Small Business Tax Savings Podcast

Are you making the most of the new 2025 tax changes, or could a simple tax strategy adjustment save you thousands? In this episode, Mike breaks down key tax changes for 2025 that small business owners need to know. He covers adjustments to tax brackets, increases in the standard deduction, new mileage rates, retirement contribution limits, and updates to gift and estate tax exclusions. He explains...

Are you tired of overpaying on taxes and looking for straightforward strategies to save money while growing your business? In this episode, Mike Jesowshek announces the launch of his new book, Small Business Tax Savings Handbook . The book aims to help small business owners, entrepreneurs, and freelancers reduce taxes legally and build financial stability. Designed to be accessible and action-orie...

What if you could apply the wealth-building strategies of billionaires to your own small business?  In this episode, Mike Jesowshek demystifies the concept of a family office, traditionally associated with the ultra-wealthy, and explains how small business owners can adopt similar strategies to build wealth, optimize taxes, and create a legacy. He details the roles and responsibilities within a fa...

Are you maximizing your tax savings while building your retirement plan, or leaving opportunities on the table? In this episode, Mike Jesowshek is joined by Matt Ruttenberg to discuss strategies for reducing your 2024 tax bill through retirement contributions and planning. They highlight key deadlines for individual and employer contributions, such as the April 15th cutoff for IRAs and the extende...

How prepared are you to make 2025 your best financial year yet? In this episode, Mike Jesowshek dives into strategic financial planning for 2025, emphasizing the importance of a financial summary document, proactive tax planning, and long-term strategic business planning. He explains how to create a comprehensive financial summary, differentiate between tax preparation and tax planning, and implem...

Are you prepared for the IRS’s new 1099-K reporting rules and how they could impact your business's bottom line? In this episode, Mike Jesowshek discusses the significant changes to the IRS 1099-K rule and its potential impact on small businesses, freelancers, and online sellers. The rule, initially requiring payment processors to report income over $20,000, is being gradually lowered to $600...

What if a few simple shifts in your business structure and financial habits could set you ahead of 99% of companies? In this episode, Mike Jesowshek, a CPA and founder of Taxelm, shares practical strategies for small businesses to gain a competitive edge without requiring massive investments or risky tactics. He emphasizes the importance of establishing a proper entity structure as the foundation...

What if the key to unlocking exponential growth in your 401k is simply reaching $100,000? Could this milestone be the turning point for your financial freedom? In this episode, Mike Jesowshek dives into the concept of why your 401k experiences explosive growth after reaching a $100,000 threshold. He explains the mechanics of compounding interest, the rule of 72, and how starting early can signific...

Did you know you can maximize your HSA contributions even if you switch to a high-deductible health plan late in the year? In this episode of the Small Business Tax Savings Podcast , Mike Jesowshek answers listener-submitted tax and business-related questions, covering topics such as HSA contributions, structuring multiple businesses, employing children, vehicle deductions, the Employee Retention...

What if you could offset your investment gains by strategically selling at a loss—are you making the most of your tax-saving opportunities?  In this episode, Mike explains the tax strategy of tax loss harvesting, which involves selling investments at a loss to offset gains in other areas, ultimately reducing tax liability. The episode covers how to execute this strategy, the wash sale rule, and co...

Are you making the most of year-end tax strategies to reduce your tax liability? In this episode, Mike Jesowshek, CPA and owner of TaxElm, dives into essential year-end tax planning strategies for business owners, focusing on income timing, deductions, and proactive spending decisions. He explains how understanding current and projected income is key for effective tax planning, particularly for ca...

Are you making the most of your tax-saving strategies before the year closes? In this episode, Mike Jesowshek provides a comprehensive checklist of essential tax strategies to implement before the end of 2024. As a CPA and founder of Tax Helm, he emphasizes maximizing tax deductions, making necessary payments, and properly documenting strategies to avoid IRS issues. Mike covers everything from pre...

Are you overpaying on taxes and missing out on key deductions that could boost your business's bottom line? In this episode, CPA Mike Jesowshek shares advanced tax strategies that empower business owners to significantly reduce their tax liabilities while building wealth. Mike addresses common challenges business owners face when minimizing taxes and introduces actionable tactics such as the...

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 business use, ensuring that the reimbursements are not taxable....

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 and Trump campaign proposals regarding corporate tax rates, capi...

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 Roth strategy. Mike breaks down the steps for contributing...

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 mentorship payments, selling a business, and handling high medical co...

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 on to heirs with a stepped-up basis, individuals can minimize ta...

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 receive them. Christina provides insights into the importance of col...

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 and regular use, as well as the administrative office rule that ope...

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 these strategies can help business owners minimize taxes while op...

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 deduction. Mike emphasizes the importance of understanding and corr...

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 significance of selecting the right business entity structure, an...

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 led to over $132,000 in tax savings for Alex's business over...

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 practical advice and examples to help business owners understand and co...