Small Business Tax Savings Podcast

Send us a textOn this episode Mike Jesowshek, CPA talks about the new COVID relief bill and what you need to know. Here is what is discussed today:1) What Is Included In the COVID Relief Bill for Individuals?2) What Is Included In the COVID Relief Bill for Businesses?3) Introduction to our new product launch! Join Our Waiting List Here: https://www.jetrotax.com/launch/--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/what-do-i-need-to-know-about-the-covid-relief-bill/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTrainingJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

Send us a textOn this episode Mike Jesowshek, CPA shares an appearance he had on The One Big Tip Podcast by Jeff Mendelson.  Here are the show notes from that episode:When Mike stepped out of his marketing job and into the new realm of tax accounting, he took a lot of helpful business practices with him. One of the primary factors was the idea of a virtual business. While most tax firms still have brick and mortar locations, Mike’s virtual firm, JETRO, stands out among the crowd.Owning several businesses himself, Mike noticed a need for a tax firm that had the flexibility and rates that only a virtual firm could offer. While he admits that he missed out on the experience gained by working for a public accounting firm, his fresh perspective allowed him to create a new model that worked for him.Mike’s One Big Tip is for small business owners to focus on tax planning. “When most people think of taxes,” he says, “they think ‘I see my accountant in February, March, or April to prepare and file my taxes. Then they send it off and I don't talk to that accountant again until next February, March, or April.”The reality is that, by that time, the tax year is over and it’s already too late to take advantage of many of the tax strategies available to you. Tax planning is considering your tax year before the bill comes due.While altering your numbers or neglecting to report income isn’t recommended, there are many ways to legally reduce your tax liability. For the most part, this comes from lowering your taxable income. As a W-2 employee, there isn’t much you can do to lower this number outside of contributing to your retirement. This is because your taxes are taken out of your gross income before you even see it. You only spend money after taxes.However, as a small business owner, you can flip this mindset on its head and consider ways to spend money before taxes. Things such as dinner with potential or current clients, mileage in between offices or worksites, and costs associated with a home office can all be deducted from your taxable income, which in turn lowers your tax bill.Taxes are incredibly complex and can easily be oversimplified. Hiring a professional may cost money upfront, but they’ll likely save you far more in the long run.--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Original Episode Link: https://jeffmendelson.com/onebigtip/e57-mike-jesowshek/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTrainingJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

Send us a textOn this episode Mike Jesowshek, CPA talks about purchasing, deducting, and depreciation a business vehicle. Here is what is discussed today:1) What Options are Available for Vehicle Deductions?2) What Do I Need To Know About Vehicle Depreciation?3) How Do I Depreciate a New or Used SUV, Van or Pickup Truck With GVWR of 6,001 Pounds or More?4) How Do I Deduct a New or Used Car or Vehicle With a GVWR of 6,000 Pounds or Less?5) Vehicle Depreciation Key Points and Take-Aways--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/what-do-i-need-to-know-about-purchasing-deducting-and-depreciating-a-business-vehicle/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTrainingJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

Send us a textOn this episode Mike Jesowshek, CPA talks about self employed health insurance and what you need to do to ensure you get a full deduction. He also talks about a few other last minute health strategies you can utilize yet here in 2020. Here is what is discussed today:1) How do I report self-employed health insurance premiums as a sole proprietor or single member LLC?2) How do I report self-employed health insurance premiums as an S Corporation owner?3) What Other Health Related Options Are Available to Small Business?--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/what-do-i-need-to-know-about-deducting-self-employed-health-insurance-plus-last-minute-medical-plan-strategies/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTrainingJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

Send us a textOn this episode Mike Jesowshek, CPA talks about strategies you can implement before year-end to minimize your taxes. Here is what is discussed today:1) Prepay Expenses Using the IRS Safe Harbor2) Stop Billing Customers, Clients, and Patients3) Buy Office Equipment4) Use Your Credit Cards5) Don’t Assume You Are Taking Too Many Deductions--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/what-can-i-do-in-my-business-before-year-end-to-minimize-taxes/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTrainingJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

Send us a textOn this episode Mike Jesowshek, CPA talks about what an accountable plan is and how it can be beneficial in your business. Here is what is discussed today:1) What is an Accountable Plan?2) Why Is It Important To Have An Accountable Plan?3) How Do I Implement An Accountable Plan?4) Example of Common Accountable Plan Expenses--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/what-is-an-accountable-plan-and-why-is-it-important-to-my-business/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTrainingJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

Send us a textOn this episode Mike Jesowshek, CPA talks about PPP Forgiveness and the tax treatment along with tax treatment on the EIDL advance. Here is what is  discussed today:1) Paycheck Protection Program (PPP) Forgiveness2) Paycheck Protection Program (PPP) Tax Treatment3) Economic Injury Disaster Loan (EIDL) Advance Tax Treatment--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/coronavirus-covid-19-ppp-forgiveness-and-tax-treatment-eidl-advance/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTrainingJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and  many others visit our website at  www.JETROtax.com. You can also give us  a call at 844-327-9272 or send your questions to us  at: Sales@JETROtax.com

Send us a textOn this episode Mike Jesowshek, CPA talks about 1099s and this new 1099-NEC form and what you need to know. Here is what is  discussed today:1) What is Form 1099?2) What is a 1099-MISC vs 1099-NEC?3) When Do I Need to File a 1099-NEC?4) When Is The 1099-NEC Filing Deadline?5) What Are The Penalties For Not Filing A 1099-NEC?6) 1099-MISC and 1099-NEC Summary--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/what-is-a-1099-nec-and-what-do-i-need-to-know-about-1099s/Form 1099-NEC: https://www.irs.gov/pub/irs-pdf/f1099nec.pdfForm 1099-MISC: https://www.irs.gov/pub/irs-pdf/f1099msc.pdfForm W9: https://www.irs.gov/pub/irs-pdf/fw9.pdfTrack1099 (Software): https://www.track1099.com/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTrainingJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and many others visit our website at  www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

Send us a textOn this episode Mike Jesowshek, CPA has special guest Liz Briggson from Adamy Valuation on to discuss how you go about valuing your business and things you should consider if you plan to sell your business in the future or want to put together a succession plan.——–Podcast Host: Mike Jesowshek, CPA – Founder of JETRO (www.JETROtax.com)Special Guest: Liz Briggson, CPA, CVA - Adamy Valuation (www.adamyvaluation.com) - Email: lbriggson@adamyvaluation.comArticle: https://www.jetrotax.com/how-do-i-value-my-business-what-do-i-need-to-know-if-i-plan-to-sell/Value Driver One: Higher Profits and Cash Flow - Article: https://adamyvaluation.com/value-driver-higher-profits-and-cash-flow/Value Driver Two: Lower Risk - Article: https://adamyvaluation.com/value-driver-lower-risk/Value Driver Three: Higher Growth Potential - Article: https://adamyvaluation.com/value-driver-higher-growth-potential/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTrainingJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek——–Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/——–To find out more on this topic and many others visit our website at www.JETROtax.com. You can also give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com

Send us a textOn this episode Mike Jesowshek, CPA invites a few JETRO bookkeepers on for a panel discussion to wrap up the "All About Bookkeeping" series. If you missed the 8 part series, check those out. On today's panel is:  Chris Gorman Daud Waziri Heather McGregor Mike Jesowshek, CPA--------Podcast Host: Mike Jesowshek, CPA - Founder of JETRO (www.JETROtax.com)Article: https://www.jetrotax.com/all-about-bookkeeping-series-everything-you-need-to-know-about-bookkeeping/FREE Bookkeeping Training Program Sign-Up: http://www.JETROtax.co/BookkeepingTrainingJETRO Packages: https://www.jetrotax.com/packages/Book an Initial Consultation: https://harmonizely.com/mjesowshek--------Podcast Website: https://www.jetrotax.com/podcast/Facebook Group: https://www.facebook.com/groups/taxsavings/Facebook Group: https://www.facebook.com/groups/LawFirmAccounting/--------To find out more on this topic and   many others visit our website at  www.JETROtax.com. You can also  give us a call at 844-327-9272 or send your questions to us at: Sales@JETROtax.com