Small Business Tax Savings Podcast
Business:Entrepreneurship
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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
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Podcast Host: Mike Jesowshek, CPA
Where's My Refund? What Is a Tax Refund?
Is Filing an Extension a Bad Thing? What Do I Need To Know About Tax Extensions?
What Is a Roth IRA and Why Is It So Powerful?
What Options Do I Have To Pay For My Tax Bill?
What Retirement Plan Options Are Available For My Business in 2022?
What Is the Difference Between an Independent Contractor vs Employee?
What Tax Strategies Are Available After the Year Is Over? Tax Strategies After 12/31/21
What 3 Mistakes Do New High-Income Entrepreneurs Make and How Can They Avoid Them?
What's the Difference Between a Hobby and Business?
When Are 2021 Tax Returns Due? How Can I Make This Tax Season Stress Free?
Tax Savings Summit + Guest Appearance on the Financial Flossing Podcast
Tax Minimization Program + Guest Appearance on The Free Retiree Show
What Do I Need To Know About 1099s? (For Business Owners)
What Is Depreciation for My Business? When Does a Capitalization Policy Make Sense?
What Year-End Tax Strategies Are Available to Business Owners?
What Is a Cost Segregation Study and When Does It Make Sense?
How Do I Reimburse Myself From the Business? When Does An Accountable Plan Come Into Play?
What Is the Research and Development (R&D) Credit and How Do I Qualify?
What Health Benefit Options are Available for Small Businesses With Employees?
What Options Are Available to Business Owners With High Medical Costs?
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