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What if a few simple shifts in your business structure and financial habits could set you ahead of 99% of companies?
In this episode, Mike Jesowshek, a CPA and founder of Taxelm, shares practical strategies for small businesses to gain a competitive edge without requiring massive investments or risky tactics. He emphasizes the importance of establishing a proper entity structure as the foundation for growth, maintaining an accurate and cloud-based bookkeeping system, and utilizing financial data to make informed business decisions. Mike also highlights key tax deductions and offers resources to help business owners optimize their financial strategies effectively.
[00:00 - 04:50] Introduction: Setting the Stage
- Mike introduces the theme of outpacing 99% of businesses with simple, effective strategies.
- Success doesn’t require excessive risk or investment; it starts with foundational business practices.
- Transitioning to an S Corporation can lead to significant tax savings.
- A well-structured entity is essential for tax efficiency and long-term growth.
[04:51 - 10:00] Building a Solid Foundation for Growth and The Backbone of Business
- Mike shares the importance of creating a management company structure for multiple business entities.
- Clear and organized entity structures reduce risks and enhance scalability.
- Consistent bookkeeping helps identify inefficiencies and drives better financial decisions.
[10:01 - 19:26] Leveraging Financial Data and Resources
- It is vital to use accurate financial statements for tax planning and business strategy.
- Mike offers a free document outlining tax deductions to maximize savings.
- Proactive financial management unlocks opportunities for growth and profitability.
Direct Quotes:
“Your entity structure is the foundation of how your business operates and grows.” - Mike Jesowshek
“Bookkeeping isn’t just for taxes; it’s the backbone of understanding your business’s financial health.” - Mike Jesowshek
“A cloud-based system done correctly gives you actionable insights. Done poorly, it gives you nothing.” - Mike Jesowshek
“With the right foundation, you can grow into the 1% of business owners who succeed at scale.” - Mike Jesowshek
Check out this episode’s blog: The Ultimate Guide to Maximizing Business Deductions and Write-Offs
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: www.TaxSavingsTV.com
