account and credit card Stay up to date on bookkeeping and do it consistently to get a good idea of how your business if performing [33:31] Closing Segment Mike shares his expertise and experience on how to minimize taxes and maximize growth! Final Words Key Quotes “If you want to separate businesses for liability purposes, our favorite setup is to have one main company. That's an LLC tax and S corporation. And then any of those different businesses would be separate LLCs that are 100% owned by that S corporation. So that all these businesses that you own are flowing through that one S corporation.” – Mike Jesowshek, CPA ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	Why the Wealthy Use Oil & Gas Investments to Cut Six Figures Off Their Taxes	20 Aug 2025	00:26:53
Most tax strategies give you either a write-off or long-term growth. Oil and gas gives you both. With IRS Code 263(c), you get massive upfront deductions and steady tax-advantaged cash flow. In this episode, Mike and Nick from US Energy unpack how drilling funds work, the unique tax benefits they provide, and how to use them strategically in your business planning. 👉 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: (01:34) What Is US Energy and Their Focus US Energy’s 45+ year history in oil and gas, working with partners like Exxon and Shell, and why the Permian Basin is the hottest U.S. play. (04:01) The Tax Benefits of Drilling Funds IRS Code 263(c) allows investors to deduct 85–90% of their investment upfront through intangible drilling costs. (06:07) Tangible Costs and Depletion Allowances Using depreciation and depletion to shelter future income from wells and create long-term tax efficiency. (08:12) Why Oil and Gas Beats the “Buy a Truck” Strategy Instead of wasting money on deductions you don’t need, oil and gas offers upfront write-offs and produces an appreciating income-generating asset. (09:24) Sample Investment Return Breakdown How a $100,000 investment could produce $45,000 in tax savings and cash flow returns of 1.5–2x over 10 years. (13:06) Understanding Tax Risk Audit concerns, excess business loss limitations, and AMT caps, plus how unused deductions can be carried forward. (18:28) Investment Risks and Hedging Commodity Prices The difference between exploratory, step-out, and developmental drilling, and how hedging protects against oil price drops. (22:06) Oil and Gas for QBI Planning How investments can lower AGI and re-open the Qualified Business Income deduction, creating stacked tax savings. 👉 Learn more about Oil and Gas Investing at US Energy: https://www.usenergyco.com 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.
	Unlock Your Business Potential: Exploring Non-Qualified Retirement Plans!	09 Aug 2023	00:18:36
How can you maximize your business potential? In this episode of the Small Business Tax Savings Podcast, Mike welcomes Matt Ruttenberg. Matt provides an overview of the different plans available and how they can benefit both employers and employees. Matt covers topics such as the different types of deferred compensation plans, the bonus 162 plan, and life insurance retirement plans. Tune in now and hear Matt discusses how a better understanding of the different non-qualified retirement options available and when it makes sense for you to use them! [00:22] Discover Non-Qualified Retirement Options Today’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 plans Deferred compensation is the most restrictive type of non-qualified plan [04:48] Unlocking The Benefits Of A Bonus 162 Plan A deferred compensation plan is a way to bonus employees at retirement The Bonus 162 Plan is an executive bonus plan that uses only a life insurance platform Restrictions for targeting key employees The plan mimics a vesting schedule and the taxes are wiped out when the employee takes over the policy [10:22] Exploring Retirement Plan Options The employer pays taxes on any bonuses given to the employee in that year The cash value of the policy grows tax deferred and mimics a ROTH when taking money out Life insurance policies have their place, but they are oftentimes oversold Every person is different and there are different solutions available [15:25] Closing Segment Matt provides his insights to listeners to have a better understanding of the different non-qualified retirement options available to business owners! Final Words Key Quotes “When you remove the qualified stamp from a plan, it removes a lot of the rules that go with it, not only from you as an individual, but you from an employer. So, you don't have to offer it to employees. There are no limits on contributions.” – Mike Jesowshek, CPA ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	Rental Property Tax Essentials: Top Tips & Updates for 2023 You Need to Know	02 Aug 2023	00:18:21
How can you take advantage of tax strategies for rental properties in order to maximize investment returns? In this episode of the Small Business Tax Savings Podcast, Mike talks about the different types of depreciation such as straight line, accelerated bonus, and section 179, how cost segregation can be used to accelerate depreciation, and how losses from rental properties can be used to offset other income. Mike covers Mortgage Interest, Property Taxes, Insurance, Repairs and Maintenance, Travel Expenses, and Hiring Your Kids. Tune in now and hear Mike discuss leveraging tax strategies for rental properties to maximize investment returns! [00:24] Exploring Depreciation Strategies For 2023 Today’s topic is, “Rental Property Tax Essentials” Rental properties are a great way to save money on taxes and grow your business Depreciation is a powerful tax savings tool for rental property owners [02:06] How To Leverage Cost Segregation Studies Different types of depreciation can be used, such as straight line, accelerated bonus, and section 179 The Tax deductions available for rental properties, such as: Mortgage Interest Property Taxes Insurance Repairs Maintenance Travel Expenses Real Estate Investments and cost segregation studies [07:45] Exploring The Short Term Rental Loophole Passive losses can only offset passive incomes Strategies to maximize losses include becoming a real estate investor or professional Qualifying as a real estate professional can use losses to offset W2 income and business income Qualifying as a real estate professional can be difficult for high-income earners [16:23] Closing Segment Mike advises listeners on how to leverage tax strategies for rental properties in order to maximize investment returns! Final Words Key Quotes “Depreciation is a powerful tax savings tool, and it's one of the reasons that so many people can get into real estate, rental properties, and utilize losses from that rental property to offset their income.” – Mike Jesowshek, CPA ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	Cracking the Code: Corporate Transparency Act Explained for Small Business Owners	26 Jul 2023	00:26:08
Do you want to learn more about Corporate Transparency Act and how it can benefit your business? In this episode of the Small Business Tax Savings Podcast, Mike welcomes John R. Strohmeyer. John is an attorney providing legal services covering Estate Planning & Probate, Tax: Business and International, and Business / Corporate. After working for law firms for nearly nine years, I started Strohmeyer Law so that I could bring what I learned about client service from the Four Seasons to the legal industry. John covers what information needs to be reported such as legal names, dates of birth, residential addresses, identifying documents, and photocopies of those documents. Tune in now and hear John explains potential penalties for not filing and remind people to get this done ahead of time! [00:23] Corporate Transparency Act Explained Mike 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 Act What is the purpose of the Corporate Transparency Act? The government requires information on beneficial owners, senior officers, and people with substantial influence on entities Trusts and general partnerships are exempt from filing What are the exemptions for entities? [13:16] Understanding How The Corporate Transparency Act Can Help Your Business Penalties for willful failures are 500 per day and potential criminal penalties Honest mistakes may be exempt from penalties When will the Corporate Transparency Act take effect? Changes in beneficial owners must be reported within 30 days [24:33] Closing Segment John shares where listeners could learn more about the Corporate Transparency Act! Final Words Key Quotes “When a new client comes in and says, “Hey, I want an LLC.” Great. Until we have all of your information and it's ready to file. Once you've got it, we'll be able to nail all of your other Corporate Transparency Act requirements so you don't have to think about it. And until those beneficial owners change or some of their information changes, there's nothing else to file.” – John R. Strohmeyer ______ Connect with John through his: Website: Strohmeyer Law LinkedIn: @johnthelawyer Facebook: John Strohmeyer Twitter: @johnthelawyer ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	Top 10 Mid-Year Tax Saving Strategies Every Small Business Owner Must Know	19 Jul 2023	00:20:56
What is the importance of understanding and implementing a mid-year tax strategy? In this episode of the Small Business Tax Savings Podcast, Mike shares his knowledge and resources to help small business owners reduce taxation liabilities and maximize their savings. Mike covers topics such as entity structures, maximizing deductions, retirement plans, real estate investing, hiring family members, the 14-day home rental rule, automobile and equipment purchases, health insurance, capitalization policies, health savings accounts, and year-end strategies. Tune in now and hear Mike provides listeners with a wealth of knowledge on how to save money when it comes to taxation and benefit from all available deductions on mid-year tax-saving strategies! [00:22] Top 10 Tax Saving Strategies For Small Businesses in 2023 Today’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 Review Taking action on implementing tax strategies Utilize resources such as podcasts, blogs, and TV to learn more about tax savings Identify potential tax savings from changes in a family situation such as new children or spouse job change Understand where profits are going to be for effective tax savings [11:28] Learn Tax Strategies, Implement Them, And Take Advantage Of Tax Credits Explore real estate investing for tax savings Learn and understand tax strategies Implement tax strategies to reduce the tax bill Conduct a mid-year tax review to understand where you are and where you are going [17:58] Closing Segment Mike shares how listeners can benefit from all available deductions on mid-year tax savings strategies! Final Words Key Quotes “Start learning. Start listening. Start watching. Start reading. Whatever way you like to learn, dive into this free content that we are constantly putting out for you, business owners. Whether you're making a thousand dollars a year or a million dollars a year, these strategies are available to you.” – Mike Jesowshek, CPA ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	Team, Funding, and Summary - Back of the Napkin to Business Plan in 11 Slides with Brandon White	12 Jul 2023	00:21:17
How can you create an effective business plan and pay the least amount in taxes possible? In this episode of the Small Business Tax Savings Podcast, Mike welcomes Brandon White and discusses the 11 slides needed for a successful back of the Napkin Business plan. They provide tips on crafting an elevator pitch to understand team funding needs and provide a summary slide. Owners stay organized and concise when creating their business plans. Brandon emphasizes how critical it is to have a strong team in order to scale your business and succeed. Market size, competitive landscape, financials, and more that are critical for small businesses. Tune in now and hear Brandon and learn how to create an effective business plan that will help you grow your business and pay the least amount in taxes as legally possible! [00:56] What Are The Traits To Look For In Your Small Business Team Mike 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 Manage The core team should include, a board of directors, advisors, and ambassadors/influencers Self-reflection and judgment Honesty with themselves and others They should have the tenacity and be willing to challenge authority [10:30] Delegation Is Key To Making Your Business More Valuable Business exit planning makes business more valuable Delegation is key in order to make life easier The business will never scale if it relies on one person Financials determine funding needs [18:14] Closing Segment Brandon teaches listeners how to create an effective business plan and pay the least amount in taxes! Final Words Key Quotes “I've learned that you actually want the board members to work for you. You don't want to just report to them, you actually then want them working for the company, and you are likely going to give them some form of compensation. So, figure out who those are.” – Brandon White ______ Connect with Brandon through his: Website: Brandon C. White LinkedIn: Brandon White YouTube: Edge with Brandon White Instagram: @brandoncwhite ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	Competition and Financials - Back of the Napkin to Business Plan in 11 Slides with Brandon White	05 Jul 2023	00:22:30
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 Plan Mike 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 Competition Competition can be used as a motivator to help you grow and push your products Collaboration with forward-thinking competitors to help each other out Software company doing 500 million in revenue shows it is possible SWOT analysis to break apart competition [08:35] Breaking Down Revenue Lines And Optimizing Your Net Profit Identify who your competition is and where they are in the market Cash is king and understanding your revenue lines and expenses is key Marketing should be included to understand how much money you’ll make from marketing Figure out funding options beyond venture capitalists or angel investors [16:45] Closing Segment Brandon talks about various funding options when creating a business plan and growing your business! Final Words Key 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 White Connect with Brandon through his: Website: https://brandoncwhite.com/ LinkedIn: https://www.linkedin.com/in/brandonwhite/ YouTube: https://www.youtube.com/channel/UCabV9Rcw4MohWvTGr3OTzFw Instagram: https://www.instagram.com/brandoncwhite/?hl=en -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	Market, Traction, and Milestones - Back of the Napkin to Business Plan in 11 Slides with Brandon White	28 Jun 2023	00:19:03
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 Opportunity Mike 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 Plan Business plans don’t have to be 50-pages long, they can be concise and get information across easily Market opportunity slide should build from the top down, not bottom up Investors will dive down into the market size and how much you can get Google is a great tool to find industry reports [14:29] Attract, Engage, And Delight Public company SEC filings have an incredible amount of information Your go-to-market plan should spell out how you’re going to sell, distribute, and get the product to the customer Attract, engage, and delight model Identifying market opportunities and having milestones for 12 to 18 months [19:03] Closing Segment Brandon shares with the listeners how to identify your market opportunities and come up with your go-to-market plan! Final Words Key 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 White Connect with Brandon through his: Website: https://brandoncwhite.com/ LinkedIn: https://www.linkedin.com/in/brandonwhite/ YouTube: https://www.youtube.com/channel/UCabV9Rcw4MohWvTGr3OTzFw Instagram: https://www.instagram.com/brandoncwhite/?hl=en -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	Title, Problem, and Solution - Back of the Napkin to Business Plan in 11 Slides with Brandon White	21 Jun 2023	00:19:08
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 Plan Mike is launching a four-part series with Brandon White on Back of the Napkin To Business Plan Brandon is an entrepreneur with two exits, a former venture capitalist, angel investor, and podcast host [01:12] Creating An Impactful Business Plan He wrote his first business plan in 1995 which became the largest social networking and e-commerce site for fishermen on the internet A business plan can be broken down into people, market, funding, and product His mentor advised him to get a product that solves a problem and sell it for more than it costs Having 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 Plan A bad elevator pitch is too wordy and includes unnecessary details An elevator pitch should be less than 15 seconds A business plan is needed and not just for first-time business owners A business plan can be used as a guide for first-time business owners [19:08] Closing Segment Brandon advises listeners to create an effective elevator pitch and how to write their own back-of-the-napkin business plan! Final Words Key Quotes “Business isn't as complicated as people want to make it.” – Brandon White Connect with Brandon through his: Website: https://brandoncwhite.com/ LinkedIn: https://www.linkedin.com/in/brandonwhite/ YouTube: https://www.youtube.com/channel/UCabV9Rcw4MohWvTGr3OTzFw Instagram: https://www.instagram.com/brandoncwhite/?hl=en -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	Listener Q&A with Mike Jesowshek, CPA	14 Jun 2023	00:23:17
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&As Today’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 Owners What is the “Augusta Rule”? Banks penalize small business owners who strategize well and take advantage of tax deductions/credits The government does not offer incentives to banks or loan providers to work with these scenarios Try 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 LLC When filing a personal return and paying taxes, use an owner’s draw in QuickBooks For paying kids for work done in the business, issue them W2s for 2022 and 2023 To protect LLC status, payments should go through the business bank account When paying estimated taxes for a single-member LLC or S Corp, use a personal social security number [20:53] Closing Segment Mike explains how you can save money on taxes through smart strategies and proper filing! Final Words Key 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 Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	What Is an S Corp and Should I Become One in 2023?	07 Jun 2023	00:19:15
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 profits An S-corporation makes sense when the business starts to profit around $40, 000 - $50, 000 per year You pay self-employment taxes on the reasonable salary option that you take as an owner of the company By 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 costly In order to be an S-corporation, you need to have an LLC or C-corporation set up S-corporations help minimize self-employment taxes [16:54] Closing Segment Mike discusses all the details on how to minimize self-employment taxes and save money legally through electing be taxes as an S-corporation! Final Words Key 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 Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	Q&A: The Tax Strategy Hierarchy Every Small Business Owner Should Know	13 Aug 2025	00:23:39
If I were starting a business today, this is exactly how I’d approach tax planning from the ground up. In this episode, we're tackling tax strategy hierarchy every small business owner should follow. From core strategies like hiring your kids and maximizing deductions, to advanced moves like asset purchases, oil and gas investments, and captive insurance, you’ll learn the right order to implement them for maximum savings. We also answer listener questions on short-term rental deductions, the Big Beautiful Bill, and how to structure partnerships for smarter tax planning. 👉 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) Starting From Scratch Mike shares his “from scratch” game plan for small business tax planning and breaks down the difference between core and advanced tax strategies. (04:04) Big Beautiful Bill Overview What’s in the Big Beautiful Bill, how it impacts small businesses, and where to find the full breakdown. (05:00) Planning for Income Phase-Outs Strategies for lowering AGI to avoid phase-outs and AMT for high earners. (08:00) Short-Term Rental Deductions How to qualify, the 100-hour rule, and how bonus depreciation applies. (12:15) 1099 Income Advantages Why 1099 workers are treated as business owners and the deductions that come with it. (14:00) Self-Rental and Asset Purchase Strategies Using a self-rental strategy and advanced asset purchases to significantly reduce taxable income. (15:53) Adjusting S Corp Salary How to handle a reasonable salary when business revenue drops. (17:00) Home Office Deduction Methods Comparing the simplified and actual methods for the home office deduction. (18:46) Structuring Partnerships for Tax Planning Entity structures that allow partners with different tax needs to plan separately. (20:58) Accessing S Corp Profits How to take owner’s draws and keep your salary reasonable. 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 Is My Income Taxed?	31 May 2023	00:16:51
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 Work Today’s episode is, “How Is Your Income Taxed?” There are two main types of tax: ordinary income tax and capital gains tax Ordinary 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 Rates Ordinary 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 rate Short-term capital gains, assets held for less than a year, are taxed at an ordinary income tax rate Earned income is taxed at the ordinary income tax rate and self-employment taxes may apply [12:40] The Benefits Of Passive Income and Investment Income Passive income is not subject to FICA or self-employment taxes Passive losses can only offset passive income Portfolio or investment income is taxed at ordinary income tax rates For 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 Segment Mike 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 Words Key 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 Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	What Retirement Plan Options Are Available For My Business in 2023?	24 May 2023	00:20:19
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 Owners Today’s episode is all about retirement plan options that are available for your business in 2023 Mike interviews Matt Rutenberg, the CMO at Life, Inc. Retirement Services [09:00] Maximize Retirement Savings with SEP IRA, Solo 401K, and Simple IRA Options The goal of a retirement plan is to save money on taxes or recruit/retrain employees Traditional IRA and ROTH IRA available for personal retirement savings SEP IRA option for solo business owners with employer contributions up to $66, 000 He hints that ROTH contributions may be allowed into SEP IRAs [12:30] Exploring Retirement Options For Business Owners SEP IRA has a maximum contribution of $25, 000 Solo 401K is a better option as it allows for an additional employee contribution of $22, 500 in 2023 Traditional IRA and ROTH IRA are the two main retirement options for solo business owners with no outside employees Payroll-directed IRA is available for business owners with outside employees or non-owner, non-family members [19: 00] Closing Segment Matt offers his advice on the importance of saving money on taxes and creating a secure future for themselves and their employees! Final Words Connect with Matt! Website: Life Inc. LinkedIn: Matt Ruttenberg Twitter: @Matt_Ruttenberg Instagram: @Matt_Ruttenberg Facebook: Life Inc. Retirement Key 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 Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	How Do I Avoid an IRS Audit as a Business Owner?	17 May 2023	00:17:00
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 Audit Today’s episode is all about avoiding an IRS audit What are the best ways to avoid an IRS audit? [05:00] How To Avoid An IRS Audit As A Small Business Owner The documentation needed for business expenses: Receipt/invoice with a dollar amount Proof of payment Itemized receipts are recommended to have as much detail as possible Who, 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 Expenses Proof of payment is required to ensure that a payment was made for the item Documentation should be kept in a digital file A mileage log is required for automobile expenses Documentation should include details of the business purpose of the trip [15: 55] Closing Segment Mike shares his advice on being aggressive in taking advantage of laws that are advantageous to you! Final Words Key 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 Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	How Can I Maximize Meals and Travel Deductions?	10 May 2023	00:17:47
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 Travel Today’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 Expenses Company parties or presentations and food for restaurants are 100% deductible Meals are generally 50% deductible when dining with a prospect, client, vendor, staff member, or team member Mike provides examples of expenses: Potential client/employee team meals Company parties/presentations Office meals and food Food and drinks at golf outings Team building/recreational events Meals at a country club [13:59] Maximizing Business Deductions And Write-Offs Meal and drink of a country club membership is deductible if used for business purposes Solo meals and drinks are deductible if it is part of a business meeting or on an overnight trip Travel expenses such as transportation, lodging, car rentals, tolls, parking, taxies, Uber are deductible What is considered a “Business day”? [15: 53] Closing Segment Mike shares how a road trip can be used as both a business trip and a personal vacation if it’s planned correctly! Final Words Key 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 Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	How Can I Maximize Office Expenses and Employee Benefits?	03 May 2023	00:17:28
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 Owners Today’s episode is about how you can maximize office expenses and employee benefits Maximizing shift toward expenses and employee benefits for small business owners The mindset shift towards pre-tax spending instead of after-tax spending [05:56] Planning Opportunities For Business Owners What is included in employee benefit expenses? Capitalization and depreciation for items over $2, 500 Technology write-offs overlooked by business owners Subscriptions and memberships can have a business purpose and be deductible [10:11] Maximizing Tax Deductions Through De Minimis Fringe Benefits Planning opportunities to maximize deductions for business owners De Minimis benefits are small and infrequent gifts that are tax-free to the recipient and deductible for the business What 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 Segment Mike advises listeners that maximizing deductions requires a mindset shift toward pre-tax expenses and an understanding as a business deduction Final Words Key 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 Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	How Can I Maximize Advertising and Gift Deductions?	26 Apr 2023	00:16:24
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 Owners Today’s episode is about Maximizing Advertising and Gift Deductions Advertising 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 Owners The goal is to turn after-tax spending into pre-tax spending by finding a business purpose for everyday spending Swag items with company logos are considered advertising expenses Advertising expenses include promoting the brand at conventions or through contests Planning opportunities exist to move spending from channels [09:33] Turning Charitable Contributions Into Advertising Expenses Sponsoring a charity event or doing a charity drive can be considered an advertising expense if it leads to business growth Review-based donation system Planning opportunities for gift expenses include different categorizations and gifting to married couples or families Branding and logo can turn gifts into advertising expenses [14:17] Closing Segment Mike advises listeners that any items that cost $4 or less with your name on it are not considered gifts by the IRS Final Words Key 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 Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	How Can I Maximize Deductions in My Business?	19 Apr 2023	00:15:27
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 Deductions Today’s episode is about maximizing deductions in business Mike provides an overview of various deductible expenses, including contract labor and insurance premiums [01:07] Understanding Business Expenses What are examples of deductible expenses? Life insurance Interest in business expense Repairs and maintenance expenses Taxes and licenses related to business Sales tax collected from buyers must be included in gross receipts Wage and salaries for employees Maximizing deductions is about running after-tax spending into pre-tax spending [12:00] How To Lower Your Tax Liability And Saving Money Business expenses must be ordinary and necessary in your line of business Other general expenses include bad debts, bank service charges, commissions and fees, education and training for business-related continuing education, legal and professional services Not getting greedy with deductions and doing the “sniff test” to ensure the legitimacy [13:24] Closing Segment Mike encourages listeners to check out the ultimate guide to maximizing business deductions and write-offs for full documentation requirements Final Words Key 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 Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	Listener Q&A with Mike Jesowshek, CPA	12 Apr 2023	00:21:31
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, CPA Paying kids under S-Corp or sole proprietorship, deducting shipping fees, and maximizing deductions for sponsoring a golf team Paying kids through sole proprietorship avoids withholding for social security and Medicare tax, federal unemployment, and state unemployment Sponsorship 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 Owners Sponsorship expenses must be ordinary and necessary business deductions Golf outings with clients are not deductible as a business expense Home office deductions require exclusive use for business purposes Personal use of home office space is not deductible [10:52] S-Corp Payroll and Hiring Your Kids for Your Business Paying federal and state taxes from a business bank account is acceptable Event application fees for a food truck are tax-deductible expenses Paying a fee to run a business at a location is a business expense Documentation needed to pay child in business includes a job description, employment agreement, timesheet recording, and reasonable pay rate [14:40] Closing Segment Mike 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 salary Final Words Key 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 Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	How Does The SECURE 2.0 Act Affect 401Ks?	04 Apr 2023	00:20:45
How does the Secure 2.0 Act affect 401Ks? In this episode, Matt Ruttenberg discusses the Secure 2.0 Act and how it can significantly affect tax credits for business owners. The Secure 2.0 Act is a piece of legislation that aims to improve retirement security for Americans. The Secure 2.0 Act offers three main tax credits for businesses that offer retirement plans, including an administration tax credit of $250 per non-highly compensated participant up to 100% of administration fees, and an auto-enroll credit of $500 for the first three years of a plan starting in 2023. The tax credits are only applicable to new plans, and there is still some clarification needed around certain details. Matt highlights various changes and tax credits for retirement plans that will be implemented in 2023. The contribution tax credit is the biggest and most significant tax credit, providing up to $1, 000 per participant who earns $100, 000 or less per year. This credit covers a new tax credit for small businesses that offer retirement plans. Tune in now as Matt explains how The Secure 2.0 Act affects 401Ks and its impact on retirement planning! [00:01] How The Secure 2.0 Act Affect 401Ks Mike welcomes Matt Rutenberg from Life Inc. Retirement Services How does the Secure 2.0 Act affect 401Ks? Huge tax credits for business owners, up to $250 per participant for administration fees An auto-enrollment tax credit of $500 for the first three years of new plans starting in 2023 [03:37] Tax Credits Available For Small Business Retirement Plans New releases for retirement plans in 2023, 2024, and 2025 Opt-in plans implemented before 2023 are not eligible for tax credits Administrative and auto-enroll changes for new plans in 2023 Simple IRAs eligible for administration tax credits Retirement plans can be a selling point to attract and retain employees [10:46] Closing Segment Matt reminds listeners that the deadline for employee contribution to solo 401Ks is pushed back for the first year of the plan! Final Words Key Quotes “It's a clear goal here. They need people to save, they want people to save for retirement on their own, and these tax credits are helping to get the ball moving and to get the contributions going.” – Matt Ruttenberg -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	What Are Estimated Taxes and How Do I Pay Them	29 Mar 2023	00:20:05
What is the most crucial for every business small business owner out there? In this episode, we discuss estimated taxes, where you’re a W2 employee, your taxes are calculated and paid by your employer, or as a business owner, it’s up to you to make sure you pay your own estimated taxes quarterly to cover federal and state agencies. This is because the US tax system is a pay-as-you-go system where taxes are owed on earnings as they are earned. What happens if you don’t pay enough in estimated taxes? When it comes time to file your year-end tax return, it’s simply a reconciliation of what was earned and what was paid throughout the year. If you don’t pay enough in estimated taxes, you’ll face potential penalties and interest. But don’t worry, understanding estimated taxes can help avoid big tax surprises for small business owners. Tune in now as Mike emphasizes the importance of staying on top of estimated tax payments to avoid penalties and underpayment! [00:01] Understanding Estimated Taxes What is the importance of estimated taxes for small business owners? The US tax system is pay-as-you-go, meaning you owe taxes as you earn money W2 employees have taxes withheld by employers, but business owners must pay estimated taxes on their own Estimated taxes are paid quarterly to cover federal and state agencies [03:40] The Safe Harbor Method And Actual Method Explained Year-end tax return reconciles what you earned and what you paid in taxes, resulting in either a refund or the amount owed Interest and penalties may apply if you owe taxes at year-end The IRS recognizes four quarters for estimated tax purposes, but they differ from the normal quarter system There are two methods for calculating estimated taxes: The Safe Harbor Method The Actual Method [18:13] Closing Segment Mike advises listeners to ensure that they stay on top of their estimated taxes and make sure that they’re avoiding interest and penalties when possible! Final Words Key Quotes “By understanding estimated taxes, it can really avoid big tax surprises along with penalties, interest, and various things like that. So hopefully you walk away from today knowing what estimated taxes are, how you pay them, and how you calculate them.” – Mike Jesowshek, CPA -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	How Section 831(b) Captive Insurance Protects Your Business and Saves You Taxes	06 Aug 2025	00:34:02
Most business owners think of insurance as a necessary expense, but what if it could double as a tool to cut taxes? With a Section 831(b) captive insurance company, you can set aside pre-tax dollars to cover risks traditional insurance won’t touch… All while building a financial safety net for your business. In this episode, Van Carlson, founder of SRA 831(b), explains how captives work, the types of risks they can cover, when it makes sense to use one, and how to stay compliant under IRS rules. 👉 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: (01:34) What Is a Captive Insurance Company? Captive insurance companies let businesses self-insure specific risks using Section 831(b) for tax-deferred funding. (02:55) Funding Uninsured Risks Unfunded liabilities can drain after-tax cash, but 831(b) allows businesses to cover them with pre-tax dollars. (06:00) Captive vs. 401(k) Comparison A captive works like a 401(k) for risk, building tax-deferred reserves instead of retirement savings. (10:41) What Captives Actually Cover Captives can insure supply chain disruption, brand damage, cyber threats, and more through “halo coverage.” (15:58) How Do You Set Up And Run a Captive? Setting up a captive involves forming a C corporation, underwriting policies, pooling risks, and managing claims. (25:48) IRS Scrutiny and Compliance How to avoid common pitfalls by ensuring proper risk pooling, accurate underwriting, and full documentation. 👉Learn more about Captive Insurance and Section 831(b) at SRA 831(b): https://www.831b.com 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.
	Why Do You Need a Trademark or Copyright For Your Business?	22 Mar 2023	00:19:03
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 Copyrights Mike welcomes Andrea Sager to the show! Why you need trademarks and copyrights for your business Trademarks protect brandings, such as brand names, logos, slogans, and podcast names Copyright protects creative work, such as blog posts, videos, photos, and recordings [02:37] How To Protect Your Work From Infringement Federal registration is needed for trademarks to have federal rights Copyright protection is automatic but filing may be necessary to sue for infringement Statutory damages for copyrights are important because it is hard to prove damages in a copyright case Copyright 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 Trademark Copyright infringement can lead to statutory damages and possibly a lawsuit The cost of filing a copyright lawsuit The process for filing a copyright lawsuit Trademark applications should be filed as soon as possible when a business has momentum [18:18] Closing Segment Andrea advises listeners to protect themselves legally and monetize their creative works through trademarks and copyrights! Final Words Key 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 Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	What Contracts Do You Need For Your Business?	15 Mar 2023	00:17:37
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 Templates Mike welcomes Andrea Sager to the show! When money or value is changing hands, a written agreement should be in place Privacy policy and terms of use are required by federal law for websites [03:47] Why Is It Essential For You To Have Contractual Agreements She discusses the terms of use and agreements with regard to product-based businesses and service providers Employers need an employment agreement to lay out rights, duties, expectations, and benefits for employees Contractors need an independent contractor agreement She recommends talking to an attorney to make sure proper contracts are in place when generating business income [08:15] Protect Your Business With Contract An LLC provides protection from legal liability and should be included in contracts Contracts should lay out the rights and duties of both parties An email agreement with an offer, acceptance, and consideration can form a contract Running a business for years without contracts should consider changing into a contract-based business moving forward [12:27] Closing Segment Andrea provides listeners reasons for having contracts include needing a line of credit from a bank or wanting to button up business operations Final Words Key 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 Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	Do You Need an LLC For Your Business?	08 Mar 2023	00:16:44
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 LLC Mike 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 Businesses An LLC will protect you personally from the debts of your company LLCs are usually the best option for small businesses, while corporations are better for businesses with investors Most companies file their corporations in Delaware due to its favorable laws and courts It 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 Business The only way to avoid the California franchise tax is to literally move out of California To maintain the protection of an LLC, separate bank accounts must be maintained and funds cannot be commingled An operating agreement is not required by law but is recommended in case something happens to the business or its owners [16:44] Closing Segment Andrea invites listeners to her own podcast, “The Legalpreneur Podcast”! Final Words Key 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 Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

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