Small Business Tax Savings Podcast
Business:Entrepreneurship
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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
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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
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
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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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