Small Business Tax Savings Podcast
Business:Entrepreneurship
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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
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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
Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: https://www.youtube.com/@TaxSavings
What Year-End Tax Strategies Are Available to Business Owners?
What Do I Need to Prepare for Tax Savings At Year-End?
What is an Owners Draw vs Payroll When I Pay Myself As A Business Owner?
How Is My Business Entity Taxed?
How Can I Maximize Business Deductions and Write-Offs?
How Do I Write Off a Business Vehicle?
What Health Related Tax Strategies Should I Consider for 2022?
How Can I Utilize a Board Meeting for Tax Savings?
What Do I Need to Maintain My Corporate Entity?
What Do I Need To Know About 1099-NECs?
How Does the Home Office Deduction Work?
What Strategies Are Available To Increase College Financial Aid?
What Are The Basics Around Financial Aid For College? What Options Are Available?
What Options Are Available For College Saving?
Do I Have to Pay Taxes If I Sell My Home?
Interview with Dave Zook - Minimizing Taxes Utilizing Real Estate
What Entity Structure Should I Have For A Rental Property?
How Are Short Term Rentals Taxed?
What Expenses Are Available For Rental Properties?
What Is An Active Investor and Real Estate Professional?
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