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Are you leaving money on the table when it comes to your business taxes? In this Q&A episode, Mike Jesowshek answers your tax questions! From S corporation salary conundrums to the surprising deductibility of gym memberships, Mike provides actionable insights that could save you thousands.
[00:00 - 07:15] S Corp Salaries and Retirement Accounts
- Can an S corporation owner take only dividends and no salary?
- How to determine a reasonable S corp salary?
- Can I start a solo 401k in my side hustle without breaking control group rules?
[07:16 - 13:30] Deductible Expenses and Hiring Family
- Is a gym membership with business offices tax-deductible?
- How to allocate costs between personal and business use?
- What are the tax implications of hiring my teen in a sole proprietorship?
[13:31 - 21:00] Solo 401(k)s and Bookkeeping
- What are the contribution options for solo 401(k)s for both spouses?
- How to structure businesses for married couples?
- Can bookkeeping be automated? What software is recommended?
[21:01 - 26:30] Accountable Plans and Cash Purchases
- Do husband-wife-owned LLCs need accountable plans?
- How to handle partnership filing in non-community property states?
- How to document and prove business purchases from Facebook Marketplace?
[26:31 - 35:00] Tax Deductions and Management Fees
- What expenses can self-employed pastors deduct?
- Should I set aside taxes based on gross revenue or profit?
- What's a reasonable fee for a family management company?
Direct Quotes:
"Don't invest something just for a tax benefit. Like they always say, ‘Don't let the tax tail wag the dog.’" - Mike Jesowshek, CPA
Resources Mentioned:
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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/
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
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