Small Business Tax Savings Podcast
Business:Entrepreneurship
Send us a text
What is the best approach for your taxes as a W2 earner? In this episode of the Small Business Tax Savings Podcast, Mike discusses strategies to save on taxes and grow wealth. Learn how to take advantage of employer matches, and traditional or ROTH IRA contributions, become an active investor in rental properties, qualify as a real estate professional, use the short-term rental loophole, and explore other opportunities to offset income with rental losses.
Mike covers everything from pre-tax retirement, contributions, Health Savings Accounts (HSAs), rental properties, starting a business, itemized deductions, and standard education.
Tune in now and listen as Mike provides tips and tricks to find out when income begins to increase, and more advanced planning opportunities like charitable activities or solar investments may become available!
[00:24] Maximize Your Tax Savings And Secure Your Financial Future
[04:15] Maximize Your Retirement Savings And Take Advantage Of Tax Benefits
[08:37] Maximizing Your Tax Savings As A W2 Income Earner
[15:32] Closing Segment
Key Quotes
“When you make pre-tax contributions, you get a tax deduction. You're not taxed on that. You can reduce your taxable income by that amount when you contribute to that retirement plan. But when you withdraw in retirement, you pay taxes on that. So, think of the strategy as more like a tax deferral. Get a tax break today, but pay taxes later on.” – Mike Jesowshek, CPA
______
Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax
IncSight Packages: https://incsight.net/pricing/
Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale
-------
Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
--------
To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
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?
What Do I Need To Know About Real Estate Losses?
How Are Real Estate Repairs and Improvements Handled?
How Does Depreciation Work for Real Estate?
How Can I Use a Charitable Remainder Trust (CRT) To Eliminate Capital Gains?
How Is Cryptocurrency Taxed?
Create your
podcast in
minutes
It is Free
Make Me Smart
Tax Chats
WSJ Your Money Briefing
NerdWallet’s Smart Money Podcast
The Indicator from Planet Money