Send us a textAre 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 14-day home rental rule, implementing an accountable plan, and leveraging charitable cont...

Send us a textAre 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. Mike emphasizes key requirements for an accountable plan, such as having a bus...

Send us a textHow 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, capital gains, and other tax policies. Highlighting potential implications for tax plann...

Send us a textDo 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 beyond standard limits, focusing on how business owners can utilize solo 401(k) pla...

Send us a textHave 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 costs for business owners. Mike provides clear guidance on tax planning strategies and...

Send us a textWhat 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 taxes on both capital gains and inherited wealth. Mike breaks down how this strategy c...

Send us a textDo 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 collecting W-9 forms, staying organized with vendor payments, and filing 1099s accurate...

Send us a textAre 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 opens the door for many professionals to take advantage of this deduction. Mike also co...

Send us a textAre 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 optimizing healthcare costs, both for themselves and their employees. Mike emphasizes ...

Send us a textCould 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 correctly implementing tax strategies, along with maintaining detailed records to defend...

Send us a textHave 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, and how to effectively maximize deductions. Mike also covers strategies such as using ...

Send us a textMike 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 five years. [00:00 - 03:28] Case Study Alex is a former corporate digital...

Send us a textBusiness 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 comply with this new requirement.Blog: https://www.taxsavingspodcast.com/blog/what-is...

Send us a textAre you leaving money on the table when it comes to your business taxes? In this Q&A episode, Mike Jesowshek answers your tax questions! From S corporation salary conundrums to the surprising deductibility of gym memberships, Mike provides actionable insights that could save you thousands.[00:00 - 07:15] S Corp Salaries and Retirement AccountsCan an S corporation owner take only dividends and no salary?How to determine a reasonable S corp salary?Can I start a solo 401k in my...

Send us a textBusiness owners are always hiring new employees, but most of the time they're missing out on potential tax credits just because they’re unaware about what’s available.In this episode, Mike Jesowshek, provides a comprehensive guide on the Work Opportunity Tax Credit (WOTC) and how you as a business owner might be able to take advantage of this tax credit. He explains what the WOTC is, who qualifies for it, how to claim it, and its benefits. Throughout the episode, Mike shares pra...

Send us a Text Message.How can business owners effectively build trust and transparency in remote teams while ensuring they aren't the bottleneck in their company's growth?In this episode, Mike Jesowshek interviews Tyler Winn from Serious Payroll to discuss strategies for mastering remote team success. Tyler shares insights on the importance of hiring the right people, establishing trust in remote teams, and the value of transparency in work processes. He also delves into their hiring process...

Send us a Text Message.Are you leveraging the right tax strategies to minimize your business's tax liability and maximize your savings?In this episode, Mike Jesowshek offers a comprehensive guide on tax strategies for business owners to minimize tax liability and optimize financial planning. He emphasizes the importance of understanding the appropriate business structure, maintaining accurate bookkeeping, maximizing deductions, and implementing effective tax planning strategies. Throughout th...

Send us a Text Message.Have you ever wondered how to maximize your tax deductions through depreciation without getting lost in complex accounting rules?In this episode, Mike Jesowshek delves into the concept of depreciation, explaining its importance and application for small business owners. He covers the basics of depreciation, different methods available, and a little-known policy that simplifies the process for assets under a certain value. Mike provides insights into regular depreciation...

Send us a Text Message.Are you sure electing S corporation status is the right move for your business in 2024?In this episode, Mike discusses why some business owners should avoid electing S corporation status in 2024. He provides a detailed explanation of what an S corporation is, how it works, and the primary reason people choose this tax election: to reduce self-employment taxes. However, Mike outlines several scenarios where electing S corporation status might not be beneficial, such as f...

Send us a Text Message.Are you maximizing your current retirement plans but still looking for more advanced strategies to secure your future and take care of key employees?In this episode, Mike Jesowshek and retirement expert Matt Ruttenberg discuss advanced retirement strategies for business owners who have maximized basic retirement plans. They explore qualified and non-qualified plans, focusing on cash balance plans and deferred compensation plans, which offer significant tax benefits and ...

Send us a Text Message.Are you making the most of your tax strategies and deductions this year?In this episode, Mike Jesowshek provides a mid-year tax savings check-in for small business owners. He emphasizes the importance of reviewing tax strategies, implementing them correctly, and maximizing deductions. Key topics include entity structure review, retirement planning, incorporating children into the business, utilizing the Augusta rule, tracking automobile expenses, and keeping bookkeeping...

Send us a Text Message.Ever wondered how hiring your kids in your business could save you money and teach them invaluable life lessons?In this episode, Mike Jesowshek addresses common myths about hiring your children in your business. He outlines the potential tax benefits, the necessary legal steps, and the educational value for the children involved. Mike emphasizes that proper implementation and documentation are key to ensuring the strategy's legality and effectiveness. He also discusses ...

Send us a Text Message.Ever wondered if you can retroactively claim depreciation on a rental property or how to effectively structure multiple business entities for tax benefits?In this episode, Mike answers various listener questions related to tax strategies for small business owners. He covers topics including retroactive depreciation for rental properties, structuring multiple business entities, handling business-related vehicles, quarterly estimated tax payments, charitable contributions...

Send us a Text Message.Are you maximizing your tax savings with the QBI deduction? In this episode, Mike delves into the intricacies of the Qualified Business Income (QBI) deduction, also known as the Section 199A deduction, which was part of the Tax Cuts and Jobs Act. He explains the basic rules and income thresholds, discusses which types of income qualify, and provides details on how to calculate the deduction. Additionally, he addresses the expiration of the QBI deduction after 2025 ...