Small Business Tax Savings Podcast

Are you worried about filing your tax return on time or paying your tax bill? In this episode, Mike Jesowshek discusses tax extensions and strategies for paying tax bills, addressing common misconceptions and providing practical advice. He clarifies that filing an extension does not increase audit risk and emphasizes the importance of timely filing and payment. Mike outlines options for those who...

Ever wondered if your global business ventures could be affecting your U.S. taxes more than you realize?  In the podcast episode, Mike Jesowshek delves into the intricacies of foreign income for small business owners, covering essential aspects such as reporting requirements, types of foreign income, tax treaties, exemptions, the foreign earned income exclusion, the foreign tax credit, and complia...

In this episode, Mike Jesowshek answers various listener questions regarding tax strategies, S corporation elections, hiring children for tax benefits, and setting up retirement plans for businesses with non-owner employees. The episode emphasizes the importance of structuring businesses correctly to maximize tax savings, including the considerations for S corporation status, late elections for bu...

Did you know there are still tax-saving strategies you can implement after the year has ended?  In the episode, Mike Jesowshek focuses on tax strategies that entrepreneurs and business owners can implement post-year-end to optimize their tax positions. He covered various aspects, including making contributions to retirement plans (both traditional and Roth IRAs, as well as employer contributions t...

Expert Danny Wright from Peisner Johnson discusses the intricacies of sales tax and how it applies to business owners. Core concepts are discussed including determining if a business is subject to sales tax, identifying 'nexus' states where sales tax may be applicable, and understanding which products or services are taxable. Danny highlights the impact of accidental non-compliance, disc...

Are you wondering if filing separately might be the right choice for your tax situation?  In this episode, Mike Jesowshek discusses various aspects of 'married filing separately' tax status, explaining when this filing status could be advantageous. He primarily mentions scenarios such as a high medical expense situation for one spouse, significant student loan debt based on income for on...

Have you ever wondered how tax planning can significantly reduce your business's tax liability compared to just tax preparation?  In this episode, Mike discusses the difference between tax planning and tax preparation. Tax preparation is important and required by law. It only involves reporting your business' previous year's activity to the IRS or your state agency. Tax planning, on...

What if you discovered that by embracing the new e-filing changes and understanding the nuances of the 1099 NEC, 1099-MISC, and 1099-K forms, you could not only streamline your tax processes but also potentially uncover hidden financial benefits for your business?  In this episode, Mike welcomes Christina Wright to discuss the IRS 600 1099-k tax rule and its recent postponement. They also discuss...

Can you believe we're already stepping into another year, and with it, another tax season, signaling it's time to gear up, get organized, and make this the easiest tax season yet? In this episode, Mike welcomes us to a fresh year, 2024, and discusses the start of a new tax season. He emphasizes the importance of preparation and provides comprehensive tips for both business owners and ind...

How can business owners effectively plan for retirement while managing the growth and operations of their businesses? In this episode, Mike welcomes back Jeremy Keil, a retirement planning expert from Keil Financial Partners, to discuss the importance of retirement planning for business owners. They explore why business owners, whether they're just starting or have been operating for a while,...

Do you want to understand how retirement savings for small business owners work? In this episode, Mike welcomes Steven Jarvis, CPA, the host of the Retirement Tax Podcast. Steven provides insight on saving for retirement, especially for small business owners, and discusses the potential tax advantages. Steven also dives into the difference between pre-tax and Roth contributions, and shares tips fo...

In this episode, Mike gives listeners an extensive review of tax-saving strategies for their businesses. Topics include the Augusta rule for tax deductions related to board meetings, the advantages of forming an LLC over a sole proprietorship, the benefits of S Corporations at certain profit levels, and the tax implications of hiring family members. Tune in to learn more! [01:24 - 04:08] Combining...

Mike Jesowshek continues his 2-part episode on year-end tax-saving strategies. In this episode, Mike covers specific strategies including hiring your kids for tax benefits, setting up a family management company for S corporations, and funding Roth IRAs for children. He also delves into the advantages of short-term rentals for offsetting income and utilizing health insurance premiums as tax deduct...

The year is finally coming to an end. But are you and your business properly equipped for it? In this episode, Mike shares the tax strategies that should be taken into consideration as the end of the year approaches. He focuses on taxation for small businesses and the use of S Corporations. He also details some information on maximizing deductions and optimizing the benefits of LLC setups, salary...

Before you know it, 12/31/23 will be gone, and we will be in 2024.  In this episode, Mike focuses on year-end tax strategies for businesses. He emphasizes the importance of timely action for implementing various tax-saving measures before the end of the year. Key topics include prepaying expenses, managing income and deductions, using business credit cards for immediate deductions, and considering...

You might think that your business is a low-profit business. But is it? In this episode, Mike Jesowshek discusses vital financial concepts for small business owners, focusing on how businesses are taxed and the importance of understanding profit. He explains that profit is calculated as sales minus expenses and highlights the differences between pass-through entities and C corporations regarding t...

Hiring one's children is an often overlooked but incredibly beneficial strategy. With IRS regulations allowing for business deductions for wages paid to those under 18, this can be an effective pre-tax spending and money-saving opportunity for parents.  In this episode, we'll discuss the importance of having proper documentation in place when utilizing this strategy, as well as creative...

It’s been half a decade since we started the Small Business Tax Savings Podcast. In today’s episode, Mike dives into how the podcast has grown and shares an exciting announcement that you don’t want to miss. Our unwavering mission? To help business owners pay the least amount in taxes as legally possible!  We're on a mission to reach every small business owner in the U.S., and your support is...

What’s so important about correctly classifying your workers within your business?  In today's episode, Mike talks about the difference between independent contractors and employees. With the government cracking down on worker misclassification, it's more essential than ever for businesses to accurately identify their workers. Misclassifications can lead to hefty penalties, making it imp...

Ever wondered how an S-Corp's retirement contributions differ from a sole proprietor's? Or why the salary of an S-Corp owner is under scrutiny by the IRS?  Dive into today's episode as Mike answers the questions you submitted! We dive into the intricacies of S-Corp tax strategies, answer questions about ad spends and late S-Corp conversions, and delve into the practicality of hiring...

How can your health expenses actually put money back in your pocket come tax season?  We take a deep dive into a topic many of us often shy away from; Health. Today's episode is about how health intersects with your wallet. Specifically, how you can leverage health-related expenses to save on your taxes.  We dive into self-employed health insurance, tax strategies for high medical costs, empl...

How should you reimburse yourself for business expenses? The truth is the answer will depend on what kind of business you have. In this episode, Mike dives into reimbursing oneself for business-related costs and introduces an accountable plan; What is it and why you might need it? He also covers the four major requirements for this plan to ensure the IRS will accept reimbursements as legitimate. ...

What are the pros and cons of having a business-owned vehicle versus a personally-owned vehicle? In this episode of the Small Business Tax Savings Podcast, Mike dives into the often confusing and overwhelming topic of business vehicles. From selecting, buying, and maintaining a car for business use to proving business use of a vehicle to the IRS. Mike offers up his expertise on how to make sure yo...

Boost your financial efficiency and navigate the complexities of depreciation with confidence! Discover the power of depreciation in the world of business and investments. Learn to leverage various depreciation methods - regular, bonus, and section 179 - to optimize your tax deductions. Uncover the nuances of asset management, including when depreciation starts and how to handle asset sales. Simpl...

How can a business utilize the “14-day home rental rule” and get the most out of their business deductions while still taking advantage of tax-free income? In this episode of the Small Business Tax Savings Podcast, Mike discusses the 14-day home rental rule, which allows business owners to shift taxable business income to tax-free personal income by renting out their home for 14 days or less in a...