Small Business Tax Savings Podcast
Business:Entrepreneurship
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Have you ever wondered how to structure your multiple business ventures efficiently while minimizing your tax burden?
Mike Jesowshek delves into the complexities of business structuring, particularly for individuals owning multiple businesses or in partnership. He emphasizes the utility of S Corporations in reducing self-employment taxes and the importance of establishing a parent S Corporation to streamline business operations, financial management, and tax filing. Mike advocates for separate bookkeeping for each entity, despite their consolidation under the parent S Corp, to maintain clarity in financial and legal aspects.
[00:00 - 04:20] Introduction to Business Structuring and Exploring S Corporation Complexities
[04:20 - 07:03] Structuring for Operational Efficiency
[07:03 - 11:32] Tax Considerations and Partnership Structures
[11:32 - 20:09] Practical Tips and Conclusion
Direct Quotes:
"When we talk about S Corporations, obviously the goal is to minimize self-employment taxes, but S Corps comes with some complexities as well." - Mike Jesowshek, CPA
"We want to have one company that we're actively participating in running through with all of our income before touching us. And we want that company to be in most cases, an S corporation." - Mike Jesowshek, CPA
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
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Podcast Website: https://www.TaxSavingsPodcast.com
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What Is Bookkeeping and Why Do I Need Bookkeeping For My Business?
Everything You Need To Know About S Corporations - Series Wrap Up
I Have An S Corp, Now What?
What Is A Reasonable Compensation For An S Corporation Owner?
What Are The Requirements For An S Corporation and How Do I Set One Up?
What is an S Corporation and Why Should I Elect To Be One?
What Is An LLC and How Is It Different From An S Corporation?
Pass Through Entity - What is it and what does it mean?
Multiple Owner Business Structure Options and Tax Deadline Reminder
Company Retreats - Connect w/ Your Employees or Clients
Coronavirus (COVID-19) - Paycheck Protection Program (PPP) Forgiveness for Small Businesses
Importance of Tax Planning for Small Business Owners
Big Bank or Small Bank and PPP Program Update
Coronavirus (COVID-19) - PPP Program Update, Free Tool, Funds Still Available
Top 4 Bookkeeping Rules to Follow
Coronavirus (COVID-19) - PPP Loan Certification Clarification, Taxability and Forgiveness Application
Coronavirus (COVID-19) - Tax Deadlines/Extensions and Student Loan Payments by Employer
Free Bookkeeping Training Program & Community Giving
Coronavirus (COVID-19) - PPP Forgiveness Information and Certification
Coronavirus (COVID-19) - Employee Retention Tax Credit
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