Small Business Tax Savings Podcast
Business:Entrepreneurship
Send us a Text Message.
How can your health expenses actually put money back in your pocket come tax season?
We take a deep dive into a topic many of us often shy away from; Health. Today's episode is about how health intersects with your wallet. Specifically, how you can leverage health-related expenses to save on your taxes.
We dive into self-employed health insurance, tax strategies for high medical costs, employee health options, and health savings accounts. Whether you're self-employed, running an S corporation, or simply an individual trying to navigate the complex landscape of health-related deductions, today's episode promises insights that could potentially save you money!
Don’t Forget! As part of our Tax Minimization Program, we have a full section on how to go about Health Related Tax Deductions
[00:25] Determining the Health Insurance Deduction Based on Your Business
[06:03] Business Owners With No Employees + High Medical Costs
[09:05] Health Benefit Options Available For Small Businesses With Employees
[12:54] What Is An HSA and How Do They Work?
[18:45] What Is An HSA and How Do They Work?
Key Quotes
“I recommend everybody, business owner or not, if you have a high deductible health plan and you qualify, you should be maxing out a health savings account in HSA." – Mike Jesowshek, CPA
“We have a lot of S Corp owners that don't think about this. They skip this process and just try to take it out on Schedule 1. The IRS could come back and disallow that.’ – Mike Jesowshek, CPA
“When I first started my business, it was tough to bring on employees because I didn't know how to handle the health insurance piece. I always thought it was complex, and super expensive. I learned about this idea of a QSEHRA, which is a great option where I didn't have to worry about a group plan.” – Mike Jesowshek, CPA
“I would hate to see small business owners avoiding growing their business or avoiding bringing on employees for the fact of health insurance when there is an option that is relatively easy, not as complex, and potentially could save you some money as well.” – Mike Jesowshek, CPA
______
Podcast Host: Mike Jesowshek, CPA
Maximizing Tax Savings with Depreciation and Capitalization Policies for Small Business Owners
Unlock Tax Savings: The Augusta Rule - Your Guide to 14-Day Tax-Free Home Rentals
Kiddie Tax Explained: A Comprehensive Guide for Parents
Maximize Your Money: Unveiling Game-Changing Tax Strategies for W2 Earners
Hiring Your Spouse: Business Boost or Bust?
Listener Q&A with Mike Jesowshek CPA
Unlock Your Business Potential: Exploring Non-Qualified Retirement Plans!
Rental Property Tax Essentials: Top Tips & Updates for 2023 You Need to Know
Cracking the Code: Corporate Transparency Act Explained for Small Business Owners
Top 10 Mid-Year Tax Saving Strategies Every Small Business Owner Must Know
Team, Funding, and Summary - Back of the Napkin to Business Plan in 11 Slides with Brandon White
Competition and Financials - Back of the Napkin to Business Plan in 11 Slides with Brandon White
Market, Traction, and Milestones - Back of the Napkin to Business Plan in 11 Slides with Brandon White
Title, Problem, and Solution - Back of the Napkin to Business Plan in 11 Slides with Brandon White
Listener Q&A with Mike Jesowshek, CPA
What Is an S Corp and Should I Become One in 2023?
How Is My Income Taxed?
What Retirement Plan Options Are Available For My Business in 2023?
How Do I Avoid an IRS Audit as a Business Owner?
How Can I Maximize Meals and Travel Deductions?
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