Send us a text

Are you leveraging the right tax strategies to minimize your business's tax liability and maximize your savings?

In this episode, Mike Jesowshek offers a comprehensive guide on tax strategies for business owners to minimize tax liability and optimize financial planning. He emphasizes the importance of understanding the appropriate business structure, maintaining accurate bookkeeping, maximizing deductions, and implementing effective tax planning strategies. Throughout the episode, he shares practical advice and examples to help business owners make informed decisions and avoid common tax pitfalls.

[00:00 - 05:21 ] Introduction and Business Structure

• Mike Jesowshek emphasizes the importance of choosing the right business structure (e.g., LLC, S Corporation).
• He discusses common mistakes and the impact of business structure on tax liability.

[05:22 - 08:16 ] Importance of Accurate Bookkeeping

• Mike highlights the necessity of maintaining separate business and personal accounts.
• He also recommends using cloud-based accounting systems like QuickBooks Online or XERO.
• Update your bookkeeping systems monthly to stay organized and plan for estimated taxes.

[08:17 - 12:05 ] Maximizing Deductions

• What are the concepts of pre-tax vs. after-tax spending?
• Mike provides examples of common deductions, such as home office, cell phone, internet, and travel expenses.
• Documenting expenses properly is important to take advantage of deductions.

[12:06 - 16:04 ] Tax Planning vs. Tax Paying

• What are the differences between tax planning (strategizing to save on taxes) and tax paying (filing taxes)?
• Mike encourages learning and implementing tax strategies to optimize tax savings.
• He emphasizes the significance of proper implementation of tax strategies for effective tax savings.

Direct Quotes:

"The problem is not that it's hard to structure everything in a way to beat the IRS. The problem is simply that you have not been educated on how to do that." - Mike Jesowshek, CPA

"Bookkeeping is the backbone of your business. Without solid bookkeeping, you don't know how you are performing, and you have increased stress during tax season." - Mike Jesowshek, CPA

"Our goal as business owners is to move after-tax spending into pre-tax spending. Find a business purpose for spending you're already doing and get a business deduction for it." - Mike Jesowshek, CPA

"Tax planning is about learning strategies and then putting them into practice. Implementation is the key to actual tax savings." - Mike Jesowshek, CPA

Resources Mentioned:

• QuickBooks Online
• XERO

______

Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

Join TaxElm: https://taxelm.com/

IncSight Packages (Full-Service): https://incsight.net/pricing/

Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale

-------

Podcast Website: https://www.TaxSavingsPodcast.com

Facebook Group: https://www.facebook.com/groups/taxsavings/

YouTube: https://www.youtube.com