Claim OwnershipSmall Business Tax Savings Podcast
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© 2024 Small Business Tax Savings Podcast
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The Small Business Tax Savings Podcast is designed specifically for small business owners. We focus on tax savings and ways to have a financially sound back bone to your small business. Our goal is to have you paying the least amount in taxes as legally possible.Hosted by by Mike Jesowshek, CPA, this is a quick hitting podcast aimed to get you important information without all the fluff. You can find episodes, blog posts, information on our software TaxElm and more on our website: www.TaxSavingsPodcast.com
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Send us a Text Message.Have you ever wondered how to turn your everyday expenses into legitimate business deductions?Mike Jesowshek discusses strategies for maximizing small business tax deductions, emphasizing the importance of both obvious and non-obvious deductions. He explains that any expense, whether ordinary or necessary for the business, qualifies as a deductible. Mike emphasizes proper documentation and legal compliance to ensure these deductions are valid. He also contrasts pre-tax ...
Send us a Text Message.Are you leveraging the latest tax credits to provide the best retirement plans for your employees?Hosts Mike Jesowshek and guest Matt Ruttenberg discuss retirement plan options for businesses with employees. The conversation highlights various types of retirement plans like SEP IRAs, SIMPLE IRAs, Safe Harbor 401(k)s, and traditional 401(k)s. They explore the benefits of these plans, particularly in light of recent tax credits and laws that make setting up these plans mo...
Send us a Text Message.Are you a solo entrepreneur puzzled by the myriad of retirement planning options?Mike Jesowshek welcomes back Matt Ruttenberg to discuss retirement plan options for solo entrepreneurs without employees. They highlight various plans like IRAs, SIMPLE IRAs, SEP IRAs, and solo 401(k)s, emphasizing the importance of starting with the desired savings amount to determine the most suitable plan. The episode covers the contribution limits, the benefits of each plan type, and th...
Send us a Text Message.Are you a small business owner curious about the financial benefits of establishing a retirement plan for your company?In this episode, Mike Jeshowshek and guest Matt Ruttenberg discuss the substantial tax credits and key due dates associated with setting up retirement plans for small businesses, introduced by Secure 2.0. They delve into specific credits available, such as the startup credit and the auto-enrollment credit, and outline who qualifies for these benefits. M...
Send us a Text Message.Have you ever wondered if you could hire your older child to watch your younger one and claim it as a business expense? Or are you maximizing the benefits of a Health Savings Account to its fullest potential?In this Q&A episode of the podcast, host Mike Jesowshek answers a series of listener-submitted questions covering a wide range of topics pertinent to small business owners, such as tax deductions, business expenses, payroll management, and tax strategies. Mike p...
Send us a Text Message.Have you ever wondered how to structure your multiple business ventures efficiently while minimizing your tax burden? Mike Jesowshek delves into the complexities of business structuring, particularly for individuals owning multiple businesses or in partnership. He emphasizes the utility of S Corporations in reducing self-employment taxes and the importance of establishing a parent S Corporation to streamline business operations, financial management, and tax filing...
Send us a Text Message.Are you perplexed by estimated taxes and worried about potential penalties? Discover how to navigate the U.S. tax system's pay-as-you-go approach and strategically plan your payments to stay on top of your tax obligations!In this episode, Mike Jesowshek discusses the importance of understanding and paying estimated taxes in the U.S., emphasizing the "pay as you go" system. He explains the concept of estimated taxes, key due dates for each quarter, and the significance o...
Send us a Text Message.We’re thrilled to invite you to our complimentary webinar, “Slash Your 2024 Taxes: Essential Strategies for Small Business Owners.” Join us for a session packed with valuable insights to minimize your tax bill.Topic: Slash Your 2024 Taxes: Essential Strategies for Small Business OwnersDate: Wednesday April 24, 2024Time: 2pm ESTSign-Up: https://www.taxsavingspodcast.com/slashtaxesIn this webinar, you’ll learn how to:Maximize Deductions: Identify and claim all the deducti...
Send us a Text Message.Are you maximizing the potential of your real estate investments through 1031 exchanges and Opportunity Zones?In this podcast, Mike Jesowshek and guest Michael Scherer delve into the intricacies of 1031 exchanges, focusing on various replacement property options, including Delaware Statutory Trusts (DSTs) and Qualified Opportunity Zones. They discuss the advantages of passive investment through DSTs, the strategic importance of planning and consulting with tax advisors,...
Send us a Text Message.Are you maximizing your real estate investment potential through tax-deferred strategies? Mike Jesowshek and Michael Scherer delve into the intricacies of 1031 exchanges. They explain its purpose, benefits, and the critical role of proper planning and advice from tax advisors. They emphasize the necessity of involving a qualified intermediary and the potential financial advantages, including tax deferral and strategic reinvestment, to maximize wealth building in re...
Send us a Text Message.Ever wondered how you could significantly reduce your taxable income from real estate investments in just one year?In this episode, Mike Jesowshek introduces Gabriel Florentino from Engineered Tax Services to discuss cost segregation studies, a tax strategy for real estate investors aiming to accelerate depreciation deductions. Gabriel explains the concept and benefits of cost segregation, emphasizing its significant impact on reducing taxable income by identifying and ...
Send us a Text Message.Curious about how real estate can help you grow your wealth and save on taxes?In this episode, Mike Jesowshek discusses how real estate can serve as a tool for both wealth-building and tax savings. He emphasizes the concept of depreciation, whereby the cost of a rental property can be deducted over time, and explains how this, along with other operating expenses, can offset rental income. He also delves into strategies for utilizing passive losses to offset ordinary inc...
Send us a Text Message.Are you worried about filing your tax return on time or paying your tax bill?In this episode, Mike Jesowshek discusses tax extensions and strategies for paying tax bills, addressing common misconceptions and providing practical advice. He clarifies that filing an extension does not increase audit risk and emphasizes the importance of timely filing and payment. Mike outlines options for those who can and cannot afford their tax bills, including installment agreements and...
Send us a Text Message.Ever wondered if your global business ventures could be affecting your U.S. taxes more than you realize? In the podcast episode, Mike Jesowshek delves into the intricacies of foreign income for small business owners, covering essential aspects such as reporting requirements, types of foreign income, tax treaties, exemptions, the foreign earned income exclusion, the foreign tax credit, and compliance with reporting obligations. He emphasizes the importance of U.S. c...
Send us a Text Message.In this episode, Mike Jesowshek answers various listener questions regarding tax strategies, S corporation elections, hiring children for tax benefits, and setting up retirement plans for businesses with non-owner employees. The episode emphasizes the importance of structuring businesses correctly to maximize tax savings, including the considerations for S corporation status, late elections for business structures, the benefits of hiring family members, and the intricac...
Send us a Text Message.Did you know there are still tax-saving strategies you can implement after the year has ended? In the episode, Mike Jesowshek focuses on tax strategies that entrepreneurs and business owners can implement post-year-end to optimize their tax positions. He covered various aspects, including making contributions to retirement plans (both traditional and Roth IRAs, as well as employer contributions to plans like SEP IRAs and solo 401(k)s), the importance of completing ...
Send us a Text Message.Expert Danny Wright from Peisner Johnson discusses the intricacies of sales tax and how it applies to business owners. Core concepts are discussed including determining if a business is subject to sales tax, identifying 'nexus' states where sales tax may be applicable, and understanding which products or services are taxable. Danny highlights the impact of accidental non-compliance, discussing the pitfalls of not remitting the sales tax charged to customers. He also not...
Send us a Text Message.Are you wondering if filing separately might be the right choice for your tax situation? In this episode, Mike Jesowshek discusses various aspects of 'married filing separately' tax status, explaining when this filing status could be advantageous. He primarily mentions scenarios such as a high medical expense situation for one spouse, significant student loan debt based on income for one spouse, or a tax lien on one spouse. Though in general, he believes 'married f...
Send us a Text Message.Have you ever wondered how tax planning can significantly reduce your business's tax liability compared to just tax preparation? In this episode, Mike discusses the difference between tax planning and tax preparation. Tax preparation is important and required by law. It only involves reporting your business' previous year's activity to the IRS or your state agency. Tax planning, on the other hand, is a strategic activity done throughout the year that can help reduc...
Send us a Text Message.What if you discovered that by embracing the new e-filing changes and understanding the nuances of the 1099 NEC, 1099-MISC, and 1099-K forms, you could not only streamline your tax processes but also potentially uncover hidden financial benefits for your business? In this episode, Mike welcomes Christina Wright to discuss the IRS 600 1099-k tax rule and its recent postponement. They also discuss the changes in e-filing, covering the difference between 1099-NECs and...
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Mike Jesowshek is a genuine expert in small business taxes, and graciously shares this knowledge in his Small Business Tax Savings Podcast. He goes out of his way to do the right thing for businesses, and I would highly recommend him and his company to any small business in need of tax help. #taxes #smallbusiness