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PODCAST

Small Business Tax Savings Podcast

Mike Jesowshek, CPA

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:

business entrepreneurship

All Episodes

18:08

How to Write Off Your Home Office Expenses and SAVE BIG

Small Business Tax Savings Podcast ·

2024/09/25

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...

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19:27

Master Health Tax Hacks for Small Biz Success in 2024!

Small Business Tax Savings Podcast ·

2024/09/18

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 ...

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14:52

The $2M Yacht Tax Write-Off That Triggered an IRS Audit

Small Business Tax Savings Podcast ·

2024/09/11

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...

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57:30

30+ Tax Write-Offs You’ve Never Heard Of ｜ The...

Small Business Tax Savings Podcast ·

2024/09/04

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 ...

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21:58

How I Saved An Agency $15,000 In Taxes (In 12 Months)

Small Business Tax Savings Podcast ·

2024/08/28

Send us a Text Message.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 five years. [00:00 - 03:28] Case Study Alex is a former corporat...

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21:19

Beneficial Ownership Information (BOI) Reporting |...

Small Business Tax Savings Podcast ·

2024/08/21

Send us a Text Message.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 comply with this new requirement.Blog: https://www.taxsavingspodcast.com/blo...

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23:45

S Corps, Gym Membership Deductions, Solo 401(k)s, and...

Small Business Tax Savings Podcast ·

2024/08/14

Send us a Text Message.Are 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 4...

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15:08

The Work Opportunity Tax Credit Pays You 40% of Wages!

Small Business Tax Savings Podcast ·

2024/08/07

Send us a Text Message.Business 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 s...

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27:36

Mastering Remote Team Success: Strategies for...

Small Business Tax Savings Podcast ·

2024/07/31

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...

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16:04

How ANY Business Owner Can BEAT The IRS In 15 Minutes

Small Business Tax Savings Podcast ·

2024/07/24

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...

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25:22

Capitalization Policies & Depreciation Explained:...

Small Business Tax Savings Podcast ·

2024/07/17

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...

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23:36

Why You Shouldn't Be an S Corporation In 2024

Small Business Tax Savings Podcast ·

2024/07/10

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...

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27:23

Supercharge Your Retirement with These Advanced Plan...

Small Business Tax Savings Podcast ·

2024/07/03

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 ...

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21:36

Tax Savings Mid-Year Check: Essential Strategies for...

Small Business Tax Savings Podcast ·

2024/06/26

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...

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24:10

Debunking Common Myths About Employing Your Children!

Small Business Tax Savings Podcast ·

2024/06/19

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 ...

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26:00

Listener Q&A with Mike Jesowshek CPA

Small Business Tax Savings Podcast ·

2024/06/12

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...

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23:24

Understanding the Qualified Business Income Deduction...

Small Business Tax Savings Podcast ·

2024/06/05

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 ...

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16:06

Can Small Business Owners Write Off Gym Memberships...

Small Business Tax Savings Podcast ·

2024/05/29

Send us a Text Message.Have you ever wondered if your business can deduct the cost of an on-site gym? In this episode, Mike focuses on the tax deductibility of gym memberships and on-premises athletic facilities for small businesses. He clarifies that personal gym memberships are not deductible, with rare exceptions for fitness instructors. However, gyms or athletic facilities located on business premises can be deductible if they primarily serve rank-and-file employees, not owners or hi...

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17:24

Unlocking the Secrets of Meal Expense Deductions for...

Small Business Tax Savings Podcast ·

2024/05/22

Send us a Text Message.Ever wondered how to save on taxes with your business meal expenses?In this episode, Mike Jesowshek discusses the ins and outs of meal expense deductions for small business owners. He explains how these deductions can turn after-tax spending into pre-tax spending and outlines the criteria for deductibility. Mike emphasizes the importance of detailed record-keeping and highlights various scenarios where meal expenses can be deducted. He also touches on the differentiatio...

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24:40

Top Small Business Tax Deductions: How to MAXIMIZE...

Small Business Tax Savings Podcast ·

2024/05/15

Send us a Text Message.Have you ever wondered how to turn your everyday expenses into legitimate business deductions?Mike Jesowshek discusses strategies for maximizing small business tax deductions, emphasizing the importance of both obvious and non-obvious deductions. He explains that any expense, whether ordinary or necessary for the business, qualifies as a deductible. Mike emphasizes proper documentation and legal compliance to ensure these deductions are valid. He also contrasts pre-tax ...

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384 results

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