Small Business Tax Savings Podcast
Business:Entrepreneurship
Send us a Text Message.
In this episode, Mike Jesowshek answers various listener questions regarding tax strategies, S corporation elections, hiring children for tax benefits, and setting up retirement plans for businesses with non-owner employees. The episode emphasizes the importance of structuring businesses correctly to maximize tax savings, including the considerations for S corporation status, late elections for business structures, the benefits of hiring family members, and the intricacies of purchasing a business and tax implications. Mike also discusses the potential of setting up retirement plans for employees as a tax-advantageous move for small businesses.
[00:00 - 00:36] Introduction to Q&A Session
[00:36 - 10:10] Q&A with Mike Jesowshek, CPA part 1
[10:10 - 23:50] Q&A with Mike Jesowshek, CPA part 2
[23:50 - 24:14] Closing Segment
Direct Quotes:
"Hiring your kids is potentially a great way where you can get a business deduction and they pay no income taxes on that income, again, potentially." - Mike Jesowshek, CPA
"You cannot save taxes by simply learning tax strategies. You save taxes when you learn them and then you implement them." - Mike Jesowshek, CPA
"If you're starting a new business, start that business where you're operating. That's going to be the easiest piece." - Mike Jesowshek, CPA
______
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
-------
Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: https://www.youtube.com/@TaxSavings
Unlock Hidden Tax Benefits: Post-Year-End Tactics for Entrepreneurs
Sales Tax Simplified: 3 Key Questions to Unravel Your Small Business Tax Obligations
Decoding The Tax Puzzle: Understanding Married Filing Separately
Planning Ahead: The Undeniable Importance of Tax Planning Over Preparation for Business Owners
IRS's $600 Tax Rule Postponed: What It Means for Venmo, Cash App & PayPal Users in 2024
Conquer Tax Season 2024: Your Essential Prep Guide for 2023 Returns & Crucial Deadlines Every Business Owner Must Know
Master Your Future Retirement: With Guest from Retirement Revealed Podcast
Planting the Retirement Seed: With Guest from Retirement Tax Podcast
Listener Q&A with Mike Jesowshek CPA (12/13/2023)
Year-End Wrap-Up Part 2: Proactive Tax-Saving Strategies for Business Owners
Year-End Wrap-Up Part 1: Proactive Tax-Saving Strategies for Business Owners
Expert Tips on Year-End Tax Strategies for Small Business Owners
The ABCs of Business Tax: Understanding How Your Entity is Taxed and How to Pay Yourself
The Untold Benefits of Hiring Your Kids in Your Business
Small Business Tax Savings Podcast - 5 Years in Review
Navigating the Maze of Independent Contractors vs Employees - Critical Insights for Your Business!
Listener Q&A with Mike: S-Corp Nuances, Home-Based Tax Strategies, Navigating Complex Deductions and More!
Mastering Tax Strategies for Health Costs: How to Maximize Deductions and Save Big!
Mastering Accountable Plans: Unlock Tax Savings and Streamline Business Expenses
Rev Up Your Tax Savings: Unleashing Powerful Vehicle Tax Strategies for Small Business Owners
Create your
podcast in
minutes
It is Free
The emPOWERed Half Hour
Make Me Smart
Tax Chats
WSJ Your Money Briefing
NerdWallet’s Smart Money Podcast
The Indicator from Planet Money