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 Does the Deduction For Self-Employed Health Insurance Work?
What Is the Employee Retention Tax Credit and How Do I Qualify and Receive the Credit?
Small Business Tax Savings Summit - Registration Now Open!
Interview with MJ DeMarco a International Best-Selling Author (The Millionaire Fastlane)
Starting a Business Series - Q&A Session - Part 2 of 2
Starting a Business Series - Q&A Session - Part 1 of 2
What Apps Do I Need As A New Business Owner?
What Are Estimated Taxes and How Do I Pay Them?
How Do I Pay Myself As A Business Owner?
What Do I Need To Know About Taxes As A Business Owner?
How Do I Hire Employees In My Business?
Do I Need To Do Bookkeeping For My Business?
How Do I Setup An LLC or Corporation?
Should I Stay a Sole Prop or Organize an LLC or Corporation?
What Initial Things Should I Consider When Starting A New Business?
What Can I Deduct As A Business Expense?
Small Business Tax Savings Podcast - 3 Years in Review + Promo
What Do I Need To Know About Retirement Plan Deadlines?
How Does The Child Tax Credit Work For 2021?
How Can I Deduct 100% of Employee Recreation and Parties?
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