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Starting and running an LLC comes with big tax benefits and liability protectionsâbut only if you do it right. In this episode, we break down the 10 most common LLC mistakes that could cost you thousands in taxes, legal troubles, or even your business itself.
Chapters:
(00:57) Mixing Personal & Business Finances: Co-mingling accounts makes bookkeeping messy and can trigger IRS scrutiny. Always keep separate business bank accounts.
(2:24) Forgetting to File Annual Reports: If you miss this, your LLC can be administratively dissolved, meaning your business legally ceases to exist.
(03:25) Not Using "LLC" on Business Documents: Failing to include "LLC" in contracts and agreements can leave you personally liable in legal disputes.
(04:21) Registering an LLC in Another State Without a Foreign Designation: Setting up in a tax-friendly state (like Wyoming) doesnât exempt you from taxes where you operate. You must file a Foreign LLC election.
(07:22) Not Maintaining Meeting Minutes & Operating Records: Proper documentation is essential for legal protection and can also unlock tax deduction opportunities (e.g., business meals).
(08:56) Making Business Decisions Without Consulting LLC Members: If you have multiple members, one rogue decision can cause disputes and even dissolve the LLC.
(10:28) Mixing Personal Expenses with Business for Tax Deductions: Running personal expenses through your LLC is a red flag for the IRS. Use an accountable plan to track reimbursements properly.
(12:05) Not Obtaining Required Business Licenses & Permits: Some businesses require licenses at the state or local level. Ignoring them can lead to fines or forced shutdowns.
(12:49) Skipping Professional Liability Insurance: An LLC protects your personal assets, but business insurance protects your company from lawsuits and financial losses.
(14:21) Not Updating Your Registered Agent Information: If your LLC moves or changes leadership, failing to update records can lead to missed legal notices and compliance issues.
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
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đ ABOUT THE PODCAST
The Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies designed to help entrepreneurs and small business owners legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this podcast breaks down complex tax topics into clear, actionable, no fluff insights, so you can maximize your savings and keep more of your hard-earned money.
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How will Trump's proposed tax changes impact your business if they're implemented?
In 2017, the Tax Cuts and Jobs Act (TCJA) was passed by the Senate and signed into law by President Donald Trump, introducing major tax cuts for individuals and businesses. Many of these tax breaks are set to expire at the end of 2025 unless Congress extends them. In this episode, we break down which tax cuts are expiring, what Congress might do, and how you can prepare.
Chapters:
(00:58) Whatâs Expiring in 2025?: Major tax provisions from TCJA are set to expire, leading to potential tax increases.
(02:14) Higher Individual Tax Rates: If Congress does nothing, tax rates will go up for most Americans.
(03:12) Shrinking Standard Deduction: The standard deduction, which nearly doubled under TCJA, will revert to pre-2017 levels.
(04:07) Reduced Child Tax Credit: Parents may lose up to $1,000 per child in tax savings.
(05:22) Changes to SALT Deduction Limits: The current $10,000 cap on State and Local Tax (SALT) deductions may be adjusted or removed.
(07:10) Small Business Owners Lose Big: The QBI Deduction Disappears â The 20% Qualified Business Income (QBI) deduction for pass-through businesses is at risk.
(08:56) Bonus Depreciation Phases Out: Businesses will no longer be able to immediately write off 100% of qualifying purchases.
(10:45) Estate and Gift Tax Exemptions Shrink: The exemption amount for estate and gift taxes could drop significantly, affecting wealth transfers.
(12:21) What Will Congress Do? Lawmakers are debating which provisions to extend and how to pay for tax cuts.
(14:06) How Will the Government "Pay For" Tax Cuts? Cutting taxes means less government revenue. Will spending cuts or new taxes offset the shortfall?
(16:30) Trumpâs New Tax Proposals, Whatâs the Catch? No tax on tips, Social Security income, and overtime pay are on the table, but will they actually happen?
(19:22) What Should Business Owners Do Now? Strategies to prepare for 2026 and protect your business from tax increases.
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
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đ Visit: https://www.TaxSavingsPodcast.com
đ Check Out TaxElm: https://taxelm.com/
đ Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/
đ YouTube: www.TaxSavingsTV.com
đđŒ 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 đ
đLEAVE A REVIEW
If you enjoy the podcast, we'd love for you to leave a 5-star review on Apple Podcasts or Spotify to help others discover the show â
đ ABOUT THE PODCAST
The Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies designed to help entrepreneurs and small business owners legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this podcast breaks down complex tax topics into clear, actionable, no fluff insights, so you can maximize your savings and keep more of your hard-earned money.
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Thinking about converting your C Corporation to an S Corporation? Before making the switch, do you know about the Built-In Gains (BIG) Taxâand how it could cost you thousands if you donât plan ahead?
In this episode, Mike Jesowshek breaks down the Built-In Gains (BIG) Tax, a critical consideration for business owners converting from a C Corporation to an S Corporation. He explains why this tax exists, how it prevents businesses from avoiding double taxation, and the conditions under which it applies. Mike walks through key scenarios where the BIG Tax may or may not apply, how to calculate it, and the best strategies for minimizing or avoiding it.
[00:00 - 03:30] Understanding the Built-In Gains (BIG) Tax
Mike introduces the BIG Tax and its purpose in preventing tax avoidance.What is the difference of taxation for C Corps versus S Corps?Owners need to be aware of BIG Tax before making an S Corp election.[03:31 - 11:15] Calculating the BIG Tax & IRS Considerations
Mike shares the three key conditions that trigger the BIG Tax.Fair market value vs. adjusted basis determines built-in gains.Mike discusses the step-by-step breakdown of how to calculate the BIG Tax.Proper asset valuation at the time of conversion is critical.[11:16 - 14:00] Strategies to Avoid the BIG Tax
Hold onto assets for at least five years to bypass taxation.Time asset sales in loss years to offset taxable gains.Utilize NOL (Net Operating Loss) carryovers from the C Corp.[14:01 - 17:32] When the BIG Tax Does NOT Apply and Final Considerations
Mike shares scenarios where business owners donât have to worry about the BIG Tax.BIG Tax is not a reason to avoid an S Corp electionâplanning is key.What is the importance of documentation and fair market value assessments?Notable Quotes:
âThe BIG Tax exists to stop business owners from electing S Corp status right before a liquidation or sale to dodge double taxation.â - Mike Jesowshek, CPA
âHolding onto your assets for five years after converting to an S Corp is the simplest way to avoid the Built-In Gains Tax.â - Mike Jesowshek, CPA
âThe BIG Tax is important to understand, but itâs not a reason to avoid an S Corp election. With the right planning, an S Corp is still a powerful tax-saving strategy.â - Mike Jesowshek, CPA
Check out this episodeâs blog post: https://www.taxsavingspodcast.com/blog/beware-of-hidden-built-in-gain-big-taxes-when-transitioning-to-s-corporation
Click here to book a demo call or you can visit https://taxelm.com/demo/
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
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Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: www.TaxSavingsTV.com
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Have you ever considered how advanced tax strategies, from customized retirement contributions to optimizing home office deductions, might lower your overall tax burden?
In this Q&A episode, host Mike Jesowshek answers listener questions on various tax topics. He covers issues ranging from retirement planning strategies, such as afterâtax contributions and Roth conversions in a solo 401(k), to the proper methods for paying oneself as a sole proprietor versus an S corporation. Mike also explains home office deductions, board meeting expenses, handling duplicate tax forms, and business entity conversions.
[00:00 - 05:02] Retirement Contributions and Solo 401(k) Options
Mike discusses using afterâtax contributions and a Roth conversion in a solo 401(k) for highâincome earners.New members receive immediate access to a comprehensive suite of tax-saving tools and consultations.[05:02 - 10:42] Owner Draws, Home Office Deductions, and Board Meeting Expenses
Mike explains how to oneself as a sole proprietor using owner draws versus payroll for S corporations.Understand that taking money out of a business as an owner draws does not reduce taxable profit.Ensure that business spaces are used exclusively for business, and document meetings carefully when using home space.[10:42 - 15:32] Hiring Family Members, Deducting Mileage Expenses, and Entity Conversion
Mike discusses claiming mileage expenses when an employee uses a personal vehicle for business.Recognize that converting a C corporation back to an LLC may trigger taxable events; professional consultation is advised.[15:32 - 20:17] Handling Duplicate 1099 Forms and Short-Term Rental Deductions
Work with the issuer to correct mistakes or offset the extra reporting with a matching expense entry.Understand the timing of deductions and whether expenses need to be capitalized based on service start dates.[20:17 - 27:20] S Corporation and Subsidiary Structures; Home Office with Additional Facility
Mike details the benefits of an S corporation holding company structure for multiple LLCs and addresses home office deductions when using a separate facility.Proper structuring can consolidate profit and loss reporting, and the administrative office rule allows a home office deduction even when an additional business location exists.Direct Quotes:
"If you are helping out family members, and those family members can also do some work for your business, why not get a business deduction for that help that you want to do anyways?" - Mike Jesowshek, CPA
Check out this episodeâs blog post! Visit https://www.taxsavingspodcast.com/blog/tax-q-a-short-term-rentals-1099-confusion-entity-conversions-and-creative-tax-strategies
Click here to book a demo call or you can visit https://taxelm.com/demo/
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
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Are you making the most of the new 2025 tax changes, or could a simple tax strategy adjustment save you thousands?
In this episode, Mike breaks down key tax changes for 2025 that small business owners need to know. He covers adjustments to tax brackets, increases in the standard deduction, new mileage rates, retirement contribution limits, and updates to gift and estate tax exclusions. He explains how these changes impact tax planning, emphasizing strategies to optimize deductions and avoid unnecessary tax burdens. Additionally, he highlights potential future tax changes with the incoming administration and the importance of staying updated.
[00:00 - 05:21] Understanding the 2025 Tax Brackets
Tax brackets adjust annually for inflation, ensuring more income is taxed at lower rates.Mike explains how tax brackets work and why crossing into a higher bracket doesnât mean all income is taxed at that rate.Knowing your tax bracket can help with strategic tax planning, such as Roth conversions and deductions.[05:22 - 10:24] Mileage Deduction Increase for 2025
Mike discusses when to use the mileage method versus actual expenses for vehicle deductions.Choosing the right deduction method (mileage vs. actual expenses) depends on vehicle costs and business mileage.[10:25 - 14:44] Standard Deduction Updates
The standard deduction increases to $30,000 for married filers and $15,000 for single filers.How can this impact taxpayers deciding between itemized and standard deductions?Most taxpayers will benefit from the standard deduction, but strategic "bunching" of itemized deductions can provide tax advantages.[14:45 - 18:53] Retirement Contribution Limits Increase
Employee 401(k) contribution limit rises to $23,500, while IRA limits remain at $7,000.Maximizing retirement contributions helps reduce taxable income and build financial security.[18:54 - 21:53] Gift & Estate Tax Changes
The gift tax exclusion increases to $19,000 per recipient.Estate tax exemption rises to $13.99 million, affecting wealth transfer planning.Strategic gifting can help reduce taxable estates and transfer wealth efficiently.Proactive tax planning ensures business owners take advantage of new tax laws while avoiding potential pitfalls.Quotes:
âSimply going into a new tax bracket doesnât mean all of your income is taxed at that higher rate.â - Mike Jesowshek, CPA
âMore of your income being taxed at a lower rate is good newsâit means youâre keeping more of what you earn.â - Mike Jesowshek, CPA
Click here to book a demo call or you can visit https://taxelm.com/demo/
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
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Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: www.TaxSavingsTV.com
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Are you tired of overpaying on taxes and looking for straightforward strategies to save money while growing your business?
In this episode, Mike Jesowshek announces the launch of his new book, Small Business Tax Savings Handbook. The book aims to help small business owners, entrepreneurs, and freelancers reduce taxes legally and build financial stability. Designed to be accessible and action-oriented, it includes proven tax strategies, practical examples, and end-of-chapter checklists. Mike also discusses launch week bonuses, including a tax strategy checklist, a live Q&A webinar, and a bonus chapter. The episode emphasizes the importance of year-round tax planning and implementing strategies to maximize savings.
[00:00 - 05:40] What the Book Offers
Mike explains the bookâs purpose: reducing taxes and empowering small business owners.Understanding tax incentives is crucial for financial success.He shares step-by-step guides to make complex tax topics easy to understand.Implementing strategies leads to immediate and long-term savings.[05:41 - 07:17] Who the Book is For
The book is designed for small business owners, entrepreneurs, and freelancers.Mike highlights the need for year-round tax planning.Effective tax planning can create opportunities for wealth growth.[07:18 - 09:11] Launch Week Bonuses and Call to Action
Mike gives details about bonuses: tax strategy checklist, live Q&A, and a bonus chapter on 2025 strategies.He encourages listeners to purchase the book and leave reviews.Direct Quotes:
âThis isnât just another tax book; itâs a game plan for small businesses ready to take control of their financial future.â - Mike Jesowshek, CPA
âYou can learn all day, but until you implement it, you donât see tax savings.â - Mike Jesowshek, CPA
âEffective tax planning isnât just for tax seasonâitâs a year-round effort.â - Mike Jesowshek, CPA
Check out this episodeâs blog post: https://www.taxsavingspodcast.com/blog/introducing-the-small-business-tax-savings-handbook
Order your very own copy of the Small Business Tax Savings Handbook: How to Save on Taxes While Growing Your Business and Wealth by visiting Amazon!
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
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What if you could apply the wealth-building strategies of billionaires to your own small business?
In this episode, Mike Jesowshek demystifies the concept of a family office, traditionally associated with the ultra-wealthy, and explains how small business owners can adopt similar strategies to build wealth, optimize taxes, and create a legacy. He details the roles and responsibilities within a family office, such as tax strategists, attorneys, and financial advisors, and outlines actionable steps for organizing finances, assembling a team, and reviewing progress regularly. Mike emphasizes starting small, documenting plans, and growing the family office alongside business success, offering practical guidance for sustainable financial management.
Discover how to create a family office tailored to your goals by tuning in!
[00:00 - 02:11] Why Small Business Owners Need a Family Office
Mike explains what a family office is and how it manages wealth.The principles of family offices can be scaled to any income level.Prioritize creating a financial safety net alongside business investments.[05:13 - 10:23] Key Roles in a Family Office
Mike breaks down the core components, including tax strategists, financial advisors, attorneys, and bookkeepers.A well-structured team can significantly enhance tax efficiency and wealth growth.[10:24 - 16:12] Building Your Family Office
Steps to get started: organize finances, fill roles, and align the team with personal goals.Mike stresses the importance of due diligence when selecting advisors.Even small steps, like self-managing roles initially, can lay the foundation for success.[16:13 - 21:40] Continuous Improvement and Documentation
Mike encourages regular reviews and adjustments as the business evolves.He suggests documenting roles and plans for clarity and legacy planning.Consistent reviews and clear documentation prevent stagnation and ensure long-term success.[21:41 - 24:13] Closing Thoughts and Resources
Mike reiterates the value of taking action and starting small.Proactive implementation leads to significant financial benefits.
Direct Quotes:"A family office is kind of like a CEO-level approach to managing wealth." - Mike Jesowshek, CPA
"You get to pick and choose what your family office looks likeâstart small and grow as your business grows." - Mike Jesowshek, CPA
"Think of your family office as a tool belt: each role is a tool that helps you achieve your goals." - Mike Jesowshek, CPA
"Donât just fill a role to fill a roleâdo your due diligence and make sure the people you choose align with your vision." - Mike Jesowshek, CPA
Check out this episodeâs blog: https://www.taxsavingspodcast.com/blog/build-your-own-family-office-start-saving-taxes-and-building-wealth-today
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
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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.
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.
[00:00 - 02:17] Introduction
Deadlines for Roth and traditional IRAs are April 15th.Contributions are based on individual earned income, not business profits.
[02:18 - 05:59] IRA Contributions
Lesson: Plan IRA contributions early, as extensions don't apply.
Employer contributions for profit sharing plans can be made until the extended filing deadline.Different strategies, such as "new comparability," can maximize owner benefits.
[06:00 - 10:14] Profit Sharing and Employer Contributions
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.
[10:15 - 13:28] Solo 401(k)s and New Rules
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.
[13:29 - 16:11] Safe Harbor and Compliance
High-income businesses can use defined benefit plans for contributions up to $300,000.These plans require actuary involvement and multi-year commitments.
[16:12 - 24:33] Advanced Plans: Cash Balance and Defined Benefit
Employer contributions can be made until the filing deadline, including extensions.2025 should focus on proactive tax planning to avoid last-minute issues.
[24:34 - 31:16] Key Takeaways and Planning for 2025
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/
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
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YouTube: www.TaxSavingsTV.com
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How prepared are you to make 2025 your best financial year yet?
In this episode, Mike Jesowshek dives into strategic financial planning for 2025, emphasizing the importance of a financial summary document, proactive tax planning, and long-term strategic business planning. He explains how to create a comprehensive financial summary, differentiate between tax preparation and tax planning, and implement actionable goals to achieve financial clarity and growth. By focusing on yearly updates, tax strategies, and structured plans, listeners are encouraged to approach the new year with clarity and purpose.
Explore how a clear financial summary, tax strategies, and strategic planning can set you up for success.
Mike explains the purpose and benefits of a financial summary document.Annual updates to a financial summary provide clarity and preparedness.
[00:00 - 05:12] Creating a Financial Summary Document
Mike shares the distinction between compliance-focused tax preparation and strategy-driven tax planning.Implementing tax strategies is crucial for minimizing tax liability.
[05:13 - 12:39] Tax Preparation vs. Tax Planning[12:40 - 17:20] Strategic Business Planning
Strategic planning involves envisioning a 10-year perfect scenario and breaking it down into actionable goals.Clear planning transforms business goals into achievable steps.[17:21 - 20:34] Key Takeaways and Resources
Mike recaps the importance of financial summaries, tax planning, and strategic business goals.Success is intentional and requires consistent planning.
Direct Quotes:"Success doesn't just happen. It's planned." - Mike Jesowshek, CPA
"Learning is important, but implementation is the next step." - Mike Jesowshek, CPA
"Strategic planning helps turn dreams into reality by breaking down goals into actionable steps." - Mike Jesowshek, CPA
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
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Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: www.TaxSavingsTV.com
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Are you prepared for the IRSâs new 1099-K reporting rules and how they could impact your business's bottom line?
In this episode, Mike Jesowshek discusses the significant changes to the IRS 1099-K rule and its potential impact on small businesses, freelancers, and online sellers. The rule, initially requiring payment processors to report income over $20,000, is being gradually lowered to $600 by 2026. Mike explains how this rule aims to address underreported income and outlines the implications for businesses accepting payments via platforms like PayPal, Venmo, and Stripe. He emphasizes the importance of accurate reporting to avoid IRS scrutiny and offers a free demo call to help listeners prepare their tax strategies.
[00:00 - 06:42] Why the 1099-K Rule Was Introduced
Mike discusses the significance of the 1099-K for freelancers, small businesses, and gig workers.Understanding this rule is key to avoiding surprises during tax season.The motivation behind the rule: addressing underreported income from goods and services.Report all income accurately, even without a 1099-K.[06:43 - 10:37] Who This Rule Impacts
Mike dives deep into whoâs affected: freelancers, gig workers, and small businesses.Proactively distinguish between personal and business transactions.[10:38 - 14:22] Timeline and Rollout of the Rule
Breakdown of the phase-in thresholds:2024: $5,0002025: $2,5002026: $600Mike highlights potential changes due to legislative pushback.Stay updated on the latest developments and adapt your approach.[14:23 - 18:58] Avoiding Tax Issues and Next Steps
Mike shares tips for accurate reporting and reconciling 1099-K forms with your tax returns.Be proactive in managing your taxes to avoid penalties and ensure compliance.
Direct Quotes:âThe 1099-K is a tool to let the IRS know what funds are being processed and who is receiving those funds.â - Mike Jesowshek, CPA
âThis rule isnât about changing how taxes work; itâs about changing how income is reported.â - Mike Jesowshek, CPA
âDonât wait for a 1099-K to report your income. Always report all earnings to stay on the right side of the law.â - Mike Jesowshek, CPA
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
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Facebook Group: https://www.facebook.com/groups/taxsavings/
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What if a few simple shifts in your business structure and financial habits could set you ahead of 99% of companies?
In this episode, Mike Jesowshek, a CPA and founder of Taxelm, shares practical strategies for small businesses to gain a competitive edge without requiring massive investments or risky tactics. He emphasizes the importance of establishing a proper entity structure as the foundation for growth, maintaining an accurate and cloud-based bookkeeping system, and utilizing financial data to make informed business decisions. Mike also highlights key tax deductions and offers resources to help business owners optimize their financial strategies effectively.
[00:00 - 04:50] Introduction: Setting the Stage
Mike introduces the theme of outpacing 99% of businesses with simple, effective strategies.Success doesnât require excessive risk or investment; it starts with foundational business practices.Transitioning to an S Corporation can lead to significant tax savings. A well-structured entity is essential for tax efficiency and long-term growth.[04:51 - 10:00] Building a Solid Foundation for Growth and The Backbone of Business
Mike shares the importance of creating a management company structure for multiple business entities.Clear and organized entity structures reduce risks and enhance scalability.Consistent bookkeeping helps identify inefficiencies and drives better financial decisions.[10:01 - 19:26] Leveraging Financial Data and Resources
It is vital to use accurate financial statements for tax planning and business strategy.Mike offers a free document outlining tax deductions to maximize savings.Proactive financial management unlocks opportunities for growth and profitability.
Direct Quotes:âYour entity structure is the foundation of how your business operates and grows.â - Mike Jesowshek
âBookkeeping isnât just for taxes; itâs the backbone of understanding your businessâs financial health.â - Mike Jesowshek
âA cloud-based system done correctly gives you actionable insights. Done poorly, it gives you nothing.â - Mike Jesowshek
âWith the right foundation, you can grow into the 1% of business owners who succeed at scale.â - Mike Jesowshek
Check out this episodeâs blog: The Ultimate Guide to Maximizing Business Deductions and Write-Offs
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
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Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: www.TaxSavingsTV.com
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What if the key to unlocking exponential growth in your 401k is simply reaching $100,000? Could this milestone be the turning point for your financial freedom?
In this episode, Mike Jesowshek dives into the concept of why your 401k experiences explosive growth after reaching a $100,000 threshold. He explains the mechanics of compounding interest, the rule of 72, and how starting early can significantly impact retirement savings. Mike also introduces the idea of self-funded retirement accounts, detailing how business owners can leverage them to invest in areas such as real estate or cryptocurrency. He underscores the importance of surpassing the $100,000 mark to unlock greater investment opportunities and financial flexibility, offering practical tips to achieve this milestone efficiently.
[00:00 - 06:15] The Power of Compound Growth
Mike shares his personal financial journey and why $100,000 is a pivotal milestone for investors.He breaks down the "rule of 72" and how it applies to achieving financial goals.Early and consistent investing accelerates your financial trajectory.[06:16 - 12:10] Why $100,000 is a Game-Changer
Mike discusses how hitting $100,000 opens doors to investment opportunities beyond traditional options.Reaching this milestone creates leverage for greater diversification and growth.[12:11 - 16:45] How to Get to $100,000 Faster
Mike highlights the importance of automating investments and sticking to a long-term strategy.Focus on consistency and discipline to build momentum.[16:46 - 19:24] Final Takeaways and Encouragement
Mike recaps the importance of achieving $100,000 and how it sets the foundation for future wealth-building.Take the first steps today, no matter where you are in your financial journey.
Direct Quotes:"Think of compounding interest like a snowball rolling down a hillâsmall at first, but it can grow into something massive over time." - Mike Jesowshek, CPA
"The rule of 72 gives you a simple formula: divide 72 by your interest rate, and youâll know how long it takes for your money to double." - Mike Jesowshek, CPA
"Starting early with your retirement savings means youâre giving your money more time to work for you, doubling multiple times before retirement." - Mike Jesowshek, CPA
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
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Did you know you can maximize your HSA contributions even if you switch to a high-deductible health plan late in the year?
In this episode of the Small Business Tax Savings Podcast, Mike Jesowshek answers listener-submitted tax and business-related questions, covering topics such as HSA contributions, structuring multiple businesses, employing children, vehicle deductions, the Employee Retention Tax Credit (ERC), and year-end tax planning strategies. He emphasizes the importance of implementing tax-saving strategies tailored to individual circumstances and highlights tools like Tax Savings Podcast resources and Taxelm for deeper guidance.
Discover this and more tax-saving tips in todayâs listener Q&A episode!
[00:00 - 02:53] HSA Contributions and the Last Month Rule
Mike explains the IRSâs Last Month Rule, allowing full-year HSA contributions if enrolled by December 1st.[02:53 - 05:42] Starting a Business and Learning Tax Strategies
A Minnesota listener seeks guidance after forming a new business.What is the importance of implementation over mere learning of tax strategies?[05:42 - 07:39] Employing Children and Managing Child Support
Mike gives advice on structuring small business ownership to avoid affecting child support obligations.[07:39 - 13:00] Structuring Multiple Businesses
Discussion on using DBAs versus separate LLCs for businesses in different verticals.Consideration of liability and future sale opportunities.[13:00 - 19:16] Core Tax Strategies and Vehicle Deductions
Mike discusses core tax strategies such as home office, automobile, and travel deductions.He explains vehicle deductions, depreciation methods, and financing.[19:16 - 27:30] Year-End Tax Planning Tips
Mike clarifies on how to handle ERC credits in amended taxes.He encourages listeners to implement achievable strategies before the year ends.
Direct Quotes:âThe key piece is implementation. You can learn all you want all day long, but if you don't implement anything, you don't see the tax savings.â - Mike Jesowshek, CPA
âAs long as you have that high-deductible health plan in place by December 1st, you're eligible to contribute the full amount to an HSA for the year.â - Mike Jesowshek, CPA
âTake off what you can bite off and do that. Iâd much rather see you do one or two strategies than try to do ten and end up doing zero.â - Mike Jesowshek, CPA
Check out this episodeâs blog post: https://www.taxsavingspodcast.com/blog/tax-questions-answered-vehicle-deductions-entity-structure-wotc-compliance-and-more
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: www.TaxSavingsTV.com
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What if you could offset your investment gains by strategically selling at a lossâare you making the most of your tax-saving opportunities?
In this episode, Mike explains the tax strategy of tax loss harvesting, which involves selling investments at a loss to offset gains in other areas, ultimately reducing tax liability. The episode covers how to execute this strategy, the wash sale rule, and common mistakes to avoid. Key points include understanding the wash sale rule, which prevents the deduction of a loss if the same or substantially identical stock is repurchased within 30 days. The host also discusses how to maximize the benefits of tax loss harvesting while being strategic and mindful of its limitations.[00:00 - 05:21] Introduction to Tax Loss Harvesting
Mike introduces tax loss harvesting as a way to save money by offsetting capital gains with losses.Tax loss harvesting allows investors to turn investment losses into tax-saving opportunities.[05:22 - 10:55] How Tax Loss Harvesting Works and The Wash Sale Rule
Mike explains the mechanics of tax loss harvesting, including offsetting capital gains and ordinary income up to $3,000 per year.The wash sale rule is introduced as a key consideration in tax loss harvesting.Buying the same security in an IRA within 30 days of selling it in a taxable account also triggers the wash sale rule.[10:55 - 14:30] Avoiding the Wash Sale Rule
Mike explains the implications of buying back the same investment after the 30-day period and how this can be an effective strategy.After 30 days, it's safe to buy back the asset without triggering the wash sale rule.Another strategy is simply waiting out the 30-day period to repurchase the asset.[14:31 - 16:00] Common Mistakes and Considerations in Tax Loss Harvesting
Mike shares some common pitfalls, such as neglecting to account for the wash sale rule or selling investments too hastily without considering the long-term implications.He advises listeners to work closely with tax professionals when engaging in tax loss harvesting to maximize its effectiveness.
Direct Quotes:"Smart investors know how to turn losses into gainsâinto tax-saving opportunities." - Mike Jesowshek, CPA
"You canât just sell and buy the same stock back right away without triggering the wash sale rule." - Mike Jesowshek, CPA
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: www.TaxSavingsTV.com
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Are you making the most of year-end tax strategies to reduce your tax liability?
In this episode, Mike Jesowshek, CPA and owner of TaxElm, dives into essential year-end tax planning strategies for business owners, focusing on income timing, deductions, and proactive spending decisions. He explains how understanding current and projected income is key for effective tax planning, particularly for cash basis businesses. Strategies covered include prepaying expenses, delaying receipts, utilizing Roth conversions in low-income years, and taking advantage of family support tax benefits through appreciated stock transfers.
Discover how income timing, deductions, and smart spending choices can save you more as a business owner!
[00:00 - 05:08] Introduction to Tax Planning with Income Projections
Mike Jesowshek introduces the importance of factoring in current and future income for year-end tax planning.He discusses the significance of strategic decisions around spending on necessary equipment.Effective tax planning requires knowing this yearâs financial standings and projecting for the next year.[05:08 - 10:47] Strategic Planning with Flow-Through Entities
Flow-through entities impact tax planning based on business profit.Mike introduces the goal of shifting after-tax expenses into pre-tax spending.He advises against prepaying in low-income years when expenses may be more beneficial in higher income years.[10:47 - 16:19] Buying Necessary Equipment for Deduction Optimization
Mike advises only purchasing necessary equipment and aligning those purchases with high-income years for optimal tax benefits.He outlines how credit card spending can secure a deduction this year, even if payment occurs in the next.Roth conversions can be a way to maximize future tax-free growth during low-income years.[16:19 - 19:56] Utilizing Appreciated Stock Gifting to Family Members
Mike advises on gifting appreciated stock to family members in lower tax brackets instead of cash for tax advantages.He discusses limitations with children due to kiddie tax but highlights opportunities with other family members.[19:56 - 25:19] Strategic Year-End Tax Planning
Mike recaps key strategies for minimizing taxes legally by year-end.He emphasizes the importance of strategic planning and using every deduction opportunity as a business owner.Direct Quotes:
"We always want to take advantage of whatâs available to you." - Mike Jesowshek, CPA
âA Roth account grows tax-free and withdrawals are tax-freeâthatâs a beautiful thing.â - Mike Jesowshek, CPA
âThe IRS loves business owners; they create jobs, employ people, and grow the economy.â - Mike Jesowshek, CPA
Check out this episodeâs blog post: What Year End Strategies Are Available to Business Owners
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: www.TaxSav
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Are you making the most of your tax-saving strategies before the year closes?
In this episode, Mike Jesowshek provides a comprehensive checklist of essential tax strategies to implement before the end of 2024. As a CPA and founder of Tax Helm, he emphasizes maximizing tax deductions, making necessary payments, and properly documenting strategies to avoid IRS issues. Mike covers everything from pre-tax versus after-tax spending and utilizing the Augusta Rule to managing self-employed health insurance and year-end retirement contributions. With a focus on practical application, he also offers advice on planning for business expenses, using credit cards strategically, and the importance of completing necessary documentation, like the BOI report, before December 31st.
Discover practical steps to keep more of your hard-earned income in this essential episode!
[00:00 - 05:10] Pre-Tax vs. After-Tax Spending
Mike gives a reminder that most tax strategies must be implemented by December 31.He explains how business owners can convert personal spending to business expenses.Utilize pre-tax spending opportunities for valid business expenses like meals, travel, and more.[05:11 - 11:45] Travel, Augusta Rule, and Implementing Board Meetings
Business-focused travel, where the majority of the day is spent on work, can qualify as a deductible business day.The Augusta Rule allows homeowners to rent their home tax-free for up to 14 days.Mike shares the importance of board meetings for accountability and tax deductions.Even solo business owners can benefit from holding board meetings and documenting them.[11:46 - 19:20] Hiring Your Kids, IRAs, and Health Savings Accounts
Hiring children allows for tax-free income for children and provides eligibility for Roth IRA contributions.HSAs offer tax-deductible contributions and tax-free withdrawals for medical costs.[19:21 - 230:20] S Corporations and Self-Employed Health Insurance
Health insurance premiums must be included on W-2s for valid deductions.Mike gives a reminder to organize receipts, log business mileage, and complete the BOI report.Proper documentation ensures compliance and peace of mind during IRS reviews.Direct Quotes:
âLet this serve as your final reminderâimplement these strategies by December 31st to keep your hard-earned money.â - Mike Jesowshek, CPA
âA valid tax strategy, incorrectly implemented, becomes illegal. Understanding and correct implementation are key.â - Mike Jesowshek, CPA
âHiring your kids in your business not only provides a tax deduction but allows them to start growing a tax-free retirement account.â - Mike Jesowshek, CPA
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: www.TaxSavingsTV.com
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Are 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 contributions. With a focus on proper documentation and compliance, Mike provides insights on transforming potential tax burdens into effective deductions. He also presents TaxElm, a tax software tailored for business owners looking to maximize tax savings efficiently and responsibly.
[00:00 - 05:36] Introduction to Advanced Tax Strategies
Mike introduces his goal to reveal tested tax strategies for saving significant money.Reasons for struggles: not knowing where to start, being overwhelmed by complexity, and spending time without professional guidance.Strategy #1: The 14-Day Home Rental Rule (Augusta Rule) Key steps: establishing a rental reason, finding a reasonable rate, and documenting proof.[05:36 - 11:14] Strategy #2: Implementing an Accountable Plan
Mike details how S corporations can set up accountable plans for reimbursements on business expenses like home office use, automobile, and utilities.He shares the importance of a written policy and detailed expense reporting for compliance.[11:14 - 17:42] Strategy #3: Advanced Tax Strategies for High-Income Earners
For those earning $350,000+, Mike shares insights on leveraging charitable contributions, business investments, and more to offset income.Emphasizes correct implementation to avoid potential IRS scrutiny.[17:42 - 25:45] Short-Term Rental Loophole and Hiring Your Children for Business Deduction
Short-term rentals (average stay of 7 days or less) are considered non-passive, allowing business owners to offset W-2 or business income.Mike shares the guidelines for hiring children aged 7-18 in the business for tax deductions.Compliance essentials: setting reasonable pay, tracking work hours, and direct payments.[25:45 - 29:43] Conclusion and Introduction to TaxElm
Mike introduces TaxElm, a software designed to help business owners implement these strategies and maximize tax savings.Direct Quotes:
"These arenât just theories; they are battle-tested methods that have saved my clients millions in taxes over the years." - Mike Jesowshek, CPA
"The right tax strategies can transform a businessâs financial health." - Mike Jesowshek, CPA
"These strategies can take you from being an anxious and overwhelmed business owner to one who walks around with confidence and a sense of control." - Mike Jesowshek, CPA
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: www.TaxSavingsTV.com
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Are 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 business connection, proper substantiation, and timely payments, while also highlighting common deductible expenses like home office, automobile use, and travel.
Find out how an accountable plan can help you save on taxes while staying compliant with the IRS!
[00:00 - 05:21] Introduction to Accountable Plans
Mike introduces the concept of an accountable plan and its importance for business owners.He explains how separating business and personal expenses is crucial to avoid IRS scrutiny.He also mentions that even if personal payments are made for business items, they can be reimbursed with a plan.[05:22 - 10:37] Key Requirements of an Accountable Plan
Mike outlines the four main requirements: business connection, substantiation, avoiding excess payments, and timely payments.He discusses examples of business-related expenses that can be reimbursed, such as home office use and automobile expenses.Turning reimbursements into taxable income can cause risks if not handled properly.[10:38 - 13:49] Setting Up an Accountable Plan
Mike walks through the process of setting up a written reimbursement policy (accountable plan).Businesses need to create a reimbursement tracker to document expenses.Taxelmâs templates and tools can help businesses implement these plans correctly.[13:50 - 17:43] Common Expenses for Reimbursement
Mike highlights the most common reimbursable expenses: home office, automobile, cell phone, internet, and travel.Business owners should take advantage of available deductions to reduce taxable income.Direct Quotes:
"The IRS looks at that as being sloppy. So the first key to understand is to always have a separate business bank account and credit card that you run all of your business activity through." - Mike Jesowshek, CPA
- "If you don't have an accountable plan put in place, it will be taxable to us, and that's why it's so important." - Mike Jesowshek, CPA
"The IRS gives us incentives as business ownersâhome office deductions, automobile deductionsâbut it's your responsibility to understand and implement them correctly." - Mike Jesowshek, CPA
Check out this episodeâs blog post: How Do I Reimburse Myself From the Business? When Does An Accountable Plan Come Into Play?
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: www.TaxSavingsTV.com
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How 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 planning and compliance, Mike emphasizes the importance of understanding these policies and the flexibility required to adapt to changes that may or may not pass. This episode offers LLC owners insights into proactive strategies to minimize tax liabilities in light of potential policy shifts.
[00:00 - 01:18] Corporate Tax Rate Proposals
Mike Introduces the episode focus: exploring potential election impacts on LLCs.He clarifies a non-partisan approach, stating the episodeâs objective is to inform business owners, not take sides.Mike discusses Harrisâs proposal to increase the corporate tax rate to 28% versus Trumpâs proposal to lower it to 20% or 15% for U.S.-based production companies.[03:23 - 05:22] Harris Campaign on Real Estate and Trumpâs Tariff Proposal
Harris proposes limiting depreciation and interest for large real estate investors and increasing startup cost deductions to $50,000.Evaluating these deductionsâ impact on real estate and startup expenses.Trumpâs campaign discusses imposing tariffs on imports, particularly 60% for imports from China.[05:22 - 08:48] Capital Gains and Investment Taxes
Harris aims to raise the capital gains tax for incomes over $1 million and increase the net investment income tax.Planning for potential tax adjustments in high-income brackets.Harris proposes exempting tips from taxes; Trump proposes exempting overtime pay from taxation.[07:00 - 11:42] Personal Tax Adjustments
Harrisâs campaign suggests expanding the child tax credit and health insurance credits; Trump aims to make prior tax cuts permanent.There are opportunities for individual tax savings depending on outcomes.Mike discusses expiring TCJA provisions, like the reduced highest tax rate, doubled standard deduction, and QBI deduction, set to end by 2025.[11:42 - 16:36] Planning Opportunities Regardless of Outcome
Mike stresses tax planning adaptability regardless of the election outcome.Direct Quotes:
"Policy changes can catch many businesses off guard, often leading to missed opportunities or unexpected challenges." - Mike Jesowshek, CPA
"No matter what happens in this election, thereâs always room for tax planning." - Mike Jesowshek, CPA
"While a candidate might say one thing, it doesnât necessarily mean it will actually come true." - Mike Jesowshek, CPA
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: www.TaxSavingsTV.com
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Do 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) plans. He also discusses the long-term benefits of tax-free growth and withdrawals, addressing common concerns and mistakes along the way.
Discover the strategies to potentially grow your account to a million dollars in just a few years!
[00:00 - 05:21] Introduction and Basics of Roth IRAs
Roth IRAs allow tax-free growth and withdrawals in retirement. Traditional vs. Roth: Traditional IRAs offer tax deductions upfront, while Roth IRAs grow tax-free with withdrawals in retirement. Max contributions for 2024: $7,000 ($8,000 for those over 50).[05:22 - 11:18] Backdoor and Mega Backdoor Roth Explained
The backdoor Roth strategy involves making non-deductible contributions to a traditional IRA and then converting it to a Roth IRA. Mega Backdoor Roth allows much larger contributions using 401(k) plans. Benefits of Mega Backdoor Roth include higher contribution limits, tax-free growth, and tax-free withdrawals. This strategy is beneficial for anyone with access to a 401(k) plan, even those in lower tax brackets.[11:19 - 14:08] Strategy Steps and Example
Max out employee contributions, then after-tax contributions, and convert to a Roth the next day. A business owner can contribute up to $76,000 per year and, with a 12% return, accumulate over $1 million in just 7.5 years. The earlier you start, the greater the potential for tax-free growth.Direct Quotes:
"The beauty behind a Roth is that you take the pain today, but it grows tax-free, and your withdrawals in retirement are tax-free." - Mike Jesowshek, CPA
"The Mega Backdoor Roth strategy allows you to supercharge your retirement savings with higher contribution limits and long-term tax advantages." - Mike Jesowshek, CPA
"Imagine putting away $76,000 per year into a Roth and seeing it grow tax-free â thatâs mind-blowing." - Mike Jesowshek, CPA
Check out this episodeâs blog post: https://www.taxsavingspodcast.com/blog/guide-to-building-a-mega-backdoor-roth
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: www.TaxSavingsTV.com
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