Small Business Tax Savings Podcast
Business:Entrepreneurship
Send us a Text Message.
Mike Jesowshek continues his 2-part episode on year-end tax-saving strategies. In this episode, Mike covers specific strategies including hiring your kids for tax benefits, setting up a family management company for S corporations, and funding Roth IRAs for children. He also delves into the advantages of short-term rentals for offsetting income and utilizing health insurance premiums as tax deductions. Additionally, he advises on purchasing necessary business items for depreciation benefits and using a Section 105 plan for high medical expenses.
[02:00] The Strategy of Hiring Your Kids
[06:30] Understanding State Standard Deductions
[13:38] The Importance of Bookkeeping and Preparing for 1099 Season
[16:09] Recap and Importance of Implementation
The Time Is NOW To Start Paying Less In Taxes. Join Our Tax Minimization Program (with Stress-Free Bookkeeping Training)! Join Our Tax Minimization Program Today!
Key Quotes:
"We talk so much about how learning is so key as business owners, as individuals in general, but implementation is just as important." - Mike Jesowshek, CPA
"Hiring your kids, especially those that are under 18 is a great way to get a business deduction and those children potentially pay no income taxes on that income." - Mike Jesowshek, CPA
"If you're self-employed and you're paying for health insurance premiums, it's a tax deduction." - Mike Jesowshek, CPA
"An HSA is one tool that the IRS does not give out too often. You get a tax deduction going into it, there's tax-free growth and tax-free withdrawals." - 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/
How Can I Maximize Office Expenses and Employee Benefits?
How Can I Maximize Advertising and Gift Deductions?
How Can I Maximize Deductions in My Business?
Listener Q&A with Mike Jesowshek, CPA
How Does The SECURE 2.0 Act Affect 401Ks?
What Are Estimated Taxes and How Do I Pay Them
Why Do You Need a Trademark or Copyright For Your Business?
What Contracts Do You Need For Your Business?
Do You Need an LLC For Your Business?
What Do I Do If I Cannot Pay My Tax Bill? What Options Do I Have To Pay For My Tax Bill?
What Do I Need To Know About Tax Extensions?
Listener Q&A with Mike Jesowshek, CPA
How Can I Lower My Tax Bill After Year End?
What Does the M&A Process Look Like?
Why Will Every Owner Exit Their Business and How Can You Best Prepare For This?
What is Strategic Planning?
How Can I Setup My Business for Success in 2023?
What Does My Accountant Need for Tax Season?
How Do I Build An Email List Utilizing a Lead Magnet?
Finding the Right Advice and Collaborating with Competitors w/ Shannon Weinstein CPA
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