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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 doesn’t 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:“Your entity structure is the foundation of how your business operates and grows.” - Mike Jesowshek
“Bookkeeping isn’t just for taxes; it’s the backbone of understanding your business’s financial health.” - Mike Jesowshek
“A cloud-based system done correctly gives you actionable insights. Done poorly, it gives you nothing.” - Mike Jesowshek
“With the right foundation, you can grow into the 1% of business owners who succeed at scale.” - Mike Jesowshek
Check out this episode’s 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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Podcast Website: https://www.TaxSavingsPodcast.com
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 hill—small 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 you’ll know how long it takes for your money to double." - Mike Jesowshek, CPA
"Starting early with your retirement savings means you’re 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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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: www.TaxSavingsTV.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 today’s listener Q&A episode!
[00:00 - 02:53] HSA Contributions and the Last Month Rule
Mike explains the IRS’s 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:“The 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.” - Mike Jesowshek, CPA
“As 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.” - Mike Jesowshek, CPA
“Take off what you can bite off and do that. I’d much rather see you do one or two strategies than try to do ten and end up doing zero.” - Mike Jesowshek, CPA
Check out this episode’s 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 loss—are 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 gains—into tax-saving opportunities." - Mike Jesowshek, CPA
"You can’t 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 year’s 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 what’s available to you." - Mike Jesowshek, CPA
“A Roth account grows tax-free and withdrawals are tax-free—that’s a beautiful thing.” - Mike Jesowshek, CPA
“The IRS loves business owners; they create jobs, employ people, and grow the economy.” - Mike Jesowshek, CPA
Check out this episode’s 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:
“Let this serve as your final reminder—implement these strategies by December 31st to keep your hard-earned money.” - Mike Jesowshek, CPA
“A valid tax strategy, incorrectly implemented, becomes illegal. Understanding and correct implementation are key.” - Mike Jesowshek, CPA
“Hiring your kids in your business not only provides a tax deduction but allows them to start growing a tax-free retirement account.” - 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 aren’t 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 business’s 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.Taxelm’s 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 owners—home office deductions, automobile deductions—but it's your responsibility to understand and implement them correctly." - Mike Jesowshek, CPA
Check out this episode’s 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 episode’s objective is to inform business owners, not take sides.Mike discusses Harris’s proposal to increase the corporate tax rate to 28% versus Trump’s proposal to lower it to 20% or 15% for U.S.-based production companies.[03:23 - 05:22] Harris Campaign on Real Estate and Trump’s Tariff Proposal
Harris proposes limiting depreciation and interest for large real estate investors and increasing startup cost deductions to $50,000.Evaluating these deductions’ impact on real estate and startup expenses.Trump’s 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
Harris’s 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, there’s always room for tax planning." - Mike Jesowshek, CPA
"While a candidate might say one thing, it doesn’t 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 — that’s mind-blowing." - Mike Jesowshek, CPA
Check out this episode’s 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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Have you ever wondered if you could deduct a mentorship program paid for on your personal card before starting your business?
In this episode, Mike Jesowshek, a CPA, hosts a listener Q&A session addressing various tax-related questions from small business owners. He covers topics such as deducting business expenses, managing mentorship payments, selling a business, and handling high medical costs for business owners. Mike provides clear guidance on tax planning strategies and the importance of keeping thorough documentation for deductions, while also offering practical advice on avoiding issues with hobby loss rules and S-Corp-specific challenges.
Learn how to maximize your business deductions and avoid common tax pitfalls in this Q&A episode!
[00:00 - 00:40] Introduction
Mike Encourages listeners to submit their tax-related questions via the website.[00:40 - 05:23] Business Deductions and Selling a Business
Mike explains that expenses can still be deducted if they’re legitimate business expenses and provides guidance on using an accountable plan for reimbursement.He discusses the validity of taking business deductions even when a business has minimal income.There is a need for consistent profit to be considered a legitimate business.[05:23 - 10:23] Section 105 Plans and Ownership Draws in an S-Corp
Mike details how to set up a family management company to use the Section 105 plan if operating as an S-Corp and hiring a spouse.He also emphasizes that distributions must be proportional to ownership percentages in S-Corps to avoid tax issues.[10:23 - 16:11] Travel Deductions and Consultations
Mike covers travel deductions when charging clients a travel fee and offers advice on setting up tax consultations through his company. He clarifies that even if a travel fee is charged to a client, the associated travel expenses can still be deducted.[16:11 - 21:02] Business Expenses and Accountable Plans
Mike emphasizes that while the deductions remain the same, the IRS prefers business-related expenses to be run through business accounts. Owner draws are not taxed directly; instead, taxes are based on the profit of the business, regardless of how much is drawn from the account.[21:02 - 24:10] Tax Helm Services and Consultations
Mike highlights Tax Helm’s services, which include consultations and comprehensive tax planning for small businesses, with a guarantee to provide tax savings that cover the cost of the service.Direct Quotes:
“Just because you paid for it personally, doesn’t mean you lose the deduction—it’s still a valid business expense if it’s related to your business.” - Mike Jesowshek, CPA
“The IRS always wants to see that you're running your business like a business, not like a hobby.” - Mike Jesowshek, CPA
Check out this episode’s blog post: https://www.taxsavingspodcast.com/blog/listener-q-a-with-mike-jesowshek-cpa-10-16-2024
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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/
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What if you could grow your wealth, avoid taxes, and pass on your assets to your heirs without capital gains?
In this episode, Mike discusses the *Buy, Borrow, Die* strategy—a powerful tax avoidance method used by the wealthy to preserve and grow wealth. By buying appreciating assets, borrowing against them tax-free, and passing them on to heirs with a stepped-up basis, individuals can minimize taxes on both capital gains and inherited wealth. Mike breaks down how this strategy can apply to anyone with appreciating assets and provides a step-by-step guide on how to implement it effectively.
Discover the Buy, Borrow, Die strategy and how it can work for you!
[00:00 - 01:14] Introduction to the Buy, Borrow, Die Strategy
Mike introduces the concept of how the wealthy use this strategy to appear less wealthy and minimize taxes.He highlights the focus on buying assets, borrowing against them, and passing them on tax-efficiently.[01:14 - 02:35] Tax Concepts: Step-Up in Basis and Borrowing Against Assets
Explanation of the step-up in basis: heirs inherit assets at market value, avoiding capital gains.Borrowing against assets like stocks or real estate doesn’t count as taxable income.[02:35 - 04:36] Example: Stock Appreciation, Tax Efficiency, Real Estate Borrowing, and Inheritance
Mike illustrates how borrowing against appreciated stocks allows tax-free access to funds.The example shows how holding assets until death can help heirs avoid capital gains.Mike shares an example of real estate borrowing and how it affects taxes for heirs.He emphasizes holding onto assets until death to maximize tax advantages.[04:36 - 07:40] Not Just for the Ultra-Wealthy
Mike explains that anyone with appreciating assets can utilize this strategy, not just billionaires.He details how it can apply to people with real estate, stocks, and businesses.The steps include acquiring appreciating assets, borrowing wisely, and planning for a tax-efficient exit.Mike highlights the importance of planning for your heirs and consulting financial advisors.[07:40 - 09:32] Final Thoughts: How to Maximize This Strategy
Mike encourages strategic planning for asset management and borrowing to avoid unnecessary capital gains.Mike suggests working with financial advisors for long-term wealth building and minimizing tax burdens.Direct Quotes:
“The truth is that most billionaires are not paying more in taxes as their wealth skyrockets, like the average person does.” - Mike Jesowshek, CPA
“Borrowing against assets like stocks or real estate doesn’t count as taxable income. That loan money is not income to you, so it’s also not taxable.” - Mike Jesowshek, CP
“In a perfect world, you hold onto appreciating assets until death, ensuring the most tax-efficient exit for your heirs.” - Mike Jesowshek, CP
"Use borrowed funds wisely—invest in other things, grow your wealth, and maximize the opportunity." - Mike Jesowshek, CP
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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/
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Do you know the different types of 1099 forms your business may need to file?
In this episode, host Mike Jesowshek is joined by Christina Wright from Tax Bandits to discuss everything business owners need to know about 1099 forms. The conversation covers different types of 1099s, when they need to be filed, and who is required to receive them. Christina provides insights into the importance of collecting W-9 forms, staying organized with vendor payments, and filing 1099s accurately and on time. They also address changes in 1099-K requirements, discuss the new 1099-DA for reporting digital assets, and highlight how software solutions like Tax Bandits simplify the filing process.
Learn how staying organized and using the right tools can make tax season stress-free!
[00:00 - 04:45] Overview of 1099s and Types
Christina explains the purpose of 1099 forms.She discusses the various types of 1099s, including NEC (Non-Employee Compensation) and MISC (Miscellaneous).She also shares the importance of understanding 1099 filing as an IRS requirement for business owners.[04:46 - 10:27] W-9 Form Importance and Vendor Onboarding
Christina explains the $600 payment threshold for issuing 1099s.The threshold is cumulative over the year, not per individual payment.Missing or incorrect information can lead to complications when filing 1099s.[10:28 - 15:59] Common Issues and Filing Best Practices
Inaccurate details (e.g., TIN, business name) on 1099 forms can cause IRS rejections.Businesses should use processes like TIN matching to verify information early.[16:00 - 19:20] 1099 Filing Solutions: Tax Bandits
Christina shares an overview of how Tax Bandits simplifies 1099 filing.How integrating accounting software like QuickBooks and Sage can help streamline the process.She shares the benefits of cloud-based filing and validation features.[19:21 - 26:38] 1099-K and Recent Changes
Christina discusses changes to the 1099-K threshold from $20,000 to $5,000 for electronic payments.The IRS shifted towards increasing reporting transparency for third-party transactions.She Introduces the new 1099-DA for reporting cryptocurrency assets.Key takeaways for business owners: collect W-9 forms upfront and keep good payment records.Notable Quotes:
"The main thing business owners need to know is that 1099s are used to report payments for a lot of different things to different parties." – Christina Wright
"The $600 threshold is not based on one payment—it’s cumulative over the entire year." – Christina Wright
Check out this episode’s blog post: How Does the Home Office Deduction Work?
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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 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 compares the simplified and actual methods of calculating the deduction and offers practical advice on maintaining proper documentation to ensure compliance and maximize savings.
Learn how the home office deduction can reduce your tax bill and boost your savings by tuning in!
[00:00 - 05:25] Introduction to Home Office Deduction
Mike explains the common misconceptions about the home office deduction.He stresses that the IRS encourages this deduction as long as it's used correctly.The home office must be used exclusively for business and on a regular basis.Mike explains that areas like the dining room don't qualify, but dedicated spaces do.He introduces the administrative office rule, allowing home offices to qualify even if work is done elsewhere.[05:25 - 11:03] Calculating and How to Claim the Home Office Deduction
Simplified method: $5 per square foot, up to 300 sq. ft.Actual method: Business use percentage multiplied by total home expenses.Mike walks through an example of calculating the deduction using both methods.He highlights when the actual method may provide larger savings.Mike explains how sole proprietors and S corporations claim the deduction using different forms.[11:03 - 18:08] Importance of Documentation
Emphasizes the need for thorough documentation, such as taking pictures and keeping cost records, to protect against audits.Mike encourages business owners to take advantage of this deduction before year-end.Direct Quotes:
"The home office deduction is black and white in the tax code. The IRS wants you to take advantage of it." - Mike Jesowshek, CPA
"Every deduction is worth it. This takes very little time as long as you have the tools to help make it happen." - Mike Jesowshek, CPA
"The key to successfully using the home office deduction is proper documentation and following the rules." - Mike Jesowshek, CPA
Check out this episode’s blog post: How Does the Home Office Deduction Work?
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
IncSight Packages (Full-Service): https://incsight.net/pricing/
Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
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Are 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 the importance of understanding tax laws and maximizing deductions to lower tax liability while ensuring business owners can grow their wealth and take care of their healthcare needs.
Learn how HSAs, Section 105 plans, and self-employed health insurance deductions can lower your tax liability while protecting your health!
[00:00 - 05:53] Health Savings Accounts (HSAs)
Mike explains how HSAs provide tax benefits: tax deduction on contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses.HSAs are powerful tools for both business owners and individuals, acting as a secondary retirement account for future medical costs.[05:53 - 10:00] Self-Employed Health Insurance Deductions
Mike details how self-employed individuals can deduct health insurance costs, focusing on sole proprietors, LLCs, and S corps.S corp owners must run health insurance premiums through their business and add them to their W-2s to receive deductions.[10:00 - 19:27] Health Benefit Options for Small Business Owners with Employees
Mike discusses section 105 plans or Medical Expense Reimbursement Plans, and how it's useful for business owners with high out-of-pocket medical costs.These plans turn medical expenses into business expenses, offering significant tax savings.He explains the three primary options: group health insurance, wage increases, or QSEHRA/HRAs to reimburse employees for medical costs.QSEHRA is a flexible and cost-effective option for small businesses with fewer than 30 employees.Quotes:
"Think of an HSA as a secondary retirement plan because, at some point, we’re all going to face medical costs." - Mike Jesowshek, CPA
"If you're self-employed, you get a tax deduction for your health insurance, regardless of whether you cover your employees’ costs or not." - Mike Jesowshek, CPA
"QSEHRA allows small businesses to support their employees’ healthcare needs without the burden of a traditional group health plan." - Mike Jesowshek, CPA
Resources:
Blog: Tax Planning and Health Costs
https://www.taxsavingspodcast.com/blog/Health-Costs-Strategies-for-Small-business-owners
_____Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
IncSight Packages (Full-Service): https://incsight.net/pricing/
Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale
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Could 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 against audits. The episode highlights the need for business owners to carefully substantiate deductions and avoid shortcuts, even when seemingly successful entrepreneurs do so.
[00:00 - 05:06] Lessons from Poor Bookkeeping
Mike highlights a case where a business owner wrote off a $2 million yacht as a business expense.The IRS disallowed the deduction due to poor records and no evidence of business-related activities.Mike stresses the importance of having clear documentation and bookkeeping to defend business expenses in an audit.He discusses how many business owners wrongly assume that if someone else gets away with a deduction, they can too.[05:06 - 07:04] Understanding Business Deductions
Business deductions must be ordinary and necessary for the type of business.It is not enough to claim the deduction; proof must be provided through proper logs and receipts.Mike emphasizes the importance of correct implementation, using the home office deduction as an example.Even legitimate deductions can be disallowed if not implemented and documented properly.[10:12 - 14:52] Correct Documentation: A Defense Against Audits
Having detailed records and logs can protect business owners if the IRS audits them.Mike shares an example of a client who successfully navigated an audit by having all documentation in place.He also touches on various tax strategies like the Augusta rule, employee entertainment, and travel deductions.Direct Quotes:
"Bookkeeping is the backbone of a business. Not only does it help your business grow, but it also helps defend your business expenses in the event of an audit." - Mike Jesowshek, CPA
"Just because someone down the road takes a deduction and doesn't get caught doesn't mean it’s right or that you won't get caught." - Mike Jesowshek, CPA
"A business deduction has to be ordinary and necessary for your type of business, and then you need the proof to back it up." - 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/
IncSight Packages (Full-Service): https://incsight.net/pricing/
Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
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Have 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 an S corporation to reduce self-employment taxes, hiring children within a business, and setting up a board for additional tax benefits. He stresses the need to correctly implement tax strategies to ensure they remain legal and beneficial.
[00:00 - 12:24] Pre-Tax vs. After-Tax Spending, Entity Structure, and S Corporations
Mike introduces the importance of understanding tax strategies.Optimize spending to shift after-tax expenses into pre-tax deductions.He discusses how the business entity structure forms the foundation of your business.Different types of entity structures: sole proprietorship, LLC, C corporation.Choose the right entity structure to ensure proper tax benefits and legal protection.Consider S corporation status once your business reaches a certain profit level.[12:24 - 26:03] Maximizing Deductions
Mike breaks down the various business expenses that qualify as deductions, including advertising, contract labor, equipment, and gifts.Regularly review personal expenses to identify potential business deductions.[26:03 - 35:18] Accountable Plan and Setting Up a Board for Tax
Ensure proper documentation and exclusivity in home office use.Use a board for accountability, perspective, and additional tax deductions.[35:18 - 44:47] Additional Tax Strategies: Meals, Travel, Automobile, and Retirement Planning
Proper documentation and fair market value rental rates are crucial.Be strategic in everyday business activities to maximize deductions.[44:47 - 57:30] Implementation of Tax Strategies
Mike emphasizes the importance of not only learning tax strategies but also correctly implementing them.Correct documentation and cautious implementation are key to successful tax strategies.Direct Quotes:
"The government doesn't come knocking and let you know when you missed out on an incentive that they gave you." - Mike Jesowshek, CPA
"Every business owner should have a home office of some sort." - Mike Jesowshek, CPA
"The implementation piece is where you start to see those tax savings." - 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/
IncSight Packages (Full-Service): https://incsight.net/pricing/
Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
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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 corporate digital marketer who transitioned from a W2 employee to an entrepreneur in the healthy eating influencer spaceAlex's quick growth, generating about $100,000 profit in the first year as a sole proprietorshipDuring tax season Alex got hit with an unexpectedly large tax bill in the first yearHe realized he lacked knowledge of tax-saving strategies[03:29 - 06:18] Tax Saving Solutions Implemented
We changed Alex’s entity type from sole proprietorship to S CorporationWe implemented home office deduction through an accountable planWe utilized a personal vehicle for business and claimed deductionsWe maximized deductions by finding business purposes for existing spendingMeals with clients or business discussionsTravel combined with business purposesOffice equipment and supplies[06:19 - 12:01] Advanced Tax Saving Strategies
Set up a board for the businessCreated opportunities for travel and meal expense deductionsImplemented the 14-day home rental rule for board meetingsEstablished retirement savings with a solo 401(k)Set up a Health Savings Account (HSA)Properly deducted self-employed health insuranceImplemented estimated tax payments to avoid penalties[12:02 - 19:47] Results and Key Takeaways
These strategies saved Alex over $15,000 in taxes in the first yearOver five years, Alex saved more than $132,000 in taxesThese strategies are available to most small business ownersProper implementation is crucial for realizing tax savingsDirect Quotes
"Implementation, understanding strategy is one thing you do not see any tax savings until you implement that strategy. And I also want to put in the effort that says implementation is one thing. The correct implementation is the key." – 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/
IncSight Packages (Full-Service): https://incsight.net/pricing/
Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
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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/blog/what-is-beneficial-ownership-information-boi-reporting-and-why-is-it-important
[00:00:00 - 03:59] Introduction to BOI Reporting
A new requirement for many small businesses across the United StatesMandated by the Corporate Transparency Act, starting January 1, 2024Designed to help law enforcement identify real owners of companies and prevent financial crimes[04:00 - 06:13] Who Needs to File and Exemptions
Most small businesses are required to file unless they fall under one of 23 specific exemptionsCommon exemption (21st exemption) for large operating companies:More than 20 full-time employees in the U.S.A physical office in the U.S.Over $5 million in gross receipts reported on U.S. federal tax returns[06:14 - 09:12] Information Required and Filing Process
Company information: name, EIN, address, registration location, domestic/foreign statusBeneficial owner information: name, FinCEN identifier (if available), or date of birth, address, and valid IDFiling can be done through services like Tax Bandits or directly through FinCENTax Bandits offers a user-friendly interface and record-keeping features[09:13 - 15:25] Deadlines, Penalties, and Costs
Deadlines:Existing businesses (before Jan 1, 2024): Must file by January 1, 2025New businesses (registered on/after Jan 1, 2024): 90 days to fileNew businesses (registered on/after Jan 1, 2025): 30 days to filePenalties for non-compliance:Civil penalties: Up to $960,591 per dayCriminal penalties: Up to $10,000 fine or 2 years imprisonmentCosts for filing (via Tax Bandits):One-time filing: $49Lifetime reporting: $199 for one entity (recommended option)[15:26 - 20:50] Final Thoughts and Recommendations
BOI reporting is not an annual filing, but updates are required when information changesFour types of reports: Initial, Corrected, Updated, and Newly ExemptImportance of filing promptly to avoid penaltiesRecommendation to use Tax Bandits for easier tracking and management of BOI reportsDirect Quotes:
"The BOI report requires that many small businesses submit this beneficial ownership information report to FinCEN. Basically, submitting this information is helping law enforcement to identify real owners of companies versus, preventing financial crimes that are happening through some not so savory means there.” – Christina Wright, Tax Bandits
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
IncSight Packages (Full-Service): https://incsight.net/pricing/
Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale
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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 Accounts
Can an S corporation owner take only dividends and no salary?How to determine a reasonable S corp salary?Can I start a solo 401k in my side hustle without breaking control group rules?[07:16 - 13:30] Deductible Expenses and Hiring Family
Is a gym membership with business offices tax-deductible?How to allocate costs between personal and business use?What are the tax implications of hiring my teen in a sole proprietorship?[13:31 - 21:00] Solo 401(k)s and Bookkeeping
What are the contribution options for solo 401(k)s for both spouses?How to structure businesses for married couples?Can bookkeeping be automated? What software is recommended?[21:01 - 26:30] Accountable Plans and Cash Purchases
Do husband-wife-owned LLCs need accountable plans?How to handle partnership filing in non-community property states?How to document and prove business purchases from Facebook Marketplace?[26:31 - 35:00] Tax Deductions and Management Fees
What expenses can self-employed pastors deduct?Should I set aside taxes based on gross revenue or profit?What's a reasonable fee for a family management company?Direct Quotes:
"Don't invest something just for a tax benefit. Like they always say, ‘Don't let the tax tail wag the dog.’" - Mike Jesowshek, CPA
Resources Mentioned:
Life Inc Retirement ServicesXero accounting softwareQuickBooks Online______
Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
IncSight Packages (Full-Service): https://incsight.net/pricing/
Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: https://www.youtube.com
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