Small Business Tax Savings Podcast

Mixing active and passive income could be costing you big bucks in taxes. Discover why separating your income streams is vital for financial health. Learn how to choose the right business entity, from LLCs to S Corps, to maximize your tax efficiency. The podcast breaks down strategies like hiring family members and using holding companies to simplify your tax situation. Real-life examples illustrate how smart structuring can help business owners keep more of what they earn.

A groundbreaking tax overhaul is reshaping the landscape for business owners. Highlights include a 100% bonus depreciation and a permanent 20% QBI deduction. The state and local tax deduction cap has been temporarily increased, while new rules for charitable giving offer fresh tax-deferred savings. Learn how to maximize business write-offs and navigate these significant changes to slash your tax bill. This update is crucial for anyone looking to stay ahead in personal and business finances!

Send us a textWhen you're self-employed, getting approved for a mortgage isn't as straightforward as it is for W-2 employees. In this episode, Mike sits down with mortgage lender Bill Moeller to break down how tax-saving strategies can impact your mortgage application. 🚀Ready to stop overpaying the IRS? Sign up for my free webinar on  July 15th! Click here or visit: https://www.taxsavingspodcast.com/webinar 🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(00:57) The Mortgage Trap for EntrepreneursWhy showing low income on paper can backfire when it’s time to buy a home.(03:34) Hiring Your Kids: Tax Benefit, Mortgage ProblemOne popular tax strategy could hurt your loan approval unless you plan ahead.(05:44) Pre-Plan Your Income for Mortgage SuccessHow to reverse-engineer your tax return so you qualify for the house you want.(09:26) What Lenders Actually Add Back (And Don’t)Depreciation helps. Home office? Not so much. Here’s what gets counted.(12:54) Why Distributions Don’t Count Without ProfitLenders look for taxable income, not just how much cash you took out.(15:40) Real Estate Loans: How Rental Income Is CalculatedUsing market rent projections and DSCR loans to qualify for investment properties.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.

Send us a text🚀Ready to stop overpaying the IRS? Sign up for my free webinar on  July 15th! Click here or visit: https://www.taxsavingspodcast.com/webinar We’re halfway through the year, now’s the best time to check if you’re on track to pay less tax and avoid surprises. Mike explains why mid-year is the perfect time to review your entity setup, learn and apply tax strategies, check your income and tax bracket, shift spending from after-tax to pre-tax, plan for retirement, and catch up on bookkeeping. Don’t wait until December; take action now and save big.🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(00:00) Why Mid-Year Planning MattersWhy planning now beats waiting until year-end. Avoid surprises and stay ahead.(01:01) Review Your Entity StructureCheck if your LLC or S Corp is still right. Organize businesses and rentals smartly.(04:50) Learn and Implement Tax StrategiesTax breaks exist for a reason — learn, apply, and do it right to actually save.(07:53) Check Your Income and Tax BracketKnow where you stand. Spot bracket changes and plan moves like Roth conversions.(10:13) Maximize Deductions: Pre-Tax vs After-TaxShift expenses (travel, meals, kids’ pay) from after-tax to pre-tax. Keep more money.(18:03) Retirement, Investments & Advanced StrategiesPlan retirement accounts, strategic investments, and advanced moves like rentals, oil & gas.(25:06) Catch Up Bookkeeping & Next StepsGet your books in order now. Take action before it’s too late to benefit.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.

Send us a text🚀 Ready to stop overpaying the IRS? Sign up for my free webinar on  July 15th! Click here or visit: https://www.taxsavingspodcast.com/webinar Got a question about taxes, business expenses, or running your LLC? You’re not alone.In this Q&A episode, Mike tackles common questions from real business owners — covering topics like closing a business, low-income LLCs, vetting tax pros, and how to treat certain deductions.Whether you’re just starting out or already scaling, these answers can save you time, money, and legal headaches.🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(01:07) Should I Close My LLC or Just Repurpose It?Mike explains when to shut down your LLC vs. when to reuse it for another business.(04:18) Is It Bad If My LLC Made Less Than $3K?Low income doesn’t mean you’re in trouble — but watch out for hobby loss rules.(06:22) How to Vet a Tax Strategist (Beyond TikTok Tips)Not all flashy advice is safe. Here’s how to find a real expert who won't put you at IRS risk.(09:48) Do I Still Need to Pay Estimated Taxes?Mike explains the IRS “safe harbor” rule and how to avoid penalties — even if you expect a refund.(18:58) Should I Track Mileage If I Use the Actual Method?Yes! Even without the standard mileage deduction, the IRS still expects a log.(21:46) Can I Deduct Clothing With My Logo On It?Branded gear might be deductible — but there’s a right (and wrong) way to do it.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.

Send us a textMissed the S Corp deadline? Don’t panic. In this episode, Mike breaks down how to file a late S Corp election the right way so you can still unlock major tax savings. You’ll learn what an S Corp really is, who qualifies, how to calculate your savings, and what to watch out for when making the switch. Plus, the exact steps to file a late election with the IRS, without triggering a red flag.🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(00:57) What Is an S Corp?An S Corp is a tax status that lets you split income into salary and distributions to lower your self-employment tax.(02:36) S Corp vs. Sole Proprietor: Tax Savings ExampleMike walks through an $80K income example showing how S Corp status can save over $5,000 in taxes every year.(05:25) When Should You Elect S Corp Status?If you’re earning $50K+ in profit and expect to grow, it may be time to switch, but only if you can handle the added costs.(08:06) Common Mistakes with S CorpsAvoid these pitfalls: no LLC, premature elections, and not paying yourself the right salary.(12:11) How to File a Late S Corp ElectionThe IRS allows late elections. Just file Form 2553 with a proper reason and follow the Rev Proc 2013-30 guidelines.(16:32) Payroll Is Not OptionalIf you backdate your election, you must also backdate your payroll. The IRS checks for this, so don’t skip it.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.

Send us a textMost people think tax planning is only for big corporations. But it’s one of the most powerful tools any small business owner can use to save money.In this episode, Mike breaks down how tax planning is different from just filing your taxes, and why even brand-new business owners should be thinking about it. He also shares a real case study showing how one small business went from guessing on taxes to saving over $15,000 a year, just by planning ahead.If you’ve ever wondered whether tax planning is for you, this episode is the place to start.🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(00:56) Tax Planning vs. Tax PrepMike breaks down the difference between filing taxes and making proactive decisions to lower your bill.(05:11) Who Really Qualifies for Tax PlanningWhether you're a freelancer, side hustler, or growing business, tax planning applies to you.(07:21) Why Tax Laws ExistThe government uses tax laws to encourage business ownership, investing, and spending in key areas.(09:15) What Real Tax Planning Looks LikeLearn the 3 steps of tax planning: learn the strategy, implement it right, and lock in the savings.(13:56) Case Study: How One Client Saved $15KMike shares a real story of a business owner who dropped their tax bill from $24K to $9K in just one year.(19:06) How to Start Planning TodayMike explains how to take the first step, even with free tools, and how to work with the TaxElm team.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.

Send us a textYou’ve heard of Roth IRAs, but no one talks about when and how to convert.In this episode, Mike breaks down exactly how a Roth conversion works, when it makes sense, and how to use it to build tax-free income in retirement.He also unpacks the key differences between Traditional and Roth accounts, plus real-life stories of business owners who used this strategy to grow wealth the IRS can’t touch.🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(00:00) Roth vs. Traditional IRAWhat’s the difference between Roth and Traditional retirement accounts, and how do taxes work with each?(03:47) What a Roth Conversion Really MeansLearn what a Roth conversion is and why you pay taxes now in exchange for tax-free growth later.(07:00) How to Do a Roth Conversion SmartMike shares five simple steps to do a Roth conversion and how to avoid paying too much tax.(07:57) Strategic Roth Conversion TipsHe shows how converting in chunks and using lower tax brackets can save thousands over time.(09:22) When a Roth Conversion Makes the Most SenseFind out the best timing like low-income years, business loss years, or market dips.(16:13) Real-Life Examples That Saved BigMike shares client stories showing how people used Roth conversions to save on taxes and grow money tax-free.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.

Nellie Akalp, CEO of CorpNet and an expert in business compliance, joins the conversation to unveil the intricacies of maintaining entity compliance for LLCs and corporations. She emphasizes the risks of non-compliance, from fines to losing your business. Discover the essential documents every business owner should keep track of and the importance of a compliance checklist. Nellie also demystifies when to DIY, hire a service, or consult a lawyer, and addresses common myths about forming entities in different states.

Many business owners mistakenly believe that earning less will lower their tax bills. This mindset can be detrimental. Understanding that taxes are just a percentage can empower you to make smarter financial decisions. Learn how fear leads to wasteful spending and how to shift to strategy-focused planning. Discover effective tools like S-Corp elections and retirement plans that legally minimize taxes. Hear success stories of those who doubled their income while reducing their tax burden through informed decision-making.