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/
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?
Portfolio and Non-Taxable Income - How Is My Income Taxed?
Passive Income - How Is My Income Taxed?
Earned Income - How Is My Income Taxed?
What Is Ordinary Income Tax vs Capital Gain Tax?
How Are Credit Card Rewards Taxed?
Business Retirement Plan Q&A Session
2022 Tax Rates and Resources
How Are My Assets Taxed When I Die?
What Is A Revocable Living Trust? Why Is It Important for Business Owners?
What Is a Power of Attorney? What Healthcare Documents Do I Need In Estate Planning?
What Is a Last Will and Testament? Why Is It Important For Business Owners?
How Should I Structure Multiple Businesses?
When Should I (or Should I Not) Become An S Corp?
What Is An S Corp?
Where's My Refund? What Is a Tax Refund?
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