Mike Jesowshek

Mike Jesowshek, a tax expert specializing in small businesses, dives into the world of tax write-offs that can save entrepreneurs a significant amount of money. He highlights the crucial differences between pre-tax and after-tax spending and the advantages of choosing the right business entity, such as an S corporation, to reduce self-employment taxes. Mike also shares innovative strategies, like hiring family members and using the 14-day home rental rule, ensuring that listeners grasp the importance of effective implementation and accurate documentation for IRS compliance.

Financial expert Mike Jesowshek discusses the tax benefits of employing children in businesses, debunking myths and emphasizing proper documentation. He explains the legal requirements, benefits of setting up a family management company, and considerations for hiring older children as 1099 contractors.

Accounting expert Mike Jesowshek explains depreciation basics, methods, and policies for small business owners. He covers regular depreciation, bonus depreciation, Section 179 expensing, and the importance of having a capitalization policy. Topics include types of depreciable assets, depreciation methods, and examples of application.

Mike Jesowshek, a tax strategist specializing in healthcare savings for business owners, shares essential tax strategies to minimize liabilities. He highlights the benefits of Health Savings Accounts (HSAs), including their role as a retirement tool. Mike also discusses self-employed health insurance deductions and the intricacies of Section 105 plans. He emphasizes the importance of understanding tax laws to optimize healthcare costs and grow wealth, making this a must-listen for entrepreneurs looking to enhance their financial strategies.

Mike Jesowshek, an expert in tax deductions for small business owners, shares valuable insights on home office tax write-offs. He clarifies common misconceptions about eligibility, emphasizing that dedicated spaces are key. Jesowshek discusses the administrative office rule, expanding who can qualify. He also breaks down two methods for claiming deductions: simplified and actual, providing real examples to help tune your tax strategy. Learn how proper documentation can significantly decrease your tax liability and enhance your savings!

Mike Jesowshek, a tax expert dedicated to helping business owners save money, delves into the Work Opportunity Tax Credit (WOTC) and how it can significantly benefit employers. He explains who qualifies for WOTC, including veterans and individuals facing employment barriers. Jesowshek offers practical advice on claiming the credit, highlighting how it not only reduces tax liability but also encourages workforce diversity. Discover how hiring from targeted groups can lead to substantial savings while positively impacting the community.

Mike Jesowshek, a CPA specializing in tax insights for businesses, dives into key tax strategies for small business owners. He clarifies how S-Corp owners can balance salaries and dividends. Surprising insights emerge about gym membership deductions and the tax benefits of hiring family members. Mike elaborates on structuring solo 401(k)s for couples and automating bookkeeping with efficient software. The discussion also covers accountable plans for LLCs and managing documentation for tax deductions. Tune in for actionable strategies that could save you money!

Discover post-year-end tax strategies for entrepreneurs such as maximizing retirement contributions, business deductions like home office and automobile expenses, and the importance of accurate bookkeeping. Learn about tax-saving opportunities through strategies like cost segregation studies, health savings accounts, and maximizing deductions for 2023 expenses. Get insights on early tax planning, real estate depreciation, and maximizing tax savings for entrepreneurs.

Get ready for tax season 2024 with tips on gathering important documents, understanding business versus personal returns, and crucial deadlines. Learn the role of bookkeeping in tax prep and the significance of maintaining financial records. Discover the essential tax forms to collect for businesses and individuals, and mark important due dates on your calendar for a stress-free filing process.

The podcast discusses proactive tax-saving strategies for business owners, including hiring kids for tax benefits, setting up family management companies, funding Roth IRAs for children, and utilizing health insurance premiums as deductions. It also covers strategies for maximizing deductions, preparing for 1099 season, and the importance of implementing tax-saving strategies before year-end.