Small Business Tax Savings Podcast

Send us a text🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Most people think an HSA is just for doctor visits—but it’s actually one of the most powerful retirement tools available. In this episode, Mike breaks down how to use your Health Savings Account to save on taxes, grow your money, and even invest for the future. If used right, it’s like a secret weapon for building wealth.Chapters:(00:32) What is an HSA?Mike explains how an HSA works, what makes it different from an FSA, and what medical expenses qualify.(01:35) The Triple Tax BenefitYou get a deduction when you put money in, tax-free growth, and tax-free withdrawals if used right.(03:50) HSA Contribution Limits for 2025Learn how much you can contribute depending on whether you have an individual or family plan.(05:04) HSA Eligibility RulesMike walks through what qualifies as a high-deductible health plan and other requirements you must meet.(07:23) How to Use an HSA for RetirementThis part explains how to grow your HSA like a retirement fund by investing and saving receipts.(10:05) Avoid the Withdrawal PenaltyIf you withdraw funds the wrong way, you’ll pay penalties—unless you follow these simple 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.

Send us a text🚀 Visit https://taxelm.com/webinars/ to save your seat!On May 14 at 2 PM EST, join Mike for a live webinar to unveil a brand-new feature inside TaxElm that will transform the way small business owners approach tax planning. It’s simple, powerful, and built specifically for real business owners who want less stress and more clarity when it comes to their taxes.Here’s what you’ll learn in the webinar:How this new TaxElm feature simplifies your tax planning processWhy it’s designed for entrepreneurs—not accountantsHow to use it to build a smarter, more proactive tax strategy🎯 Save your spot now: www.taxelm.com/webinars-------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, we'd love for you to leave a 5-star review on Apple Podcasts or Spotify to help others discover the show ⭐ 🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies designed to help entrepreneurs and small business owners legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this podcast breaks down complex tax topics into clear, actionable, no fluff insights, so you can maximize your savings and keep more of your hard-earned money.

Send us a text🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ What if everything you thought you knew about retirement planning was just scratching the surface? In this episode, Mike sits down with retirement expert Matt Ruttenberg to break down advanced retirement strategies that go way beyond the traditional 401(k). Chapters:(01:22) Understanding the Retirement Plan StackHow business owners can layer a safe harbor 401(k), profit sharing, and cash balance plan to maximize tax savings while customizing benefits for themselves vs. employees.(04:55) High-Income Dentist Case Study ($750K Income)How a 50-year-old dentist can contribute over $200K pre-tax annually, avoid costly employee contributions, and potentially boost deductions by another 35% using life insurance inside a cash balance plan.(11:36) The Qualified Swap StrategyUsing IRS Code §7702 to mimic a Roth account by funding a life insurance policy inside a qualified plan, then legally moving it out tax-free after five years.(15:20) Online Consultant Case Study (Retire by Age 50) How a 42-year-old solo S-Corp owner can combine a self-directed solo 401(k), mega backdoor Roth, and future Roth conversions to retire early while minimizing taxes on withdrawals.(21:40) Real Estate Investing Inside a 401(k) How self-directed plans can allow for non-traditional investments like crypto or property. (26:44)  Real Scenario #3: Seasonal Landscaping BusinessHow solo 401(k)s can be used even with employees (if structured right) (34:12) When to Use Non-Qualified Retirement PlansNon-qualified plans can help business owners bypass traditional testing requirements and reward only specific employees, without triggering mandatory contributions across the board.(39:01) How to Properly Design a Life Insurance Plan Why poor design ruins tax benefits and how to build a policy that acts like a Roth(45:30) Common Misunderstandings Around 401(k) PlansWhy many business owners avoid retirement plans due to misconceptions about complexity or cost.(48:16) Matching the Right Plan to the Right GoalHow to choose between a traditional 401(k), profit sharing, cash balance, or non-qualified plan depending on your goal.-------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, we'd love for you to leave a 5-star review on Apple Podcasts or Spotify to help others discover the show ⭐ 🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies designed to help entrepreneurs and small business owners legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this podcast breaks down complex tax topics into clear, actionable, no fluff insights, so you can maximize your savings and keep more of your hard-earned money.

Send us a text🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Having a board of advisors isn't just for big companies. Even small business owners and solo entrepreneurs can use it to grow smarter and save money on taxes. In this episode, Mike shares how a board helps you deduct meals, travel, and even your home—plus how it keeps you organized and protected.Chapters:(00:58) What’s a Board of Advisors?It’s a group of people who give advice and support for your business—even if you’re running solo.(02:18) How to Set It UpAdd it to your business documents, pick people you trust, and plan regular meetings.(04:48) Tax Write-Offs You Can ClaimBoard meetings can make meals, travel, and even home use partially or fully deductible.(05:38) The Augusta Rule TrickRent your home to your business for board meetings and pay zero tax on that rental income (if done right).(08:15) More Benefits Than Just TaxIt helps with accountability, planning, outside feedback, and even audit protection.(11:12) Keep Records That CountDocument every meeting with notes, receipts, and details to stay safe and get the most tax savings.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🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Have you ever wondered if you can write off beers with a client? Or claim mileage between your home and office? In this special Q&A episode, Mike answers real questions from small business owners across the country — tackling topics like the Augusta Rule, tax deductions you're probably missing, how to handle multi-state operations, and even the proper way to record equipment purchases in your books.Chapters:(01:16) What is the Augusta Rule?Rent your home to your business for 14 days or less, and pay zero tax on that income — here’s how it works.(02:29) Can You Deduct Beers with Clients?Yes, you can — but only if there’s a valid business reason and proper documentation.(05:17) Home Office Deduction and Mileage ExplainedMike clears up confusion about home offices, commuting, and how an accountable plan changes what you can deduct.(08:00) Does TaxElm Make Sense for Me?If you’re a small business owner or a high-income earner with a side hustle, here’s how TaxElm could help.(10:32) Where to Incorporate if You're in Multiple StatesLearn how tax nexus works and why forming your LLC in a random state could backfire.(12:16) How to Record Equipment Purchased with a LoanBreaking down how to properly track assets, liabilities, and depreciation in your bookkeeping.(14:30) What is a Family Office and Do You Need One?Mike shares how to build a “family office” strategy — even if you’re not ultra-wealthy.(16:00) Tax Deductions Most Business Owners MissFrom hiring your kids to internet bills, here are deductions you might be overlooking.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🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/If you’ve ever skipped filing a tax return or felt overwhelmed by back taxes, this episode is for you. Mike and Robert Nordlander, former IRS Special Agent, break down the real risks of not filing, the difference between filing and paying, and how to get back on track—without fear.Chapters:(00:26) Falling Behind on Taxes HappensMike shares a common fear of business owners who haven’t filed in years and feel buried in penalties—but there’s a way out.(02:30) Not Filing is a CrimeRobert explains that failing to file is a criminal offense, even if you're owed a refund. You could face jail time.(04:20) Filing Protects You (Even if You Can’t Pay)Filing and paying are separate. Filing your return stops criminal penalties—even if you don’t have the money yet.(06:30) Penalties vs. Interest: Why Filing MattersNot filing triggers a 25% penalty. Filing without paying is just 0.5% monthly. Filing first always puts you in a better position.(08:57) No Records? There’s HelpIf your records are missing or a mess, a CPA or forensic accountant can help you recreate what’s needed to get back on track.(11:33) IRS Payment Plans + the 10-Year RuleThe IRS offers payment plans and even settles for less in some cases. But you must stay compliant—your debt can go away after 10 years if you do.(23:58) Why You Don’t Want to Owe the IRSThe IRS is more aggressive than banks. They can seize wages and assets without going to court—and their customer service is notoriously bad.Guest: Robert Nordlander, CPA – https://www.nordlandercpa.comFind Robert’s Books: Criminal Tax Secrets: What Every Defense Attorney Should KnowUnpaid Payroll Taxes: A Time Bomb You Can DefuseErase the Penalty: A Tax Professional's Guide to Abatement-------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, we'd love for you to leave a 5-star review on Apple Podcasts or Spotify to help others discover the show ⭐ 🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies designed to help entrepreneurs and small business owners legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this podcast breaks down complex tax topics into clear, actionable, no fluff insights, so you can maximize your savings and keep more of your hard-earned money.a

Send us a text🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ If you’re self-employed or earn income without tax withholding, the IRS expects you to make estimated payments throughout the year, not just at tax time. Missing a deadline could cause you costly penalties and interest. In this episode, we cover everything you need to know about estimating and paying taxes; Who needs to pay, when it's due, and how to avoid IRS penalties.Chapters:[00:00] The IRS Won’t Wait Estimated taxes apply to income without withholding, like self-employment, rentals, and investments. If you don’t pay throughout the year, you could face major penalties.[01:08] What Income Requires Estimated Payments Self-employed earnings, K-1s, rental income, capital gains, and interest or dividends.[03:15] Pay As You Earn Explained The U.S. requires you to pay taxes as you earn income. W-2 employees have taxes taken out automatically, but business owners have to do it themselves.[05:45] Estimated Tax Deadlines IRS quarterly deadlines: Q1 due April 15, Q2 due June 15, Q3 due September 15, Q4 due January 15 (of the following year).[08:42] Don’t Forget State Estimated Payments State income taxes may also require estimated payments. Deadlines and rules vary, so check your state’s tax agency website.[09:00] IRS Safe Harbor Rule Avoid penalties by either paying 100% of last year’s taxes (110% if you made over $150K) or paying 90% of what you’ll owe this year.[11:27] How to Estimate and Pay Steps to estimate your income, calculate tax, divide it quarterly, and make timely payments using IRS Direct Pay or your state’s website.[12:06] Penalties and Interest for Missing Payments Missing payments can trigger a 0.5 percent monthly penalty (up to 25 percent) and 3 to 8 percent interest based on short-term federal rates.-------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, we'd love for you to leave a 5-star review on Apple Podcasts or Spotify to help others discover the show ⭐ 🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies designed to help entrepreneurs and small business owners legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this podcast breaks down complex tax topics into clear, actionable, no fluff insights, so you can maximize your savings and keep more of your hard-earned money.

Discover the potential of self-renting as a powerful tax-saving strategy for business owners. Learn how improperly structured rentals can turn into costly tax traps. Understand the IRS Reg 1.469-4D Grouping Election that allows you to combine business and rental activities to unlock significant savings. Hear a real-world example of a chiropractor who saved $20,000 by offsetting losses against business profits. Dive into essential documentation tips and the importance of proper entity structuring to navigate these tax challenges effectively.

Send us a text🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Are you worried that claiming a tax deduction might land you in an orange jumpsuit? Fear of the IRS stops too many business owners from taking legitimate tax-saving opportunities. In this episode, we’re breaking down the difference between civil and criminal tax cases—and exactly what really puts people behind bars. Special guest Robert Nordlander, CPA and former IRS Criminal Investigator, shares insider stories and tips you won’t want to miss.Chapters:(00:57) Civil vs. Criminal Tax Issues: 90% of IRS activity is civil and focused on collecting what’s owed. Criminal charges only apply when there’s willful fraud.(03:25) What Does Criminal Intent Look Like? Mistakes or gray areas won’t land you in jail. It’s repeated deception, false documents, and ignoring professional advice that cross the line.(06:48) Does an IRS Audit Mean Jail Time? No. Audits are civil. Agents are trained to spot fraud indicators, but very few cases ever get referred to the criminal division.(13:39) Aggressive Tax Planning vs. Illegal Tax Evasion: Learn where the line is between pushing the rules and breaking the law… and why you should ignore TikTok tax advice.(19:04) What Actually Gets Business Owners in Jail: Payroll taxes are the #1 reason small business owners get in trouble—especially when they use withheld taxes for personal expenses.(27:52) What to Do If You Get an IRS Letter or Criminal Inquiry: Step one—open your mail! Step two—hire a pro. If IRS Criminal Investigation shows up? Lawyer up and stay quiet.Guest: Robert Nordlander, CPA – https://www.nordlandercpa.comFind Robert’s Books: Criminal Tax Secrets: What Every Defense Attorney Should KnowUnpaid Payroll Taxes: A Time Bomb You Can DefuseErase the Penalty: A Tax Professional's Guide to Abatement-------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, we'd love for you to leave a 5-star review on Apple Podcasts or Spotify to help others discover the show ⭐ 🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies designed to help entrepreneurs and small business owners legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this podcast breaks down complex tax topics into clear, actionable, no fluff insights, so you can maximize your savings and keep more of your hard-earned money.

Send us a text🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Tax deadlines are approaching fast! If you’re scrambling to get your paperwork together, you might be wondering if filing a tax extension is the right move. In this episode, we’re breaking down everything you need to know about filing an extension for both business and personal taxes—including how to do it right, when to file, and how to avoid IRS penalties.Chapters:00:57 Why Business Owners File Extensions: Tax returns are due soon, and many business owners are still gathering paperwork. If you need more time, an extension might be the answer.02:09 What is a Tax Extension? Filing an extension gives you more time to submit your return, but it does NOT extend your payment deadline.03:29 Extension Deadlines & Forms:  Business returns (S Corps & Partnerships) are due March 15th (Form 7004). Personal returns (including sole proprietors) are due April 15th (Form 4868).05:44 Will Filing an Extension Trigger an Audit? Filing an extension does not increase audit risk. In fact, it can help you avoid an audit by reducing errors from rushing.07:10 How to Make a Tax Payment with Your Extension: The IRS still expects you to pay what you owe by the original due date, even if you extend. Options include IRS Direct Pay, debit/credit card, or automatic bank withdrawal. Don’t forget state tax payments if required!12:54 What Happens If You Don’t File an Extension? Businesses face a penalty of $200+ per partner per month! Individuals face a 5% penalty per month on unpaid taxes.14:43 Can’t Afford to Pay? Here’s What to Do: Always file your return or extension to avoid late-filing penalties. If you can’t pay, consider an IRS payment plan or installment agreement.-------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, we'd love for you to leave a 5-star review on Apple Podcasts or Spotify to help others discover the show ⭐ 🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies designed to help entrepreneurs and small business owners legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this podcast breaks down complex tax topics into clear, actionable, no fluff insights, so you can maximize your savings and keep more of your hard-earned money.