Explore every episode of the podcast Small Business Tax Savings Podcast

Are you an S Corp owner paying for your home office, mileage, phone, or other business expenses out of your own pocket?

You could be missing valuable tax deductions.

In this episode, Mike Jesowshek, CPA, explains how an accountable plan allows your business to reimburse you for qualifying expenses tax-free while claiming the appropriate business deductions.

👉Find out how much your business could save in taxes:

TaxSavingsPodcast.com/scorecard 

🚀 Book your free demo call today. Click here or visit:

https://taxelm.com/demo/

[00:00] Why S Corp Owners Need an Accountable Plan

Learn how an accountable plan allows your business to reimburse you tax-free for qualifying expenses you've paid personally, rather than missing deductions or treating reimbursements as taxable wages.

[05:00] Who Needs an Accountable Plan and Who Doesn't?

Understand why accountable plans are especially important for S Corp and C Corp owners, and how the rules differ for sole proprietors, single-member LLCs, and partnerships.

[07:00] How to Set Up an Accountable Plan in 3 Steps

Learn how to create a reimbursement policy, document expenses with receipts and reports, and transfer reimbursements correctly from your business to your personal account.

[10:00] IRS Requirements and Which Expenses Qualify

Understand the documentation and timing rules for tax-free reimbursements, plus how to claim qualifying home office expenses, business mileage, phone bills, internet, meals, and travel.

[15:00] How $12,500 in Reimbursements Could Save Thousands in Taxes

See a practical S Corp example combining home office, mileage, phone, and other expenses to generate $12,500 in business deductions and potentially $3,500 to $4,500 in tax savings.

[18:00] Common Accountable Plan Mistakes That Could Cost You Deductions

Avoid unsupported reimbursements, flat monthly allowances, claiming personal expenses as business expenses, incorrect bookkeeping, and other mistakes that could trigger taxable wages or denied deductions.

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 ⭐

Can you deduct your home office if you rent? When does switching to an S Corp make sense? And what happens if you've made a mistake with your retirement contributions?

In this listener Q&A episode, Mike Jesowshek, CPA, answers common tax questions from small business owners and explains how to approach deductions, business structures, payroll, and retirement planning.

👉Find out how much your business could save in taxes:

TaxSavingsPodcast.com/scorecard 

🚀 Book your free demo call today. Click here or visit:

https://taxelm.com/demo/

01:00 Home Office Deductions & the Augusta Rule
Learn when home office spaces qualify for deductions, how renters can benefit, and how to document business meetings held at home.

07:00 Starting a Business, LLCs & S Corp Elections
Explore business funding options, when electing S Corp status makes sense, and why separating business finances matters.

13:00 S Corp Payroll & Reasonable Salary Requirements
Learn how to handle delayed payroll, catch-up payments, and reasonable compensation requirements for S Corp owners.

16:00 Hiring Your Kids Through Your Business
Understand payroll taxes when employing your children and how different business structures affect your tax savings.

19:00 Retirement Contributions & Estimated Tax Payments
Learn how to correct excess Roth IRA contributions, compare Solo 401(k)s and SEP IRAs, and avoid estimated tax penalties.

24:00  Vehicle Expenses, Accountable Plans & Travel Deductions
Compare mileage versus actual expenses, learn how S Corp reimbursements work, and understand deductions for business trips involving family.

28:30 Final Takeaway: Implementing Tax Strategies Correctly
Discover why proper documentation, timing, and implementation are essential to protecting your deductions and avoiding costly tax mistakes.

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 ⭐

The money you're already spending on your family could help lower your business tax bill

If your family members perform legitimate work for your business, you may be able to turn some of that spending into tax-deductible wages.

In this episode, Mike Jesowshek, CPA, explains how hiring your kids and other family members can help reduce your taxes in 2026. He covers who you can hire, how the rules differ for sole proprietors and S corp owners, and how much your children can potentially earn tax-free. He also walks through reasonable wages, payroll requirements, the documentation you need, and common mistakes that could put your deductions at risk.

👉Find out how much your business could save in taxes:

TaxSavingsPodcast.com/scorecard 

🚀 Book your free demo call today. Click here or visit:

https://taxelm.com/demo/

00:00 How Hiring Your Family Can Help You Save on Taxes 

Mike explains how paying family members for real work can turn everyday family support into business deductions. He also shares how one business owner saved $12,000 by hiring his kids.

04:00 How the Tax Savings Work

How hiring family members can lower your taxes, including the 2026 standard deduction of $16,100 and potential payroll tax savings.

07:00 Who Can You Hire? Kids, Spouses, and Other Relatives

 The rules for hiring children, spouses, parents, and other relatives, and when each option makes financial sense.

13:00 The S Corp Workaround and Family Management Companies

 Why S corp owners face different payroll tax rules and how a separate business may help them qualify for additional savings.

17:00 Setting Up Payroll and Documentation Correctly 

How to choose appropriate work, pay reasonable wages, and keep the paperwork needed to support your deductions.

22:00 Reporting Family Wages and Calculating Your Tax Savings 

How to report wages correctly, handle payroll taxes, and calculate potential savings using real client examples.

26:00 Using a Roth IRA to Build Tax-Free Retirement Savings 

How children with earned income can contribute to a Roth IRA and start building retirement savings early.

29:00 Common Mistakes to Avoid and Key Takeaways 

The biggest mistakes to avoid, including missing records, unreasonable wages, incorrect payroll reporting, and paying for personal chores.

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 ⭐

Stop paying your medical bills with after-tax dollars 

You’re already paying for deductibles, prescriptions and co-pays. With the right setup, your business could pay you back for them, tax-free.

In this episode, Mike Jesowshek, CPA, explains how a medical expense reimbursement plan (also called an owner HRA or Section 105 plan) can turn out-of-pocket medical costs into business deductions. He covers who qualifies, which entity types work for single and married owners, and the workaround for S corp owners. He also walks through the paperwork you need, how to report the plan on your tax return, and the common mistakes that can cost you the deduction.

👉Find out how much your business could save in taxes:

TaxSavingsPodcast.com/scorecard 

🚀 Book your free demo call today. Click here or visit:

https://taxelm.com/demo/

00:00 Why Your Medical Costs Aren’t Fully Deductible
Mike explains who this strategy is for (owners with no employees outside the family) and why high out-of-pocket medical costs often get little or no deduction as itemized deductions, even in a costly year.

03:00 What a Section 105 Plan Is and Who Qualifies
How a medical expense reimbursement plan lets your business reimburse an employee for qualified family medical costs, turning after-tax spending into pre-tax business deductions. It also covers the no-employee requirement and how other businesses you own could affect whether you qualify.

06:00 Entity Type, Marital Status, and the S Corp Workaround
Why single owners need a C corp and married owners can hire their spouse through a sole proprietorship, partnership, C corp, or rental property. Mike also explains why the plan doesn’t work in an S corp and how moving part of your income into a separate entity can get around that.

09:00 Setting Up the Plan and Reimbursing Expenses
The paperwork you need, including a written plan document, employment agreement, job description, and time log. Mike also covers which expenses qualify under IRS Publication 502 and how receipts, a reimbursement log, and payments from the business account support each claim.

13:00 Reporting the Deduction on Your Tax Return
Where the deduction goes on a Schedule C, partnership return, C corp return, or Schedule E rental, why these costs no longer belong on Schedule A, and the Form 720 filing that goes with the plan.

16:00 Is It Worth It? A Real Number Example
How $50,000 in qualified medical expenses could create more than $17,000 in tax savings. Mike also explains why the plan usually isn’t worth it under $5,000 in costs and when it starts to make sense.

18:00 Mistakes to Avoid and Key Takeaways
The most common mistakes, including missing paperwork, a spouse who doesn’t do real work, outside employees, using an S corp, and improper reimbursements. Mike closes with why getting the structure right matters, especially for families with ongoing medical costs.

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 ⭐

Your health insurance could do more than cover medical emergencies. With the right strategy, it could also help you save on taxes. 

In this episode, Mike Jesowshek, CPA, breaks down health insurance options for small business owners, from group plans to employee reimbursements and stipends. He explains the steps S corp owners need to take to deduct their health insurance premiums and how eligible business owners can use an HSA for tax savings and long-term growth.

👉Find out how much your business could save in taxes.

TaxSavingsPodcast.com/scorecard 

🚀 Book your free demo call today. Click here or visit:

https://taxelm.com/demo/

00:00 | Health Insurance as a Tax Strategy
How healthcare planning can help business owners protect themselves, offer employee benefits, and save on taxes.

01:00 | Your Health Insurance Options
An overview of group plans, self-funded plans, HRAs, and stipends, plus how your needs differ when you’re self-employed.

03:00 | The HSA’s Triple Tax Advantage
A look at tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses.

04:00 | Group Health Insurance Plans
How group plans work and how employers decide what portion of employee premiums to cover.

05:00 | Self-Funded and Level-Funded Plans
How these plans differ from traditional group insurance, including potential savings and risks.

07:00 | Health Reimbursement Arrangements
How HRAs let employers reimburse eligible healthcare costs and why employees need to document their expenses.

08:00 | Stipends and Offering No Coverage
The tax tradeoffs of paying employees extra for healthcare and how benefits can help attract and retain talent.

11:00 | Health Insurance for S Corp Owners
The payment, W-2 reporting, and personal tax return steps discussed for claiming the health insurance deduction.

15:00 | HSA Eligibility and Contribution Limits
An explanation of qualifying health plans and the contribution limits covered in the episode.

17:00 | Investing Your HSA and Saving Receipts
Why leaving funds invested may support long-term growth, and how saved medical receipts can support later reimbursements.

19:00 | Review Your Healthcare Strategy Each Year
Bring coverage, deductions, employee benefits, and HSA planning together as your business grows.

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 ⭐

Documentation 101: How to Prepare for an IRS Audit 

You claimed the deduction. But if the IRS asks, can you prove it?

Mike Jesowshek, CPA, explains which records you need to support your business expenses. Learn how to document purchases, keep clean books, and organize your receipts so you’re prepared if the IRS comes knocking.

👉Find out how much your business could save in taxes.

TaxSavingsPodcast.com/scorecard 

🚀 Book your free demo call today. Click here or visit:

https://taxelm.com/demo/

Chapters: 

00:00 Your Tax Deductions Need Documentation
Paying with a business card doesn’t automatically make a purchase deductible. You need records showing what you bought and why it was business related.

03:00 Audit Selection vs. Audit Outcome
Even well-organized businesses can get audited. Good documentation helps you support your deductions if you’re selected.

08:00 The Proof Behind a Business Deduction
Every deduction needs an actual transaction, a business purpose, and the correct tax treatment. Your supporting records should match.

12:00 Clean Books and Separate Bank Accounts
Separate business and personal accounts, update your books regularly, and clearly label expenses, transfers, and owner activity.

14:00 Business Structure, Payroll, and Reimbursements
Your tax filings and records should match your business structure. Payroll, accountable plans, and meeting records need proper implementation.

17:00 What to Record Beyond the Receipt
Document the business purpose and who was involved. Supporting invoices, calendar entries, and emails can help explain the expense.

19:00 Supporting Records for Mileage, Travel, and More
Mileage, travel, equipment, contractors, loans, and reimbursements each need records that support the transaction.

20:00 Building an Audit-Ready Workflow
Capture receipts promptly, add context, categorize expenses consistently, and save your documents digitally.

22:00 Testing Whether You Can Find Your Records
Choose an older transaction or five large expenses. Check whether you can quickly find the records supporting them.

23:00 What to Do When an Audit Letter Arrives
Read the request carefully, meet deadlines, organize your response, and speak with a qualified tax professional.

25:00 How Good Documentation Pays Off
Organized records make audit responses faster and deductions easier to defend. Clean books also help you make business decisions.

27:00 Why Tax Strategies Need a Paper Trail
Putting a strategy into practice includes documenting it. Hiring your kids, for example, requires records of their work and payments.

28:00 Key Takeaways and Next Steps
Clean books and timely documentation help you prepare for an audit. Learn where to find support implementing tax strategies.

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 ⭐

Are you missing out on the home office deduction because you think your workspace doesn’t qualify?

In this episode, Mike Jesowshek explains who qualifies for the home office deduction and how to calculate it using either the simplified or actual expense method. He also breaks down the regular and exclusive use rules, how the deduction differs for sole proprietors and S Corporation owners, and why a qualifying home office could unlock additional business mileage deductions.

You’ll learn how to choose the right calculation method, document your workspace, avoid common mistakes, and turn expenses you’re already paying into a legitimate business tax deduction.

👉Find out how much your business could save in taxes.

TaxSavingsPodcast.com/scorecard 

🚀 Book your free demo call today. Click here or visit:

https://taxelm.com/demo/

00:00 How the Home Office Deduction Works
The home office deduction allows business owners to turn a portion of expenses they’re already paying, including rent, utilities, insurance, and homeownership costs, into legitimate business deductions.

02:20 Who Qualifies for a Home Office Deduction?
A qualifying workspace must be used regularly and exclusively for business. It doesn’t need to be an entire room, but the separation between business and personal use must be clear.

04:15 What Counts as Your Principal Place of Business?
Your home doesn’t need to be the only place where you work. A home office may qualify if you regularly use it for administrative or management activities such as bookkeeping, scheduling, invoicing, planning, and customer follow-ups.

06:30 The Simplified Home Office Deduction
The simplified method provides a deduction of $5 per qualifying square foot, up to 300 square feet. It requires less recordkeeping but limits the maximum annual deduction to $1,500.

08:50 How the Actual Expense Method Works
The actual method calculates your deduction using the percentage of your home used for business. It may include a portion of rent, mortgage interest, property taxes, utilities, insurance, repairs, cleaning, and depreciation.

10:50 Simplified vs. Actual Expenses
The simplified method may be easier, but the actual method can produce a significantly larger deduction. Business owners should calculate both methods each year before deciding which one to use.

11:35 How to Claim the Deduction Based on Your Business Structure
Sole proprietors and single-member LLCs generally claim the deduction through Schedule C and Form 8829. S Corporation owners typically need an accountable plan to reimburse themselves properly for home office expenses.

13:40 How a Home Office Can Unlock Business Mileage
A qualifying home office may establish the starting point of your business day. This can allow trips from your home office to clients, suppliers, job sites, or other business locations to qualify as deductible business mileage rather than commuting.

15:30 Common Home Office Deduction Mistakes
Personal use of the workspace, estimated measurements, missing housing records, and incorrect treatment based on business structure can weaken or eliminate the deduction.

16:30 Your Home Office Deduction Checklist
Photograph and measure your workspace, confirm your home’s total square footage, collect your annual housing expenses, compare both calculation methods, and document how the deduction will be handled based on your entity type.

17:50 Equipment and Other Home Office Deductions
Computers, desks, cameras, microphones, and other business equipment should generally be analyzed separately. The home office calculation focuses on the cost of the qualifying physical space rather than the equipment used to operate the business.

18:25 How to Make Your Home Office Deduction Defensible
The goal isn’t to claim your entire home as a business expense. It’s to identify the portion legitimately used for business, document it properly, choose the best calculation method, and revisit the deduction each year.

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 ⭐

Are you missing out on a business vehicle deduction, or claiming more than you’re actually allowed?

In this episode, Mike Jesowshek explains how business vehicle deductions work, including the difference between the standard mileage and actual expense methods. He also breaks down the 6,000-pound vehicle rule, business versus personal mileage, vehicle ownership, and the records you need to protect your deduction.

You’ll learn how to choose the right deduction method, avoid costly mistakes, and turn legitimate business driving into a defensible tax strategy.

👉Find out how much your business could save in taxes.

TaxSavingsPodcast.com/scorecard 

🚀 Book your free demo call today. Click here or visit:

https://taxelm.com/demo/

00:00 How Business Vehicle Tax Deductions Work
Vehicle deductions should begin with a legitimate business purpose, not the type of vehicle you want to purchase. Business use determines the deduction, regardless of whose name is on the title or whether the vehicle displays your company logo.

02:29 Standard Mileage vs. Actual Expenses
The standard mileage method provides a set deduction for each documented business mile. The actual expense method deducts the business-use portion of costs such as fuel, insurance, repairs, lease payments, interest, and depreciation.

05:20 How to Choose the Right Deduction Method
Compare your expected mileage, business-use percentage, purchase price, operating costs, and potential deductions over several years.

06:55 The 6,000-Pound Vehicle Tax Strategy
Vehicles with a gross vehicle weight rating above 6,000 pounds may qualify for different depreciation treatment. But the available deduction still depends on business use, vehicle classification, taxable income, and the depreciation method used.

09:45 Should the Vehicle Be in Your Personal or Business Name?
A vehicle doesn’t always need to be titled in the company’s name to qualify for a deduction. Personally owned vehicles may be reimbursed for business use, while personal use of a company-owned vehicle may need to be treated as a taxable fringe benefit.

12:30 What Counts as Business Mileage?
Driving between your home and regular office is generally considered commuting. Trips between business locations, client meetings, job sites, suppliers, and other qualifying destinations may count as deductible business mileage.

15:15 The Records You Need to Protect Your Deduction
Business owners should track the date, destination, purpose, and mileage of every business trip. Mileage records are necessary even when using the actual expense method because they support the vehicle’s business-use percentage.

19:00 How to Claim the Vehicle Deduction
Sole proprietors and single-member LLCs generally claim vehicle expenses on Schedule C. S Corporation owners may deduct a company-owned vehicle’s expenses through the business or use an accountable plan to reimburse business use of a personally owned vehicle.

20:20 Business Vehicle Deduction Checklist
Establish the vehicle’s business purpose, estimate business and personal mileage, compare both deduction methods, check the vehicle’s weight rating, and consider whether buying or leasing makes more sense.

22:00 Avoid This Expensive Vehicle Tax Mistake
A deductible vehicle isn’t free. Before purchasing an expensive truck or SUV for the write-off, calculate the actual tax savings and make sure the vehicle is something the business genuinely needs.

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 ⭐

Is growing your business creating more stress instead of more freedom? 

In this episode, Mike Jesowshek breaks down what commonly starts to fail as a business reaches $250,000, $500,000, and $1 million in revenue. He explains why your personal capacity, internal systems, financial visibility, and ability to delegate must evolve as the business grows.

You’ll learn how to stop becoming the bottleneck, protect profitability, build a team you can trust, and create the systems and proactive tax plan needed to scale without burning out.

👉Find out how much your business could save in taxes.

TaxSavingsPodcast.com/scorecard 

🚀 Book your free demo call today. Click here or visit:

https://taxelm.com/demo/

Chapters:

(03:00) Building Systems at $250,000 in Revenue
Informal processes and information stored in the owner’s head stop working as the business expands. Mike explains how simple checklists and screen recordings can create more consistent results without constant supervision.

(07:00) Delegation Becomes Essential at $500,000
Hiring someone doesn’t automatically reduce the owner’s workload. Effective delegation requires clear outcomes, deadlines, decision-making authority, performance measures, and trust in the people you hire.

(10:15) Making Tax Planning Proactive
As profit increases, reactive tax planning becomes more expensive. Mike covers estimated payments, entity structure, reasonable compensation, retirement opportunities, documentation, and other areas growing businesses should review throughout the year.

(13:00) When the Owner Becomes the Bottleneck
At around $1 million in revenue, the business may have employees and systems but still depend on the owner for every major decision. Mike shares the warning signs that the company cannot operate without your constant involvement.

(14:25) Building Leaders, Not Just Hiring Helpers
Every major function of the business needs clear ownership, measurable goals, and appropriate decision-making authority. Developing capable leaders allows the owner to step away from daily operations and focus on direction.

(18:20) How the Owner’s Role Must Change
The habits that help start a business can become liabilities as it grows. Moving to the next stage requires the owner to spend less time completing tasks and more time planning, coaching, reviewing numbers, and developing people.

(19:45) Mike’s Experience Scaling His Accounting Firm
Mike shares how keeping every process in his head and remaining involved in every client created problems as his firm grew. He explains how those lessons shaped the way he approached building his next company.

(22:25) What Kind of Business Do You Actually Want?
Not every owner wants to build a $100 million company. Mike closes by encouraging business owners to define the business and lifestyle they want, then build the systems, team, financial structure, and tax plan required to support it.

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 ⭐

Could Bitcoin mining turn a major business expense into a tax-saving opportunity?

In this episode, Mike Jesowshek and Colin from Leverage Mining explore how owning mining equipment could help business owners earn Bitcoin and claim potential tax deductions. They break down the upfront costs, participation requirements, and why a tax write-off alone isn’t enough to make this investment worthwhile.

You’ll learn who this strategy might suit, what a four-year commitment involves, and the risks to consider before getting started.

🚀 Could Bitcoin mining fit into your tax strategy? Book a call with Leverage Mining to explore the costs, potential tax benefits, and what getting started would involve: 

https://preview.khgmedia.com/widget/booking/WM032a6yfqW9p8Ls3WpR?utm_source=mike_jesowshek&utm_medium=referral&utm_campaign=partner_program

👉Find out how much your business could save in taxes.

TaxSavingsPodcast.com/scorecard 

🚀 Book your free demo call today. Click here or visit:

https://taxelm.com/demo/

Chapters:

(01:00) Bitcoin Mining vs. Buying Bitcoin
Bitcoin mining involves owning equipment that earns Bitcoin, rather than purchasing the asset directly. The discussion explains how mining machines work, why miners join pools, and how rewards are shared.

(06:00) Bitcoin Mining as a Tax Strategy
Mining equipment may qualify for bonus depreciation, creating an upfront deduction while the business produces Bitcoin over time. The conversation explores how this fits into a broader strategy of purchasing income-producing assets.

(08:00) Material Participation and Documentation
Using mining losses to offset wages or other business income involves more than purchasing equipment. The discussion covers material participation, tracking business activities, and planning ahead to meet the relevant requirements.

(13:00) Equipment Costs and the Four-Year Commitment
Colin outlines packages that combine mining machines, hosting, and electricity over four years. They discuss upfront costs, operating arrangements, and why the value of the Bitcoin earned can fluctuate.

(17:00) How Much of the Investment Is Deductible?
The full package price isn’t presented as a first-year deduction. Using a $100,000 example, they discuss an estimated $70,000 first-year deduction, with remaining electricity expenses spread over later years.

(19:00) Bitcoin Halving and Long-Term Returns
Mining rewards change over time, and Colin explains why his approach depends heavily on Bitcoin appreciating. The discussion highlights the importance of evaluating potential returns beyond the initial tax benefit.

(21:00) What Happens After the Mining Contract Ends?
As the four-year agreement ends, owners face decisions about older equipment and whether to purchase new machines. Colin discusses replacement, disposal, and the potential tax implications of selling depreciated equipment.

(24:00) Accumulating Bitcoin Over Time
Mining produces Bitcoin gradually rather than through a single purchase. Colin explains his preference for holding the Bitcoin earned and taking a long-term approach to price fluctuations.

(26:00) Understanding the Risks of Bitcoin Mining
Bitcoin prices, network difficulty, changing rewards, and equipment failures can affect results. The conversation also covers hosting fees, electricity contracts, downtime, and questions to ask when evaluating a provider.

(31:00) Who Might Be a Good Fit for This Strategy?
The discussion focuses on high-income business owners who can commit funds for several years and tolerate volatility. It closes with the importance of participation requirements, documentation, and building a legitimate business strategy.

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 ⭐

Discover how you can save over 5 figures in taxes with my 3-step tax shift system in my upcoming masterclass on September 1st at 7PM EST

Join here: https://taxsavingspodcast.com/masterclass/

If your business earns between $50,000 and $750,000 in annual profit, you're probably paying thousands more in federal taxes than necessary.

But filing a tax return isn’t the same as tax planning. 

Proactive tax planning helps you make smarter decisions while there’s still time to reduce your bill.

On Tuesday, September 1 at 7:00 PM Eastern Time, Mike Jesowshek, CPA, is hosting a free 90-minute live masterclass on how business owners can cut their tax bills by $15,000 or more.

During the training, you’ll learn:

💵 Mike’s three-step Tax Shift System
📊 How proactive planning can uncover missed tax savings
🧾 The difference between tax preparation and tax planning
🏢 How an S Corp election could save an $80,000-profit business around $5,300 per year
✅ Which strategies may apply to your business and income

Mike will also stay after the training for a live Q&A, where you can ask about your entity, income, children, rental properties, or other tax questions specific to your situation.

The training is completely free, but you’ll need to reserve your seat.

Register now at taxsavingspodcast.com/masterclass

See you there! 

🚀  Discover how you can save over 5 figures in taxes with my 3-step tax shift system in my upcoming masterclass on September 1st 7PM EST

Join here:  https://taxsavingspodcast.com/masterclass/

Selling a business, rental property, or investment can create a significant capital gains tax bill. Could investing in an Opportunity Zone help you delay that tax and potentially eliminate taxes on future growth?

We cover how Qualified Opportunity Zones work, why the timing of your investment matters and all the rules for investments made in 2026 are very different from those beginning in 2027.

You’ll learn about the 180-day investment deadline, the limited deferral available in 2026, and the new five-year deferral beginning in 2027. Most importantly, you’ll learn why an Opportunity Zone investment should make financial sense before considering the tax benefits.

👉Find out how much your business could save in taxes.

TaxSavingsPodcast.com/scorecard 

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

Chapters:

(00:00) What Is an Opportunity Zone?
Opportunity Zones encourage investment in designated communities by offering tax benefits to investors who reinvest eligible gains through a Qualified Opportunity Fund.

(02:00) The Two Main Opportunity Zone Tax Benefits
Investors may be able to defer tax on the original gain and exclude future appreciation from federal capital gains tax after holding a qualifying investment for at least 10 years.

(04:00) What Happens to Opportunity Zone Investments in 2026?
Gains invested under the current rules generally become taxable by the end of 2026, but the investment may still qualify for the 10-year appreciation benefit.

(06:00) Can You Move an Existing Gain Into the New Program?
A deferred Opportunity Zone gain recognized at the end of 2026 generally cannot be reinvested under the new rules beginning in 2027.

(07:48) How the 180-Day Deadline Affects Late-2026 Gains
A new gain realized late in 2026 may qualify for the 2027 rules if the investment is made in 2027 within the required 180-day period.

(09:37) What Changes for Opportunity Zones in 2027?
The new rules introduce a five-year deferral, a 10% basis increase after five years, and a potential 30% basis increase for qualifying rural investments.

(12:04) Should You Invest in 2026 or Wait Until 2027?
The right timing depends on when the gain occurred, when the 180-day deadline expires, and whether the investment makes financial sense on its own.

(14:04) Five Questions to Ask Before Investing
Confirm that the gain qualifies, calculate the exact deadline, identify which rules apply, consider the 10-year holding period, and evaluate the investment without the tax benefit.

(16:43) Common Opportunity Zone Myths
Mike addresses misconceptions about eliminating the original gain, qualifying properties, reinvesting old gains, rural funds, and missing the 180-day deadline.

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.

Can you deduct your dog, pay your child tax-free, or claim the kitchen table as a home office? Tax rules for small business owners aren’t always straightforward. Wrong assumption could lead to missed deductions or problems with the IRS.

In this Q&A episode, Mike answersyour questions. He explains which expenses may qualify when a dog is used for marketing, how hiring children differs between an S corporation and a sole proprietorship, and what happens when a child turns 18.

He also covers mileage tracking, missing receipts, home office requirements, unreported Venmo income, retirement plan deadlines, college funding strategies, and whether health-sharing payments qualify for the self-employed health insurance deduction. 

👉 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

00:45 Hiring Your Children Through an S Corporation
Mike explains how a child’s age and the business entity affect income tax, FICA withholding, W-2 employment, and 1099 contractor treatment.

05:03 Deducting Your Dog and Tracking Business Mileage
Learn which dog-related marketing expenses may qualify as deductions, which personal pet expenses typically don’t, and how to document business mileage.

09:10 Missing Receipts and Paying for College Through Your Business
Mike covers the documentation needed for expenses under $75, reimbursing personally paid business costs, and hiring a child to help fund college.

13:55 Retirement Deadlines and the Home Office Deduction
Review important retirement contribution deadlines and find out why working from the family kitchen table generally doesn’t qualify for a home office deduction.

16:28 Hiring a Teenager and Reporting Venmo Income
Mike explains W-4 and payroll requirements when hiring a 15-year-old, along with why business income must be reported even when no 1099 is received.

19:26 Health-Sharing Plans and Insurance Deductions
Find out whether health-sharing payments qualify for the self-employed health insurance deduction and how to compare their cost with potential tax savings.

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.

Life insurance isn’t just a way to protect your family. For the right business owner, it can also provide tax-efficient growth, access to capital, and long-term financial flexibility.

In this episode, Mike and Matt explain how cash value life insurance works, including tax-deferred growth, policy loans, death benefits, and long-term care benefits. They also break down term, whole, and universal life insurance, who this strategy may benefit, and how to avoid choosing an expensive or poorly designed policy.

👉 Need a life insurance policy that fits your financial strategy? Connect with Matt for a policy review and personalized guidance based on your goals: https://lifeincrs.com/tax-savings-podcast

👉Find out how much your business could save in taxes.

TaxSavingsPodcast.com/scorecard 

🚀 Book your free demo call today. Click here or visit:

https://taxelm.com/demo/

Chapters:

(01:25) Life Insurance as a Wealth-Building Strategy
For some high-income earners and business owners, life insurance can provide more than financial protection. A properly structured policy may support tax-efficient growth, access to capital, and long-term financial stability.

(03:25) The Tax Advantages of Cash Value Life Insurance
Policy contributions are generally made with after-tax money, but the cash value can grow tax-deferred. Beneficiaries may also receive the death benefit free from federal income tax.

(05:20) Understanding Policy Costs and Commissions
Permanent life insurance can carry significant upfront commissions and insurance costs. Evaluating those expenses over the policy’s full lifetime provides a more useful comparison than looking only at the first year.

(10:10) Accessing Cash Value Through Policy Loans
Policyholders may borrow against their cash value without creating an immediately taxable withdrawal. The remaining cash value can continue earning interest, while unpaid loans generally reduce the eventual death benefit.

(15:35) Contribution Limits and Modified Endowment Contracts
Life insurance doesn’t have the same annual contribution limits as qualified retirement accounts. However, overfunding a policy can turn it into a modified endowment contract and change how withdrawals are taxed.

(19:00) Term, Whole, and Universal Life Insurance Explained
Term insurance provides temporary protection without accumulating cash value. Whole and universal life policies offer permanent coverage, with different levels of cash value growth, investment exposure, cost, and flexibility.

(22:15) Designing a Policy Around Your Financial Goals
A policy can be designed to prioritize accessible cash value or a larger death benefit. Additional features may include chronic care riders, participating loans, and fixed or net-zero loan options.

(25:30) Who Should Consider Cash Value Life Insurance?
This strategy may fit profitable business owners who have already established emergency savings and funded their traditional retirement accounts. It generally shouldn’t be someone’s first savings or investment tool.

(30:00) Why Life Insurance Is Often Misunderstood
Life insurance is complex and sometimes presented as a solution to every financial problem. Its value depends on whether the policy is properly explained, structured, and integrated into a broader financial plan.

(32:10) Reviewing an Existing Life Insurance Policy
A policy audit can reveal whether existing coverage is healthy, appropriately designed, and aligned with the owner’s current goals. Before purchasing or changing a policy, review the numbers and consult a professional who understands multiple financial strategies.

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 ⭐

Paying yourself the lowest possible S Corp salary might save taxes today, but it could create a much bigger tax bill later.

In this episode, Mike explains how to determine a reasonable S Corp salary based on your role, hours, local market wages, business profit, and cash flow. He also breaks down payroll timing, salary adjustments, documentation, and how to protect your S Corp tax savings while staying compliant with IRS rules.

👉Find out how much your business could save in taxes.

TaxSavingsPodcast.com/scorecard 

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

Chapters:

(01:00) What Is Reasonable Compensation?
An S Corp owner who actively works in the business must receive a reasonable W-2 salary based on what the business would pay someone else to perform the same work.

(03:05) The Goal Is a Defensible, Documented Salary
A reasonable salary shouldn’t be unnecessarily high or aggressively low. It should be supported by a clear process and adjusted as the business changes.

(04:05) Factors That Determine an S Corp Salary
The owner’s responsibilities, hours, industry, location, role in generating revenue, company profit, cash flow, and stage of growth all affect reasonable compensation.

(05:40) The Percentage Method and 40/60 Split
Using 40% to 50% of business profit as salary can provide a starting point, but a percentage alone doesn’t replace a complete reasonable compensation analysis.

(07:00) Using Market Wages and Replacement Cost
Breaking the owner’s work into technical, sales, marketing, and administrative duties can help calculate a salary using local market rates for each role.

(10:05) Comparing Salary to Business Profit
Reasonable compensation must also make sense in relation to the company’s profit, the owner’s involvement, available cash flow, and whether money is being distributed or reinvested.

(11:05) How Often Should an S Corp Owner Run Payroll?
Monthly or biweekly payroll is generally recommended, with a review later in the year to make any necessary adjustments or catch-up payments.

(13:15) How to Document Reasonable Compensation
Keep a written salary analysis, description of duties, estimated hours, market-wage data, payroll records, profit information, and year-end review notes.

(15:05) Two Businesses With Very Different Salaries
A real-world example shows why two owners with identical business profits can reasonably receive drastically different salaries based on their actual involvement.

(16:35) Protecting Your S Corp Tax Savings
The strongest S Corp strategy uses a salary that is reasonable, defensible, and documented instead of simply chasing the lowest possible number.

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.

Will electing S Corporation status ALWAYS save your business thousands in taxes? While that can be true, an S Corp also brings additional payroll requirements, tax filings, costs, and responsibilities.

In this episode, we break down how an S Corp reduces self-employment taxes, when the election usually makes financial sense, and which factors you need to consider before making the switch.

👉Find out how much your business could save in taxes.

TaxSavingsPodcast.com/scorecard 

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

Chapters:

(00:00) What Is an S Corporation?
An S Corp is a tax election for an existing LLC or corporation, not a separate type of business entity.

(03:00) How an S Corp Can Reduce Your Taxes
Splitting business income between a reasonable salary and distributions can reduce the amount subject to self-employment taxes.

(05:00) When Does an S Corp Start Making Sense?
An S Corp generally becomes worth exploring when a business consistently earns around $60,000 or more in annual profit.

(08:00) Who Is a Good Candidate for an S Corp?
Consistent profit, active owner involvement, clean bookkeeping, and reliable cash flow are important signs that an S Corp could be a good fit.

(10:00) When an S Corp May Not Save You Money
 Low or inconsistent profit, high reasonable compensation, state-level taxes, and an existing high-paying W-2 job can change the calculation.

(12:00) The Reasonable Salary Requirement
 S Corp owners who actively work in the business must pay themselves reasonable W-2 compensation before taking distributions.

(13:00) How Often Should an S Corp Owner Run Payroll?
Monthly or biweekly payroll is generally the safest approach, while waiting until the end of the year can create compliance and cash-flow problems.

(14:00) Hidden S Corp Costs and Responsibilities 

Payroll filings, W-2s, bookkeeping, accountable plans, health insurance reporting, and salary documentation must all be handled correctly.

(15:00) The S Corp Decision Framework
Use these questions to evaluate profitability, salary, payroll, state taxes, bookkeeping, and whether the potential savings exceed the added costs.

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.

👉 Ready to simplify your recordkeeping? Check out Shoeboxed to organize receipts, track mileage, and keep your business expenses audit-ready. Visit https://referrals.shoeboxed.com/mb4p7wl1ithi

You could qualify for thousands of dollars in tax deductions, but without the right documentation, the IRS could take them away.

Mike sits down with Doug Breaker, owner of Shoeboxed, to explain how proper recordkeeping helps business owners protect their tax deductions. They break down what to document for receipts, meals, mileage, home offices, and business travel, how long to keep your records, and how simple tracking systems can help you stay organized and audit-ready.

👉Find out how much your business could save in taxes.

TaxSavingsPodcast.com/scorecard 

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

Chapters: 

01:00 Doug Breaker’s Journey to Owning Shoeboxed
Doug explains how he went from working as a corporate CEO to purchasing Shoeboxed and becoming a business owner.

05:00 How Shoeboxed Simplifies Recordkeeping
Doug shares how Shoeboxed helps business owners digitize receipts, automatically collect expense information, and classify business mileage.

06:00 What Counts as Proper Documentation?
Receipts should capture details such as the date, vendor, amount, and business purpose, while mileage logs require the date, destination, mileage, and purpose of the trip.

11:00 How to Organize a Backlog of Receipts
Business owners with years of disorganized receipts should begin by digitizing recent records and creating a consistent process for tracking new expenses.

15:00 What an Audit-Ready Mileage Log Should Include
A proper mileage log should record the date, destination, miles driven, and business purpose of each trip rather than relying on an annual estimate.

19:00 How Long Should You Keep Business Tax Records?
Doug recommends keeping receipts, mileage logs, and supporting documentation for at least three years in a secure and accessible location.

22:00 When Driving From Home Becomes Deductible Mileage
Driving from home to a regular workplace is generally commuting, but traveling from a qualifying home office to another business location can create deductible mileage.

27:00 Deducting Expenses Before a Business Makes Money
Expenses incurred before a business begins operating may be treated as startup costs. Establishing a paying customer can help show that the business has moved into its operational stage.

32:00 Why Better Recordkeeping Protects Your Tax Savings
Consistently tracking every receipt and business mile helps protect deductions, reduce audit anxiety, and keep more money in the business.

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.

Can a rental property put $30,000 in your pocket without adding $30,000 to your taxable income? Let’s talk about rental property tax strategies

Mike explains how rental real estate can create tax savings even when you can’t use rental losses to offset your business or W-2 income. 

He breaks down the difference between cash flow and taxable income, how depreciation can shelter rental income, and what happens to suspended passive losses. He also covers short-term rental rules, real estate professional status, common entity mistakes, and the key questions to ask before buying a rental property.

👉Find out how much your business could save in taxes.

TaxSavingsPodcast.com/scorecard 

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

Chapters: 

00:00 How Rental Properties Create Tax Savings
Rental properties don’t need to generate a usable tax loss to provide tax benefits. Depreciation and other deductions can allow investors to earn positive cash flow without reporting the same amount as taxable income.

02:15 What Happens When You Can’t Use a Rental Loss?
Rental losses are generally passive and can’t usually offset W-2 or active business income. Unused losses are  suspended until they can offset passive income or be used when the property is sold.

05:15 Rental Cash Flow vs. Taxable Income
Cash flow is the money that reaches your pocket, while taxable income is the amount the IRS taxes. 

06:15 How $30,000 of Rental Cash Flow Could Create No Taxable Income
A business owner earning $200,000 could receive another $30,000 in rental cash flow while still reporting around $200,000 of taxable income. Depreciation and rental deductions could shelter the additional income.

08:45 When Rental Losses Can Offset Active Income
Short-term rental treatment, real estate professional status, and certain active participation rules can allow rental losses to offset W-2 or business income.

12:30 How Rental Property Depreciation Works
Residential rental buildings are generally depreciated over 27.5 years, while commercial properties are depreciated over 39 years. 

14:45 Why You Shouldn’t Hold Rental Property in an S Corporation
Rental properties are commonly held in LLCs for liability protection, but generally shouldn’t be placed inside an S corporation. Active business operations and passive rental activities should also be kept legally separate.

17:15 Building a Complete Rental Property Tax Strategy
A strong rental strategy combines positive cash flow, depreciation, expense tracking, appreciation, debt paydown, suspended losses, and potential strategies such as hiring your children or completing a 1031 exchange.

19:15 Four Questions to Ask Before Buying a Rental Property
Before investing, determine whether the property makes sense without the tax benefits, what its cash flow will be after debt payments, how much income will be taxable, and whether any rental losses can be used immediately or will be suspended.

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.

👉 Interested in learning more about oil and gas investing?  Email us at ask@taxsavingspodcast.com and we’ll connect you with Nick White and the team at US Energy.

Big tax deduction or risky investment? Oil and gas investing can be a powerful tax strategy for high-income business owners, but it’s not something to jump into just because you want a write-off.

In this episode, Mike sits down with Nick White from US Energy to break down how oil and gas investing works, where the tax benefits come from, and why intangible drilling costs can create a large first-year deduction. They cover who is a good fit, how these investments can potentially offset W-2 income, business income, K-1 income, and capital gains, what the return and cash flow profile may look like, and the key risks investors need to understand before getting involved. 

👉 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: 

01:00 How Oil and Gas Investing Creates Tax Benefits
Oil and gas investing is built around government incentives for domestic energy production. Investors who participate directly in drilling funds may be able to receive large first-year deductions through intangible drilling costs.

06:00 Intangible Drilling Costs Explained
Intangible drilling costs include expenses tied to the drilling process that do not have a depreciation schedule, such as labor, roads, and hydraulic fracturing. These costs can help create a large year-one deduction for qualified investors.

07:45 Offsetting W-2, Business, K-1, and Capital Gains Income
Unlike many real estate losses, oil and gas deductions may be able to offset active income, including W-2 income, business income, K-1 income, and capital gains. This is one reason the strategy is often discussed with high-income earners.

09:15 Who is Oil and Gas Investing a Good Fit For?
Oil and gas investing is generally geared toward accredited investors, including individuals with at least $1 million in net worth excluding their primary residence, or income of at least $200,000 for single filers and $300,000 for joint filers.

11:15 Key Risks Investors Need to Understand
Oil and gas investing comes with real risks, including drilling risk, pricing risk, concentration risk, and company structure risk. Look closely at debt levels, drilling strategy, diversification, and whether the company is focused on proven production areas.

17:00 Timing Your Investment Before Year-End
While an investment may qualify if completed by December 31, starting earlier gives investors more time to understand the deal, plan properly, and avoid rushed year-end decisions.

23:30 QBI, SALT, and Phaseout Planning
Oil and gas deductions may help business owners reduce taxable income enough to phase back into other tax benefits, such as the qualified business income deduction or state and local tax deductions.

26:00 Common Mistakes When Evaluating Oil and Gas Deals
Not every deal is structured the same way. Investors should avoid chasing deductions blindly and instead evaluate the partnership structure, use of debt, drilling approach, technology, risk profile, and long-term cash flow potential.

Disclaimer:

This episode was not sponsored. This conversation is for educational purposes only and is not investment, legal, or tax advice. It is not a recommendation or endorsement of any specific company, fund, security, or oil and gas offering. Oil and gas investments may involve substantial risk, illiquidity, commodity price volatility, operational risk, tax complexity, and possible loss of principal. Tax treatment depends on each taxpayer’s facts, investment structure, at-risk basis, passive activity rules, and professional advice. Past results do not guarantee future results.

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.

Free money for kids? Not so fast. Trump Accounts could become one of the newest long-term wealth-building tools for families, but you need to understand how they work, who qualifies, and how they fit into a bigger tax and investment strategy.

In this episode, Mike breaks down everything you need to know about the Trump Accounts. He covers the contribution rules, tax-deferred growth, employer contribution opportunities, Roth conversion planning, and how Trump Accounts compare to 529 plans, Roth IRAs, custodial accounts, and brokerage accounts. 

👉 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:

01:00 What Are Trump Accounts?
Trump Accounts are new savings vehicles for children under 18, created under the One Big Beautiful Bill Act. They are designed to encourage early investing, long-term compounding, and tax-deferred growth.

02:25 The $1,000 Government Seed Contribution
Children born between 2025 and 2028 may qualify for a $1,000 federal contribution. This is not spending money; it is long-term investment capital placed into the child’s Trump Account.

03:30 Contribution Rules and Tax Treatment
Families can contribute up to $5,000 per year until the child turns 18. Contributions are not tax-deductible, but the growth inside the account is tax-deferred.

05:30 Roth Conversion Planning for Trump Accounts
Once the child reaches adulthood, the account transitions into a traditional IRA structure. Low-income years may create an opportunity to convert portions into a Roth IRA.

09:15 Trump Accounts vs. 529 Plans and Roth IRAs for Kids

529 plans focus on education, while Trump Accounts focus on long-term wealth building. Roth IRAs are still a strong option for kids with earned income, but Trump Accounts can help fill the gap when a child does not qualify yet. 

12:25 Downsides of Trump Accounts
Trump Accounts are not perfect for every family. Funds are locked up until adulthood, the child eventually controls the account, investment choices may be limited, and future taxation still needs to be planned for.

13:35 The Stacking Strategy for Family Wealth Planning
Families do not have to rely on just one account type. A 529 plan, Roth IRA, Trump Account, brokerage account, or custodial account can each serve a different purpose depending on the family’s goals and cash flow.

14:40 Final Strategy Thoughts on Trump Accounts
Trump Accounts may not be an automatic fit for everyone, but they should be considered as part of a larger family wealth plan, especially for children eligible for the $1,000 government contribution.

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.

Don’t wait until the last minute to start tax planning. Mid-year is one of the best times for business owners to review their tax situation. Most business owners wait until year-end to ask, “How can I lower my tax bill?” But by then, some of the best opportunities are already gone. Instead of making proactive tax-saving moves, you’re left doing damage control.

In this episode, Mike walks through a simple mid-year tax checkup every small business owner should do before December. He covers how to review your income, estimate your tax liability, clean up your bookkeeping, evaluate your entity structure, plan retirement contributions, think through major purchases, and identify tax strategies you still have time to implement before year-end.

👉 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

01:00 Why Mid-Year Is the Sweet Spot for Tax Planning
Mid-year gives business owners two major advantages: enough real financial data to review and enough time left in the year to implement strategies.

03:00 Grade Your Tax Planning Progress
Business owners should evaluate whether they’ve only learned about tax strategies or have actually started implementing them.

04:00 Review Your Bookkeeping Before It Becomes a Problem
Accurate bookkeeping is the foundation of good tax planning. Mid-year is the time to catch missing transactions, miscategorized expenses, personal charges, payroll errors, and missed deductions.

05:20 Review Your Entity Structure
Your business structure should match your current income, profit, and tax strategy. This includes reviewing whether an LLC, S corporation, or multi-entity setup makes sense.

07:40 Review Retirement Contribution Opportunities
Mid-year is a good time to look at retirement plan options, contribution goals, employee benefits, and whether your current plan still fits your business.

09:30 Analyze Big Purchases Before Making Them
Buying equipment or vehicles just for the write-off is not a good strategy. Business owners should review whether the purchase is needed, how it will be paid for, and whether this year or next year makes more sense.

11:10 Look for Missed Tax Strategies
Mid-year still leaves time to implement strategies like hiring your kids, using the Augusta Rule, setting up an accountable plan, reviewing health insurance deductions, and timing income and expenses.

13:20 Review Core and Advanced Tax Strategies
Business owners who already use tax strategies should review whether they’re getting the full benefit. Higher-income business owners may need to look at more advanced planning opportunities.

16:00 Tax Planning Is Not a December Activity
The best tax-saving opportunities happen when business owners still have time to make decisions, fix mistakes, and plan strategically before year-end.

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.

Stop treating your retirement like a someday problem…For business owners, the right plan can be a valuable tax strategy. But too many entrepreneurs wait too long, choose the wrong plan, or assume a 401(k) is only for big companies. 

In this episode, Mike sits down with Matt Ruttenberg to explain how retirement plans work for small business owners. They break down the differences between SEP IRAs, SIMPLE IRAs, solo 401(k)s, safe harbor 401(k)s, and defined benefit plans, plus the questions you should ask before choosing a plan, including your contribution goals, employee needs, cost, timing, and tax savings potential.

🚀 Ready to find the right retirement plan for your business? Start here: https://lifeincrs.com/tax-savings-podcast

👉 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 Why Retirement Planning Matters for Business Owners
The wrong retirement plan can cost business owners tax savings, growth, and long-term financial security.

01:20 Retirement Plan Options for Business Owners
A breakdown of SEP IRAs, SIMPLE IRAs, solo 401(k)s, safe harbor 401(k)s, defined benefit plans, and executive plans.

02:00 How to Choose the Right Plan
The right plan depends on the owner’s goals, employee needs, contribution targets, and tax strategy.

04:30 Retirement Plans for Businesses With Employees
Traditional 401(k)s, SIMPLE IRAs, state retirement programs, and safe harbor plans can help businesses offer employee benefits.

08:00 Retirement Plans for Solo Business Owners
Owners without eligible employees may consider an IRA, Roth IRA, SIMPLE IRA, solo 401(k), or defined benefit plan.

11:35 Time, Maintenance, and Costs
Plan setup and maintenance may include payroll setup, employee deferrals, compliance, annual testing, filings, and administrative costs.

18:50 Why Not All 401(k)s Are Created Equal
Payroll-based 401(k)s are easier to start, while custom plans offer more flexibility for tax strategy, plan design, and business growth.

27:10 Tax Credits, Deadlines, and Final Takeaways
SECURE 2.0 tax credits may help offset plan costs, but timing matters. Starting early helps avoid missed deadlines and lost tax savings.

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.

Small tax mistakes can cost you thousands, even when you think you’re doing everything right.

From missing a filing deadline to misunderstanding how a deduction works, small errors can quickly turn into penalties, lost deductions, and a higher tax bill.

In this episode, Mike answers real tax questions from small business owners covering gambling losses, BOI reporting, moving an S corporation to another state, the Augusta Rule, HSAs, late 1099s, estimated tax penalties, startup expenses, vehicle write-offs, and more. He breaks down the rules, explains the available options, and shares practical steps to help you stay compliant and avoid costly tax mistakes.

👉 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

00:45 Gambling Losses, BOI Reporting, and Moving an S Corp
Mike explains gambling deductions, current BOI filing rules, and what happens when an S corporation moves states.

05:40 The Augusta Rule, HSAs, and Nonprofit Approval
Learn how to document Augusta Rule meetings, coordinate HSA contributions, and apply for 501(c)(3) status.

10:20 Health-Sharing Plans, Late 1099s, and Estimated Tax Penalties
Mike covers health-sharing deductions, missed 1099 deadlines, and penalties after a late-year property sale.

16:25 Seasonal Income, Inventory Credit, and Pre-Revenue Businesses
Find out how seasonal businesses handle estimated taxes, how much inventory to finance, and what to file before earning revenue.

20:15 Late Schedule C Filings, C Corp Owner Pay, and Vehicle Write-Offs
Mike explains prior-year Schedule C filings, how C corporation owners are paid, and choosing between mileage and actual vehicle expenses.

Resources Mentioned: 

👉 www.FinCen.gov 

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.

Your CPA isn’t saving you money… And it’s probably not their fault. 

Many business owners expect their CPA to handle everything: bookkeeping, tax filing, tax strategy, and financial guidance. 

In this episode, Mike breaks down the four financial roles every business owner needs to understand: bookkeeper, tax preparer, tax strategist, and CFO or advisor. He explains what each role does, what they do not do, and how building the right financial team can help you stay compliant, make better decisions, and legally lower your tax bill.

👉 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

01:45 The Four Financial Roles Every Business Owner Needs
A strong financial team is usually made up of multiple roles, not one person. The key roles are bookkeeper, tax preparer, tax strategist, and CFO or advisor.

02:00 The Bookkeeper: The Historian
Bookkeepers track income, expenses, transactions, and financial statements. They help create clean, accurate books, but they usually do not provide tax strategy or planning advice.

03:00 The Tax Preparer: The Reporter
Tax preparers file returns using completed books and past financial data. Their work focuses on compliance, not optimization, which is why tax filing alone usually does not create tax savings.

04:25 The Tax Strategist: The Architect
Tax strategists look forward and build a plan to legally reduce taxes. This may include timing income, maximizing deductions, reviewing entity structure, and implementing proactive tax strategies.

05:55 The CFO or Advisor: The Navigator
A CFO or advisor focuses on bigger financial decisions like cash flow, growth, profitability, and next steps. This role becomes more important as the business scales.

08:35 What a CPA Actually Is
A CPA is a credential, not a guaranteed service package. Some CPAs prepare tax returns, some provide planning, some focus on bookkeeping, and some do not work in tax at all.

11:35 Where TaxElm Fits Into the Financial Team
TaxElm focuses on the tax strategy layer. It does not replace bookkeepers or tax preparers, but helps business owners with proactive year-round planning and strategy implementation.

13:35 How to Know What Your Business Actually Needs
The starting point depends on the gap in your business. Messy books point to bookkeeping, recurring surprise tax bills point to tax planning, and growth challenges may point to CFO-level advisory.

16:00 A Simple Framework for Your Financial Team
Business owners need clean books, accurate filing, proactive planning, and strategic growth. 

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.

Your bookkeeping changes everything from a tax standpoint.

If your books are messy, outdated, or based on guesswork, your tax planning is already working with bad information. You may miss deductions, misjudge your profit, make poor year-end decisions, or overpay the IRS without realizing it.

In this episode, Mike breaks down why bookkeeping is not just administrative work. It is the foundation of smart tax planning. He explains what bookkeeping actually is, how your profit and loss statement and balance sheet affect your taxes, and why clean, accurate books help business owners make better decisions, reduce tax-season stress, and uncover more opportunities to lower their tax bill.

👉 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

00:58 Why Business Owners Ignore Bookkeeping Early
Many new business owners focus on sales, growth, employees, and operations while treating bookkeeping as an afterthought. This creates problems later with taxes, stress, and missed opportunities.

03:15 Why Bookkeeping Is a Tax Strategy
Tax strategy starts with accurate data. Business owners can’t maximize deductions, time income, plan asset purchases, or make smart tax decisions if their numbers are wrong.

06:30 Understanding the Profit and Loss Statement
The profit and loss statement shows income, expenses, and profit. Since taxable income often starts with profit, this statement is where many tax-saving opportunities begin.

10:45 The Main Types of Bookkeeping Transactions
There are four main transaction types to track: bank and credit card transactions, non-cash transactions, invoices, and bills. Where each transaction lands affects the tax impact.

13:30 Common Bookkeeping Mistakes Business Owners Make
Common mistakes include inconsistent tracking, waiting until tax season, mixing business and personal expenses, and failing to keep clean records for 1099s.

15:00 What Accurate Books Actually Give You
Clean bookkeeping helps business owners stop overpaying taxes, see opportunities in real time, make better decisions, reduce tax-season stress, and move from reactive to proactive planning.

16:00 A Simple System for Better Bookkeeping
A simple bookkeeping system starts with cloud-based software, weekly transaction categorization, separate business and personal finances, and professional help when needed.

Resources Mentioned:

👉  Kick: https://refer.kick.co/mike-jesowshek-cpa

👉  Quickbooks: https://quickbooks.partnerlinks.io/4k3apzwyyyhf

👉  Xero: https://xero5440.partnerlinks.io/i98ammvf3g9h-nx0cim

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.

Hiring one remote employee in another state changes everything from a tax standpoint.

The same goes for selling products or services across state lines. Once your business creates a connection to another state, that state may expect you to register, file, collect taxes, or handle payroll compliance there.

In this episode, Mike sits down with Nellie Akalp, CEO and Co-Founder of CorpNet, to break down state tax nexus in plain English. They explain what creates nexus, why remote employees and multi-state sales can trigger tax obligations, and what business owners need to do to avoid penalties, back taxes, and compliance headaches.

🚀 Need help registering in another state, setting up payroll tax accounts, or staying compliant as your business grows? Visit CorpNet at https://www.corpnet.com/?PID=1071

👉 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

00:58 What Is State Tax Nexus?

State tax nexus is the connection your business has to a state that creates a legal obligation to follow that state’s tax laws. Nellie explains the two main types of nexus business owners need to understand: employee nexus and sales nexus.

03:30 Hiring Remote Employees in Another State

Hiring one remote employee in another state can trigger payroll tax obligations, unemployment insurance registration, and state compliance requirements. Mike and Nellie explain why this should not stop you from hiring great talent, but it does need to be handled properly.

06:30 Why You Should Not Run Payroll by Hand

Payroll tax rules change often, and running payroll manually can create serious compliance issues. Nellie explains why business owners should use payroll software or a payroll provider once they start hiring employees.

09:00 Common Mistakes Business Owners Make With Employee Nexus

The biggest mistake is not knowing nexus exists. Nellie shares common issues like hiring remote employees without registering in the correct state, running payroll before accounts are set up, and forgetting ongoing filing requirements.

12:00 What Is Economic Nexus?

Economic nexus is based on how much you sell into a state, even if you do not have an office or employees there. Nellie explains how the South Dakota v. Wayfair case changed the rules for out-of-state sellers.

14:00 Sales Thresholds and Multi-State Tax Obligations

A common benchmark for economic nexus is $100,000 in sales or 200 transactions annually, but rules vary by state. Mike and Nellie explain why business owners should track sales by state and consider a nexus study as they grow.

16:30 Why E-Commerce Businesses Are More Exposed

Online businesses often assume they have nothing to worry about because they do not have a physical location in other states. Nellie explains why e-commerce sellers can be especially exposed when they sell across multiple states.

18:00 Foreign Qualification and State Registration

Some states may require your LLC or corporation to foreign qualify before registering for payroll tax accounts or sales tax accounts. Nellie explains what foreign qualification means and when it may apply.

20:30 Why Closing State Accounts Matters

If you stop doing business in a state, terminate an employee, or move operations, you may need to close your state accounts properly. Otherwise, your business may keep receiving notices or filing requirements even with no activity.

22:30 What Happens If You Ignore Sales Tax Nexus?

If your business has sales tax nexus and does nothing, states may assess back taxes, penalties, and interest. Mike and Nellie explain why sales tax exposure can be riskier because there may not be an automatic warning when you cross the line.

27:00 How to Fix Nexus Issues and Stay Compliant

Nellie explains the three key steps: identify where you have nexus, get properly registered, and put a system in place to stay compliant. The goal is to stay proactive before a state comes knocking.

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.

You spend money on meals and travel all the time; Client lunches, flights, hotels, conferences, team dinners, and networking events are all part of running a business.

But most business owners don’t know what is actually deductible anymore.

In this episode, Mike breaks down the 2026 rules for meals, travel, and entertainment deductions. He explains what still qualifies, what changed, what is no longer deductible, and how business owners can turn everyday spending into legitimate tax savings without creating unnecessary IRS risk.

👉 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

00:58 Why Meals and Travel Deductions Matter

Meals and travel are common business expenses, but many owners either under-deduct or deduct the wrong things. The goal is to turn qualified spending into pre-tax deductions with a clear business purpose. 

02:30 How to Deduct Meals in 2026

Most business meals are 50% deductible in 2026. This includes client lunches, vendor meetings, and prospect meals, as long as there is a real business discussion.

04:30 When Meals Can Be 100% Deductible

Some meals can be 100% deductible, such as food provided at sales seminars, company events, or employee parties when structured correctly.

06:00 Entertainment Rules Business Owners Need to Know

Entertainment is generally not deductible, even if business is discussed. But meals and drinks purchased separately at those events may still qualify.

08:30 How Business Travel Deductions Work

Business travel can include 100% deductions for flights, hotels, and transportation. Travel meals are generally 50% deductible.

11:30 Business Days, Tax Home Rules, and Mixed Travel

To deduct travel, the trip needs a clear business purpose and must take you away from your tax home. Mike also explains business days, weekend rules, and mixed personal travel.

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.

Should you open another LLC, elect S Corp status, or create a more advanced business structure?

Mike breaks down when a multi-entity structure makes sense, and when it creates more confusion than value.  Learn when one LLC is enough, how S Corps and partnerships fit in, and why timing matters. Structure too early and you create chaos. Wait too long and you expose yourself to risk. 

👉 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

(00:40) The Problem With “Just Open Another LLC”
More entities do not automatically mean more tax savings. Opening LLCs too early can create costs, confusion, messy bookkeeping, and unnecessary complexity.

(02:50) Active vs. Passive Business Activity
Active operating businesses and passive activities, like rental real estate or investments, should usually stay separate because they have different tax treatment and risk profiles.

(04:15) The First Triggers for Adding Another Entity
Higher income, multiple revenue streams, different types of business activity, and different risk levels can signal that it may be time to consider a multi-entity structure.

(08:00) Using an S Corp as a Management Company
Instead of creating multiple S Corps, active LLCs can often be owned by one main S corporation, helping simplify tax filings, payroll, and planning.

(11:15) How Partnerships Change the Structure
When a partner enters the picture, a new entity is usually needed to create clean ownership, clear agreements, and easier exits.

(14:15) The Risk of Structuring Too Early
Creating multiple LLCs before there is real revenue or activity can lead to annual fees, confusion, co-mingled funds, and bookkeeping problems.

(16:00) How to Know When You Are Ready
Different income types, multiple revenue streams, liability concerns, sufficient profit, and current or future partners are all signs that a multi-entity structure may be worth considering.

(20:00) The Bottom Line on Multi-Entity Structures
Multi-entity structures are not about looking sophisticated. They are about solving real business problems at the right time, without creating chaos or waiting until the business is exposed.

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.

Are you still afraid to deduct certain business expenses because you think the IRS might come after you for it?

Meals. Travel. Home office. Vehicle expenses. Software. Education. Coaching. Even paying your kids. These deductions can feel risky when the lines between personal and business spending are not clear.

In this episode, Mike breaks down the business expenses many owners skip out of fear, and explains how to think about deductions the right way. You will learn what “ordinary and necessary” really means, why documentation matters more than fear, and why playing it too safe can cost you thousands.

👉 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

(01:15) How the Tax Code Incentivizes Business Owners
The tax code is designed to encourage certain actions, like building businesses, hiring employees, creating housing, and growing the economy. The goal is to understand the incentives and implement them legally.

(03:00) The “Ordinary and Necessary” Rule
A business expense generally needs to be ordinary and necessary. Ordinary means it is common in your industry. Necessary means it helps your business operate, grow, or function properly.

(06:30) Small Recurring Expenses That Add Up
Software, AI tools, phones, laptops, Zoom, cloud storage, project management tools, internet, and office equipment may seem small, but repeated monthly expenses can become meaningful deductions over time.

(07:30) Home Office, Vehicle, and Professional Development Deductions
Home office, vehicle expenses, education, coaching, masterminds, certifications, training, and industry events are deductions business owners often hesitate to claim. 

(13:00) Paying Your Kids and Family Members
Hiring your kids or family members can be a legitimate tax strategy when the work is real, the pay is reasonable, and the process is properly documented.

(14:00) The Real Audit Trigger Is Weak Documentation
Poor bookkeeping, missing receipts, weak records, and sloppy implementation are what usually create risk.

(15:00) The Auditor Sniff Test
Can you explain the business purpose clearly to an auditor? If you can support it with a straight face and proper records, you’re in a stronger position.

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.

Most business owners treat filing their taxes like the finish line. It isn’t. 

What actually lowers your tax bill is what you do before December, and that starts with knowing how to read the return you just filed.

In this episode, Mike walks through a six-step process for reviewing your 2025 tax return the right way. You will learn what numbers actually matter on your 1040, how to tell if the strategies you implemented actually worked, where most business owners leave money on the table without realizing it, and how to build a real tax plan for 2026 before the year gets away from you.

👉 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

(02:00) Step 1: Review Your Tax Return 

Pull out your return and actually look at it. The four forms that matter most are the 1040, Schedule C, Form 1120-S, and Form 1065. Each one tells a different part of your financial story.

(07:00) Step 2: Did It Work? 

What did you actually pay in federal, state, and self-employment taxes? Did you owe more than you expected? This step is about getting honest with your outcome and figuring out whether the planning you did last year actually moved the needle.

(10:00) Step 3: Audit the Strategies You Implemented 

Walk through each strategy you used and ask whether you did it to its fullest, legitimate extent.

(13:30) Step 4: Find the Missed Moves 

What did you learn too late to use? The December panic is real, and the best time to avoid it next year is right now, while the pain of this year's tax bill is still fresh.

(15:00) Step 5: Compare Expected vs. Actual 

Look at what you projected versus what actually came in, both on income and on estimated tax payments. Understanding your own patterns helps you plan more accurately going forward and avoid overpaying or getting caught short.

(16:00) Step 6: Use Your Return as a Roadmap for 2026 

Map out your income patterns, expense categories, entity structure, and tax bracket for the year ahead. Then build a monthly strategy plan, a quarterly checkpoint, and a year-end execution roadmap so nothing slips through.

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.

Every business owner hits a point where the tax questions start stacking up. 

Can I deduct this? Should I switch to an S Corp? Is this still a business if I have not made money yet? And what happens if I did something before I had my systems set up the right way?

In this episode, Mike opens the floor to questions from business owners and breaks down the tax answers behind them. From zero-activity LLC filings and Schedule C concerns to family payroll planning, vehicle deductions, and rental strategies like the Augusta Rule, this episode covers the practical decisions that shape how much tax you pay and how well your strategy holds up. 

👉 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

(03:22) Do You Need a CPA for a Zero-Activity Partnership Return?
A new LLC owner asks about filing a Form 1065 with no business activity. Mike breaks down why even a zero return can be more complex than it looks and what to consider before self-filing.

(04:47) Can a First-Year Business Loss Offset W-2 Income?
Mike walks through hobby loss concerns, material participation rules, and when a side hustle loss may be used to reduce taxes on other income.

(06:35) Is an S Corp Worth It at $120,000 of Profit?
This section covers the tradeoff between added payroll and tax prep costs versus potential self-employment tax savings, along with the importance of setting a reasonable salary.

(12:01) Where Can You File Business Taxes Online Yourself?

For business owners thinking about self-filing, Mike shares general software options and explains why second eyes matter on more complex returns.

(13:12) Can You Deduct Business Expenses Paid on a Personal Credit Card?
Mike answers a common startup question and explains how to handle valid business expenses paid personally before a business bank account is opened.

(14:27) How Does the Family Management Company Strategy Work?
This section breaks down how business owners with an S Corp may use a separate sole proprietorship to hire children, reduce payroll taxes, and stay compliant.

(20:56) How Does the Augusta Rule Work for Business Owners?
Mike explains how the Augusta Rule works, what records you need, and how to back it up 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.

Every year, the IRS updates important tax numbers, that most business owners miss. This leads to missed deductions, poorly timed income decisions, and unnecessary overpayments to the IRS.

In this episode, we break down the most important 2026 tax updates business owners need to know, including changes to tax brackets, standard deductions, Social Security wage caps, retirement limits, HSA contributions, mileage rates, capital gains thresholds, and Section 179 expensing. 

👉 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

(00:52) Why IRS Tax Numbers Change Every Year
Tax brackets, standard deductions, retirement limits, Social Security wage caps, HSA limits, and mileage rates are adjusted annually based on inflation and tax policy changes.

(01:24) 2026 Standard Deduction and Why It Matters
The new standard deduction amounts affect whether it makes sense to itemize and also shape strategies like hiring your children, since income below the standard deduction may avoid federal income tax.

(06:12) The 2026 Social Security Wage Cap
Wages are subject to Social Security tax only up to the annual wage cap, which makes this number especially important for payroll planning and S Corp salary decisions.

(08:15) Retirement Contribution Limits for 2026
Updated IRA and 401(k) contribution limits create new opportunities for tax deductions, especially for business owners using retirement plans to reduce taxable income.

(09:43) 2026 HSA Contribution Limits and Why HSAs Are So Powerful
HSA contribution limits increased for 2026, and the account remains one of the most tax-advantaged tools available because contributions, growth, and qualified withdrawals all receive favorable tax treatment.

(11:13) 2026 Mileage Rate Increases
The higher mileage rate can create a larger deduction for business owners who use the standard mileage method, making accurate mileage tracking even more important.

(12:57) Capital Gains Tax Thresholds for 2026
Long-term capital gains are taxed under a separate set of thresholds, which makes timing important when selling investments, real estate, or a business.

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.

Estimated taxes should not feel like a guessing game, but for many business owners, they do. Underpay, and you face stress, penalties, and a big bill in April. Overpay, and you hand the IRS more cash than needed, limiting what you can reinvest in your business.

In this episode, we break down how estimated taxes actually work, why the U.S. tax system is pay-as-you-earn, and how to avoid both overpaying and underpaying. We cover the safe harbor rules, why accurate bookkeeping matters, and how to build a smarter system for quarterly payments that improves cash flow and reduces surprises.

👉 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

(02:15) Why Business Owners Fall Behind on Quarterly Taxes
Without an employer withholding taxes, business owners are responsible for making estimated payments themselves, and many ignore them until penalties and interest build up.

(03:45) Why Last Year’s Income Is Not Enough
Many business owners base estimated taxes on last year’s income or send in whatever feels safe, but income, deductions, entity structure, and tax law can all change.

(04:30) The Safe Harbor Rules You Need to Know
To generally avoid underpayment penalties, you need to pay 100% of last year’s tax liability, 110% for certain higher-income earners, or 90% of this year’s tax liability.

(06:30) The Cash Flow Cost of Overpaying and Underpaying
Overpaying estimated taxes can tie up money that could be used for marketing, debt reduction, equipment, or other business needs, only to result in a refund later, while underpaying creates pressure when tax time comes, especially if business profits rise and estimated payments were never adjusted upward during the year.

(08:40) How to Calculate Estimated Taxes More Strategically
The process starts with a quarterly profit analysis, then projecting the rest of the year forward, and finally adjusting payments intentionally based on current numbers.

(10:40) Estimated Tax Due Dates Every Business Owner Should Know
Quarterly estimated tax payments follow a set schedule throughout the year, and knowing those due dates is essential for staying compliant and avoiding surprises.

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.

Are you worried a tax strategy could land you in trouble with the IRS? 

In this episode, Mike Jesowshek sits down with tax attorney Ed Lyon to break down what tax risk actually means. They explain why most business owners do not get in trouble for smart tax planning, where the line between gray-area strategy and fraud really sits, and why proper implementation matters just as much as the strategy itself. 

They cover audit risk, common red flags, what to ask before moving forward with an advanced strategy, and how business owners should think about their own risk tolerance when building a tax plan.

👉 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

(02:00) Why Business Owners Fear Tax Planning
People don't go to jail for legal tax planning. They go to jail for fraud, lying, and backdating documents.

(05:00) Why Tax Strategies Exist in the First Place
The tax code is designed to encourage certain behavior. Congress uses tax incentives to push homeownership, healthcare benefits, investing, and charitable giving.

(12:00) When a Legal Strategy Becomes Illegal
A strategy can be perfectly valid in theory, but fail when implemented poorly. 

(24:00) How to Vet an Advanced Tax Strategy
When someone pitches an advanced strategy, transparency matters. Ed explains what questions to ask, what red flags to look for, and why business owners need to understand who they are dealing with before moving forward.

(27:00) How Business Owners Should Think About Risk
Tax risk is just another business risk. The real goal is to understand your own risk tolerance, know where your advisor falls on the conservative-to-aggressive spectrum, and make informed decisions.

(31:00) A Favorite Strategy for the Right Client
Ed closes by sharing one tax strategy he likes for the right candidate, the charitable lead trust, and explains why the best strategy always depends on the client’s goals, income, and long-term plan.

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.

You’ve hired your first employee… Now what?  Hiring your first employee introduces a new layer of tax responsibility, compliance, and systems that many business owners are not prepared for. You are now managing payroll taxes, filings, labor laws, and deadlines that carry real penalties if handled incorrectly.

In this episode, we break down exactly what happens after you hire your first employee so you can avoid costly mistakes and set your business up to scale the right way. We cover the difference between W2 employees and 1099 contractors, the real cost of payroll taxes, how to stay compliant with state and federal requirements, and why payroll software is a must. 

👉 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

(01:00) Employee vs Contractor: What the IRS Looks At
Classification comes down to control. Who sets hours, pay, tools, and how the work gets done determines W2 vs 1099.

(04:00) The Payroll Tax Reality Business Owners Miss
Hiring an employee makes you a tax middleman responsible for withholding and paying multiple taxes.

(06:00) What You Need Before Running Payroll
You need an EIN, state withholding accounts, unemployment accounts, and workers’ compensation set up first.

(07:30) Why Payroll Software Is Non-Negotiable
Payroll software handles tax calculations, filings, deposits, and compliance to avoid penalties and costly mistakes.

(09:30) The Risk of Missing Payroll Tax Deadlines
Late payments trigger immediate penalties and interest, and payroll mistakes can shut down businesses.

(12:00) Benefits Without Breaking the Bank
Health reimbursement arrangements and simple retirement plans offer affordable ways to provide benefits.

(14:30) Hiring Employees in Other States
Out-of-state hires require additional registrations, tax accounts, and possible foreign entity filings.

(16:00) Key Takeaways
Hiring is a growth milestone. Set up systems correctly, use payroll software, and build processes that allow your business to run without you.

Need payroll software? We recommend https://gusto.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.

Filing a tax extension feels stressful for many business owners. Missing numbers, unfinished bookkeeping, and uncertainty about the tax bill can make tax season overwhelming. But filing an extension (in many cases) can be the smartest move you can make.

A tax extension gives you more time to file your return so you can organize your records, receive missing documents like K-1s, and avoid rushing through a return that could contain mistakes. In this episode, we break down how extensions actually work, clear up common myths about audit risk, and explain what to do if you cannot afford your tax bill.

We also cover why ignoring the IRS is the worst move you can make, how penalties work, and the payment plan options available to business owners who need more time to pay what they owe.

👉 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

(02:30) Key Tax Deadlines Every Business Owner Should Know
Partnerships and S corporations file by March 15. Personal returns and C corporations file by April 15.

(04:00) What a Tax Extension Actually Means
A tax extension gives you more time to file your return, but your taxes are still due by the original deadline.

(05:30) Common Myths About Filing a Tax Extension
Extensions do not increase audit risk, and many high income taxpayers file them every year.

(07:00) The Most Common Reasons Business Owners File Extensions
Unfinished bookkeeping, waiting on K-1 forms, or planning opportunities like retirement contributions or cost segregation.

(11:00) The Cost of Not Filing Your Tax Return
Failure to file penalties can reach hundreds of dollars per owner per month for business entities.

(13:00) Why You Should Still Estimate and Pay Taxes With an Extension
Making an estimated payment reduces penalties and interest if you expect to owe.

(15:30) What to Do If You Cannot Afford Your Tax Bill
The IRS offers short term payment plans, installment agreements, and other options if you communicate.

(20:00) Key Takeaways
Tax extensions are not a red flag. Used correctly, they give business owners time to plan, reduce mistakes, and stay in control of their tax situation.

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.

Charitable giving rules are changing in 2026, and many business owners have no idea their tax deductions could quietly shrink.

The One Big Beautiful Bill Act introduced new limits, floors, and deduction caps that change how charitable donations work depending on your income level and whether you itemize deductions. In some cases, you could donate the exact same amount and receive a smaller tax benefit than before.

Today we're breaking down the new charitable giving tax rules, who wins under the new system, who loses, and how smart business owners can still give generously while protecting their tax strategy.

👉 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

(01:00) Charity First, Strategy Second
Giving should start with the causes you care about before considering tax benefits.

(02:00) Current Deduction Rules and AGI Limits
How itemized deductions work and the limits for cash, appreciated assets, and non-cash donations.

(04:20) New Deduction for Non-Itemizers
Starting in 2026, standard deduction filers can deduct up to $1,000 (single) or $2,000 (married) in cash donations.

(07:00) The New 0.5% AGI Deduction Floor
Itemized charitable deductions only apply to donations above 0.5% of AGI.

(09:40) Deduction Cap for High-Income Earners
Taxpayers in the top bracket now receive a maximum 35% tax benefit from itemized deductions.

(11:00) How Business Owners Handle Charitable Giving
Most charitable contributions flow through to the owner’s personal tax return.

(13:30) Planning Strategy: Bunching Donations
Combining multiple years of giving into one year may increase deductions.

(16:00) Planning Strategy: Qualified Charitable Distributions
Taxpayers age 70½ and older can donate from an IRA to bypass itemized deduction limits.

(17:00) Key Takeaways
Charitable giving rules are more complex in 2026. Strategic planning helps preserve the tax benefits.

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.

Imagine breaking even at the casino and still owing taxes.

Beginning in 2026, Congress approved a new rule that limits gambling loss deductions to 90%. That means if you win $10,000 and lose $10,000, you could still owe taxes on $1,000 of phantom income.

Today, we're breaking down the new gambling tax rule that quietly slipped into law, why it creates phantom income for gamblers, and what casual and professional gamblers need to do right now to protect themselves.

👉 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) The Tax Trap Nobody's Talking About 

How the One Big Beautiful Bill created a situation where breaking even at the casino still leaves you with a tax bill, and why every gambler needs to pay attention.

(00:45) The Old Rule: How Gambling Losses Used to Work 

If you itemized and broke even, no tax. If you took the standard deduction, losses did not count. 

(02:00) The New 90% Rule & Phantom Income 

Starting in 2026, only 90% of your losses are deductible, even if you itemize. Win $10,000, lose $10,000, and you're now paying tax on $1,000 you never kept. That's phantom income, and it's the new reality.

(04:00) Professional Gamblers: It Gets Worse 

Pro gamblers file on Schedule C and can deduct business expenses like travel and lodging. But losses plus expenses cannot exceed gambling income. They cannot offset other income, cannot carry losses forward, and starting in 2026, the 90% loss cap applies to them too.

(09:00) Good News: The W-2G Threshold Finally Goes Up 

The slot reporting threshold rises from $1,200 to $2,000 in 2026 and will adjust for inflation. This does not change what you owe. All gambling income is still reportable. It only reduces the number of W-2Gs issued.

(10:00) Record Keeping: Your Most Important Tool Right Now 

Casino reports can overstate income. Keep your own log with the date, casino, type of wager, and net win or loss per session. Track sessions, not individual bets.

(12:30) Key Takeaways 

All winnings are taxable. Losses only offset if you itemize. The 90% cap creates phantom income. Plan under current law.

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.

Can you deduct free food, rent your house to your business or avoid double taxation with a C Corp?

In this Q&A episode, Mike answers rapid-fire tax questions submitted by business owners across industries. From restaurant deductions to partnership restructuring, foreign contractors, co-mingled expenses, and advanced C Corp investing strategies, this episode walks through what’s legal, what’s smart, and what’s risky. If you want clarity before you file, this is the one to listen to.

👉 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

(01:00) The Augusta Rule: What’s a Reasonable Rental Rate?
How to properly rent your home to your business, why documentation matters, and whether to use hotel comps or Airbnb rates.

(03:00) Hiring Foreign Contractors: W-8 vs W-9
What forms you need on file when paying international contractors and when 1099s apply.

(04:30) Partnership Owners: Should You Use an S Corp?
How S Corps can reduce self-employment tax, why ownership structure matters, and how to structure it correctly.

(09:00) Business Expenses Paid from a Personal Account
Can you still deduct them? What co-mingling means during an audit, and how to fix it going forward.

(12:00) Do Insurance Companies Need Your Subcontractor’s Tax Return?
Why a signed W-9 is typically all you need and how to protect yourself.

(14:00) Can I Deduct Free Food? Restaurant and Bar Tax Rules
How to deduct employee meals and promotional giveaways correctly. Cost vs retail value explained.

(17:00) FSA vs HRA: Which One Actually Makes Sense?
When high out-of-pocket medical costs justify setting up an HRA and what thresholds to consider.

(19:00) $10 Million in a C Corp: Smart Strategy or Tax Trap?
The personal holding company rules, double taxation, and when retaining earnings in a C Corp actually makes sense.

(22:00) Free Resources for New Business Owners
Where to start if taxes feel overwhelming and how to build a foundation before filing.

Podcast Host:

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

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

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

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

🚀 YouTube: www.TaxSavingsTV.com

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

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

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

If you're already giving to charity, you're leaving thousands of dollars in tax deductions on the table. 

What is a donor-advised fund and why should you care? Mike sits down with Adam Nash, CEO of Daffy, to break down how Donor-Advised Funds (DAFs) work and why they can be a powerful tax strategy for business owners and high-income earners. 

If you regularly give to your church, your kids’ school, your alma mater, or other charities, this episode shows you how to give more strategically, reduce taxes, and increase your impact.

👉 Ready to turn your charitable giving into a real tax strategy? Open a donor-advised fund with Daffy and start giving more strategically today: https://www.daffy.org/taxsavings/invite

👉 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) What Is a Donor-Advised Fund?

The basics: how DAFs work as a tax-advantaged account for charitable giving, similar to a 401(k) for retirement.

(04:45) Tax Deduction Limits: 60% for Cash, 30% for Stock

How much you can deduct from your AGI and why bonuses, windfalls, and liquidity events are ideal times to use a DAF.

(06:30) Why DAF Donations Are Irrevocable (One-Way Trip)

Understanding that donor-advised funds are 501(c)(3) charities and why you cannot take the money back.

(09:00) The Double Tax Win of Donating Stock

How donating appreciated stock gives you a full market value deduction and eliminates capital gains taxes.

(11:30) The New 0.5% AGI Floor and Bunching Strategy

How the recent tax law created a deduction floor and why bunching multiple years of giving into one high-income year makes sense.

(15:00) How to Actually Use a DAF Day-to-Day

The mechanics of contributing, distributing to multiple charities, and setting up recurring donations.

(20:45) Setting Up a DAF in Under 60 Seconds

The simple setup process, Daffy's flat monthly fee structure, and how it compares to percentage-based pricing models.

(28:30) Investment Options and Portfolio Control

How donated funds are invested tax-free and what level of control donors have over portfolios.

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.

When should you pay yourself? Paying yourself on the wrong payroll schedule can create IRS red flags, cash flow crunches, and painful cleanup later.

In this episode, we break down monthly, quarterly, and annual payroll for S Corp owners. You’ll learn what the IRS actually expects, how reasonable salary works, why quarterly “true-ups” can create cash flow problems, and how to structure payroll to stay compliant without overpaying in taxes.

We also cover catch-ups, slowdowns, bonuses, zero payroll returns, and a critical but often-missed strategy involving self-employed health insurance and HSA contributions that can reduce FICA taxes.

If you’re an S Corp owner trying to pay yourself the right way and avoid IRS attention, this episode walks you through exactly how to do it. 

👉 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

(01:00) The Reasonable Salary Requirement for S Corps
Why S Corp owners must take W-2 payroll and why determining reasonable salary is the first step.

(03:10) Payroll Software and Filing Requirements
Why using payroll software matters and how missed filings create serious problems.

(04:00) Monthly and Biweekly Payroll Explained
How spreading your salary evenly works and why this is the most common recommendation.

(05:30) True-Up Payroll. Quarterly and Annual Options & Cash Flow Risks
How quarterly and annual true-ups work and how draws get reclassified as wages. Large quarterly tax payments can create cash crunches.

(08:45) Zero Payroll Returns and Compliance Traps
Why you still need to file payroll returns even when no payroll is run.

(09:30) Catch-Ups, Slowdowns, and Bonus Payrolls
How to adjust payroll when income, workload, or profitability changes.

(11:45) Self-Employed Health Insurance and HSA Adjustments
How S Corp owners can increase reasonable salary without paying extra FICA taxes.

(15:30) The Safest Payroll Strategy for Most Owners
Why consistent payroll timing protects cash flow and reduces IRS risk.

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.

Paying yourself wrong can trigger IRS issues, messy books, and unexpected tax bills. 

In this episode, we break down exactly how LLC owners should pay themselves in 2026 based on their entity type and tax election.

You’ll learn the 3 primary ways business owners get paid: owner draws or distributions, payroll, and guaranteed payments. We explain which payment methods are legally allowed for single-member LLCs, partnerships, and S corporations, and why running payroll as an owner is prohibited unless you have an S corporation election.

We walk through how each method is taxed, how it shows up in your financial statements, and why owner draws do not reduce business profit even though they reduce cash. 

👉 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

(00:45) Why Paying Yourself Correctly Matters
Improper owner pay can create audit risk, illegal compensation setups, and accounting problems that surface later during tax season.

(01:25) Owner Draws and Distributions Explained
What an owner’s draw actually is, how it works, why no taxes are withheld upfront, and why draws don’t reduce business income.

(02:55) Guaranteed Payments for Partnerships
How guaranteed payments work in partnerships, when they’re used, how they’re taxed, and why they’re different from draws.

(04:10) Paying Yourself as a Single-Member LLC
Why single-member LLC owners can only take owner draws, and why running payroll to yourself is not allowed by law.

(05:05) Paying Yourself in an LLC Partnership
The two legal options for partners.

(06:00) Paying Yourself as an S Corp Owner
Why S Corps require a reasonable salary, how payroll and distributions work together, and where tax savings come from.

(07:00) How to Document Owner Pay Correctly
How draws hit the balance sheet, how payroll hits the income statement, and why documentation matters for audits.

(09:30) What to Do Next as an LLC Owner
How to choose the right pay method, set up a system, plan for taxes, and avoid common compensation mistakes going forward.

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.

You formed your LLC. Good job.
But many business owners unknowingly make critical mistakes after formation that quietly destroy liability protection, trigger audits, and limit growth.

In this episode, Mike walks through the 10 most common LLC mistakes business owners make in 2026 and explains exactly how to fix them. From mixing personal and business finances to ignoring tax planning and misclassifying owner compensation, this episode gives you a practical framework to audit your business and protect it the right way.

If you want your LLC to survive and thrive, not just exist on paper, this episode shows you what to fix now before it becomes expensive later.

👉 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

(01:00) Mixing Personal and Business Finances
Why commingling funds breaks liability protection and how to properly separate accounts without overcomplicating things.

(02:00) Failing to Maintain LLC Compliance
Annual reports, renewals, and filings business owners forget that can cause administrative dissolution.

(03:20) Ignoring the S Corporation Opportunity
How LLC owners overpay self-employment taxes by not exploring an S Corp election at the right time.

(04:10) Misclassifying Owner Compensation
The difference between owner draws and W2 payroll, and why paying yourself the wrong way creates tax problems.

(05:45) Operating in the Wrong State
Why forming an LLC in one state but operating in another requires foreign registration.

(06:40) Skipping Tax Planning
Why taxes are often a business owner’s biggest expense and how proactive planning changes everything.

(07:30) Failing to Update State Filings
What happens when partners, addresses, or business purposes change and filings are not updated.

(08:10) Treating the LLC Like a Hobby
How hobby loss rules work and why consistent losses without profit motive raise red flags.

(09:00) The LLC Audit Checklist
Simple steps to audit your LLC today, fix weak spots, and build better habits going forward.

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.

Thinking about forming an LLC in 2026? In this episode, Mike breaks down how to set up an LLC step by step, what “free” really means, state filing costs, common mistakes to avoid, and why an LLC can act as an insurance policy for future S Corp tax savings. Perfect for new and growing business owners who want clarity without the confusion.

If you want a clean, simple business setup that protects you now and gives you flexibility later, this episode gives you the roadmap without the legal confusion.

👉 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

(01:00) Why Form an LLC in 2026
The 3 core reasons business owners form LLCs. Liability protection, credibility, and flexibility for future tax planning.

(02:10) Why an LLC Is an Insurance Policy for an S Corp
How an LLC allows you to elect S Corp status later and why sole proprietors do not have that option.

(03:00) What “Free” LLC Setup Really Means
State filing fees, unavoidable costs, and what online “free” services actually do.

(03:55) The Step-by-Step LLC Setup Process
Choosing a business name, selecting a registered agent, drafting an operating agreement, filing with the state, getting an EIN, and opening a business bank account.

(06:05) The Biggest LLC Mistakes Business Owners Make
Why not using the LLC, mixing funds, missing renewals, and following bad internet advice cause legal and tax issues.

(07:40) Bonus Tips to Strengthen Your LLC
Operating agreements, separating finances, tracking expenses, and setting up bookkeeping the right way.

(08:30) When to Consider an S Corporation
$50,000 in profit is a common tipping point and how an LLC makes the transition easier.

(09:00) Final Takeaway
How to use an LLC to protect yourself today while setting up smarter tax planning for the future.

Podcast Host:

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

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

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

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

🚀 YouTube: www.TaxSavingsTV.com

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

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

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

If you are already behind on your taxes in January, there are four tax tasks you cannot skip.

In this episode, we break down the four financial tasks every business owner needs to complete in January to start 2026 clean and organized. Mike explains why unfinished bookkeeping leads to missed deductions and unnecessary stress, how to properly review your financials, and why most tax issues begin long before filing season.

We also cover the importance of creating a simple financial summary document, meeting the January 31 1099 deadline, and building a proactive tax plan early in the year instead of scrambling in December.

If you want 2026 to be more profitable and less stressful, this episode shows you exactly where to start.

👉 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

(00:37) Close Out 2025 Before You Move Forward
Why unfinished bookkeeping follows you into the new year.

(01:00) How to Review Your Books the Right Way
What to check in your income statement and balance sheet for accuracy.

(02:55) How to Organize Tax Documents Properly
Why storing receipts and records now saves stress later.

(03:50) The Financial Summary Document Every Owner Needs
A simple snapshot that shows assets, liabilities, and insurance in one place.

(06:36) Why Advisors Love This One Document
How it leads to better advice, faster decisions, and smarter planning.

(08:00) The January 31 1099 Deadline
Who needs a 1099, who does not, and what payments count.

(11:07) Implementing Tax Strategies Throughout the Year
Why spreading strategies across the calendar leads to real savings.

(13:24) The Bottom Line for a Strong 2026
Clean books, clear visibility, timely filings, and a tax plan that works.

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.

Are you still guessing when it comes to 1099s? Most business owners are. And every January, that confusion turns into stress, penalties, and last-minute cleanup that could have been avoided.

In this episode, Mike Jesowshek breaks down everything small business owners need to know about 1099-NEC and 1099-MISC forms, who needs one, who doesn't, the deadlines and the penalties that add up fast. 

If you want January to feel calm instead of chaotic, this episode gives you the clear rules and simple process to get compliant without overthinking it.

 🧾 Good systems prevent tax headaches. Tax Bandits lets you file 1099s electronically and reuse contractor info each year.

Use my link to streamline your 1099 process 👉 https://secure.taxbandits.com/register/?ref=taxsavingspodcast 

👉 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

(01:00) What is a 1099?
Mike explains how 1099s work, why the IRS requires them, and how they are used to match income across businesses and contractors.

(02:12) 1099-NEC vs 1099-MISC
Which form applies to contractors, which applies to rent, and why mixing them up creates problems.

(03:30) The Real 1099 Deadlines
Why January 31 matters, how weekends affect filing dates, and what business owners must send and file by the deadline.

(04:55) IRS Penalties That Add Up Fast
Late filing penalties, intentional disregard penalties, and how missing multiple forms can quickly turn into thousands of dollars owed.

(06:40) Who Actually Needs a 1099
The $600 cumulative rule, common misunderstandings, and why splitting payments does not avoid filing requirements.

(08:20) Common Exceptions Most Owners Miss
When corporations, payment processors, foreign contractors, employees, and personal payments do not require a 1099.

(10:15) Why Credit Card Payments Change Everything
How payment processors issue 1099-Ks and why that removes your filing obligation.

(11:30) The 4-Step Process to File 1099s Correctly
Collect W-9s, prepare the forms, send copies to recipients, and file with the IRS the right way.

(13:05) The Biggest 1099 Mistakes
Why missing W-9s and messy bookkeeping cause late filings and penalties every year.

(14:45) How Software Simplifies the Entire Process
Why e-filing tools save time, reduce errors, and make year-over-year filing easier.

(15:40) The 2026 Rule Change Every Business Owner Should Know
The new $2,000 filing threshold, inflation adjustments, and how this change affects future planning.

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

Happy Holidays, and thank you. This episode is a personal thank-you to the Small Business Tax Savings Podcast community. We reflect on nearly eight years of the show, including over 400 episodes and more than 1.5 million downloads.  At the core of this podcast is one mission; Helping small business owners pay the least amount in taxes legally, without stress or confusion. 

 Let’s make 2026 the year you get proactive about tax planning from the start. 

If this podcast has helped you in any way this year, there are a few small things you can do to help us continue helping more business owners:

- Leave a review on Apple Podcasts, Spotify, or wherever you listen
- Subscribe to our YouTube channel
- Share this podcast with another business owner
- Follow us on social media to stay connected

If you’d like to go deeper, you can download our Tax Savings Starter Kit. Inside, you’ll find:

- A complete list of common business deductions
- Real case studies showing how business owners saved $5,000–$25,000
- Access to a bonus discovery call with our team

👉 Get the Starter Kit here: https://taxsavingspodcast.com/starter-kit/

For business owners who want hands-on help implementing the right tax strategies, we also created TaxElm. It’s designed to guide you step by step, with full access to our team of tax professionals throughout the process.

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

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.

Do you really have your tax planning handled? The thing is, many business owners are making a critical mistake that will become even more expensive by 2026.

In this episode, Mike Jesowshek, CPA, sits down with Mark J. Kohler to expose the biggest tax planning failure business owners make. Confusing knowing strategies with actually applying them. Mark explains why tax savings disappear at the implementation level, how poor execution creates long-term consequences, and why retirement accounts are one of the most overlooked areas where this mistake shows up.

👉 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

(01:02) Why Most Tax Strategies Never Get Implemented
Many business owners think they are doing tax planning, but when you look at their tax return, the strategies are missing.

(03:05) Tax Strategy vs Tax Compliance
There is a major disconnect between tax advisors and tax preparers. 

(05:18) What “Self-Directed” Really Means
Wall Street uses the term self-directed loosely. Mark explains the real definition and why traditional brokers do not promote it.

(07:04) What You Can Invest in With a Self-Directed IRA
Real estate, private businesses, lending, crypto, precious metals, and more. Mark walks through the types of investments retirement accounts are legally allowed to own.

(09:36) Prohibited Transactions and IRS Red Flags
It is not about prohibited assets. It is about prohibited people and personal benefit.

(12:02) Can You Be Active in Retirement-Owned Investments
You can make decisions, write checks, and structure deals, but you cannot personally perform labor or manage properties.

(14:01) Cost and Setup of a Self-Directed IRA
Many people assume self-directing requires hundreds of thousands of dollars.

(15:52) Employer 401ks vs Self-Directed Plans
Why most employer-sponsored 401ks restrict your options and how entrepreneurs can set up plans that allow true self-direction.

(18:06) When Self-Directed IRAs Are Not a Good Fit
Self-directing requires time, focus, and discipline. Mark explains when investors should wait or choose simpler options.

(19:33) How to Get Started the Right Way
Education comes first. Mark shares resources, podcasts, books, and next steps for learning before investing.

Podcast Host:

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

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

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

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

🚀 YouTube: www.TaxSavingsTV.com

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

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

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

If you’re a new business owner, you've probably wondered if you are doing any of this correctly.

Should you get an LLC? Do you file a Schedule C? Can you hire your kids? Does a home office hurt you when you sell your house?

In this episode, Mike walks through real questions from listeners and gives clear answers to the tax issues that confuse most new entrepreneurs. From 1099 income and deductions to home office rules, the Augusta Rule, and hiring your kids, this Q&A hits the topics every early-stage owner struggles with.

👉 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/

(01:00) Starting as a 1099 Contractor & What Is Schedule C? The foundational steps every new contractor must take and how 1099 NEC income flows into Schedule C, how expenses reduce profit, and why self employment tax becomes a factor.

(05:10) Do You Need an LLC to Take Deductions? Home office, mileage, meals, and travel can all be deducted without an LLC
(08:53) ROBS vs SBA Loans for New Businesses: Mike breaks down the pros and cons of using retirement funds through a ROBS structure compared to financing with an SBA loan.
(10:19) Hiring Your Kids: Payroll vs Contractor: The age rule most parents get wrong. Under 18, children should be W2 employees. Over 18, contractor payments may work if they have legitimate expenses.
(13:00) Home Office Deduction and Selling Your House: Simplified method vs actual method. When depreciation recapture applies. Why the impact is usually small.
(15:00) Transitioning to Business Ownership: A listener plans to leave a W2 job for business ownership. Mike explains where strategy matters most at the beginning.

(17:40) Home Office vs Augusta Rule: Yes, you can use both. The key is using different rooms. Home office in one area. Board meeting in another.
(19:47) Do You Need an LLC for a Small Side Gig: A listener making five to nine thousand a year wonders whether to form an LLC. Mike explains why it will not change taxes at low income levels and when it becomes useful.

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.

Year-end is the last chance to lock in major tax savings for your business.

In this episode, Mike walks through the exact steps business owners need to take now, from S Corp requirements and accountable plans to AGI phaseouts, QBI planning, and the Augusta Rule.

You’ll also learn how to hire your kids correctly, hit retirement deadlines, use timing strategies as a cash-basis filer, harvest tax losses, and document every move so you enter tax season clean, organized, and ready.

👉 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

(00:49) Three Must-Do Steps for S-Corp Owners
Reasonable salary, adding self-employed health insurance to your W-2, and making final accountable plan reimbursements. Mike breaks down each requirement and what has to be done before 12/31.

(04:51) Maximize Deductions Before the Year Ends
Go through personal statements for missed deductions, hire your kids correctly, use the Augusta Rule, finalize board meetings, and make home office and auto reimbursements.

(08:14) Retirement and Health Reimbursement Deadlines
Employee 401(k) contributions must be made by year-end. Mike also covers Section 105 medical reimbursement plans and HRAs.

(14:17) Timing Strategies for Cash-Basis Filers
When to prepay expenses, when to delay invoicing, and how credit cards can accelerate deductions. Mike also explains why low-income years are ideal for Roth conversions.

(17:39) Miscellaneous but High-Value Year-End Moves
Why assets must be “placed in service,” how tax loss harvesting works, and the December 31 deadline for charitable giving.

(19:35) Get Ready for January
Collect W-9s, prep 1099s, store receipts digitally, document every strategy, and get bookkeeping up to date to avoid a stressful tax season.

(22:54) Don’t Get Overwhelmed
Focus on the two or three highest-impact strategies now, then committing to proactive planning next year.

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.