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Small Business Tax Savings Podcast

Mike Jesowshek, CPA

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The Small Business Tax Savings Podcast is designed specifically for small business owners. We focus on tax savings and ways to have a financially sound back bone to your small business. Our goal is to have you paying the least amount in taxes as legally possible.Hosted by by Mike Jesowshek, CPA, this is a quick hitting podcast aimed to get you important information without all the fluff. You can find episodes, blog posts, information on our software TaxElm and more on our website: www.TaxSav ...
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Strategy, Tax, Accounting and Risk Management. You have entered the world of accounting. The place where business dreams and financial reality collide into things like journal entries, debits, credits and financial statements. . EVERYDAYCPA podcasts, helps you and your business better compete, better succeed and win, baby, win!
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Send us a text Are you missing out on key tax deductions by mixing personal and business expenses? In this episode, Mike Jesowshek discusses the importance of setting up an accountable plan for businesses, especially S and C corporations. He breaks down how accountable plans allow business owners to reimburse themselves for personal expenses with a…
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Send us a text How could the upcoming election shape the future tax landscape for LLCs, and what strategies can business owners consider now to stay ahead? In this episode, Mike Jesowshek explores how the upcoming 2024 presidential election could impact LLCs, particularly small business owners. He provides a non-partisan analysis of both the Harris…
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Send us a text Do you know how to unlock the power of tax-free retirement savings using a Mega Backdoor Roth? In this episode, Mike Jesowshek provides a beginner's guide to building a Mega Backdoor Roth IRA in 2024. He explains the differences between traditional and Roth IRAs, then details how to maximize retirement savings using the Mega Backdoor…
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Send us a text Have you ever wondered if you could deduct a mentorship program paid for on your personal card before starting your business? In this episode, Mike Jesowshek, a CPA, hosts a listener Q&A session addressing various tax-related questions from small business owners. He covers topics such as deducting business expenses, managing mentorsh…
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Send us a text What if you could grow your wealth, avoid taxes, and pass on your assets to your heirs without capital gains? In this episode, Mike discusses the *Buy, Borrow, Die* strategy—a powerful tax avoidance method used by the wealthy to preserve and grow wealth. By buying appreciating assets, borrowing against them tax-free, and passing them…
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Send us a text Do you know the different types of 1099 forms your business may need to file? In this episode, host Mike Jesowshek is joined by Christina Wright from Tax Bandits to discuss everything business owners need to know about 1099 forms. The conversation covers different types of 1099s, when they need to be filed, and who is required to rec…
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Send us a text Are you missing out on one of the most overlooked tax deductions available to small business owners? In this episode, Mike Jesowshek discusses the often misunderstood home office tax deduction, breaking down its requirements and benefits for small business owners. He covers the main qualifications, including exclusive business use an…
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Send us a text Are you maximizing your healthcare tax savings as a business owner? In this episode, Mike Jesowshek discusses health care-related tax strategies for business owners, focusing on tools like Health Savings Accounts (HSAs), self-employed health insurance deductions, and Medical Expense Reimbursement Plans (Section 105). He explains how …
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Send us a text Could your business deductions survive an IRS audit? In this episode, Mike Jesowshek breaks down a real-life case where a business owner lost $2 million due to an IRS audit after attempting to write off a yacht as a business expense. He explains how poor bookkeeping and a lack of proper documentation led to the disallowance of the de…
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Send us a text Have you ever wondered how to maximize your tax deductions while staying on the right side of the IRS? In this episode, Mike Jesowshek provides an in-depth guide on over 30 tax write-offs and strategies that can save businesses thousands of dollars. He emphasizes the importance of understanding pre-tax versus after-tax spending, the …
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Send us a text Mike Jesowshek shares how he saved a small business owner over $15,000 in taxes in just 12 months. Mike breaks down the practical strategies implemented, including changing the business entity structure, maximizing home office and vehicle deductions, strategically categorizing business expenses, and more! Learn how these strategies l…
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Send us a text Business owners are now facing a new reporting requirement called Beneficial Ownership Information (BOI) reporting. In this episode, Christina from Tax Bandits provides a comprehensive guide on BOI reporting, explaining what it is, who needs to file, how to file, and the potential penalties for non-compliance. Christina shares practi…
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Send us a text Are you leaving money on the table when it comes to your business taxes? In this Q&A episode, Mike Jesowshek answers your tax questions! From S corporation salary conundrums to the surprising deductibility of gym memberships, Mike provides actionable insights that could save you thousands. [00:00 - 07:15] S Corp Salaries and Retireme…
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Send us a text Business owners are always hiring new employees, but most of the time they're missing out on potential tax credits just because they’re unaware about what’s available. In this episode, Mike Jesowshek, provides a comprehensive guide on the Work Opportunity Tax Credit (WOTC) and how you as a business owner might be able to take advanta…
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Send us a text How can business owners effectively build trust and transparency in remote teams while ensuring they aren't the bottleneck in their company's growth? In this episode, Mike Jesowshek interviews Tyler Winn from Serious Payroll to discuss strategies for mastering remote team success. Tyler shares insights on the importance of hiring the…
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Send us a text Are 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 bu…
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Send us a text Have you ever wondered how to maximize your tax deductions through depreciation without getting lost in complex accounting rules? In this episode, Mike Jesowshek delves into the concept of depreciation, explaining its importance and application for small business owners. He covers the basics of depreciation, different methods availab…
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Send us a text Are you sure electing S corporation status is the right move for your business in 2024? In this episode, Mike discusses why some business owners should avoid electing S corporation status in 2024. He provides a detailed explanation of what an S corporation is, how it works, and the primary reason people choose this tax election: to r…
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Send us a text Are you maximizing your current retirement plans but still looking for more advanced strategies to secure your future and take care of key employees? In this episode, Mike Jesowshek and retirement expert Matt Ruttenberg discuss advanced retirement strategies for business owners who have maximized basic retirement plans. They explore …
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Send us a text Are 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, reti…
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Send us a text Ever wondered how hiring your kids in your business could save you money and teach them invaluable life lessons? In this episode, Mike Jesowshek addresses common myths about hiring your children in your business. He outlines the potential tax benefits, the necessary legal steps, and the educational value for the children involved. Mi…
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Send us a text Ever wondered if you can retroactively claim depreciation on a rental property or how to effectively structure multiple business entities for tax benefits? In this episode, Mike answers various listener questions related to tax strategies for small business owners. He covers topics including retroactive depreciation for rental proper…
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Send us a text Are you maximizing your tax savings with the QBI deduction? In this episode, Mike delves into the intricacies of the Qualified Business Income (QBI) deduction, also known as the Section 199A deduction, which was part of the Tax Cuts and Jobs Act. He explains the basic rules and income thresholds, discusses which types of income quali…
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Send us a text Have you ever wondered if your business can deduct the cost of an on-site gym? In this episode, Mike focuses on the tax deductibility of gym memberships and on-premises athletic facilities for small businesses. He clarifies that personal gym memberships are not deductible, with rare exceptions for fitness instructors. However, gyms o…
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Send us a text Ever wondered how to save on taxes with your business meal expenses? In this episode, Mike Jesowshek discusses the ins and outs of meal expense deductions for small business owners. He explains how these deductions can turn after-tax spending into pre-tax spending and outlines the criteria for deductibility. Mike emphasizes the impor…
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