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

Explore every episode of the podcast Small Business Tax Savings Podcast

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	Title	Pub. Date	Duration
	30+ Tax Write-Offs You’ve Never Heard Of ｜ The Ultimate Tax Write Off Guide	04 Sep 2024	00:57:30
Send us a text Have you ever wondered how to maximize your tax deductions while staying on the right side of the IRS? In this episode, Mike Jesowshek provides an in-depth guide on over 30 tax write-offs and strategies that can save businesses thousands of dollars. He emphasizes the importance of understanding pre-tax versus after-tax spending, the significance of selecting the right business entity structure, and how to effectively maximize deductions. Mike also covers strategies such as using an S corporation to reduce self-employment taxes, hiring children within a business, and setting up a board for additional tax benefits. He stresses the need to correctly implement tax strategies to ensure they remain legal and beneficial. [00:00 - 12:24] Pre-Tax vs. After-Tax Spending, Entity Structure, and S Corporations Mike introduces the importance of understanding tax strategies. Optimize spending to shift after-tax expenses into pre-tax deductions. He discusses how the business entity structure forms the foundation of your business. Different types of entity structures: sole proprietorship, LLC, C corporation. Choose the right entity structure to ensure proper tax benefits and legal protection. Consider S corporation status once your business reaches a certain profit level. [12:24 - 26:03] Maximizing Deductions Mike breaks down the various business expenses that qualify as deductions, including advertising, contract labor, equipment, and gifts. Regularly review personal expenses to identify potential business deductions. [26:03 - 35:18] Accountable Plan and Setting Up a Board for Tax Ensure proper documentation and exclusivity in home office use. Use a board for accountability, perspective, and additional tax deductions. [35:18 - 44:47] Additional Tax Strategies: Meals, Travel, Automobile, and Retirement Planning Proper documentation and fair market value rental rates are crucial. Be strategic in everyday business activities to maximize deductions. [44:47 - 57:30] Implementation of Tax Strategies Mike emphasizes the importance of not only learning tax strategies but also correctly implementing them. Correct documentation and cautious implementation are key to successful tax strategies. Direct Quotes: "The government doesn't come knocking and let you know when you missed out on an incentive that they gave you." - Mike Jesowshek, CPA "Every business owner should have a home office of some sort." - Mike Jesowshek, CPA "The implementation piece is where you start to see those tax savings." - Mike Jesowshek, CPA ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join TaxElm: https://taxelm.com/ IncSight Packages (Full-Service): https://incsight.net/pricing/ Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ YouTube: https://www.youtube.com
	How I Saved An Agency $15,000 In Taxes (In 12 Months)	28 Aug 2024	00:21:58
Send us a text Mike Jesowshek shares how he saved a small business owner over $15,000 in taxes in just 12 months. Mike breaks down the practical strategies implemented, including changing the business entity structure, maximizing home office and vehicle deductions, strategically categorizing business expenses, and more! Learn how these strategies led to over $132,000 in tax savings for Alex's business over five years. [00:00 - 03:28] Case Study Alex is a former corporate digital marketer who transitioned from a W2 employee to an entrepreneur in the healthy eating influencer space Alex's quick growth, generating about $100,000 profit in the first year as a sole proprietorship During tax season Alex got hit with an unexpectedly large tax bill in the first year He realized he lacked knowledge of tax-saving strategies [03:29 - 06:18] Tax Saving Solutions Implemented We changed Alex’s entity type from sole proprietorship to S Corporation We implemented home office deduction through an accountable plan We utilized a personal vehicle for business and claimed deductions We maximized deductions by finding business purposes for existing spending Meals with clients or business discussions Travel combined with business purposes Office equipment and supplies [06:19 - 12:01] Advanced Tax Saving Strategies Set up a board for the business Created opportunities for travel and meal expense deductions Implemented the 14-day home rental rule for board meetings Established retirement savings with a solo 401(k) Set up a Health Savings Account (HSA) Properly deducted self-employed health insurance Implemented estimated tax payments to avoid penalties [12:02 - 19:47] Results and Key Takeaways These strategies saved Alex over $15,000 in taxes in the first year Over five years, Alex saved more than $132,000 in taxes These strategies are available to most small business owners Proper implementation is crucial for realizing tax savings Direct Quotes "Implementation, understanding strategy is one thing you do not see any tax savings until you implement that strategy. And I also want to put in the effort that says implementation is one thing. The correct implementation is the key." – Mike Jesowshek, CPA ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join TaxElm: https://taxelm.com/ IncSight Packages (Full-Service): https://incsight.net/pricing/ Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ YouTube: https://www.youtube.com
	Tax Savings Mid-Year Check: Essential Strategies for Small Businesses	26 Jun 2024	00:21:36
Send us a text Are you making the most of your tax strategies and deductions this year? In this episode, Mike Jesowshek provides a mid-year tax savings check-in for small business owners. He emphasizes the importance of reviewing tax strategies, implementing them correctly, and maximizing deductions. Key topics include entity structure review, retirement planning, incorporating children into the business, utilizing the Augusta rule, tracking automobile expenses, and keeping bookkeeping up to date. Mike highlights the need for proactive planning and correct implementation to achieve significant tax savings. [00:00 - 06:37] Maximizing Deductions and Accountable Plans for S Corporations Mike Jesowshek emphasizes the importance of assessing and implementing tax strategies. He shares the importance of setting up an accountable plan for S Corporations. How do you evaluate the appropriateness of the current structure based on profit levels? [06:37 - 12:10] Other Tax Strategies and Correct Implementation Mike discusses the importance of setting up and funding retirement accounts. He highlights the importance of associating business purposes with travel to gain deductions. He also emphasizes the need for correct implementation of tax strategies. Year-end rush and errors can be avoided through regular bookkeeping. [12:10 - 20:51] Tax Payments and the Importance of Bookkeeping Mike reminds the listeners to keep up with estimated tax payments and proper documentation. Benefits of regular bookkeeping: better tax planning, accurate estimated tax payments, and reduced errors. Direct Quotes: "If you're swiping a card, let's see if we can find a business purpose for this." - Mike Jesowshek, CPA "Correct implementation is key. You can take a completely legal strategy and make it illegal by incorrect implementation." - Mike Jesowshek, CPA "Bookkeeping is the backbone of your business. It's not just for tax purposes." "Learning's great, but Implementation saves taxes." - Mike Jesowshek, CPA ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join TaxElm: https://taxelm.com/ IncSight Packages (Full-Service): https://incsight.net/pricing/ Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ YouTube: https://www.youtube.com
	What Do I Need to Maintain My Corporate Entity?	12 Oct 2022	00:22:24
Send us a text On this episode Mike Jesowshek, CPA talks with Attorney Andrew M Ayers about things you need to have in place to maintain your corporate entity. 1) Your Corporate Binder 2) Why Do I Need to Keep Corporate Records? 3) Do I Need to File My Corporate Records with the State? LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/what-do-i-need-to-maintain-my-corporate-entity Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/what-do-i-need-to-maintain-my-corporate-entity 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 Do I Need To Know About 1099-NECs?	05 Oct 2022	00:16:14
Send us a text With January fast approaching, it’s important for business owners to start preparing their 1099-NECs. If you want to stay ahead and get everything in order before the deadline, this episode is for you! We discuss whether or not a transaction needs a 1099, what the process for filing is, and what will happen if you missed filing a 1099. [01:07] Fast Facts About 1099-NECs If your business pays a subcontractor or vendor, whether it’s an individual or a company, a total of $600+, you need to request a W9 so you can send them a 1099-NEC If you received a 1099-NEC as a contractor, you must report this income to the IRS Be it one-time or accumulative, as long as the total payment is over $600, you need to file a 1099-NEC [04:05] When It Is NOT Required to File 1099-NECs Payments to C or S Corporations Employees Payments for merchandise, telephone, freight, or storage Payments to non-U.S. citizens performing work outside of the U.S Payments made via Credit Card or PayPal [06:25] 1099-NEC Preparation Made Easy Step 1 – Collect a W9 from all contractors before you pay Step 2 – Fill out the 1099-NEC Step 3 – Send a copy of the 1099-NEC form to the contractor Step 4 – File a copy of the 1099-NEC with the IRS and State (if required) For contractors who are non-U.S. citizens - get an accomplished W8-BEN or W8-BEN-E instead [08:54] Penalties for Failing to File a 1099-NEC 1099-NECs must be filed at the IRS and sent to the recipient by January 31st of the following year The fine will depend on how late you are [10:16] Different Types of 1099s There are over 15 types of 1099 forms that are used for various purposes [12:30] Final Thoughts Do that legwork now so you can get on top of the forms needed Utilize software to make processing and filing easier Key Quotes “If you are the one paying the contractor, you are the one that files the 1099-NEC.” - Mike Jesowshek “Sometimes it's hard to get a W9 from someone after the fact so just ask for it upfront. Again, one rule of thumb before you pay anyone, collect a W9 from them.” - Mike Jesowshek Resources Mentioned Blog Post: https://www.taxsavingspodcast.com/blog/what-do-i-need-to-know-about-1099s-for-business-owners Software: https://www.track1099.com/ Downloads: IRS: Instructions for Forms 1099-MISC and 1099-NEC IRS: Form 1099-NEC IRS: Form 1099-MISC -------- 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
	How Does the Home Office Deduction Work?	28 Sep 2022	00:17:16
Send us a text The home office deduction is a tax deduction almost anyone can take advantage of, especially post-COVID’s work-from-home movement. There's a lot of confusion among business owners thinking that the home office deduction is an IRS red flag, but in this episode, we set the record straight. We talk about this deduction, who can qualify for it, and everything you need to know. [01:02] What Qualifies As A Home Office? The home office deduction is not a red flag, as long as you're doing it properly A home office is used exclusively for business and on a regular basis It is a principal place of business that is used to meet clients or is used to do administrative or management work [04:34] How To Calculate the Home Office Deduction The simplified option: Standard deduction of $5 per square foot of home used for business (maximum 300 square feet) The actual method: Your BUP multiplied by all the expenses associated with that home [09:17] Where Do You Claim The Home Office Deduction? Claiming the deduction will depend on how your business is set up Check out our blog on the Accountable Plan and why it’s important [10:40] Final Thoughts on How the Home Office Deduction Works It’s not an audit risk if you do it properly To help prove your deduction, keep a log and take photos to record the business use of that home office Bonus tip: A home office increases the amount of business mileage you can take Key Quotes “The home office deduction is not a red flag as long as you're doing it properly. Actually, the home office deduction is something that the majority of business owners should take advantage of.” – Mike Jesowshek “A home office deduction is not an audit risk as long as you're doing it right. Just don't get greedy. Make sure you document the necessary items to support your deduction.” – Mike Jesowshek Resources Mentioned Blog Mentioned - Accountable Plan Importance (Expense Reimbursement): https://www.taxsavingspodcast.com/blog/what-is-an-accountable-plan-and-why-is-it-important-to-my-business Article: https://www.taxsavingspodcast.com/blog/how-does-the-home-office-deduction-work Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- 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 Strategies Are Available To Increase College Financial Aid?	21 Sep 2022	00:26:27
Send us a text On this episode Mike Jesowshek, CPA brings on guest, Jack Wang, to discuss the strategies available to increase college financial aid as part 3 of our mini series around college savings and financial aid. 1) Which of these schools give - and which students get money? 2) What does this all mean? LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/what-strategies-are-available-to-increase-college-financial-aid Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/what-strategies-are-available-to-increase-college-financial-aid Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	What Are The Basics Around Financial Aid For College? What Options Are Available?	14 Sep 2022	00:25:21
Send us a text On this episode Mike Jesowshek, CPA brings on guest, Jack Wang, to discuss the basics around financial aid for college as part 2 of our mini series around college savings and financial aid. 1) What are the types of aid? 2) What are the sources of aid? 3) What year counts for financial aid? 4) What does this all mean? LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/what-are-the-basics-around-financial-aid-for-college-what-options-are-available Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/what-are-the-basics-around-financial-aid-for-college-what-options-are-available 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 Options Are Available For College Saving?	07 Sep 2022	00:26:22
Send us a text On this episode Mike Jesowshek, CPA brings on guest, Jack Wang, to discuss the options available for college saving as part 1 of our mini series around college savings and financial aid. LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/what-options-are-available-for-college-saving Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/what-options-are-available-for-college-saving 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 I Have to Pay Taxes If I Sell My Home?	31 Aug 2022	00:09:06
Send us a text On this episode Mike Jesowshek, CPA talks about taxes around the sale of your home. 1) What Is The Home Sale Gain Exclusion? 2) How Does The Home Sale Gain Exclusion Work If It Had Business Use? 3) Sale of Home Examples LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/do-i-have-to-pay-taxes-if-i-sell-my-home The Ultimate Guide to Real Estate Taxes: https://www.taxsavingspodcast.com/realestate Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/do-i-have-to-pay-taxes-if-i-sell-my-home 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
	Interview with Dave Zook - Minimizing Taxes Utilizing Real Estate	24 Aug 2022	00:30:01
Send us a text On this episode Mike Jesowshek, CPA wraps up our mini real estate series with a special guest to discuss minimizing taxes while growing wealth utilizing real estate. His name is Dave Zook. This is one listen you do not want to miss! LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/interview-with-dave-zook-minimizing-taxes-while-growing-wealth-utilizing-real-estate The Ultimate Guide to Real Estate Taxes: https://www.taxsavingspodcast.com/realestate Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/interview-with-dave-zook-minimizing-taxes-while-growing-wealth-utilizing-real-estate 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 Entity Structure Should I Have For A Rental Property?	17 Aug 2022	00:09:17
Send us a text On this episode Mike Jesowshek, CPA adds to a series we are doing on rental property taxes and discusses entity structures for rental properties. 1) What Do I Need To Know About Entity Structures for Real Estate? 2) Should I Use An S Corp for Rental Properties? 3) Should I Setup My Own Management Company? 4) Should I Rent My Building to My Business? 5) Entity Structure Summary LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/what-entity-structure-should-i-have-for-a-rental-property The Ultimate Guide to Real Estate Taxes: https://www.taxsavingspodcast.com/realestate Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/what-entity-structure-should-i-have-for-a-rental-property 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 Are Short Term Rentals Taxed?	10 Aug 2022	00:11:57
Send us a text On this episode Mike Jesowshek, CPA adds to a series we are doing on rental property taxes and discusses short term rentals. 1) What Does The IRS Consider a Short Term Rental? 2) What Are The Different Tax Treatments for Short Term Rentals? 3) What Are The Pros and Cons Of Having Short Term Rental On Schedule C? 4) What Are The Pros and Cons Of Having Short Term Rental On Schedule E? LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/how-are-short-term-rentals-taxed The Ultimate Guide to Real Estate Taxes: https://www.taxsavingspodcast.com/realestate Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/how-are-short-term-rentals-taxed 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
	Debunking Common Myths About Employing Your Children!	19 Jun 2024	00:24:10
Send us a text Ever wondered how hiring your kids in your business could save you money and teach them invaluable life lessons? In this episode, Mike Jesowshek addresses common myths about hiring your children in your business. He outlines the potential tax benefits, the necessary legal steps, and the educational value for the children involved. Mike emphasizes that proper implementation and documentation are key to ensuring the strategy's legality and effectiveness. He also discusses the benefits of setting up a family management company and the possibility of hiring older children as 1099 contractors. [00:00 - 04:45] Introduction Mike discusses the strategy of hiring children, focusing on tax benefits, and moving after-tax spending to pre-tax spending. He gives an overview of legal requirements, such as not withholding FICA taxes if the business is a sole proprietorship or partnership, and age considerations. It is important to pay children a reasonable wage for actual work performed and the necessity of proper documentation. [04:45 - 13:07] Myths about Hiring Children and S Corporation Considerations Mike debunks myths such as hiring children being illegal or a form of tax evasion, and the importance of proper implementation. He discusses the benefits of teaching children about work ethics and preparing them for future roles in the business. What are the differences and additional requirements when hiring children under an S corporation? [13:07 - 23:14] Hiring Children Over 18 and Finding Suitable Work Them Mike explores the strategy for children over 18, including hiring them as W2 employees or 1099 contractors. He addresses the concerns about finding appropriate tasks for children in the business and provides examples. Direct Quotes: "Hiring your children is legal, and it's not a form of tax evasion." - Mike Jesowshek, CPA "When we hire our children at a young age, we're teaching them the invaluable lesson of working for a living." - Mike Jesowshek, CPA ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join TaxElm: https://taxelm.com/ IncSight Packages (Full-Service): https://incsight.net/pricing/ Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ YouTube: https://www.youtube.com/@TaxSavings
	What Expenses Are Available For Rental Properties?	03 Aug 2022	00:11:19
Send us a text On this episode Mike Jesowshek, CPA adds to a series we are doing on rental property taxes and discusses expenses available for rental property owners. 1) What Expenses Can I Deduct For Rental Properties? 2) What Are Some Examples of Deductible Rental Property Expenses? 3) What Unique Expense Tax Strategies Are Available for Rental Properties? LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/what-expenses-are-available-for-rental-properties The Ultimate Guide to Real Estate Taxes: https://www.taxsavingspodcast.com/realestate Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/what-expenses-are-available-for-rental-properties 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 Active Investor and Real Estate Professional?	27 Jul 2022	00:12:39
Send us a text On this episode Mike Jesowshek, CPA adds to a series we are doing on rental property taxes and discusses being classified as an active investor or real estate professional. 1) What Is An Active Real Estate Investor? 2) What Is A Real Estate Professional? 3) Active Investor and Real Estate Professional Example and Summary LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/what-is-an-active-investor-and-real-estate-professional The Ultimate Guide to Real Estate Taxes: https://www.taxsavingspodcast.com/realestate Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/what-is-an-active-investor-and-real-estate-professional 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 Do I Need To Know About Real Estate Losses?	20 Jul 2022	00:09:53
Send us a text On this episode Mike Jesowshek, CPA adds to a series we are doing on rental property taxes and discusses real estate losses. 1) Why Do Rental Properties Often Produce a Loss? 2) How Are Passive Losses Handled? 3) How Can I Utilize Passive Losses? LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/what-do-i-need-to-know-about-real-estate-losses The Ultimate Guide to Real Estate Taxes: https://www.taxsavingspodcast.com/realestate Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/what-do-i-need-to-know-about-real-estate-losses 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 Are Real Estate Repairs and Improvements Handled?	13 Jul 2022	00:09:10
Send us a text On this episode Mike Jesowshek, CPA adds to a series we are doing on rental property taxes and discusses real estate repairs and improvements. 1) What Are Real Estate Repairs and Maintenance? 2) What Are Real Estate Improvements? 3) How Do I Turn Spending Into Repairs vs Improvements? LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/how-are-real-estate-repairs-and-improvements-handled The Ultimate Guide to Real Estate Taxes: https://www.taxsavingspodcast.com/realestate Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/how-are-real-estate-repairs-and-improvements-handled 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 Depreciation Work for Real Estate?	06 Jul 2022	00:13:58
Send us a text On this episode Mike Jesowshek, CPA adds to a series we are doing on rental property taxes and discusses depreciation. 1) What Parts of Rental Real Estate Can Be Depreciated? 2) What Is the Depreciable Life for a Real Estate Investment? 3) What Is a Cost Segregation Study? 4) What Is Bonus Depreciation? 5) Rental Property Depreciation Example LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/how-does-depreciation-work-for-real-estate The Ultimate Guide to Real Estate Taxes: https://www.taxsavingspodcast.com/realestate Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/how-does-depreciation-work-for-real-estate 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 Use a Charitable Remainder Trust (CRT) To Eliminate Capital Gains?	29 Jun 2022	00:25:08
Send us a text On this episode Mike Jesowshek, CPA talks with Guy Baker about Charitable Remainder Trusts (CRT) and how they can be used to eliminate capital gain taxes. 1) What Is A Charitable Remainder Trust (CRT)? 2) How Does A Charitable Remainder Trust (CRT) Work? 3) What Are Things to Consider With A Charitable Remainder Trust (CRT)? 4) What Different Types of Charitable Remainder Trusts (CRTs) Are There? 5) What Are The Downsides Of A Charitable Remainder Trust (CRT)? 6) Want An Introduction To Our Preferred CRT Vendor? LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/how-can-i-use-a-charitable-remainder-trust-crt-to-eliminate-capital-gains Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/how-can-i-use-a-charitable-remainder-trust-crt-to-eliminate-capital-gains 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 Is Cryptocurrency Taxed?	22 Jun 2022	00:14:39
Send us a text On this episode Mike Jesowshek, CPA talks about how cryptocurrency is taxed. 1) How Is Crypto Taxed? 2) What Crypto Is Taxed At Capital Gain vs Ordinary Income Tax? 3) What Crypto Activity Is NOT Taxable? 4) What Happens If I Have a Crypto Loss? 5) Do I Need To Report Crypto To The IRS? 6) What Are Some Tax Strategies Around Crypto? LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/how-is-cryptocurrency-taxed Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/how-is-cryptocurrency-taxed 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
	Portfolio and Non-Taxable Income - How Is My Income Taxed?	15 Jun 2022	00:08:52
Send us a text On this episode Mike Jesowshek, CPA talks what portfolio income is and how it is taxed. 1) What Is Portfolio Income? 2) How Is Portfolio Income Taxed? 3) What Is The Good Thing About Portfolio Income? 4) What Type Of Income Is Non-Taxable? 5) Portfolio and Non-Taxable Income - Summary LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/portfolio-income-how-is-my-income-taxed Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/portfolio-income-how-is-my-income-taxed 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
	Passive Income - How Is My Income Taxed?	08 Jun 2022	00:11:02
Send us a text On this episode Mike Jesowshek, CPA talks what passive income is and how it is taxed. 1) What Is Passive Income? 2) How Is Passive Income Taxed? 3) What Is The Good Thing About Passive Income? 4) What Are The Passive Activity Loss Rules? 5) Passive Income - Summary LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/passive-income-how-is-my-income-taxed Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/passive-income-how-is-my-income-taxed 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
	Earned Income - How Is My Income Taxed?	01 Jun 2022	00:11:31
Send us a text On this episode Mike Jesowshek, CPA talks what earned income is and how it is taxed. 1) What Is Earned Income? 2) How Is Earned Income Taxed? 3) How Is S Corporation Income Taxed? 4) What Is The Good Thing About Self Employment Income (or Non Passive S Corp Income)? 5) Earned Income - Summary LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/earned-income-how-is-my-income-taxed Sign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summit Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/earned-income-how-is-my-income-taxed 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 Jun 2024	00:26:00
Send us a text Ever wondered if you can retroactively claim depreciation on a rental property or how to effectively structure multiple business entities for tax benefits? In this episode, Mike answers various listener questions related to tax strategies for small business owners. He covers topics including retroactive depreciation for rental properties, structuring multiple business entities, handling business-related vehicles, quarterly estimated tax payments, charitable contributions, hiring spouses, and the benefits of S corporations. He also provides detailed advice, including potential pitfalls and alternative strategies to optimize tax savings and compliance. [00:00 - 05:33] Retroactive Depreciation and Structuring Multiple Businesses Katy asks about claiming depreciation on a rental property retroactively. Jeff inquires about setting up a new division within an existing business. [05:33 - 10:11] Business Vehicles, Quarterly Estimated Tax Payments, and Education Expenses Julia asks about transferring a personal vehicle to a business. Gigi questions whether quarterly estimated tax payments need to be equal. Curtis asks about deducting tuition, books, and commuting costs for his daughter. [10:11 - 16:19] Charitable Contributions, Hiring a Spouse, and COGS Tony inquires about the deductibility of charitable contributions. Scott asks about hiring his spouse for clerical work in his financial advisory business. Laurie asks about handling tax deductions for unsold inventory. [16:20 - 21:16] Payroll Taxes for Spouses and S Corporation vs. Sole Proprietorship Jasper asks about the benefits of hiring a spouse who works as a real estate professional. Angie and an anonymous Facebook group member ask about the benefits of filing as an S corporation. [21:16 - 25:15] Closing Remarks Direct Quotes: "The problem with charitable contributions is that they're an itemized deduction now, and a lot of people no longer take itemized deductions because the standard deduction is much higher." - Mike Jesowshek, CPA "99 percent of the time, the S corporation plays out as a better option if you're making $50,000 or more per year." - Mike Jesowshek, CPA ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join TaxElm: https://taxelm.com/ IncSight Packages (Full-Service): https://incsight.net/pricing/ Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ YouTube: https://www.youtube.com/@TaxSavings
	What Is Ordinary Income Tax vs Capital Gain Tax?	25 May 2022	00:14:27
Send us a text On this episode Mike Jesowshek, CPA talks the two main types of tax, ordinary income tax and capital gain tax. 1) What Is Ordinary Income Tax? 2) What Is A Capital Gain or Loss? 3) What Are Capital Gain Tax Rates? 4) How Are Capital Losses Treated? 5) What Other Taxes Are There? LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/what-is-ordinary-income-tax-vs-capital-gain-tax Sign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summit Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/what-is-ordinary-income-tax-vs-capital-gain-tax 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 Are Credit Card Rewards Taxed?	18 May 2022	00:11:00
Send us a text On this episode Mike Jesowshek, CPA talks about how credit card rewards are taxed. 1) How Are Frequent Flyer Miles, Hotel Points, and Other Credit Card Point Rewards Taxed? 2) How Are Cash Back Rewards and Rebates Taxed? 3) How Are Credit Card Sign-Up Bonuses Taxed? 4) What Happens If I Donate Credit Card Cash Rewards/Rebates to Charity? 5) Credit Card Rewards Summary LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/how-are-credit-card-rewards-taxed Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/how-are-credit-card-rewards-taxed 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
	Business Retirement Plan Q&A Session	11 May 2022	00:50:08
Send us a text On this episode Mike Jesowshek, CPA does a full business retirement plan Q&A with Matt Ruttenberg from Life Inc Retirement Services. Get in contact with Matt Ruttenberg or find previous episodes here: https://www.taxsavingspodcast.com/blog/business-retirement-plan-q-a-session Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/business-retirement-plan-q-a-session 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
	2022 Tax Rates and Resources	04 May 2022	00:15:28
Send us a text On this episode Mike Jesowshek, CPA talks the tax rates for 2022 along with other important resources. 1) 2022 Individual Tax Rates 2) 2022 Business Tax Rates 3) 2022 Social Security and Medicare Tax Rates 4) 2022 Capital Gain Tax Rates 5) 2022 Standard Deduction 6) 2022 Retirement Plans 7) 2022 Vehicle Deductions 8) 2022 Medical Expense Within our blog post we also have a complete desktop guide that you can download and reference. LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/2022-tax-rates-and-resources Sign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summit Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/2022-tax-rates-and-resources 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 Are My Assets Taxed When I Die?	27 Apr 2022	00:11:26
Send us a text On this episode Mike Jesowshek, CPA talks about estate tax and what you need to know. 1) What Is Inheritance Tax and Estate Tax? 2) When Does Estate Tax Matter? 3) If I Gift Assets or Money, Is That Taxed? 4) How Do I Minimize Estate Taxes? 5) Estate Taxes Summary LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/how-are-my-assets-taxed-when-i-die Sign-Up for LIVE Webinar (2022 Tax Strategies to Ensure Business Owners Pay the Least Amount Possible - May 4, 2022 at 2pm EST): https://www.taxsavingspodcast.com/webinar Sign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summit Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/how-are-my-assets-taxed-when-i-die 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 A Revocable Living Trust? Why Is It Important for Business Owners?	20 Apr 2022	00:29:51
Send us a text On this episode Mike Jesowshek, CPA talks Andrew M Ayers in a part 3 of our estate planning mini series about a revocable living trust. 1) Types of Trusts 2) When Should I Create A Trust? 3) Do I Still Need a Will? 4) What Are The Main Components of a Trust? Some Terminology 5) Mistakes to Avoid LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/what-is-a-revocable-living-trust-why-is-it-important-for-business-owners Sign-Up for LIVE Webinar (2022 Tax Strategies to Ensure Business Owners Pay the Least Amount Possible - May 4, 2022 at 2pm EST): https://www.taxsavingspodcast.com/webinar Sign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summit Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/what-is-a-revocable-living-trust-why-is-it-important-for-business-owners 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 a Power of Attorney? What Healthcare Documents Do I Need In Estate Planning?	13 Apr 2022	00:28:33
Send us a text On this episode Mike Jesowshek, CPA talks Andrew M Ayers in a part 2 of our estate planning mini series about the power of attorney document. 1) Financial Power of Attorney 2) Signing Your POA 3) Where Do You Get One? 4) What Do You Do With It When It's Signed? 5) Healthcare Power of Attorney 6) What's in a Healthcare Power of Attorney? 7) Signing Your Healthcare Power of Attorney 8) HIPAA Authorizations 9) Mistakes to Avoid LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/what-is-a-power-of-attorney-what-healthcare-documents-do-i-need-in-estate-planning Sign-Up for LIVE Webinar (2022 Tax Strategies to Ensure Business Owners Pay the Least Amount Possible - May 4, 2022 at 2pm EST): https://www.taxsavingspodcast.com/webinar Sign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summit Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/what-is-a-power-of-attorney-what-healthcare-documents-do-i-need-in-estate-planning 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 a Last Will and Testament? Why Is It Important For Business Owners?	06 Apr 2022	00:38:07
Send us a text On this episode Mike Jesowshek, CPA talks to Andrew M Ayers and kick off our estate planning mini series about the wills. 1) Do I Need a Will? 2) Do I Want to Avoid Probate Court? 3) Probate v. Non-Probate Assets 4) What's in Your Will? 5) Signing Your Will 6) How Often Should You Update Your Will? LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/what-is-a-last-will-and-testament-why-is-it-important-for-business-owners Sign-Up for LIVE Webinar (2022 Tax Strategies to Ensure Business Owners Pay the Least Amount Possible - May 4, 2022 at 2pm EST): https://www.taxsavingspodcast.com/webinar Sign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summit Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/what-is-a-last-will-and-testament-why-is-it-important-for-business-owners 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 Should I Structure Multiple Businesses?	30 Mar 2022	00:13:02
Send us a text On this episode Mike Jesowshek, CPA talks about entity structure setups when you have multiple businesses. 1) What Options Are Available To Structure Multiple Businesses? 2) How Does a Management Company With DBAs Work? 3) How Does a Management Company With Subsidiary LLCs Work? 4) How Does Multiple Business in Separate Entities Owned Individually Work? 5) How Should I Structure Multiple Businesses? 6) How Should I Structure My Business With Multiple Owners? LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/how-should-i-structure-multiple-businesses Sign-Up for LIVE Webinar (2022 Tax Strategies to Ensure Business Owners Pay the Least Amount Possible - May 4, 2022 at 2pm EST): https://www.taxsavingspodcast.com/webinar Sign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summit Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/how-should-i-structure-multiple-businesses 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
	When Should I (or Should I Not) Become An S Corp?	23 Mar 2022	00:13:38
Send us a text On this episode Mike Jesowshek, CPA talks about when an S Corp may or may not make sense. 1) What Are The S Corp Requirements? 2) When Should I NOT Be An S Corporation? 3) When Should I Be An S Corporation? LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/when-should-i-or-should-i-not-become-an-s-corp Sign-Up for LIVE Webinar (2022 Tax Strategies to Ensure Business Owners Pay the Least Amount Possible - May 4, 2022 at 2pm EST): https://www.taxsavingspodcast.com/webinar Sign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summit Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/when-should-i-or-should-i-not-become-an-s-corp 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
	Understanding the Qualified Business Income Deduction for Small Business Owners	05 Jun 2024	00:23:24
Send us a text Are you maximizing your tax savings with the QBI deduction? In this episode, Mike delves into the intricacies of the Qualified Business Income (QBI) deduction, also known as the Section 199A deduction, which was part of the Tax Cuts and Jobs Act. He explains the basic rules and income thresholds, discusses which types of income qualify, and provides details on how to calculate the deduction. Additionally, he addresses the expiration of the QBI deduction after 2025 and clarifies that the deduction is taken on personal tax returns, not business returns. Discover the key rules and strategies to ensure you're not leaving money on the table by tuning in! [00:00 - 05:21] Introduction to QBI Deduction Mike gives an overview of the QBI deduction and its origin in the Tax Cuts and Jobs Act. General rule: Deduct up to 20% of qualified business income. Types of businesses that qualify: sole proprietorships, LLCs, S corporations, and partnerships. [05:22 - 10:10] Non-Qualifying Income and Income Thresholds Mike explains the income types that do not qualify for QBI: investment income, wage income, and income from C corporations. Income thresholds for 2024: $191,950 for singles and $383,900 for married couples. Calculation changes for those above income thresholds. [10:11 - 15:00] Specified Service Trade or Business (SSTB) Mike defines SSTBs and gives examples such as healthcare, law, financial services, athletics, performing arts, accountants, and consultants. [15:01 - 20:20] Calculation Examples Mike shares step-by-step examples of calculating the QBI deduction below and above income thresholds. What is the Impact of W-2 wages and qualified property on the deduction? [20:21 - 23:03] Conclusion and Resources The QBI deduction is taken on personal tax returns. The expiration of the QBI deduction is after 2025 unless extended by Congress. Direct Quotes: "If you have sole proprietorship income, LLC income, S corporation income, partnership income, those are all the types of income that would qualify for the QBI deduction." - Mike Jesowshek, CPA "The QBI deduction is taken on your tax return, not your business tax return."- Mike Jesowshek, CPA ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join TaxElm: https://taxelm.com/ IncSight Packages (Full-Service): https://incsight.net/pricing/ Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ YouTube: https://www.youtube.com/@TaxSavings
	What Is An S Corp?	16 Mar 2022	00:15:15
Send us a text On this episode Mike Jesowshek, CPA talks about S Corps. 1) What Is An S Corporation? 2) Why Would Someone Want To Be An S Corporation? 3) How Is An S Corp Taxed? 4) What Is The Difference In Taxes Between A Sole Proprietorship and S Corp? 5) Is There Any Disadvantages To An S Corp? 6) Can You Give a Quick Summary of S Corporations? LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/what-is-an-s-corp Sign-Up for LIVE Webinar (2022 Tax Strategies to Ensure Business Owners Pay the Least Amount Possible - May 4, 2022 at 2pm EST): https://www.taxsavingspodcast.com/webinar Sign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summit Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/what-is-an-s-corp Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/mjesowshek ------- 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
	Where's My Refund? What Is a Tax Refund?	09 Mar 2022	00:13:22
Send us a text On this episode Mike Jesowshek, CPA talks about tax refunds. 1) Where's My Tax Refund? 2) What Is a Tax Refund? 3) Tax Refund Summary LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/where-s-my-refund-what-is-a-tax-refund Sign-Up for LIVE Webinar (2022 Tax Strategies to Ensure Business Owners Pay the Least Amount Possible - May 4, 2022 at 2pm EST): https://www.taxsavingspodcast.com/webinar Sign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summit Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/where-s-my-refund-what-is-a-tax-refund Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/mjesowshek ------- 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
	Is Filing an Extension a Bad Thing? What Do I Need To Know About Tax Extensions?	02 Mar 2022	00:09:41
Send us a text On this episode Mike Jesowshek, CPA talks about tax extensions. 1) Is Filing an Extension a Bad Thing? 2) What Are The Extension Deadlines For Tax Year 2021 And What Form Do I Use? 3) What Happens If I Do Not File An Extension? 4) Important Items / Recap LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/is-filing-an-extension-a-bad-thing-what-do-i-need-to-know-about-tax-extensions Sign-Up for LIVE Webinar (2022 Tax Strategies to Ensure Business Owners Pay the Least Amount Possible - May 4, 2022 at 2pm EST): https://www.taxsavingspodcast.com/webinar Sign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summit Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/is-filing-an-extension-a-bad-thing-what-do-i-need-to-know-about-tax-extensions Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/mjesowshek ------- 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 a Roth IRA and Why Is It So Powerful?	23 Feb 2022	00:16:56
Send us a text On this episode Mike Jesowshek, CPA talks about the Roth IRA and why it can be so powerful. 1) What Is a Traditional IRA? 2) What Is a Roth IRA? 3) Why Are Roth IRAs So Powerful? 4) What Happens If I Phase Out of a Roth IRA? 5) What Else Should I Know About Roth's? LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/what-is-a-roth-ira-and-why-is-it-so-powerful Sign-Up for LIVE Webinar (2022 Tax Strategies to Ensure Business Owners Pay the Least Amount Possible - May 4, 2022 at 2pm EST): https://www.taxsavingspodcast.com/webinar Sign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summit Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/what-is-a-roth-ira-and-why-is-it-so-powerful Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/mjesowshek ------- 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 Options Do I Have To Pay For My Tax Bill?	16 Feb 2022	00:14:00
Send us a text On this episode Mike Jesowshek, CPA talks about the options you have available to you to pay for your tax bill. 1) How Do I Make A Tax Payment? 2) What Do I Need To Know If I Cannot Afford To Pay My Tax Bill? 3) What Happens If I Do Not Pay My Taxes On Time? 4) What Options Are Available To Pay My Taxes? LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/what-options-do-i-have-to-pay-for-my-tax-bill Sign-Up for LIVE Webinar (2022 Tax Strategies to Ensure Business Owners Pay the Least Amount Possible - May 4, 2022 at 2pm EST): https://www.taxsavingspodcast.com/webinar Sign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summit Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/what-options-do-i-have-to-pay-for-my-tax-bill Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/mjesowshek ------- 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 2022?	09 Feb 2022	00:25:28
Send us a text On this episode Mike Jesowshek, CPA bring Matt Ruttenberg from Life Inc Retirement Services on to discuss retirement options available for business owners in 2022. 1) What Is The Goal of A Business Retirement Plan? 2) What Retirement Options Are Available On The Personal Side? 3) What Retirement Plan Options Are Best For Businesses With No Outside Employees? 4) What Retirement Plan Options Are Best For Businesses With Employees? 5) What Advanced Retirement Planning Options Are Available? LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/what-retirement-plan-options-are-available-for-my-business-in-2022 Sign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summit Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/what-retirement-plan-options-are-available-for-my-business-in-2022 Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/mjesowshek ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	What Is the Difference Between an Independent Contractor vs Employee?	02 Feb 2022	00:20:56
Send us a text On this episode Mike Jesowshek, CPA talks about the difference between an independent contract and employee and why it is important in your business. 1) What Is An Independent Contractor? 2) What Is An Employee? 3) Why Is Independent Contractor vs Employee Such a Big Deal? 4) How Do I Determine If A Worker Is An Independent Contractor or Employee? 5) What Is The California "AB 5 Law"? 6) Independent Contractor vs Employee Wrap Up and Common Mistakes LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/what-is-the-difference-between-an-independent-contractor-vs-employee Sign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summit Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/what-is-the-difference-between-an-independent-contractor-vs-employee Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/mjesowshek ------- 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 Tax Strategies Are Available After the Year Is Over? Tax Strategies After 12/31/21	26 Jan 2022	00:19:22
Send us a text On this episode Mike Jesowshek, CPA talks about tax strategies that are still available to you (after year-end) prior to filing your 2021 tax return. 1) What Retirement Tax Strategies Are Available After Year-End? 2) What Business Tax Strategies Are Available After Year-End? 3) What Other Tax Strategies Are Available After Year-End? 4) Calendar Deadlines for In-Season Tax Saving Strategies LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/what-tax-strategies-are-available-after-the-year-is-over-tax-strategies-after-12-31-21 Sign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summit Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/what-tax-strategies-are-available-after-the-year-is-over-tax-strategies-after-12-31-21 Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/mjesowshek ------- 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 3 Mistakes Do New High-Income Entrepreneurs Make and How Can They Avoid Them?	19 Jan 2022	00:24:27
Send us a text On this episode Mike Jesowshek, CPA talks with Chris Hanna. He shares his story of entering the entrepreneurial journey and shares tips he has learned along the way. 1) Mistake #1: Ignoring Your Taxes Until They’re Due the Following Year 2) Mistake #2: Neglecting Your Bigger Financial Picture 3) Mistake #3: Treating Your Taxes Like a Chore LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/what-3-mistakes-do-new-high-income-entrepreneurs-make-and-how-can-they-avoid-them Sign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summit Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Podcast Guest: Chris Hanna, Financial Coach - https://www.chrisallenhanna.com/ Article: https://www.taxsavingspodcast.com/blog/what-3-mistakes-do-new-high-income-entrepreneurs-make-and-how-can-they-avoid-them Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax JETRO Packages: https://www.jetrotax.com/packages/ Book an Initial Consultation: https://app.simplymeet.me/mjesowshek ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ -------- To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
	What's the Difference Between a Hobby and Business?	12 Jan 2022	00:16:20
Send us a text On this episode Mike Jesowshek, CPA talks about the difference between a hobby and a business and why this could be so important to you. 1) What is a Hobby? 2) What Are Hobby Loss Rules? 3) How Can I Turn My "Hobby" Into a Business? LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/what-s-the-difference-between-a-hobby-and-business Sign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summit Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/what-s-the-difference-between-a-hobby-and-business Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax JETRO Packages: https://www.jetrotax.com/packages/ Book an Initial Consultation: https://app.simplymeet.me/mjesowshek ------- 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
	Can Small Business Owners Write Off Gym Memberships on Taxes? [2024]	29 May 2024	00:16:06
Send us a text Have you ever wondered if your business can deduct the cost of an on-site gym? In this episode, Mike focuses on the tax deductibility of gym memberships and on-premises athletic facilities for small businesses. He clarifies that personal gym memberships are not deductible, with rare exceptions for fitness instructors. However, gyms or athletic facilities located on business premises can be deductible if they primarily serve rank-and-file employees, not owners or highly compensated employees. He also provides detailed guidelines and examples to help business owners understand and comply with IRS rules for these deductions. Discover the rules and exceptions by tuning in! [00:00 - 05:10] Gym Membership Deductions and On-Premises Athletic Facilities Mike discusses the non-deductibility of personal gym memberships. It is a rare exception for fitness instructors using gyms as their business location. To qualify to be deductible, facilities must primarily serve rank-and-file employees. Highly compensated employees are employees who earn $155,000 or more in 2024. [05:10 - 11:30] Examples and Case Studies Example 1: Gym usage by owners and highly compensated employees vs. rank-and-file employees. Example 2: Single owner and one rank-and-file employee using the gym. Example 3: Owner and family members using the gym exclusively. Mike shares the importance of using a sign-in sheet or key card system for tracking gym usage. [11:30 - 15:45] Conclusion and Additional Resources Direct Quote: "No business allowable business deduction for personal expense, which would be a gym membership, but there are some rare circumstances on where a gym membership might be acceptable." - Mike Jesowshek, CPA ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join TaxElm: https://taxelm.com/ IncSight Packages (Full-Service): https://incsight.net/pricing/ Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ YouTube: https://www.youtube.com/@TaxSavings
	When Are 2021 Tax Returns Due? How Can I Make This Tax Season Stress Free?	05 Jan 2022	00:13:38
Send us a text On this episode Mike Jesowshek, CPA talks about the 2021 tax due dates and how to be prepared for this upcoming tax season. 1) What Are The 2021 Tax Due Dates? 2) Action Steps For Your Business Tax Return 3) Action Steps For Your Personal Tax Return LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/when-are-2021-tax-returns-due-how-can-i-make-this-tax-season-stress-free Sign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summit Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Article: https://www.taxsavingspodcast.com/blog/when-are-2021-tax-returns-due-how-can-i-make-this-tax-season-stress-free Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax JETRO Packages: https://www.jetrotax.com/packages/ Book an Initial Consultation: https://app.simplymeet.me/mjesowshek ------- 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
	Tax Savings Summit + Guest Appearance on the Financial Flossing Podcast	29 Dec 2021	00:29:46
Send us a text On this episode Mike Jesowshek, CPA takes some time to talk about the Small Business Tax Savings Summit. He then ends it with a guest appearance he had on the Financial Flossing Podcast. LINKS FROM THE SHOW Sign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summit Check Out The Financial Flossing Podcast: https://podcasts.apple.com/us/podcast/financial-flossing/id1573619911 Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax JETRO Packages: https://www.jetrotax.com/packages/ Book an Initial Consultation: https://harmonizely.com/mjesowshek ------- 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
	Tax Minimization Program + Guest Appearance on The Free Retiree Show	22 Dec 2021	00:40:41
Send us a text On this episode Mike Jesowshek, CPA takes some time to talk about the Tax Minimization Program. He then ends it with a guest appearance he had on The Free Retiree Show. LINKS FROM THE SHOW Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax Check Out The Free Retiree Show: https://podcasts.apple.com/us/podcast/the-free-retiree-show/id1479301321 Sign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summit -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax JETRO Packages: https://www.jetrotax.com/packages/ Book an Initial Consultation: https://harmonizely.com/mjesowshek ------- 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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