Small Business Tax Savings Podcast

Kickstart your financial year with four crucial tasks every business owner must tackle in January. Discover how unfinished bookkeeping can lead to missed deductions and unnecessary stress. Learn the art of organizing tax documents to prepare for audits and strategize effectively. Mike emphasizes the importance of a financial summary document, providing a clear snapshot of assets and liabilities. Don’t forget the January 31 deadline for 1099s, and start building a proactive tax plan now to ensure a profitable and stress-free 2026!

Confused about 1099s? You're not alone! Learn the difference between 1099-NEC and 1099-MISC forms to avoid costly mix-ups. January 31 is the crucial deadline you can't miss, with penalties that add up fast for late filings. Discover who actually needs a 1099 and why the $600 rule is key. Plus, find out why card payments can take filing duties off your plate. Mike shares tips on collecting W-9s early and using software for a smooth filing process, ensuring your January is stress-free!

Celebrate the holiday season with a heartfelt thank you to the community, reflecting on nearly eight years and over 1.5 million downloads. Discover the mission to simplify tax savings for small business owners, making tax planning less stressful. Learn how to help the podcast grow by leaving reviews and sharing with fellow entrepreneurs. Dive into the Tax Savings Starter Kit for essential deductions and real case studies. Plus, explore step-by-step guidance with TaxElm to master your tax strategies in the new year!

Mark J. Kohler, an attorney and tax strategy expert, dives into crucial tax planning insights for business owners. He highlights a common mistake: the gap between knowing tax strategies and actually applying them. Mark explains true self-direction in retirement accounts and the range of investments allowed, from real estate to crypto. He discusses the importance of quarterly planning sessions and warns about the risks of prohibited transactions. Listeners will gain valuable tips to enhance their tax savings before 2026.

New business owners often face tough questions. Discover if forming an LLC is necessary for tax deductions. Learn the ins and outs of hiring your kids correctly to maximize benefits. Explore the differences between using retirement funds via ROBS and SBA loans for financing. Understand the nuances of home office deductions and the implications when selling your home. Navigate the confusing world of tax strategies with clarity and confidence.

Year-end is the critical time for business owners to secure tax savings. Key strategies include ensuring S Corp compliance, maximizing deductions through careful planning, and hiring kids in a tax-smart way. Don't forget retirement contributions and health reimbursements before deadlines! Timing strategies for cash-basis filers can enhance deductions, while tax-loss harvesting helps offset gains. Documenting everything now ensures a cleaner tax season ahead, so prioritize high-impact strategies for a productive start to the new year!

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!