Small Business Tax Savings Podcast

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!

Send us a textMost business owners are driving right past thousands in tax savings without realizing it. In 2025, the IRS raised the standard mileage rate to 70 cents per mile, but that’s only the beginning.In this episode, Mike breaks down exactly how to structure your auto deductions, avoid costly mistakes, and choose between the mileage method and actual expenses.👉 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) You’re Missing Out on Auto DeductionsMost business owners overlook vehicle write-offs that could save thousands.(01:00) What’s New for 2025IRS mileage rate jumps to $0.70 per mile, plus bonus depreciation returns to 100%.(03:15) Mileage Method vs. Actual MethodHow each deduction works and the rules for switching methods. Low-cost, high-mileage cars lean mileage. High-cost, heavy vehicles lean actual.(08:10) The 6,000-Pound Vehicle RuleHow GVWR impacts deductions and when Section 179 + bonus depreciation apply.(09:50) Recordkeeping RequirementsMileage logs, receipts, and documentation you’ll need if the IRS asks.(13:00) What Counts as Business Miles (and What Doesn’t) Meetings, errands, and client visits qualify. Commuting does not.(16:12) Real-Life Example: $7,000 vs. $10,000 Deduction Side-by-side comparison of mileage vs. actual expenses.(18:32) How to Claim the Deduction by Entity Schedule C for sole props vs. accountable plans for S-Corp owners.(19:51) Action Steps to Maximize 2025 Auto Deductions Pick your method, track carefully, and understand depreciation rules.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.

Discover how your home office could save you up to $1,500 a year in taxes! Many entrepreneurs miss this deduction, fearing qualification or audits. Learn about who can claim it, with real examples of clients saving big in just minutes. Explore two calculation methods: simplified vs. actual, and tips to maximize your write-offs while avoiding common mistakes. Uncover how this deduction can also unlock additional savings, like business mileage. Don't leave money on the table!

Alessandro Chesser, a tax strategist from Get Dynasty, dives into the world of Qualified Small Business Stock (QSBS) – a powerful tool that can enable entrepreneurs to sell their companies tax-free. He explains who qualifies and how specific industries can benefit, along with recent changes that raised exclusion limits and introduced strategic planning around trusts. Listen to learn about the best timing for QSBS and how to turn a transition from LLC to C-Corp into substantial tax savings!

Misclassifying workers can lead to serious IRS audits and financial chaos. Understanding the IRS's three-factor test is crucial for distinguishing employees from independent contractors. Red flags like unemployment claims can trigger audits, so knowing how to classify your workers correctly can save you from hefty penalties. The podcast also delves into the tax implications for each worker type, helping business owners navigate their responsibilities and avoid costly mistakes. Protect your business while uncovering beneficial tax strategies!

Discover how oil and gas investments can slash tax bills while boosting cash flow. Uncover the secrets of IRS Code 263(c), which allows substantial upfront deductions. Learn why drilling funds are a smarter choice than traditional tax write-offs. Explore impressive return potentials from a $100,000 investment, yielding significant tax savings and cash flow over a decade. Finally, understand the strategic planning needed to navigate legal compliance and risk in these lucrative opportunities.

Discover essential tax planning strategies for small business owners, including core methods like hiring family members and maximizing deductions. Explore advanced tactics such as asset purchases and the tax implications of short-term rentals. Learn how 1099 income can provide unique advantages and navigate the intricacies of partnerships for smarter planning. The discussion also unpacks the Big Beautiful Bill, guiding listeners on how to lower AGI and avoid phase-outs for high earners.

Send us a textMost business owners think of insurance as a necessary expense, but what if it could double as a tool to cut taxes? With a Section 831(b) captive insurance company, you can set aside pre-tax dollars to cover risks traditional insurance won’t touch… All while building a financial safety net for your business. In this episode, Van Carlson, founder of SRA 831(b), explains how captives work, the types of risks they can cover, when it makes sense to use one, and how to stay compliant under IRS rules. 👉 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:(01:34) What Is a Captive Insurance Company?Captive insurance companies let businesses self-insure specific risks using Section 831(b) for tax-deferred funding.(02:55) Funding Uninsured RisksUnfunded liabilities can drain after-tax cash, but 831(b) allows businesses to cover them with pre-tax dollars.(06:00) Captive vs. 401(k) ComparisonA captive works like a 401(k) for risk, building tax-deferred reserves instead of retirement savings.(10:41) What Captives Actually CoverCaptives can insure supply chain disruption, brand damage, cyber threats, and more through “halo coverage.”(15:58) How Do You Set Up And Run a Captive? Setting up a captive involves forming a C corporation, underwriting policies, pooling risks, and managing claims. (25:48) IRS Scrutiny and ComplianceHow to avoid common pitfalls by ensuring proper risk pooling, accurate underwriting, and full documentation. 👉Learn more about Captive Insurance and Section 831(b) at SRA 831(b): https://www.831b.comPodcast 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.

Matt Ruttenberg, a retirement expert from Life, Inc., shares his insights on the key retirement mistakes business owners make. He illustrates five real-world scenarios, highlighting the best retirement plans like IRAs, SEP, and Solo 401(k)s suited for varying savings goals. Ruttenberg emphasizes the importance of strategic planning to attract and retain talent through employee retirement plans. He also discusses exciting new tax credits available in 2023 that can alleviate administrative costs, ensuring business owners maximize their retirement benefits.

Taking money out of your business isn't always tax-free, and understanding your basis is key to avoiding surprises. A business owner's shocking $7K capital gains tax illustrates the importance of tracking basis accurately. The podcast discusses how partnerships and S Corps calculate basis differently, with partnerships including debt. Common miscalculations stem from poor bookkeeping and switching accountants, leading to costly errors. Listeners gain practical tips on annual tracking and better management of distributions.