Small Business Tax Savings Podcast

Taking money out of your business isn’t always tax-free. If you’re not tracking your basis, you could get hit with a surprise capital gains tax, even without selling anything. Let's break down what basis means, how it works differently for Partnerships and S Corps, and why overlooking it could cost you thousands.  🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo...

Mixing active and passive income in one entity could be costing you thousands. In this episode, we break down why separating your income streams is essential. You’ll learn how to structure your business the right way using S Corps, LLCs, holding companies, and even C Corps to unlock advanced tax strategies. From hiring your kids to slashing self-employment tax, this is the blueprint smart business...

Trump’s Big Beautiful Bill just became law. What’s actually in it? On July 4th, the biggest tax overhaul since 2017 was signed, and it’s packed with big wins for business owners.  100% bonus depreciation, a permanent 20% QBI deduction, tax-free tips and overtime, and brand-new deductions most people haven’t even heard of. Let’s break down the Big Beautiful Bill line by line so you know exactly wha...

When you're self-employed, getting approved for a mortgage isn't as straightforward as it is for W-2 employees. In this episode, Mike sits down with mortgage lender Bill Moeller to break down how tax-saving strategies can impact your mortgage application.  🚀Ready to stop overpaying the IRS? Sign up for my free webinar on  July 15th! Click here or visit: https://www.taxsavingspodcast.com...

🚀Ready to stop overpaying the IRS? Sign up for my free webinar on  July 15th! Click here or visit: https://www.taxsavingspodcast.com/webinar   We’re halfway through the year, now’s the best time to check if you’re on track to pay less tax and avoid surprises. Mike explains why mid-year is the perfect time to review your entity setup, learn and apply tax strategies, check your income and tax brack...

🚀 Ready to stop overpaying the IRS? Sign up for my free webinar on  July 15th! Click here or visit: https://www.taxsavingspodcast.com/webinar   Got a question about taxes, business expenses, or running your LLC? You’re not alone. In this Q&A episode, Mike tackles common questions from real business owners — covering topics like closing a business, low-income LLCs, vetting tax pros, and how to...

Missed the S Corp deadline? Don’t panic. In this episode, Mike breaks down how to file a late S Corp election the right way so you can still unlock major tax savings. You’ll learn what an S Corp really is, who qualifies, how to calculate your savings, and what to watch out for when making the switch. Plus, the exact steps to file a late election with the IRS, without triggering a red flag. 🚀 Book...

Most people think tax planning is only for big corporations. But it’s one of the most powerful tools any small business owner can use to save money. In this episode, Mike breaks down how tax planning is different from just filing your taxes, and why even brand-new business owners should be thinking about it. He also shares a real case study showing how one small business went from guessing on taxe...

You’ve heard of Roth IRAs, but no one talks about when and how to convert. In this episode, Mike breaks down exactly how a Roth conversion works, when it makes sense, and how to use it to build tax-free income in retirement. He also unpacks the key differences between Traditional and Roth accounts, plus real-life stories of business owners who used this strategy to grow wealth the IRS can’t touch....

Are you 100% sure your business entity is compliant? In this episode, Mike is joined by Nellie Akalp, CEO of CorpNet, to break down what compliance really means for LLCs and corporations. They cover everything from annual reports, meeting minutes, and registered agents to BOI reporting and choosing the right state to form your entity. You’ll also learn when it makes sense to do it yourself, hire a...

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/   Too many business owners think they should avoid making more money just to lower their tax bill. In this episode, Mike shares why that mindset is costing you far more than taxes ever will. He breaks down why taxes are just a percentage, how fear leads to bad decisions, and the smart tax strategies that let you keep...

🚀 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 w...

🚀 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 we...

🚀 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 Stack...

🚀 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:...

🚀 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 handl...

🚀 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...

🚀 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 nee...

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/   If you own your business and the building it operates from, self-renting can be a powerful tax-saving strategy, but only if structured properly.  Done wrong, it triggers the self-rental tax trap, where your rental income is taxed as non-passive, but your losses are locked away as passive. In this episode, we explain...

🚀 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...

🚀 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, wh...

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/   Starting and running an LLC comes with big tax benefits and liability protections—but only if you do it right. In this episode, we break down the 10 most common LLC mistakes that could cost you thousands in taxes, legal troubles, or even your business itself. Chapters:  (00:57) Mixing Personal & Business Finance...

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/   How will Trump's proposed tax changes impact your business if they're implemented?  In 2017, the Tax Cuts and Jobs Act (TCJA) was passed by the Senate and signed into law by President Donald Trump, introducing major tax cuts for individuals and businesses. Many of these tax breaks are set to expire at the...

Thinking about converting your C Corporation to an S Corporation? Before making the switch, do you know about the Built-In Gains (BIG) Tax—and how it could cost you thousands if you don’t plan ahead? In this episode, Mike Jesowshek breaks down the Built-In Gains (BIG) Tax, a critical consideration for business owners converting from a C Corporation to an S Corporation. He explains why this tax exi...

Have you ever considered how advanced tax strategies, from customized retirement contributions to optimizing home office deductions, might lower your overall tax burden?  In this Q&A episode, host Mike Jesowshek answers listener questions on various tax topics. He covers issues ranging from retirement planning strategies, such as after‑tax contributions and Roth conversions in a solo 401(k), t...