Are you unsure about the difference between trademarks and copyrights for businesses? On this episode of the Small Business Tax Savings Podcast, we are joined by Andrea Sager to discuss the crucial information that small business owners need to know.Andrea Sager helps listeners to understand the importance of protecting your brand by filing applications and navigating copyright law.She shares why statutory damages are essential when registering copyright, how photographers are now using cease and desist letters as a business model, and when it makes sense to register for copyright.Tune in now as we explore how to protect yourself legally and monetize your creative works through trademarks and copyrights! [00:01] Understanding Trademarks and CopyrightsMike welcomes Andrea Sager to the show!Why you need trademarks and copyrights for your businessTrademarks protect brandings, such as brand names, logos, slogans, and podcast namesCopyright protects creative work, such as blog posts, videos, photos, and recordings[02:37] How To Protect Your Work From InfringementFederal registration is needed for trademarks to have federal rightsCopyright protection is automatic but filing may be necessary to sue for infringementStatutory damages for copyrights are important because it is hard to prove damages in a copyright caseCopyright registration varies depending on the medium, namely: blog posts, podcasts, photography, etc.Designers should send their designs to be monitored before publishing them[05:40] The Cost And Process Of Obtaining A Federal TrademarkCopyright infringement can lead to statutory damages and possibly a lawsuitThe cost of filing a copyright lawsuitThe process for filing a copyright lawsuitTrademark applications should be filed as soon as possible when a business has momentum[18:18] Closing SegmentAndrea advises listeners to protect themselves legally and monetize their creative works through trademarks and copyrights! Final WordsKey Quotes“Trademarks are your branding, your brand identity, your brand name, your logo, a slogan, a product name, a podcast name, anything that has a unique name within your business. It can probably be protected with a trademark… So, trademarks are branding, copyrights are content.” – Andrea Sager--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Are you aware of the legal protections your business needs? On this episode of the Small Business Tax Savings Podcast, we welcome Andrea Sager, Andrea is a lawyer with experience in contract law. She explains the different types of contracts businesses need for protection.Andrea Sager highlights that having a privacy policy, terms of use, service agreement, employment agreement, and independent contractor agreement are essential for most businesses.She provides valuable advice on when to use a template or hire an attorney for custom contracts and how to protect yourself if you’re working with an LLC, she outlines her best tips for creating meaningful agreements with clients and cautions against signing any document without reading it first.Tune in now to learn the importance of signing contracts and how to do so respectfully and professionally! [00:01] When To Get Custom Agreements Versus Contract TemplatesMike welcomes Andrea Sager to the show!When money or value is changing hands, a written agreement should be in placePrivacy policy and terms of use are required by federal law for websites[03:47] Why Is It Essential For You To Have Contractual AgreementsShe discusses the terms of use and agreements with regard to product-based businesses and service providersEmployers need an employment agreement to lay out rights, duties, expectations, and benefits for employeesContractors need an independent contractor agreementShe recommends talking to an attorney to make sure proper contracts are in place when generating business income[08:15] Protect Your Business With ContractAn LLC provides protection from legal liability and should be included in contractsContracts should lay out the rights and duties of both partiesAn email agreement with an offer, acceptance, and consideration can form a contractRunning a business for years without contracts should consider changing into a contract-based business moving forward [12:27] Closing SegmentAndrea provides listeners reasons for having contracts include needing a line of credit from a bank or wanting to button up business operationsFinal WordsKey Quotes“Keep in mind, anytime value is changing hands, that's when you want to have a written agreement.” – Andrea Sager--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Why do you need to file for LLC protection for your business? On this episode of the Small Business Tax Savings Podcast, we welcome Andrea Sager, Andrea is a serial entrepreneur and a lawyer. She knows first-hand how important it is for businesses of any size or stage to have legal support.Andrea Sager discusses the importance of filing for LLC protection from day one and how it can protect your personal assets from the debts of your company.She explores the potential drawbacks of not obtaining an LLC, including how to combat them. Andrea sheds light on setting up a separate business banking account to properly account for finances and maintain LLC protection. Get all this helpful information and more in this episode of the Small Business Tax Savings Podcast.Tune in now and learn how small business owners protect their businesses and maximize their tax savings! [00:01] The Pros And Cons Of An LLCMike welcomes Andrea Sager to the show!Why do you need an LLC for your business?What does an LLC stand for?[01:30] The Benefits Of LLCs For Small BusinessesAn LLC will protect you personally from the debts of your companyLLCs are usually the best option for small businesses, while corporations are better for businesses with investorsMost companies file their corporations in Delaware due to its favorable laws and courtsIt is usually best to file in the state that you live in as there is no tax benefit to filing in another state[10:26] How To Setup An LLC And Protect Your BusinessThe only way to avoid the California franchise tax is to literally move out of CaliforniaTo maintain the protection of an LLC, separate bank accounts must be maintained and funds cannot be commingledAn operating agreement is not required by law but is recommended in case something happens to the business or its owners[16:44] Closing SegmentAndrea invites listeners to her own podcast, “The Legalpreneur Podcast”!  Final WordsKey Quotes“You want that protection as soon as possible. You don't want to wait until you're making a hundred thousand dollars or whatever that magic number is. You want that LLC from day one because anything that happens before you're an LLC you do not get the LLC protection for.” – Andrea Sager--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Are you struggling to pay your tax bill? Don’t panic – there are options! In this episode, we discuss the different ways you can pay your taxes, from having the payment withdrawn with e-filing to using a debit or credit card.Mike Jesowshek offers advice such as how to create an IRS account and locate preferred vendors for payment processors. He explains what happens if you don’t pay the full amount on time – including interest and penalties, and how to avoid them.He covers state payment options and shares his tips on where to help if you need it. Get all this helpful information and more in this episode of the Small Business Tax Savings Podcast.Tune in now and learn more information on how to pay your tax bill and what happens if you don’t have the funds available! [00:01] Options for Those Who Can Afford to Pay and Those Who CannotMike provides options to pay the tax bill in full:Withdraw with e-filing of tax returnPay online via a bank account with an IRS accountPay online via a bank account using Direct PayPay online via debit or credit cardFor those who cannot afford to pay their tax bill:Create an IRS account to view balances, payment plans, and more[06:36] Learn How to Handle Your Tax Bill When You Can't Afford to PayIf you can’t afford to pay your tax bill, “Don’t panic, there are options available.”Make sure you are still filing your tax return or requesting an extension by the deadlinePay as much as you can with a tax return or extension filing to avoid penaltiesFailure to pay penalties[14:28] Don't Get Stuck in a Tax Penalty SituationThe interest rate on unpaid taxes is the federal short-term rate, compounded dailyOptions for paying taxes include:Borrowing fundsShort-term payment plan/installment agreementOffer in compromiseMake sure to file a tax return even if unable to pay the full amount[17:52] Closing SegmentCheck the State’s website for payment plans and penalties/interest rates: https://www.irs.gov/Final WordsKey Quotes“If you have both a failure to file and a failure to pay penalty in the same month, the failure to file penalty is reduced by the amount of the failure to pay penalty for that month.So, it's going to be a combined penalty of 5% for each month. If after five months you still haven't paid, the failure to file penalty will max out, but the failure to pay penalty continues until those taxes are paid.” – Mike Jesowshek--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

What do you need to know about tax extensions? On this episode of the Small Business Tax Savings Podcast, Mike provides an in-depth look at tax extensions and how they can help you.Mike Jesowshek discusses the difference between an extension of time to file and an extension of time to pay, potential reasons for needing a tax extension, how to request one, and the associated deadlines for different business structures.The potential risks associated with filing late and the penalties that could come with it. He provides tips on how to reduce your risk of an audit and what options are available for payment if you can’t afford to pay your tax bill. Get all this helpful information and more in this episode of the Small Business Tax Savings Podcast.Tune in now and learn more information on how to pay your tax bill and what happens if you don’t have the funds available! [00:01] Securing Your Business And Personal Tax Returns With Tax ExtensionsMike talks about tax extensions can be done for both business and personal tax returnsA tax extension is an extension of time to file your taxes, not to pay taxes owed[05:08] Dates To Remember: Filing Your Tax Return Or Extensions RequestExtensions are requested from the IRS or other government agenciesHe provides reasons for needing an extension that includes:Waiting on documentsBookkeeping not being completedWanting more time to ensure accuracyFor S-Corporations and Partnerships, file a tax return or an extension request by March 15th, 2023For C-Corporations and Personal Tax Returns (including Schedule C and E), file a tax return or extension request by April 18th, 2023[09:07] File Your Tax Return by the Extended Date to Avoid Interest and Audit RiskIf you've successfully extended, make sure to file the return by September 15th (for S-Corporations and Partnerships or October 16th (for C-Corporations and Personal Tax ReturnsInterest may be added if taxes are not paid on timeFiling an extension does not increase the risk of audit and may decrease itThe extension request must be filed by the original due date, and include payment with the extension request with an estimated tax bill [15:50] Closing SegmentMike will be discussing the options available to pay tax bills next week!  Final WordsKey Quotes“We don't want to just keep pushing things back because that's going to put more stress on you if you're waiting to file your tax return because you have, “Bookkeeping not completed”, and things like that. Just take some time, get it done, that stuff that we want to be forgetting about. We want to be filing and getting it past our minds. So don't try to just push these continually to the next deadline.” – Mike Jesowshek--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Do you want to know how to maximize tax savings for your small business? On this episode, of the Small Business Tax Savings Podcast, Mike provides answers to listeners’ questions about small business taxes and strategies to get the most out of every dollar. Mike Jesowshek delves into topics such as utilizing baseline tax strategies, advanced tax strategies, deducting advertising expenses, understanding the taxation of assets within an irrevocable trust, taking advantage of charitable contributions, and more.Discover strategies for back taxes and penalties related to S Corporations, such as fixing it moving forward or starting fresh in 2023 with fees and penalties. Get all this helpful information and more in this episode of the Small Business Tax Savings Podcast.Tune in now and don’t miss the opportunity for tax savings! [00:01] Maximize Your Tax Savings To Go Beyond The $500, 000 Business Loss Limitation Baseline tax strategies are available to business owners at all stages of all income levelsAdvanced tax strategies are typically not looked into until baseline tax strategies[04:27] Tax Implications of Irrevocable Trusts ExplainedClothing is traditionally not deductible if it appropriate for everyday useYour logo must be obvious for use in promotional activitiesFurniture used for Airbnb can be depreciatedIncome generated from assets within an irrevocable trust is taxed at higher tax ratesInterest or income accumulated within the trust is taxable either to the trust or the beneficiary[10:50] Strategies For Taking Reasonable Salary And Avoiding IRS Red FlagsAny earnings left within the trust are taxable, while any distributed earning is taxable to the beneficiaryCash basis taxpayers report income based on what they change, not what they would normally chargeDeductible materials can be used to create a loss in a specific scenarioCharitable contributions can be moved to advertising expenses for tax benefitsLate S-Corporations election is possible but a reasonable salary must be taken for that yearLate filing of tax returns will incur penalties and interest[17:49] Closing SegmentMike shares options for S-Corporations including either paying taxes for not being on top of it in 2022 or doing back work and penalties and then doing the S-CorporationFinal WordsKey Quotes“If you're a high-income earner, what we talk about when we look at tax planning, tax strategies, this idea of baseline tax strategies. Baseline tax strategies are available to business owners at all stages of all income levels.” – Mike Jesowshek--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Are you a small business owner looking to save money on taxes? On this episode of the Small Business Tax Savings Podcast, Mike discusses strategies available to those who missed out on tax planning before year-end, and how to still optimize your tax return even after the end of the year.Mike Jesowshek explains how contributions to Traditional IRAs, Health Savings Accounts (HAS), Coverdell IRAs, SEP IRAs, Solo 401Ks, Profit Sharing Plans, Home Office deductions, and other business strategies should be completed by either the filing date or by April 18th whichever is earlier.This conversation reviews items such as automobile expenses and deductions related to spend that can be taken advantage of if not already done so. This is an invaluable resource for small business owners who want to ensure they are paying the least amount of taxes legally possible.Tune in now and don’t miss the opportunity for tax savings! [00:01] Tax Strategies To Lower Tax Bill After Year EndTax planning is important throughout the year, not just during tax seasonOptions available for those who didn’t get to tax planning throughout the year [04:51] Maximize Your Retirement And Business Tax Strategies Before Year EndTraditional IRA and ROTH IRA contributions can be made up until the tax filing date or the original due date (whichever is sooner)Employee contributions to a retirement plan can be made up until the tax filing date including extensionsSEP IRA contribution can be made up until the date of filing with a max of the extended due dateEmployer contribution limits are 25% of W2 or 20% of net self-employment income[09:42 ] Utilizing Available Strategies For Business Tax SavingsTraditional IRA, ROTH IRA, and employee contributions to retirement plans are no longer available after December 31Complete inaccurate bookkeeping to take advantage of potential deductionsHome office deductions is a valid deductions and should be taken advantage ofAutomobile expenses should be calculated and included in the tax filingHealth Savings Account (HSA) is a strategy that everyone should utilize and max out[12:59] Closing SegmentMike shares to make 2023 the year to do tax planning throughout the year and pay the least amount of taxes legally possible by implementing available strategiesFinal wordsKey Quotes“Don't be afraid to take a valid home office deduction. Don't be afraid of it. It is a completely legal deduction and we highly recommend, that every business owner take advantage of it as long as you're doing it the right way.” – Mike Jesowshek--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Are you ready to learn the In’s and Out’s of selling a small business? On this episode of the Small Business Tax Savings Podcast, we welcome back Stuart H. Sorkin from Business and Legal Advisors to discuss how to eventually exit from your business. This is part two of a two-part series where he discusses why owners exit their business and how to best prepare for it. Stuart H. Sorkin discuss how to best prepare for an exit from a business. He tackles topics such as separating lifestyle businesses from other types of businesses, creating a management team, and handcuffing key employees to ensure the success of the M&A process.This conversation provides insight into the due diligence process for selling or buying a business and the importance of finding a professional with experience in mergers and acquisitions. He discusses the important of an LOI when negotiating an acquisition and some key points for sellers to consider, such as warranties, taxes, liabilities, and post-acquisition services Tune in now to learn more about planning for your eventual exit from your business! [00:01] Critical Considerations For A Successful AcquisitionCreating a business that has value and can go beyond the ownerThe difference between a lifestyle business and other types of businessesDelegating decisions to create a management teamSelling a business as an absentee owner[05:15] Navigating The Complexities Of The Due Diligence Process In Business DealsAn Overview of the M&A processA Letter of Intent (LOI) is a non-binding document outlining the transactionSellers should specify an amount related to the covenant not to competeGolden handcuffing key employees in advance can prevent “deal failure”[11:16] Maximize Your Return And Minimize RiskIt is important to seek professional counsel prior to signing an LOIAn LOI may include an exclusivity clause, where the seller cannot talk to anyone else while due diligence is taking placeCashless transactions are becoming more common, where the seller gets equity instead of cash[15:03] Understanding The M&A ProcessSellers should not hide anything during the process as it could come back to bite themIt is important to find a professional who understands M&A work to protect yourself and maximize returnTax planning should be done before the deal closes in order to maximize tax strategies[17:59] Closing SegmentFinal wordsKey Quotes“The point is that you're going to negotiate… There's usually an exclusivity clause that says you can't sell while I'm doing due diligence. You can't even talk to anyone else during due diligence. So, if the deal falls apart, you got to be ready. You've also been off the market for a period of time.” – Stuart H. SorkinResources MentionedConnect with Stuart:Stuart on LinkedInBusiness and Legal Advisors Webpage--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Do you know why every owner exit their business and how can you prepare for this? On this episode of the Small Business Tax Savings Podcast, we welcome Stuart H. Sorkin from Business and Legal Advisors to discuss the ins and outs of exiting a business. This is part one of a two-part series geared towards educating people on what an exit plan looks like and what to consider when leaving their business. Stewart explains that there are six different ways an owner can exit their business: selling to family, management, a third party, becoming an absentee owner, having it liquidated or dying. He also encourages creating a strategic plan from day one in order to ensure that all partners have the same goals in mind.  Stewart dives into important topics such as the importance of finding a trusted employee to run the business until it is ready to be sold, aligning the goals of key employees with those of the owner, building a due diligence library as part of preparation for potential sale and accounting for unplanned exits from the business. He stresses how important it is to think about the future but also factor in changes that may occur along the way.  This conversation touches upon many key points that will help you understand how to best prepare your business for sale and create an exit strategy from day one. If you are in the process of or thinking about exiting your business, tune in now for this insightful discussion! [00:00] Exploring Business Exits·         Every owner will exit his business in one of six ways: selling to family, selling to management, selling to a third party, becoming an absentee owner, liquidating, or dying.·         If an owner does not choose one of the first four options, one of the last two will happen.·         Partners need to have aligned goals and they must agree on the number they need out of the business.·         Financial planning should be done to determine what is needed from the business for retirement  [04:35] Planning for the Future·         Strengths and weaknesses of the business and management team should be identified·         Business owners should consider delegating tasks they don't like doing·         A strategic plan should be created with a perfect scenario 10-15 years out ·         Plans should be adjusted as needed, but there needs to be a destination in mind ·         Consider unplanned exits such as family members or management team leaving [08:55] Preparing for a Potential Sale at Any Point in Time·         At some point, you need to find a key employee that you trust to run the business until it is ready for sale. ·         Tie this person in with a stay bonus or percentage commission on the sale of the business. ·         Align key employees' goals with yours regarding an eventual sale. ·         Make sure the business is not too dependent on one or two customers. ·         Always be prepared for a potential sale of the business. [13:28] Creating a Plan for Growth·         Common goals and objectives should be established for a startup·         Financials and personal goals should be taken into account·         Avoid becoming an "absentee owner" by delegating tasks·         Businesses should have a plan for growth

Are you ready to create a successful business plan for 2023? On this episode of the Small Business Tax Savings Podcast and hear from Mike on how to set up your business for success. This episode dives into the importance of bookkeeping, tax planning, and strategic planning. Learn how to create a perfect scenario, three- and five-year plans, and a list of action items that need to be completed this year. Find out why having an accountability partner is so important in staying motivated and meeting goals, as well as which websites are great resources for finding more information about tax savings. Finally, get tips on tracking progress during regular board meetings and making adjustments as needed.[00:00] Discover How to Achieve Your Perfect Scenario with Strategic Planning ·         Strategic planning in a business is where a business defines its strategy or direction and then makes decisions or plans on how it can get there.·         Determine your perfect scenario: step away from your business for half a day and brainstorm what your perfect scenario would look like in 10-15 years.·         Do your five-year plan, and three-year plan, and determine and implement your 2023 strategic plan.·         Examples of things that may come up during brainstorming session: having your personal residence fully paid off, having a vacation home, working only two to three days per week, having a business profit of a million or 5 million or a hundred thousand dollars, having investments and or savings greater than 5 million, etc.[04:42] Creating a Three- or Five-Year Plan and Annual Strategic Plan for Your Perfect Scenario·         Three- or five-year plan: list of action items and goals to complete in the next three or five years·         Annual strategic plan: specific action items to do this year to start chipping away at future goals·         Examples of action items: hire a social media marketing firm, grow social followers, close new sales, hire staff members, max out retirement accounts, put money into investment/savings account, hire kids and fund their Roth, set up a bookkeeping system, tax planning[08:50] Strategic Planning, Bookkeeping, and Tax Planning·         Take some time to put together a strategic plan for 2023·         Include building out your perfect scenario, three- and five-year plans·         Check back throughout the year during regular board meetings to see progress·         Start researching and learning about tax strategies available to everyday business owners·         Get an accountability partner to ensure sticking with the plan [12:15] Closing Segment Final wordsKey Quotes“The ultimate goal here is to build out a roadmap. A roadmap that's going to take you or lead you to that perfect scenario.” – Mike Jesowshek“This is your opportunity to dream, your opportunity to think of what would things look like if everything was perfect in 10 or 15 years.” – Mike JesowshekResources MentionedBlog Posts: ·         https://www.taxsavingspodcast.com/blog/how-can-i-setup-my-business-for-success-in-2023 --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages:

Do you want to set up your small business for success in 2023? On this episode of the Small Business Tax Savings Podcast, we discuss key steps and action items to make sure you are ready to make a major impact. In this episode, Mike discusses how small business owners can set up their businesses for success in 2023. Mike emphasizes the importance of bookkeeping and provides tips on how to do it regularly, keep separate business and personal financial accounts, and maintain accurate records and receipts. Mike also advises creating a budget, reviewing financial statements, and setting goals for the future. Other tips include automating tasks, staying organized, and seeking professional help when needed. [00:00] 3 Key Bookkeeping Tips to Help You Grow and Pay Less in Taxes• Bookkeeping is the backbone to every business and should be done regularly (monthly at a minimum). • Set up a separate bank account and/or credit card for your business and avoid commingling personal and business expenses. • Keep great records and receipts to ensure accuracy in bookkeeping. [04:07] Maximize Your Tax Savings in 2023• Record business expenses as an owner's draw or reimburse yourself• Create a spreadsheet of business expenses on personal accounts• Utilize an accountable plan for personal expenses related to the business• Keep great records and receipts digitally • Consider using cloud-based accounting software • Budgeting is important for understanding your business's financial performance and setting goals [08:07] Start the Year Right• Implement strategies while they are fresh in your mind• Join our tax minimization program or hire a tax strategist• Think about tax planning first, then tax filing and preparation• Strategic planning is important for business success [12:15] Strategic Planning and Tax Savings Tips• Read and listen to the resources that our podcast offer• Take bookkeeping seriously and update it regularly • Don't have any commingling of business and personal items • Keep receipts and documentation • File digitally and keep on file • Research, listen, read, and implement ideas • Put a strategic plan together • Get an accountability partner  [12:59] Closing Segment• Final words  Key Quotes  “Bookkeeping is the backbone to every business.” – Mike Jesowshek “If you keep up with your bookkeeping on a regular basis, you keep business and personal items separate, and you file all necessary documents in a digital file as soon as you receive them, you will have less stress, be on top of your business and pay less in taxes”. – Mike Jesowshek  Resources Mentioned Blog Posts: ·         https://www.taxsavingspodcast.com/bookkeeping  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844

Are you dreading tax season? Join us on this episode of the Tax Savings Podcast as we discuss how to best prepare for tax season in 2023. Mike will cover a variety of topics, including action items such as completing bookkeeping, gathering receipts, bank statements, loan documents, asset purchases or sales, and completing an accountable plan. Mike will also provide helpful advice on due dates related to the 2022 tax year and tips on how to best prepare for filing. Plus, he is going to discuss how to create a system in place for tax documents that makes the upcoming tax season easier and stress free. Don’t miss out on this valuable information![00:00] What Your Accountant Needs and Tips to Make it Stress-Free·       Be proactive and get your documents and financials in order at the beginning of the year.·       Complete your bookkeeping as soon as possible and wrap up the previous year.·       Gather all necessary documents, including receipts, bank statements, loan documents, asset purchases/sales, and accountable documents.·       Consider using digital tools to organize and store your documents[04:02] Gather Documents, Complete Your Accountable Plan, and Send to Your Accountant·       Separate interest and principle when doing bookkeeping for loans.·       Let your accountant know if you made any asset purchases or sold any assets that are already on your books.·       Complete your accountable plan and add the activity to your books. ·       Send income statement (profit & loss) and balance sheet to accountant ·       Gather all tax documents and put them in one digital file before sending to accountant [07:44] Gathering Tax-Related Documents for Tax Season ·       Gather documents such as last year's tax return, payroll documents, 1099s, 1098s, K-1s, health insurance forms, 1098-E for student loan interest and 1098-T for tuition·       Collect information on real estate taxes, medical expenses, charitable contributions, childcare expenses and estimated taxes·       As a business owner, keep track of estimated tax payments.·       Create a spreadsheet with all of the collected information [11:21] 2022 Tax Year Due Dates and Tips for Business Owners·       Quarter 4 estimated tax payments are due on January 16th.·       W-2 and 1099 forms are due to recipients by January 31st.·       S corporation, partnership, and multi-member LLC tax returns are due on March 15th or can be extended by that date.·       Personal, single member LLC, and C corporation tax returns are due on April 18th or can be extended by that date. April 18th is also the deadline for IRA and HSA contributions for 2022.·       To minimize stress, it is helpful to have a system in place for organizing tax documents as they come in throughout the year.  [16:00] Closing Segment• Final words Key Quotes“Take the time now to gather all of your tax documents and have a system in place for organizing them. This will make tax season a breeze and allow you to focus more on your business”. – Mike Jesowshek Resources MentionedBlog Posts:·       https://www.taxsavingspodcast.com/blog/how-do-i-reimburse-

On this episode we had Will DeShazo from Growth Tools on to discuss how you can build an email list utilizing a lead magent.Resources MentionedBlog Posts:https://videofruit.com/blog/how-to-build-an-email-list/https://videofruit.com/blog/lead-generation-coaching/https://videofruit.com/blog/lead-magnet/Workshop:https://www.youtube.com/watch?v=m_VajqZhYro--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode Shannon Weinstein and I have a discussion together.  This is a cross-over episode between our two shows.We discussed:How to decipher good advice online.How to find a professional who's looking out for you.How to educate yourself on these types of complicated topics while also empowering yourself.Competition, how everyone is welcome in this space, and why Shannon and I believe collaboration is so important.Resources MentionedKeep What You Earn Podcast:https://podcasts.apple.com/us/podcast/keep-what-you-earn/id1580071347--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

On this episode we invited David Price and Zhenya Slack from Delphinus Capital to talk SBA loans. The SBA 7(a) loan program is the most popular and most used type loan of the Small Business Administration's lending program. The loan program is designed to assist small businesses obtain capital with reasonable terms and rates. We discussed:What is an SBA 7(a) Loan?Who is Eligible for an SBA 7(a) Loan?In addition to the traditional SBA 7(a), there are 2 very rare programs that aren’t offered through most of the traditional banks. It’s through the SBA 7(a) Express Working Capital program.Resources MentionedBlog Posts:https://www.taxsavingspodcast.com/blog/what-is-an-sba-loan--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

There are a couple of weeks left before the year ends, and small business owners should be thinking about ways to reduce their tax burden before year-end to maximize savings. That is why in this episode Mike is going to be discussing year-end tax strategies, such as bonus depreciation, credit card reimbursement, prepaying expenses, and buying equipment for your business, among other things.   [00:00] What Do I Need to Prepare for Tax Savings at Year-End• The IRS safe harbor rule allows cash basis taxpayers to prepay and deduct qualifying expenses up to 12 months in advance.• This includes business insurance premiums but basically you can prepay up to 12 months in advance and get the deduction here in the year that you make the payment.• Not billing customers, clients or patients temporarily can shift income from this year into a future year. [04:23] Strategies to Save on Taxes • Buying equipment or vehicles now can potentially save money in taxes in the future but remember only buy things that your business really needs and will use.• Bonus depreciation is still at 100% in 2022, but it will be reduced each year after that.[08:37] Don't Overthink Making Deductions• Mike shares on why you can deduct the full $100,000 in 2022 using a 100% bonus depreciation. And if you wait until 2023, you're only gonna be able to deduct $80,000 or 80% in bonus depreciation in year one.• He also discusses if you should rush out and purchase business property before 2022 ends to take advantage of that 100% bonus depreciation and why is not necessarily the case. [12:46] Prepaying Expenses for a Tax Deduction • If your business expenses exceed your income, you have a loss for the year. This is called a net operating loss and can be carried forward.• You should never stop documenting your deductions and claiming what is rightfully yours.• Prepaying expenses can help you move income from one year to another, and can also create a tax loss in the year you prepay them. [16:45] A Recap of Tax-Saving Strategies• Try to always your credit cards in most cases.• Don't assume you're taking too many deductions.• If you are not operating at a loss, don't be afraid that loss is gonna carry forward an offset future income.• Don't stop taking deductions that are valid legal and available to you simply because you don't want to go to a loss.[18:09] Closing Segment• Final wordsKey Quotes“Do not assume you are taking too many deductions. The IRS code was written the way it was for a reason, so that you as a business owner can take advantage of it”. – Mike JesowshekResources MentionedBlog Posts: ·         https://www.taxsavingspodcast.com/blog/what-year-end-tax-strategies-are-available-to-business-owners·         https://www.taxsavingspodcast.com/blog/what-is-depreciation-for-my-business-when-does-a-capitalization-policy-make-sense·         https://www.taxsavingspodcast.com/blog/what-do-i-need-to-prepare-for-tax-savings-at-year-endLast Episode ·         https://podcasts.apple.com/us/podcas

Hey Small Business Owners! In this episode, we're going to be talking about what you need to do in order to prepare for the end of the year. Specifically, we're going to be discussing things like salary calculation, charitable contributions, recordkeeping, and maximizing deductions.  Make sure you're doing your homework and getting ready for the end of the year.[00:00] Small Business Tax Tips for Year End• If you're taxed as an S corporation, make sure you're taking a reasonable salary and paying self-employed health insurance premiums.• Before December 31st, be sure to review your year-end tax strategies, including yearend salary and health insurance deductions.• Make sure your payroll provider is aware of any changes to your self-employed health insurance premiums.[04:04] Underlooked Strategies to Increase Deductions• There are specific things that an accountable plan must include in order to be considered valid, such as adding health insurance to your W2 and finalizing reimbursements.• Maximizing deductions can include trading business purchases for tax breaks, but only if the purchase is necessary for the business.• Hiring family members in your business can be a great way to reduce taxes and support them at the same time.[07:44] How to Maximize Business Deductions and Write-Offs• Mike reminds us of some key points to remember before year-end, including establishing or funding a retirement plan and taking care of business gifts.[11:12] Ways to Prepare your Bookkeeping• Make sure you're completing any charitable contributions of either cash or property or goods.• Remember to take advantage of charitable deductions if you're not itemizing, and to complete your bookkeeping up to date.• Start to file various tax documents and receipts as you receive them.[14:51] Essential Planning for Filing Taxes• Make sure you're paying a reasonable salary before year-end. This salary needs to be completed before year-end.• If you're thinking about funding a set IRA or a solo 401k, make sure you're factoring that into your salary calculation.[18:09] Closing Segment• Final wordsKey Quotes“When we talk about maximizing deductions, we're not necessarily talking about going out and buying things you don't need. But rather, we're talking about how can we move after-tax spending money that you're already spending.” – Mike JesowshekResources MentionedBlog Posts: https://www.taxsavingspodcast.com/blog/what-is-a-reasonable-compensation-for-an-s-corporation-ownerhttps://www.taxsavingspodcast.com/blog/how-does-the-deduction-for-self-employed-health-insurance-workhttps://www.taxsavingspodcast.com/blog/why-should-i-hire-my-kids-in-my-business https://www.taxsavingspodcast.com/blog/how-can-i-maximize-business-deductions-and-write-offs-------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsa

It is important to pay yourself as an owner, but sometimes the process can be messy and confusing. There are a variety of options available, depending on the type of business entity you have. Certain payroll deductions will reduce your business income, but guaranteed payments are unaffected by profit or loss. In this episode, Mike discusses ways to pay yourself from your business and what requirements must be met to do so. He also dives into how to save money on taxes through proper accounting and salary deductions. [00:00] How to Pay Yourself as a Business Owner: An Overview·         An owner's draw is not considered a business expense and therefore does not reduce your business profit.·         Payroll requires doing payroll tax withholdings, form filings, and making payments to various government agencies.·         Payroll is a business expense that reduces your business income. [04:11] Owner's Draw, Guaranteed Payment, or Dividend·         Paying yourself as an owner via payroll is an expense to your business, but it's gonna be reported on your tax return as income.·         A dividend is a rarer way to pay yourself as a business owner and it's similar to an owner's draw distribution but oftentimes requires some extra year-end paperwork.·         With a sole proprietorship or single-member LLC, paying yourself via an owner's draw is the simplest way to do it [11:49] How to Pay Yourself Before Year End•       If you're operating as a sole proprietorship or single-member LLC, you'll pay yourself with an owner's draw or distribution. •       If you're operating as a partnership, you'll pay yourself as an owner's draw and/or guaranteed payment. •       If you're operating as an S corporation, you'll pay yourself with both distribution and payroll. [16:00] Strategies for Saving on Taxes•       Some strategies include paying yourself a reasonable salary, taking a salary from your business, and running an S corporation correctly.   Key Quotes “Always remember with a pass-through entity, you are taxed on the profit of your business regardless of how much money you leave in or take out of that.” – Mike Jesowshek   Resources Mentioned ●     Accounting software: https://gusto.com/●     Bookkeeping blog article: https://taxsavingspodcast.com/bookkeeping. --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com 

Understanding what your business entity is will allow you to take advantage of tax strategies and maximize your deductions. In this episode, we talk about what are the different types of business entities and how they are taxed.[01:01] The Types of Business EntitiesNo Entity or Sole ProprietorshipLimited Liability CompanyC CorporationAn S Corporation is not an entity at the state level but a tax election [02:37] What is a Pass Through Entity?Most small businesses do not pay federal income taxes at the corporate levelThe profits from their business pass through to the owners of the company where it is then taxedThis includes a Sole Proprietor, an LLC, or an S CorporationA C Corporation is not considered a pass through because the company pays taxes on the profit of the business at the corporate level[04:04] Where Do You Report Your Business Activity and How Is Your Business Income Taxed? Sole Proprietorship or Single Member LLC (No S Corp Election) File your business information on a Schedule C on your personal tax return (Form 1040) You will pay both ordinary income taxes and self-employment taxes on the business profit on your personal returnPartnership or Multi Member LLC (No S Corp Election) File your business information on Form 1065Each partner will then receive a K1 with their share of activity which will be used to report on their personal tax return (Form 1040)Each active partner will pay both ordinary income taxes and self-employment taxes on their share of business profit on their personal return S CorporationFile your business information on Form 1120SEach owner will receive a K1 with their share of activity which will be used to report on their personal tax return (Form 1040)Each active individual owner will pay ordinary income taxes on their share of profit on their personal tax returnC CorporationFile your business information on Form 1120The corporation will pay corporate taxes on the income of the business on the corporate level [08:40] Final ThoughtsIt's so important to understand how your business entity is structured to get clear on how it’s taxedKey Quote“With a pass through entity, you are taxed on the profit of the business regardless of how much money you leave in or take out of the business.” - Mike Jesowshek Resources MentionedBlog Posts:https://www.taxsavingspodcast.com/blog/how-is-my-business-entity-taxedhttps://www.taxsavingspodcast.com/blog/earned-income-how-is-my-income-taxedhttps://taxsavingspodcast.com/scorp --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

So many business owners for far too long have been told that they need to go out and buy things in order to lower their taxes. In this episode, we want you to change your way of thinking and maximize deductions and write-offs. We dig deep into concepts you need to know and steps you need to take. [01:09] Pre Tax vs. After Tax DollarsAfter tax dollars: money that you spend after it's been taxed Pre tax dollars: spending done prior to the money being taxed This is spending that you do within your business prior to them being taxed Strategize on how you can find after tax dollars that can be moved to pre tax dollars[03:32] What Can You Deduct as a Business Expense?In your business, you will have ordinary and necessary expenses that you can deduct when filing your taxesOrdinary expenses: common and accepted expenses in your industryNecessary expenses: expenses that are helpful and appropriate in operating your small business [04:57] What Are Examples of Business Expenses?Here's a list of common business expenses[06:56] Maximizing Business Deductions and Write-OffsHow can you move spending that you are already doing from after tax spending into pre tax spending by finding a business purpose?Go through your personal credit card statement and see if you can find a business purpose to spending that you have already doneUtilize an accountable plan to reimburse yourselfFor every spending, ask yourself, "Is there a business purpose for this?" and if so, run it through the business and get a pre tax deduction for it[09:27] What Do I Need to Document When Maximizing Deductions?Talk with your tax professional before acting to ensure it’s valid in your line of businessHave a separate bank account (and credit card) for your businessKeep records and receiptsDon’t be greedy[13:00] Final ThoughtsDon’t be afraid to take advantage of the tax law the way it's written for youKey Quote“We always want to be thinking about how can we move after tax spending, spending that we're already doing, finding a business purpose to it, and move it to pre tax spending.” - Mike Jesowshek Resources MentionedBlog Posts:https://www.taxsavingspodcast.com/blog/how-can-i-maximize-business-deductions-and-write-offs https://www.taxsavingspodcast.com/blog/how-do-i-reimburse-myself-from-the-business-when-does-an-accountable-plan-come-into-play The Ultimate List of Business Deductions Free Ebook:https://www.taxsavingspodcast.com/deductions  --------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com