Small Business Tax Savings podcast

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Inhalt bereitgestellt von Mike Jesowshek, CPA, Mike Jesowshek, and CPA. Alle Podcast-Inhalte, einschließlich Episoden, Grafiken und Podcast-Beschreibungen, werden direkt von Mike Jesowshek, CPA, Mike Jesowshek, and CPA oder seinem Podcast-Plattformpartner hochgeladen und bereitgestellt. Wenn Sie glauben, dass jemand Ihr urheberrechtlich geschütztes Werk ohne Ihre Erlaubnis nutzt, können Sie dem hier beschriebenen Verfahren folgen https://de.player.fm/legal.

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Cash or Miles? The 2025 Points Valuations That Could Change How You Travel 42:36

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Get fresh NerdWallet data on what your points and miles are really worth in 2025 — and why the answer might change how you book travel. Should you take a $650 flight voucher or 32,500 miles? How much are your points and miles actually worth? Hosts Sally French and Meghan Coyle break down the latest NerdWallet valuations to help you make smarter redemption choices. But first, they cover the week’s biggest travel headlines, including Southwest Airlines’ new partnership with EVA Air, Frontier’s companion certificate promotion and status match, and JetBlue opening up award bookings with Condor Airlines. Then, travel Nerd Craig Joseph joins Meghan to discuss NerdWallet’s latest airline, hotel, and credit card point valuations, with tips and tricks on comparing loyalty programs, maximizing transfer partners, and deciding when cash is more valuable than points. They also discuss the impact of devaluations, how close-in bookings can save you points, and why premium cabins can sometimes offer outsized redemption value. Plus: Craig’s hot take on airport lounges. Card benefits, terms and fees can change. For the most up-to-date information about cards mentioned in this episode, read our reviews: Is the Frontier Airlines World Mastercard Worth Its Annual Fee? https://www.nerdwallet.com/article/travel/is-the-frontier-airlines-world-mastercard-worth-its-annual-fee Citi Strata Credit Card Review: Solid Rewards for No Annual Fee https://www.nerdwallet.com/reviews/credit-cards/citi-strata Citi Double Cash Review: A Solid Choice for Everyday Spending https://www.nerdwallet.com/reviews/credit-cards/citi-double-cash Citi Custom Cash Card Review: Low-Maintenance 5% Cash Back https://www.nerdwallet.com/reviews/credit-cards/citi-custom-cash Citi Strata Premier: Big Rewards Across Top Spending Categories https://www.nerdwallet.com/reviews/credit-cards/citi-strata-premier Is the New Alaska Atmos Summit Card Worth a $395 Annual Fee? https://www.nerdwallet.com/article/travel/is-the-alaska-airlines-atmos-summit-card-worth-its-annual-fee Resources discussed in this episode: Airline Miles vs. Cash Calculator https://www.nerdwallet.com/article/travel/calculator-should-you-book-a-flight-with-cash-or-miles How Much Are Travel Points and Miles Worth in 2025? https://www.nerdwallet.com/article/travel/airline-miles-and-hotel-points-valuations Want even more tips and tricks to get the most out of your travel dollars? Subscribe to TravelNerd , our free newsletter designed to help you crack the code on spending less on your travel. In this episode, the Nerds discuss: points and miles valuation, airline miles value, hotel points value, credit card points value, Southwest EVA Air partnership, Frontier Companion Certificate, JetBlue Condor award booking, Citi American Airlines transfer, Amex Membership Rewards value, Capital One points value, Bilt points value, Hyatt points value, Hilton points value, Marriott points value, Wyndham points value, IHG points value, Alaska miles value, JetBlue points value, American Airlines miles value, United miles value, Southwest points value, Virgin Atlantic miles value, ANA miles value, Avianca LifeMiles value, best way to use Amex points, best way to use Citi points, best way to use Capital One points, use cash or points for flights, last minute award flight value, premium cabin redemption value, economy flight points value, airline devaluation, hotel point devaluation, cash vs points travel booking, when to transfer credit card points, how to maximize travel rewards, and NerdWallet points and miles calculator. Learn more about your ad choices. Visit megaphone.fm/adchoices…

Small Business Tax Savings Podcast

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The Small Business Tax Savings Podcast is designed specifically for small business owners. We focus on tax savings and ways to have a financially sound back bone to your small business. Our goal is to have you paying the least amount in taxes as legally possible.Hosted by by Mike Jesowshek, CPA, this is a quick hitting podcast aimed to get you important information without all the fluff. You can find episodes, blog posts, information on our software TaxElm and more on our website: www.TaxSavingsPodcast.com

384 Episoden

#Entrepreneur #Business #Mike Jesowshek, CPA #CPA #Mike Jesowshek #Trading #Tax Savings #Tax Planning #Small Business #Tax #Business Owners #Small Business Tax Savings #Tax Minimization Strategies #Business Tax Deductions #Tax Tips For Small Businesses #Eliminating Taxes

Small Business Tax Savings Podcast

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384 Episoden

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How to Hire Your Kids and Save $12,000 in Taxes (Legally) 17:03

vor 1 day17:03

17:03

Send us a text What if you could pay your kids a salary, take a business deduction, and teach them real financial skills at the same time? In this episode, Mike Jesowshek, CPA, explains how to legally hire your children in your business, what the IRS actually allows, and how to do it correctly so you avoid audits and penalties. You’ll learn the rules for paying your kids under age 18, how to document their work, how much you can pay them tax-free, and how this strategy can double as a wealth-building tool through Roth IRAs. 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit 🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters (01:16) Why Hire Your Kids? There are two big reasons: tax savings and teaching opportunities. You get a business deduction, and your kids earn tax-free income while learning real work and money skills. (02:11) Turning After-Tax Spending Into Pre-Tax Spending Instead of paying for sports, camps, or activities with after-tax dollars, you can pay your kids from your business and let them cover those costs using pre-tax income. (03:30) What the IRS Actually Says Payments to children under 18 working for a parent’s sole proprietorship are exempt from Social Security and Medicare taxes. Mike reads the exact IRS language to prove it’s black and white in the tax code. (04:11) How It Works in Practice If your child earns under the standard deduction (about $15,000), they pay no income tax. You deduct their wages as a business expense, and you avoid FICA taxes if paying from a Schedule C or single-member LLC. (06:21) Setting It Up Correctly You need proof. Mike explains that kids must be at least 7, paid a reasonable wage, tracked for hours and tasks, paid into their own account, and issued a W2 at year-end. (11:04) Bonus Benefit: Roth IRA Kids can use earned income from the business to fund a Roth IRA. Mike shows how $25,000 invested by age 13 could grow to over $1 million by retirement. (12:55) What About S Corps? S corporations must withhold FICA taxes, but Mike explains a workaround: Splitting part of the business into a Schedule C entity to pay your kids through that side. Podcast Host: Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast Join TaxElm: https://taxelm.com 🚀 Visit: https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/ 🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/ 🚀 YouTube: www.TaxSavingsTV.com 👋🏼 GET IN TOUCH You can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏 🙌LEAVE A REVIEW If you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐ 🎙 ABOUT THE PODCAST The Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.…

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Rent Your Home to Your Business Tax-Free | Augusta Rule 101 14:00

vor 8 Tagen14:00

14:00

Send us a text If you’ve ever wanted to move money from your business to yourself without paying extra tax, this episode is for you. In this episode, you’ll learn how the Augusta Rule, also called the 14-Day Home Rental Rule, lets business owners rent their personal homes to their own business and receive that income completely tax-free. You’ll also learn exactly how to document it, what proof the IRS expects, and the common mistakes that can get this strategy disallowed. 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit 🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters (00:44) Why the Augusta Rule Exists The history of the rule, starting with homeowners in Augusta, Georgia, who rented their houses during the Masters Tournament. (02:07) What the IRS Code Actually Says This strategy came from homeowners in Augusta, Georgia, who rented their homes during the Masters Golf Tournament. The IRS decided that short-term home rentals of 14 days or less don’t count as rental properties and therefore don’t create taxable income. (03:09) How to Use It as a Business Owner You can legally rent your personal home to your own business for legitimate events and claim a business deduction while keeping the income tax-free. (04:21) What Not to Do Why you can’t just write yourself a random check without documentation or a valid business purpose. (04:53) 4 Key Steps to Make the Augusta Rule Work There must be a clear business reason, like a meeting or retreat. Set a fair rate using local hotel or Airbnb prices and keep proof. Create a short rental agreement with the purpose, dates, and rate, then pay yourself from the business account and keep records. (07:10) When to File a 1099 to Yourself If total rental payments exceed $600, you must issue yourself a 1099 and clear it out on your return under Section 280A(g). (07:50) Example: Putting It All Together A sample year with quarterly board meetings, a team retreat, and training events shows how this can total over $7,000 in tax-free income. (10:39) Do It Right or Risk Losing the Deduction The importance of solid documentation, fair rates, and proper proof to defend the deduction in an audit. Podcast Host: Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast Join TaxElm: https://taxelm.com 🚀 Visit: https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/ 🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/ 🚀 YouTube: www.TaxSavingsTV.com 👋🏼 GET IN TOUCH You can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏 🙌LEAVE A REVIEW If you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐ 🎙 ABOUT THE PODCAST The Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.…

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How to Reimburse Yourself Tax-Free (The Accountable Plan Explained) 14:55

vor 15 Tagen14:55

14:55

Send us a text If you’ve ever paid for business expenses out of pocket, like your phone bill, internet, or home office, and wondered if you can get reimbursed without paying more tax, this episode is for you. In this episode, you’ll learn how an Accountable Plan lets business owners legally reimburse themselves and their employees tax-free. You’ll also discover the 4 key rules every plan must follow to stay IRS-compliant, and the most common mistakes that lead to audit trouble. 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit 🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters (00:00) The Overlooked Tax Strategy That Saves Thousands What is the Accountable Plan? This allows you to get reimbursed for business expenses you paid personally without triggering extra income tax. (01:10) What Is an Accountable Plan? A simple breakdown of how this reimbursement policy works and why it’s essential for S Corps and C Corps. (02:44) Who Needs an Accountable Plan When owners and employees qualify, and why sole proprietors handle this differently. (04:14) How to Set It Up Step-by-Step The 3 essential steps to properly implement an Accountable Plan include creating a written policy, using expense report templates, and making reimbursement payments. (08:35) Common Expenses You Can Reimburse Tax-Free Examples like home office, internet, travel, mileage, subscriptions, and meals that qualify under an Accountable Plan. (10:30) Avoid These IRS Red Flags Why documentation, receipts, and timely reimbursements matter, and how to keep your plan audit-proof. (11:45) Quick Recap & Next Steps The four key rules of Accountable Plans are that expenses must have a clear business connection, be properly documented, exclude any excess reimbursements, and be submitted on time. Podcast Host: Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast Join TaxElm: https://taxelm.com 🚀 Visit: https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/ 🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/ 🚀 YouTube: www.TaxSavingsTV.com 👋🏼 GET IN TOUCH You can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏 🙌LEAVE A REVIEW If you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐ 🎙 ABOUT THE PODCAST The Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.…

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Turn Medical Bills Into Tax Deductions (4 Ways to Deduct Health Costs) 17:26

vor 22 Tagen17:26

17:26

Send us a text A single medical bill can wipe out your profits. But health expenses don’t have to drain your cash flow. In this episode, you’ll learn three powerful ways to turn your medical costs into legitimate tax deductions. From self-employed health insurance and Health Savings Accounts (HSAs) to Section 105 reimbursement plans and employee health benefits, these strategies can help business owners save thousands while staying fully IRS-compliant. 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit 🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters (00:00) Turning Health Costs Into Tax Savings Health expenses can become powerful deductions when structured properly. Learn how small business owners can legally reduce taxes through insurance, HSAs, and reimbursement plans. (00:45) Self-Employed Health Insurance Deduction How sole proprietors, LLCs, and S Corp owners can claim health insurance premiums as deductions, and the exact steps S Corp owners must follow to stay compliant. (04:03) The Triple Tax Benefit of HSAs How Health Savings Accounts offer tax-free contributions, growth, and withdrawals, and why treating your HSA like a retirement account can build long-term wealth. (08:28) Section 105 Medical Reimbursement Plans For business owners with high out-of-pocket medical costs, this plan turns personal medical expenses into deductible business costs when set up correctly. (10:11) Health Benefits for Employers Affordable options for small businesses to offer tax-free health reimbursements through QSEHRA or ICHRA plans without the complexity of traditional group insurance. (13:06) The Four Keys to Health Tax Strategy How to combine these tools: Insurance deductions, HSAs, Section 105 plans, and employee benefits, to lower taxes and protect your cash flow. Podcast Host: Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast Join TaxElm: https://taxelm.com 🚀 Visit: https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/ 🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/ 🚀 YouTube: www.TaxSavingsTV.com 👋🏼 GET IN TOUCH You can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏 🙏 LEAVE A REVIEW If you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐ 🎙 ABOUT THE PODCAST The Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.…

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Why Every Family Needs a Trust & LLC (Not Just the Rich) 30:35

vor 29 Tagen30:35

30:35

Send us a text Trusts aren’t just for the rich. Every family can benefit from one. A revocable living trust can simplify estate planning, avoid probate, and create a foundation for generational wealth. In this episode, Mike Jesowshek, CPA, sits down with Jack Fiveash, attorney and co-founder of The Co Letter , to talk about how families can use a simple trust and LLC structure to build long-term stability, protect assets, and involve their children in smart financial stewardship. They cover how to start a revocable trust, the ideal timing, what it costs, and how it ties into a broader family office structure that preserves both wealth and values. 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit 🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters (00:00) Intro to Family Office Structures A family office isn’t only for the ultra-wealthy. (02:41) Understanding Revocable Living Trusts What is a revocable living trust (RLT), why every family should have one, and how it simplifies estate planning. (04:43) When to Create a Trust for Your Kids Jack explains the right time to create a trust for children and how even young people with digital assets or investments can benefit from having one in place. (06:53) Cost and Process of Setting Up a Trust Jack outlines realistic pricing, what makes a trust legally sound, and the importance of completing a general assignment to fully fund the trust. (09:44) Funding the Trust and Avoiding Probate Issues Jack describes how a trust must be properly funded through title changes and assignments to avoid probate disputes later. (10:22) Involving Family Members Early Jack and Mike discuss including children in the family LLC, teaching financial stewardship, and using legitimate methods to instill responsibility and long-term wealth habits. (13:38) Family Business Meetings and Board Structure How to formalize family board meetings, even on vacations, to build both structure and tax efficiency. (18:30) Structuring Family Business Entities When to create new entities versus using existing businesses, how to integrate wills and trusts into ownership. (20:46) Building a Foundation for Generational Wealth Jack offers guidance for those just starting to build wealth: How to use simple structures like family LLCs or educational trusts to create lasting value for children and grandchildren. Learn more about family trusts, LLCs, and governance at https://thecoletter.beehiiv.com Podcast Host: Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast Join TaxElm: https://taxelm.com 🚀 Visit: https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/ 🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/ 🚀 YouTube: www.TaxSavingsTV.com 👋🏼 GET IN TOUCH You can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏 🙏 LEAVE A REVIEW If you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐ 🎙 ABOUT THE PODCAST The Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help…

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Advanced Tax Strategies the Ultra-Wealthy Use (and How You Can Too) 17:21

vor 5 weeks17:21

17:21

Send us a text If you earn over $250,000 or plan to sell a highly appreciated asset, this episode could save you hundreds of thousands in taxes. Most business owners stop at basic deductions and retirement plans, but the wealthy use strategies that go far beyond that. In this episode, we break down the five categories of advanced tax planning, when they apply, and how to use them the right way. 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit 🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters (00:00) When Advanced Tax Planning Matters Why high-income earners and those selling appreciated assets should consider advanced strategies. (01:00) Core vs. Advanced Strategies The difference between foundational tax tactics available to everyone and advanced ones designed for high earners or large one-time gains. (03:10) The Government Rewards Tax Planning How tax incentives are built to encourage investment in business, housing, and energy projects. (05:00) The Five Categories of Advanced Tax Strategies An overview of the five areas where the wealthy focus their planning. (05:23) Advanced Retirement Planning Cash balance plans, mega backdoor Roths, non-qualified plans, and self-directed accounts for those already maxing out standard retirement limits. (06:24) Asset Purchase Strategies Using leverage and depreciation to create large year-one deductions. Example: turning a $10,000 down payment on a Turo car into a $100,000 deduction. (08:00) Asset Donation Strategies Buying assets at a discount and donating them at full fair market value to increase charitable deductions. (09:00) Oil and Gas Investments How investors receive 80 to 90 percent year one deductions through intangible drilling costs and depletion allowances. (10:14) Captive Insurance Companies Creating your own insurance company to protect your business while shifting income into a tax-advantaged structure. (11:16) What to Consider Before Using Advanced Strategies Material participation requirements, IRS scrutiny, vendor due diligence, and understanding investment or loan obligations. (14:00) Finding the Right Fit Why working with a tax strategist helps you find the combination of strategies that fits your goals. Podcast Host: Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast Join TaxElm: https://taxelm.com 🚀 Visit: https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/ 🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/ 🚀 YouTube: www.TaxSavingsTV.com 👋🏼 GET IN TOUCH You can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏 🙏 LEAVE A REVIEW If you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐ 🎙 ABOUT THE PODCAST The Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of you…

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Turn Everyday Expenses Into Deductions (Max Out Your Tax Savings) 19:06

vor 6 weeks19:06

19:06

Send us a text Are you spending money the wrong way? Every dollar is either pre-tax or after-tax money. Knowing the difference is the key to thousands in tax savings. In this episode, we cover how to turn everyday expenses into business deductions. From meals and travel to home office and even hiring your kids, you’ll learn the mindset shift that could save you thousands each year. 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit 🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters (00:00) Pre-Tax vs. After-Tax Spending Why most business owners spend the wrong way and how to flip it. (01:18) Ordinary and Necessary Expenses What makes an expense deductible, and how to pass the audit test. (04:00) Everyday Costs You Can Deduct Home office, vehicle, meals, travel, tech, cell phone, and subscriptions. (06:27) Hiring Your Kids How shifting family costs into payroll creates big tax savings. (08:24) Live Audit of a Credit Card Statement Mike reviews personal spending line by line to uncover missed deductions. (13:10) The Framework for Deductions Rationale, recordkeeping, and reasonableness: How to defend expenses. (14:45) Documentation Tips to Protect Yourself How to prove expenses with receipts, notes, and an accountable plan. (16:15) Action Steps to Maximize Tax Savings Start small, pick categories, and track better to save thousands. $100 pre-tax is worth $100. $100 after-tax is only worth $65. Podcast Host: Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast Join TaxElm: https://taxelm.com 🚀 Visit: https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/ 🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/ 🚀 YouTube: www.TaxSavingsTV.com 👋🏼 GET IN TOUCH You can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏 🙏 LEAVE A REVIEW If you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐ 🎙 ABOUT THE PODCAST The Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.…

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Live Case Study: How We Cut $20K+ Off His Tax Bill (Step by Step) 44:22

vor 7 weeks44:22

44:22

Send us a text What happens when you take a real small business owner, put them in the hot seat, and break down their tax strategy live? That’s what we’re doing in this episode. Eric runs a successful appraisal business, pays himself through an S-Corp, and last year wrote a $50,000 check to the IRS. Did he really have to? Mike digs into Eric’s setup and reveals how simple shifts could slash his tax bill. From adjusting his salary to using the Augusta Rule, hiring kids, and planning for real estate, you’ll see how the right strategy can cut thousands off your tax bill. 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit 🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Here's What We Discussed: (01:21) Income Breakdown $200K profit in appraisal business, break-even martial arts school, plus wife’s part-time job. (03:09) Current S Corp Salary Setup Eric takes $120K-$140K salary. Mike shows how lowering it could save $8K-$9K annually. (06:25) Why Two S Corps Cost Too Much Running payroll twice and filing two returns is unnecessary. A smarter setup is to use one holding S Corp that owns your other businesses (but only for active businesses, not passive income like rentals.) (09:07) Retirement Planning Made Simple How Eric can prioritize HSA, IRA, and SIMPLE contributions to maximize tax benefits. (10:32) How to Determine a Reasonable Salary as an S Corp Start with 30-50% of profit, then back it up by tracking how many hours are spent on core tasks. Use labor statistics to assign hourly rates (this builds audit protection and ensures you’re not overpaying in payroll taxes). (17:42) Maximizing Deductions You Already Have Use an accountable plan to capture deductions you might miss. Home office, mileage, meals, and travel can all qualify when tied to business. (21:00) The Power of a Board + Augusta Rule Set up a board, hold meetings at home, and rent your house tax-free. (26:40) Hiring Kids the Right Way When to use W-2 vs. 1099 and how to turn family support into deductible expenses. (36:15) Real Estate and REPS Strategy How cost segregation and bonus depreciation could create six-figure deductions. (41:58) Core vs. Advanced Tax Strategies What every business owner should implement now and what comes next as income grows. 👉 U.S. Bureau of Labor Statistics (BLS) – https://www.bls.gov/oes Podcast Host: Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast Join TaxElm: https://taxelm.com 🚀 Visit: https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/ 🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/ 🚀 YouTube: www.TaxSavingsTV.com 👋🏼 GET IN TOUCH You can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏 🙏 LEAVE A REVIEW If you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐ 🎙 ABOUT THE PODCAST The Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.…

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Auto Deductions Explained: The 2025 Tax Rules You Need to Know 22:34

vor 8 weeks22:34

22:34

Send us a text Most business owners are driving right past thousands in tax savings without realizing it. In 2025, the IRS raised the standard mileage rate to 70 cents per mile, but that’s only the beginning. In this episode, Mike breaks down exactly how to structure your auto deductions, avoid costly mistakes, and choose between the mileage method and actual expenses. 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit 🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters (00:00) You’re Missing Out on Auto Deductions Most business owners overlook vehicle write-offs that could save thousands. (01:00) What’s New for 2025 IRS mileage rate jumps to $0.70 per mile, plus bonus depreciation returns to 100%. (03:15) Mileage Method vs. Actual Method How each deduction works and the rules for switching methods. Low-cost, high-mileage cars lean mileage. High-cost, heavy vehicles lean actual. (08:10) The 6,000-Pound Vehicle Rule How GVWR impacts deductions and when Section 179 + bonus depreciation apply. (09:50) Recordkeeping Requirements Mileage logs, receipts, and documentation you’ll need if the IRS asks. (13:00) What Counts as Business Miles (and What Doesn’t) Meetings, errands, and client visits qualify. Commuting does not. (16:12) Real-Life Example: $7,000 vs. $10,000 Deduction Side-by-side comparison of mileage vs. actual expenses. (18:32) How to Claim the Deduction by Entity Schedule C for sole props vs. accountable plans for S-Corp owners. (19:51) Action Steps to Maximize 2025 Auto Deductions Pick your method, track carefully, and understand depreciation rules. Podcast Host: Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast Join TaxElm: https://taxelm.com 🚀 Visit: https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/ 🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/ 🚀 YouTube: www.TaxSavingsTV.com 👋🏼 GET IN TOUCH You can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏 🙏 LEAVE A REVIEW If you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐ 🎙 ABOUT THE PODCAST The Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.…

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The Home Office Deduction Explained: How to Save Up to $1,500 a Year 22:27

vor 9 weeks22:27

22:27

Send us a text Do you have a home office? The desk you’re sitting at could save you up to $1,500 a year in taxes. Many business owners skip this deduction because they think they don’t qualify or fear an IRS audit. The truth is, most do qualify. One client of mine saved $1,100 in just 30 minutes by setting it up. In this episode, Mike Jesowshek, CPA, explains who qualifies, the two ways to calculate it, how to document properly, and the mistakes that cause business owners to miss out. You’ll also learn how the home office deduction can unlock other tax savings like business mileage. 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit 🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters (00:00) Why Most Business Owners Skip the Home Office Deduction The $1,500 opportunity that too many entrepreneurs ignore (01:00) Real Client Example: $1,100 Saved in 30 Minutes How a quick calculation turned wasted expenses into major tax savings. (03:00) Who Qualifies? The 2 Rules You Must Meet Regular and exclusive use + principal place of business (with the administrative loophole explained). (09:00) Two Ways to Calculate: Simplified vs. Actual $5 per square foot up to 300 sq ft vs. percentage of actual costs: When to use each method. (13:00) Where to Take the Deduction (Sole Prop vs. S-Corp) Schedule C, Form 8829, and how to handle it with an S-Corp accountable plan (14:30) Common Mistakes That Kill Your Deduction From mixing personal use to failing to document properly… What to avoid (17:30) In Summary Why this deduction can be worth $1,500+ every year, and how it also unlocks mileage deductions Podcast Host: Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast Join TaxElm: https://taxelm.com 🚀 Visit: https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/ 🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/ 🚀 YouTube: www.TaxSavingsTV.com 👋🏼 GET IN TOUCH You can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏 🙏 LEAVE A REVIEW If you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐ 🎙 ABOUT THE PODCAST The Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.…

1
Sell Your Company with $0 Taxes? QSBS Explained 32:18

vor 10 weeks32:18

32:18

Send us a text Some entrepreneurs sell their companies and walk away with zero federal taxes. How? This is thanks to a strategy called QSBS. In this episode, tax strategist Alessandro of Get Dynasty breaks down Qualified Small Business Stock, new changes from the “Big Beautiful Bill,” and how founders can use trusts to multiply tax-free exits. If you’re building or investing in startups, this could be the single most powerful tax break you’ll ever use. 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit 🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters: (00:00) How Founders Pay $0 in Taxes With QSBS The “greatest tax exemption that exists” and why startup founders need to know it. (00:48) What is QSBS and Who Qualifies Key rules, industries that benefit, and those excluded (law firms, banks, services). (03:30) Can LLCs and S Corps Still Benefit? How to flip into a C Corp, restart the clock, and unlock bigger gains. (06:05) Real Example: $126M of QSBS Eligibility How flipping from LLC to C Corp can multiply your tax-free exclusion. (08:10) New Rules From the Big Beautiful Bill and Why States Matter Exclusion raised to $15M, partial exclusions after 3–4 years, and $75M asset threshold, plus, which states recognize QSBS? (15:00) Don’t Be Too Early, Don’t Be Too Late The timing mistakes founders make when setting up QSBS. (18:30) Stacking QSBS With Trusts How Get Dynasty helps founders create trusts for $40M+ in tax-free gains. (23:00) Avoiding Common Mistakes Why planning early is critical and why TikTok tax tips miss the bigger picture. (27:30) Success Stories: Roblox and Beyond How founders have shielded $40M–$120M from taxes using QSBS trusts. Podcast Host: Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast Join TaxElm: https://taxelm.com 🚀 Visit: https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/ 🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/ 🚀 YouTube: www.TaxSavingsTV.com 👋🏼 GET IN TOUCH You can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏 🙏 LEAVE A REVIEW If you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐ 🎙 ABOUT THE PODCAST The Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.…

1
Independent Contractor or Employee? Hiring Mistakes That Trigger an IRS Audit 22:35

vor 11 weeks22:35

22:35

Send us a text Misclassifying workers is one of the biggest mistakes a business owner can make. It might seem cheaper to pay someone as a 1099 contractor, but if the IRS says they should be a W-2 employee, you’re looking at back taxes, penalties, and possible audits that could cripple your business. In this episode, Mike breaks down the IRS framework for worker classification, the red flags that trigger audits, and the tax differences between employees and contractors. You’ll learn how to protect your business, avoid costly penalties, and even find tax strategies that benefit both employers and contractors. 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit 🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters: (00:16) Why Misclassification Is a Major IRS Red Flag When workers are incorrectly classified as contractors instead of employees, the employer becomes responsible for unpaid payroll taxes, Social Security, Medicare, unemployment taxes, plus penalties and interest. (04:01) What Triggers an IRS Audit Unemployment claims and disgruntled workers are the two most common red flags. (05:43) The IRS 3-Factor Test Worker status is based on behavioral control, financial control, and the overall relationship. (09:47) Signs of an Employee vs Contractor Clear examples that distinguish W-2 employees from 1099 contractors. (12:29) Tax Treatment of Each Worker Type How payroll taxes, reporting, and deductions differ between W-2s and 1099s. (15:22) Practical Tips for Staying Compliant Contracts, scope of work, and how to defend your classification in an audit. (16:31) Tax Strategies for Employers How hiring employees changes access to tools like the Solo 401(k). (17:08) Tax Strategies for Contractors Turning a 1099 gig into a business with deductions, retirement plans, and S Corp elections. Podcast Host: Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast Join TaxElm: https://taxelm.com 🚀 Visit: https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/ 🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/ 🚀 YouTube: www.TaxSavingsTV.com 👋🏼 GET IN TOUCH You can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏 🙏 LEAVE A REVIEW If you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐ 🎙 ABOUT THE PODCAST The Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.…

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Why the Wealthy Use Oil & Gas Investments to Cut Six Figures Off Their Taxes 26:53

vor 12 weeks26:53

26:53

Send us a text Most tax strategies give you either a write-off or long-term growth. Oil and gas gives you both. With IRS Code 263(c), you get massive upfront deductions and steady tax-advantaged cash flow. In this episode, Mike and Nick from US Energy unpack how drilling funds work, the unique tax benefits they provide, and how to use them strategically in your business planning. 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit 🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters: (01:34) What Is US Energy and Their Focus US Energy’s 45+ year history in oil and gas, working with partners like Exxon and Shell, and why the Permian Basin is the hottest U.S. play. (04:01) The Tax Benefits of Drilling Funds IRS Code 263(c) allows investors to deduct 85–90% of their investment upfront through intangible drilling costs. (06:07) Tangible Costs and Depletion Allowances Using depreciation and depletion to shelter future income from wells and create long-term tax efficiency. (08:12) Why Oil and Gas Beats the “Buy a Truck” Strategy Instead of wasting money on deductions you don’t need, oil and gas offers upfront write-offs and produces an appreciating income-generating asset. (09:24) Sample Investment Return Breakdown How a $100,000 investment could produce $45,000 in tax savings and cash flow returns of 1.5–2x over 10 years. (13:06) Understanding Tax Risk Audit concerns, excess business loss limitations, and AMT caps, plus how unused deductions can be carried forward. (18:28) Investment Risks and Hedging Commodity Prices The difference between exploratory, step-out, and developmental drilling, and how hedging protects against oil price drops. (22:06) Oil and Gas for QBI Planning How investments can lower AGI and re-open the Qualified Business Income deduction, creating stacked tax savings. 👉 Learn more about Oil and Gas Investing at US Energy: https://www.usenergyco.com Podcast Host: Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast Join TaxElm: https://taxelm.com 🚀 Visit: https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/ 🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/ 🚀 YouTube: www.TaxSavingsTV.com 👋🏼 GET IN TOUCH You can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏 🙏 LEAVE A REVIEW If you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐ 🎙 ABOUT THE PODCAST The Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.…

vor 43 weeks31:44

31:44

Send us a text 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 extended filing deadlines for employer contributions. They also delve into options like solo 401(k)s, safe harbor plans, and cash balance plans, emphasizing the importance of early planning and ongoing consultation to maximize tax savings and retirement benefits. [00:00 - 02:17] Introduction Mike welcomes Matt Ruttenberg back to the show as a trusted retirement expert. Discussion begins with how the new year presents opportunities to address past tax planning mistakes. [02:18 - 05:59] IRA Contributions Deadlines for Roth and traditional IRAs are April 15th. Contributions are based on individual earned income, not business profits. Lesson: Plan IRA contributions early, as extensions don't apply. [06:00 - 10:14] Profit Sharing and Employer Contributions Employer contributions for profit sharing plans can be made until the extended filing deadline. Different strategies, such as "new comparability," can maximize owner benefits. [10:15 - 13:28] Solo 401(k)s and New Rules First-year solo 401(k) participants can contribute employee portions up to April 15th. This rule applies to sole proprietors and single-member LLCs, not S-corporations. [13:29 - 16:11] Safe Harbor and Compliance Safe harbor plans help owners and highly compensated employees avoid compliance issues. A 4% non-elective contribution can be made post-deadline to improve compliance. [16:12 - 24:33] Advanced Plans: Cash Balance and Defined Benefit High-income businesses can use defined benefit plans for contributions up to $300,000. These plans require actuary involvement and multi-year commitments. [24:34 - 31:16] Key Takeaways and Planning for 2025 Employer contributions can be made until the filing deadline, including extensions. 2025 should focus on proactive tax planning to avoid last-minute issues. Direct Quote: "All 401(k) plans are not created equal; work with someone who knows the options available to you." - Matt Ruttenberg Build a custom 401(k) for your business by visiting https://lifeincrs.com/tax-savings-podcast/ ______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join TaxElm: https://taxelm.com/ ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook Group: https://www.facebook.com/groups/taxsavings/ YouTube: www.TaxSavingsTV.com…

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