Small Business Tax Savings Podcast

Discover how you can deduct the entire cost of new equipment in the first year thanks to updates in tax laws. Learn the distinctions between depreciation methods, including the 100% bonus and Section 179 rules. Understand the importance of a written capitalization policy to maximize deductions. Hear expert tips on timing purchases and strategies for asset depreciation to optimize tax savings. Finally, explore when to front-load deductions and how to handle large expenditures effectively.

Matt Parrish, owner of DIY Retaining Wall LLC, shares his journey as a small business operator who recently raked in $300K+ but still saw a hefty $30K tax bill. He discusses critical tax strategies he could implement to save money, from maximizing meal deductions to turning personal expenses into business write-offs. Insights on travel deductions and the often-overlooked Augusta Rule showcase simple shifts with significant financial benefits. Matt's exploration of advanced tax planning is a must-listen for S-Corp owners looking to optimize their tax situation.

What if your kids could earn while helping your business? Discover how hiring your children can save you taxes while teaching them valuable financial skills. You can pay them tax-free and use that income to cover family expenses like camps. Learn the IRS rules that exempt their earnings from Social Security taxes and how to set this up correctly. Plus, see how this strategy can help fund their Roth IRAs, turning small contributions into potentially big savings over time!

Discover how to legally rent your home to your business tax-free with the Augusta Rule! Dive into the intriguing origin of this 14-day rental strategy and learn how to document your transactions to satisfy the IRS. Uncover the dos and don’ts, including setting a fair market rate and maintaining proper records. With potential savings exceeding $7,000, this guide is perfect for savvy business owners seeking to maximize tax benefits. Tune in to ensure you comply with all requirements and keep that extra cash in your pocket!

Ever wondered how to get reimbursed for business expenses without extra tax? An Accountable Plan might be your answer! Learn the must-follow rules to stay IRS-compliant and uncover common expenses that qualify, such as home office, travel, and internet bills. Find out how to implement this plan effectively with simple steps. Plus, discover the crucial documentation to avoid audit trouble and potential red flags. This is your chance to save thousands legally!

Medical bills can hurt your bottom line, but there are clever ways to turn them into tax deductions. Explore how self-employed individuals can deduct health insurance and maximize Health Savings Accounts for triple tax benefits. Learn about Section 105 plans that convert personal medical costs into deductible business expenses. Plus, discover options for providing health benefits to employees, including QSEHRA. These strategies help protect your cash flow and boost your savings while keeping you compliant with IRS regulations.

Jack Fiveash, attorney and co-founder of The Co-Letter, shares critical insights on why every family should consider trusts and LLCs for wealth preservation. He emphasizes that revocable living trusts simplify estate planning and avoid probate, making them accessible for all families. Jack discusses the ideal timing for setting up trusts for children, the costs involved, and the importance of funding them correctly. He also highlights engaging younger generations in financial stewardship and governance through family meetings and business involvement.

Send us a textIf you earn over $250,000 or plan to sell a highly appreciated asset, this episode could save you hundreds of thousands in taxes. Most business owners stop at basic deductions and retirement plans, but the wealthy use strategies that go far beyond that. In this episode, we break down the five categories of advanced tax planning, when they apply, and how to use them the right way.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/Chapters(00:00) When Advanced Tax Planning MattersWhy high-income earners and those selling appreciated assets should consider advanced strategies.(01:00) Core vs. Advanced StrategiesThe difference between foundational tax tactics available to everyone and advanced ones designed for high earners or large one-time gains.(03:10) The Government Rewards Tax PlanningHow tax incentives are built to encourage investment in business, housing, and energy projects.(05:00) The Five Categories of Advanced Tax StrategiesAn overview of the five areas where the wealthy focus their planning.(05:23) Advanced Retirement PlanningCash balance plans, mega backdoor Roths, non-qualified plans, and self-directed accounts for those already maxing out standard retirement limits.(06:24) Asset Purchase StrategiesUsing leverage and depreciation to create large year-one deductions. Example: turning a $10,000 down payment on a Turo car into a $100,000 deduction.(08:00) Asset Donation StrategiesBuying assets at a discount and donating them at full fair market value to increase charitable deductions.(09:00) Oil and Gas InvestmentsHow investors receive 80 to 90 percent year one deductions through intangible drilling costs and depletion allowances.(10:14) Captive Insurance CompaniesCreating your own insurance company to protect your business while shifting income into a tax-advantaged structure.(11:16) What to Consider Before Using Advanced Strategies Material participation requirements, IRS scrutiny, vendor due diligence, and understanding investment or loan obligations.(14:00) Finding the Right FitWhy working with a tax strategist helps you find the combination of strategies that fits your goals.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of you

Send us a textAre you spending money the wrong way? Every dollar is either pre-tax or after-tax money. Knowing the difference is the key to thousands in tax savings.In this episode, we cover how to turn everyday expenses into business deductions. From meals and travel to home office and even hiring your kids, you’ll learn the mindset shift that could save you thousands each year. 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/Chapters(00:00) Pre-Tax vs. After-Tax SpendingWhy most business owners spend the wrong way and how to flip it.(01:18) Ordinary and Necessary ExpensesWhat makes an expense deductible, and how to pass the audit test.(04:00) Everyday Costs You Can DeductHome office, vehicle, meals, travel, tech, cell phone, and subscriptions.(06:27) Hiring Your KidsHow shifting family costs into payroll creates big tax savings.(08:24) Live Audit of a Credit Card StatementMike reviews personal spending line by line to uncover missed deductions.(13:10) The Framework for DeductionsRationale, recordkeeping, and reasonableness: How to defend expenses.(14:45) Documentation Tips to Protect YourselfHow to prove expenses with receipts, notes, and an accountable plan.(16:15) Action Steps to Maximize Tax SavingsStart small, pick categories, and track better to save thousands. $100 pre-tax is worth $100. $100 after-tax is only worth $65.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

A small business owner faces a live tax strategy makeover, aiming to cut down a hefty tax bill. Discover how tweaking his S-Corp salary could save him thousands. Learn about tax benefits from the Augusta Rule, and the potential of hiring his children in the business. Uncover smart retirement funding options and entity optimization to streamline expenses. This engaging case study highlights practical tax-saving strategies that could make a real difference!