Small Business Tax Savings Podcast

Mike Jesowshek, a tax expert dedicated to helping business owners save money, delves into the Work Opportunity Tax Credit (WOTC) and how it can significantly benefit employers. He explains who qualifies for WOTC, including veterans and individuals facing employment barriers. Jesowshek offers practical advice on claiming the credit, highlighting how it not only reduces tax liability but also encourages workforce diversity. Discover how hiring from targeted groups can lead to substantial savings while positively impacting the community.

Tyler Winn, an expert in remote team management and hiring strategies, shares his insights on building successful remote teams. He discusses the importance of hiring the right people and establishing trust and transparency within teams. Tyler emphasizes measuring outcomes over hours worked and the necessity of clear, shared processes for maintaining accountability. He also highlights the role of systems in effective remote work and the significance of delegation for business owners to foster growth and efficiency.

Send us a textAre you leveraging the right tax strategies to minimize your business's tax liability and maximize your savings?In this episode, Mike Jesowshek offers a comprehensive guide on tax strategies for business owners to minimize tax liability and optimize financial planning. He emphasizes the importance of understanding the appropriate business structure, maintaining accurate bookkeeping, maximizing deductions, and implementing effective tax planning strategies. Throughout the episode, he shares practical advice and examples to help business owners make informed decisions and avoid common tax pitfalls.[00:00 - 05:21] Introduction and Business StructureMike Jesowshek emphasizes the importance of choosing the right business structure (e.g., LLC, S Corporation).He discusses common mistakes and the impact of business structure on tax liability.[05:22 - 08:16] Importance of Accurate BookkeepingMike highlights the necessity of maintaining separate business and personal accounts.He also recommends using cloud-based accounting systems like QuickBooks Online or XERO.Update your bookkeeping systems monthly to stay organized and plan for estimated taxes.[08:17 - 12:05] Maximizing DeductionsWhat are the concepts of pre-tax vs. after-tax spending?Mike provides examples of common deductions, such as home office, cell phone, internet, and travel expenses.Documenting expenses properly is important to take advantage of deductions.[12:06 - 16:04] Tax Planning vs. Tax PayingWhat are the differences between tax planning (strategizing to save on taxes) and tax paying (filing taxes)?Mike encourages learning and implementing tax strategies to optimize tax savings.He emphasizes the significance of proper implementation of tax strategies for effective tax savings.Direct Quotes:"The problem is not that it's hard to structure everything in a way to beat the IRS. The problem is simply that you have not been educated on how to do that." - Mike Jesowshek, CPA"Bookkeeping is the backbone of your business. Without solid bookkeeping, you don't know how you are performing, and you have increased stress during tax season." - Mike Jesowshek, CPA"Our goal as business owners is to move after-tax spending into pre-tax spending. Find a business purpose for spending you're already doing and get a business deduction for it." - Mike Jesowshek, CPA"Tax planning is about learning strategies and then putting them into practice. Implementation is the key to actual tax savings." - Mike Jesowshek, CPAResources Mentioned:QuickBooks OnlineXERO______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com

Accounting expert Mike Jesowshek explains depreciation basics, methods, and policies for small business owners. He covers regular depreciation, bonus depreciation, Section 179 expensing, and the importance of having a capitalization policy. Topics include types of depreciable assets, depreciation methods, and examples of application.

Learn why you may want to avoid becoming an S Corporation in 2024 as Mike explains scenarios where it might not be beneficial due to passive income, small profits, foreign ownership restrictions, unfavorable state laws, and high W-2 income considerations.

Retirement expert Matt Ruttenberg joins to discuss advanced retirement strategies for business owners, focusing on cash balance plans and deferred compensation plans. They highlight the benefits of tailoring retirement plans to individual business needs, maximizing contributions, and long-term tax advantages.

Send us a textAre you making the most of your tax strategies and deductions this year?In this episode, Mike Jesowshek provides a mid-year tax savings check-in for small business owners. He emphasizes the importance of reviewing tax strategies, implementing them correctly, and maximizing deductions. Key topics include entity structure review, retirement planning, incorporating children into the business, utilizing the Augusta rule, tracking automobile expenses, and keeping bookkeeping up to date. Mike highlights the need for proactive planning and correct implementation to achieve significant tax savings.[00:00 - 06:37] Maximizing Deductions and Accountable Plans for S CorporationsMike Jesowshek emphasizes the importance of assessing and implementing tax strategies.He shares the importance of setting up an accountable plan for S Corporations.How do you evaluate the appropriateness of the current structure based on profit levels?[06:37 - 12:10] Other Tax Strategies and Correct ImplementationMike discusses the importance of setting up and funding retirement accounts.He highlights the importance of associating business purposes with travel to gain deductions.He also emphasizes the need for correct implementation of tax strategies.Year-end rush and errors can be avoided through regular bookkeeping.[12:10 - 20:51] Tax Payments and the Importance of BookkeepingMike reminds the listeners to keep up with estimated tax payments and proper documentation.Benefits of regular bookkeeping: better tax planning, accurate estimated tax payments, and reduced errors.Direct Quotes:"If you're swiping a card, let's see if we can find a business purpose for this." - Mike Jesowshek, CPA"Correct implementation is key. You can take a completely legal strategy and make it illegal by incorrect implementation." - Mike Jesowshek, CPA"Bookkeeping is the backbone of your business. It's not just for tax purposes.""Learning's great, but Implementation saves taxes." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com

Financial expert Mike Jesowshek discusses the tax benefits of employing children in businesses, debunking myths and emphasizing proper documentation. He explains the legal requirements, benefits of setting up a family management company, and considerations for hiring older children as 1099 contractors.

Mike Jesowshek CPA answers listener questions on retroactive depreciation for rental properties, structuring multiple business entities, business vehicles transfer, quarterly estimated tax payments equality, education expenses deductions, charitable contributions deductibility, hiring spouses, and benefits of S corporations.

Learn about the intricacies of the Qualified Business Income (QBI) deduction, eligibility criteria, income types that qualify, and income thresholds. Discover the impact of the deduction on personal tax returns, not business returns. Find out key strategies to maximize tax savings and avoid missing out on money.