Small Business Tax Savings Podcast

On this episode Mike Jesowshek, CPA talks about entity structure setups when you have multiple businesses. 1) What Options Are Available To Structure Multiple Businesses? 2) How Does a Management Company With DBAs Work? 3) How Does a Management Company With Subsidiary LLCs Work? 4) How Does Multiple Business in Separate Entities Owned Individually Work? 5) How Should I Structure Multiple Businesse...

On this episode Mike Jesowshek, CPA talks about when an S Corp may or may not make sense. 1) What Are The S Corp Requirements? 2) When Should I NOT Be An S Corporation? 3) When Should I Be An S Corporation? LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/when-should-i-or-should-i-not-become-an-s-corp Sign-Up for LIVE Webinar (2022 Tax Strategies to Ensure Business Owners Pay...

On this episode Mike Jesowshek, CPA talks about S Corps. 1) What Is An S Corporation? 2) Why Would Someone Want To Be An S Corporation? 3) How Is An S Corp Taxed? 4) What Is The Difference In Taxes Between A Sole Proprietorship and S Corp? 5) Is There Any Disadvantages To An S Corp? 6) Can You Give a Quick Summary of S Corporations? LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/...

On this episode Mike Jesowshek, CPA talks about tax refunds. 1) Where's My Tax Refund? 2) What Is a Tax Refund? 3) Tax Refund Summary LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/where-s-my-refund-what-is-a-tax-refund Sign-Up for LIVE Webinar (2022 Tax Strategies to Ensure Business Owners Pay the Least Amount Possible - May 4, 2022 at 2pm EST): https://www.taxsavingsp...

On this episode Mike Jesowshek, CPA talks about tax extensions. 1) Is Filing an Extension a Bad Thing? 2) What Are The Extension Deadlines For Tax Year 2021 And What Form Do I Use? 3) What Happens If I Do Not File An Extension? 4) Important Items / Recap LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/is-filing-an-extension-a-bad-thing-what-do-i-need-to-know-about-tax-extensi...

On this episode Mike Jesowshek, CPA talks about the Roth IRA and why it can be so powerful. 1) What Is a Traditional IRA? 2) What Is a Roth IRA? 3) Why Are Roth IRAs So Powerful? 4) What Happens If I Phase Out of a Roth IRA? 5) What Else Should I Know About Roth's? LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/what-is-a-roth-ira-and-why-is-it-so-powerful Sign-Up for LI...

On this episode Mike Jesowshek, CPA talks about the options you have available to you to pay for your tax bill. 1) How Do I Make A Tax Payment? 2) What Do I Need To Know If I Cannot Afford To Pay My Tax Bill? 3) What Happens If I Do Not Pay My Taxes On Time? 4) What Options Are Available To Pay My Taxes? LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/what-options-do-i-have-t...

On this episode Mike Jesowshek, CPA bring Matt Ruttenberg from Life Inc Retirement Services on to discuss retirement options available for business owners in 2022. 1) What Is The Goal of A Business Retirement Plan? 2) What Retirement Options Are Available On The Personal Side? 3) What Retirement Plan Options Are Best For Businesses With No Outside Employees?  4) What Retirement Plan Options Are Be...

On this episode Mike Jesowshek, CPA talks about the difference between an independent contract and employee and why it is important in your business. 1) What Is An Independent Contractor? 2) What Is An Employee? 3) Why Is Independent Contractor vs Employee Such a Big Deal? 4) How Do I Determine If A Worker Is An Independent Contractor or Employee? 5) What Is The California "AB 5 Law"? 6)...

On this episode Mike Jesowshek, CPA talks about tax strategies that are still available to you (after year-end) prior to filing your 2021 tax return. 1) What Retirement Tax Strategies Are Available After Year-End? 2) What Business Tax Strategies Are Available After Year-End? 3) What Other Tax Strategies Are Available After Year-End? 4) Calendar Deadlines for In-Season Tax Saving Strategies LINKS F...

On this episode Mike Jesowshek, CPA talks with Chris Hanna. He shares his story of entering the entrepreneurial journey and shares tips he has learned along the way. 1) Mistake #1: Ignoring Your Taxes Until They’re Due the Following Year 2) Mistake #2: Neglecting Your Bigger Financial Picture 3) Mistake #3: Treating Your Taxes Like a Chore LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodca...

On this episode Mike Jesowshek, CPA talks about the difference between a hobby and a business and why this could be so important to you. 1) What is a Hobby? 2) What Are Hobby Loss Rules? 3) How Can I Turn My "Hobby" Into a Business? LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/what-s-the-difference-between-a-hobby-and-business Sign-Up for the Small Business Tax S...

On this episode Mike Jesowshek, CPA talks about the 2021 tax due dates and how to be prepared for this upcoming tax season. 1) What Are The 2021 Tax Due Dates? 2) Action Steps For Your Business Tax Return 3) Action Steps For Your Personal Tax Return LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/when-are-2021-tax-returns-due-how-can-i-make-this-tax-season-stress-free Sign-Up...

On this episode Mike Jesowshek, CPA takes some time to talk about the Small Business Tax Savings Summit. He then ends it with a guest appearance he had on the Financial Flossing Podcast. LINKS FROM THE SHOW Sign-Up for the Small Business Tax Savings Summit: https://www.taxsavingspodcast.com/summit Check Out The Financial Flossing Podcast: https://podcasts.apple.com/us/podcast/financial-flossing/id...

On this episode Mike Jesowshek, CPA takes some time to talk about the Tax Minimization Program. He then ends it with a guest appearance he had on The Free Retiree Show. LINKS FROM THE SHOW Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax   Check Out The Free Retiree Show: https://podcasts.apple.com/us/podcast/the-free-retiree-show/id1479301321 Sign-Up for the Small Business...

On this episode Mike Jesowshek, CPA talks about 1099s and why they are so important to you as a business owner. 1) What Is the One Thing I Need to Make Sure I Know About 1099s? 2) When Do I Need to File a 1099-NEC? 3) What is the Typical 1099-NEC Process? 4) When Does the 1099-NEC Need to Be Filed By? 5) What Are the Penalties for Not Filing a 1099-NEC? 6) What Other Types of 1099 Forms Are There?...

On this episode Mike Jesowshek, CPA talks about depreciation and why a capitalization policy is so important for business owners. 1) What Is Depreciation? 2) What Options Do You Have for Deducting Asset Purchases? 3) What Is a Basic Example of Depreciation? 4) What are the Rules Around Depreciation? 5) When Does Depreciation Begin? 6) What Happens If I Sell a Depreciated Asset? 7) What Is a Capita...

On this episode Mike Jesowshek, CPA talks about last minute tax strategies that are available to business owners that need to be implemented before year-end. 1) High Level Quick Hit Year-End Items 2) Prepay Expenses Using the IRS Safe Harbor 3) Stop Billing Customers, Clients, and Patients 4) Buy Office Equipment 5) Use Your Credit Cards 6) Don’t Assume You Are Taking Too Many Deductions 7) Other...

On this episode Mike Jesowshek, CPA talks with Lester Cook from KBKG about cost segregation. 1) What is Cost Segregation? 2) What is a Cost Segregation Study & How Does it Work? 3) What is Involved in a Cost Segregation Study? 4) When should a Cost Segregation study be conducted? 5) What are the Benefits of Cost Segregation? 6) Interested in Exploring a Cost Segregation Study? Setup a call to...

On this episode Mike Jesowshek, CPA talks about reimbursing yourself from the business and the importance of having an accountable plan in place. 1) Operating As A Sole Proprietor or Single Member LLC, How Do I Reimburse Myself? 2) Operating As A S or C Corp, How Do I Reimburse Myself? 3) What Is An Accountable Plan? 4) How Do I Setup An Accountable Plan? 5) What Are Some Common Accountable Plan E...

On this episode Mike Jesowshek, CPA talks with Jonathan Tucker from KBKG about the Research and Development (R&D) Tax Credit. 1) What is the Research and Development (R&D) Tax Credit? 2) What are the Potential Benefits of the R&D Tax Credit? 3) R&D Tax Credit - Four-Part Test 4) R&D Tax Credit - Qualifying Activities 5) R&D Tax Credit - Qualifying Expenditures 6) Interested...

On this episode Mike Jesowshek, CPA continues our "Healthcare Mini Series" with breakdown of the options that are available to those business owners looking to offer health benefits to their employees. 1) What Is a Health Reimbursement Arrangement (HRA)? 2) How Does an HRA Work? 3) What is a QSEHRA (Qualified Small Employer HRA)? 4) What Are The Benefits of a QSEHRA? 5) How Do I Setup an...

On this episode Mike Jesowshek, CPA continues our "Healthcare Mini Series" with breakdown of the options that are available to those solo business owners out there with high medical costs. 1) What Is a Section 105 Plan? 2) How Do I Qualify for a Section 105 Plan? 3) How Does a Section 105 Plan Work? 4) Can You Give An Example of a Section 105 Plan? 5) What Other Things Should I Consider...

On this episode Mike Jesowshek, CPA continues our "Healthcare Mini Series" with breakdown of the Health Savings Account (HSA). 1) What Is a Health Savings Account (HSA)? 2) What Are the Benefits of an HSA? 3) What Are The 2021 HSA Contribution Limits? 4) How Am I Eligible to Contribute To An HSA? 5) What Else Should I Consider When Thinking About An HSA? LINKS FROM THE SHOW Show Blog: ht...

On this episode Mike Jesowshek, CPA kicks off the "Healthcare Mini Series" with some guidance on treatment for self-employed health insurance premiums. 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) How Do I Report Insurance Premiums Paid For Non...