Small Business Tax Savings Podcast

Are you aware of the legal protections your business needs? On this episode of the Small Business Tax Savings Podcast, we welcome Andrea Sager, Andrea is a lawyer with experience in contract law. She explains the different types of contracts businesses need for protection. Andrea Sager highlights that having a privacy policy, terms of use, service agreement, employment agreement, and independent c...

Why do you need to file for LLC protection for your business? On this episode of the Small Business Tax Savings Podcast, we welcome Andrea Sager, Andrea is a serial entrepreneur and a lawyer. She knows first-hand how important it is for businesses of any size or stage to have legal support. Andrea Sager discusses the importance of filing for LLC protection from day one and how it can protect your...

Are you struggling to pay your tax bill? Don’t panic – there are options! In this episode, we discuss the different ways you can pay your taxes, from having the payment withdrawn with e-filing to using a debit or credit card. Mike Jesowshek offers advice such as how to create an IRS account and locate preferred vendors for payment processors. He explains what happens if you don’t pay the full amou...

What do you need to know about tax extensions? On this episode of the Small Business Tax Savings Podcast, Mike provides an in-depth look at tax extensions and how they can help you. Mike Jesowshek discusses the difference between an extension of time to file and an extension of time to pay, potential reasons for needing a tax extension, how to request one, and the associated deadlines for differen...

Do you want to know how to maximize tax savings for your small business? On this episode, of the Small Business Tax Savings Podcast, Mike provides answers to listeners’ questions about small business taxes and strategies to get the most out of every dollar.  Mike Jesowshek delves into topics such as utilizing baseline tax strategies, advanced tax strategies, deducting advertising expenses, underst...

Are you a small business owner looking to save money on taxes? On this episode of the Small Business Tax Savings Podcast, Mike discusses strategies available to those who missed out on tax planning before year-end, and how to still optimize your tax return even after the end of the year. Mike Jesowshek explains how contributions to Traditional IRAs, Health Savings Accounts (HAS), Coverdell IRAs, S...

Are you ready to learn the In’s and Out’s of selling a small business? On this episode of the Small Business Tax Savings Podcast, we welcome back Stuart H. Sorkin from Business and Legal Advisors to discuss how to eventually exit from your business. This is part two of a two-part series where he discusses why owners exit their business and how to best prepare for it.  Stuart H. Sorkin discuss how...

Do you know why every owner exit their business and how can you prepare for this? On this episode of the Small Business Tax Savings Podcast, we welcome Stuart H. Sorkin from Business and Legal Advisors to discuss the ins and outs of exiting a business. This is part one of a two-part series geared towards educating people on what an exit plan looks like and what to consider when leaving their busin...

Are you ready to create a successful business plan for 2023? On this episode of the Small Business Tax Savings Podcast and hear from Mike on how to set up your business for success. This episode dives into the importance of bookkeeping, tax planning, and strategic planning. Learn how to create a perfect scenario, three- and five-year plans, and a list of action items that need to be completed this...

Do you want to set up your small business for success in 2023? On this episode of the Small Business Tax Savings Podcast, we discuss key steps and action items to make sure you are ready to make a major impact. In this episode, Mike discusses how small business owners can set up their businesses for success in 2023. Mike emphasizes the importance of bookkeeping and provides tips on how to do it re...

Are you dreading tax season? Join us on this episode of the Tax Savings Podcast as we discuss how to best prepare for tax season in 2023. Mike will cover a variety of topics, including action items such as completing bookkeeping, gathering receipts, bank statements, loan documents, asset purchases or sales, and completing an accountable plan. Mike will also provide helpful advice on due dates rela...

On this episode we had Will DeShazo from Growth Tools on to discuss how you can build an email list utilizing a lead magent. Resources Mentioned Blog Posts: https://videofruit.com/blog/how-to-build-an-email-list/ https://videofruit.com/blog/lead-generation-coaching/ https://videofruit.com/blog/lead-magnet/ Workshop: https://www.youtube.com/watch?v=m_VajqZhYro -------- Podcast Host: Mike Jesowshek,...

On this episode Shannon Weinstein and I have a discussion together.  This is a cross-over episode between our two shows. We discussed: How to decipher good advice online. How to find a professional who's looking out for you. How to educate yourself on these types of complicated topics while also empowering yourself. Competition, how everyone is welcome in this space, and why Shannon and I bel...

On this episode we invited David Price and Zhenya Slack from Delphinus Capital to talk SBA loans. The SBA 7(a) loan program is the most popular and most used type loan of the Small Business Administration's lending program. The loan program is designed to assist small businesses obtain capital with reasonable terms and rates.  We discussed: What is an SBA 7(a) Loan? Who is Eligible for an SBA...

There are a couple of weeks left before the year ends, and small business owners should be thinking about ways to reduce their tax burden before year-end to maximize savings. That is why in this episode Mike is going to be discussing year-end tax strategies, such as bonus depreciation, credit card reimbursement, prepaying expenses, and buying equipment for your business, among other things.      [...

Hey Small Business Owners! In this episode, we're going to be talking about what you need to do in order to prepare for the end of the year. Specifically, we're going to be discussing things like salary calculation, charitable contributions, recordkeeping, and maximizing deductions.  Make sure you're doing your homework and getting ready for the end of the year. [00:00] Small Busine...

It is important to pay yourself as an owner, but sometimes the process can be messy and confusing. There are a variety of options available, depending on the type of business entity you have. Certain payroll deductions will reduce your business income, but guaranteed payments are unaffected by profit or loss. In this episode, Mike discusses ways to pay yourself from your business and what requirem...

Understanding what your business entity is will allow you to take advantage of tax strategies and maximize your deductions. In this episode, we talk about what are the different types of business entities and how they are taxed. [01:01] The Types of Business Entities No Entity or Sole Proprietorship Limited Liability Company C Corporation An S Corporation is not an entity at the state level but a...

So many business owners for far too long have been told that they need to go out and buy things in order to lower their taxes. In this episode, we want you to change your way of thinking and maximize deductions and write-offs. We dig deep into concepts you need to know and steps you need to take.  [01:09] Pre Tax vs. After Tax Dollars After tax dollars: money that you spend after it's been ta...

Using a car for your business comes with expenses but it also has tax deduction benefits. In this episode, we break down everything you need to know before you decide to buy or lease a business vehicle and how you can take a tax write-off and save money. [02:27] Should I Buy or Lease a Vehicle? How often do you expect to drive it?  If you're going to be driving a lot of miles, a lease might n...

Health care matters not just for you but also for your business. In this episode, we examine how employers can set up medical plans based on their business structure and what strategies to apply to save on taxes. [01:28] Self-Employed Health Insurance Deduction If you're self-employed, you will always get a business deduction for the health insurance costs that you incur For Sole Proprietorsh...

Being an entrepreneur can be challenging and having a board of advisors is a great way to get guidance and outside perspective that can positively impact your business. In this episode, we tell you all about its benefits: from tax deductions to personal and professional growth. [00:58] Tax Advantages of Board Meetings A board of advisors or advisory board is a group of people appointed to provide...

On this episode Mike Jesowshek, CPA talks with Attorney Andrew M Ayers about things you need to have in place to maintain your corporate entity. 1) Your Corporate Binder 2) Why Do I Need to Keep Corporate Records? 3) Do I Need to File My Corporate Records with the State? LINKS FROM THE SHOW Show Blog: https://www.taxsavingspodcast.com/blog/what-do-i-need-to-maintain-my-corporate-entity Join Our Ta...

With January fast approaching, it’s important for business owners to start preparing their 1099-NECs. If you want to stay ahead and get everything in order before the deadline, this episode is for you! We discuss whether or not a transaction needs a 1099, what the process for filing is, and what will happen if you missed filing a 1099.  [01:07] Fast Facts About 1099-NECs If your business pays a su...

The home office deduction is a tax deduction almost anyone can take advantage of, especially post-COVID’s work-from-home movement. There's a lot of confusion among business owners thinking that the home office deduction is an IRS red flag, but in this episode, we set the record straight. We talk about this deduction, who can qualify for it, and everything you need to know.   [01:02] What Qual...