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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 bookkeeping to not miss out on potential deductions and maximizing business deductions like home office and automobile expenses. Additionally, Mike highlights the value of health savings accounts as a tax-advantaged tool and the critical deadlines for making contributions or taking deductions to apply for the 2023 tax year.
[00:00 - 05:07] Retirement Tax Strategies After Year-End
- Traditional IRAs or Roth IRAs are standard retirement accounts available to both business owners and non business owners.
- You can contribute to a Traditional IRA or Roth IRA until your tax filing date or due date (Not to Exceed April 15).
- You can contribute until your tax filing date including extensions to the employER contribution portions.
[05:07 - 10:27] Tax Strategies After Year-End for Business Owners
- Go through all of your spending for the year with a fine tooth comb to see if there are any deductions related to the business that can be added to the bookkeeping.
- Do not be afraid to take a valid home office deduction.
- Mileage in automobile expenses can be included in tax filing.
- After the tax year has ended, rental property owners are still able to consider conducting a cost segregation study.
[10:27 - 15:43] Other Tax Strategies
- A Health Savings Account (HSA) is a strategy everyone should be utilizing and maxing out if they qualify and have the funds available to do so.
- You do not get a tax deduction for Coverdell IRA but when you withdraw from it for qualified education expenses, it is tax-free (including any earnings).
Quote:
“Health Savings Accounts are almost like a retirement plan on steroids.” - Mike Jesowshek, CPA
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
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Small Business Tax Savings Podcast