Small Business Tax Savings Podcast
Business:Entrepreneurship
Planning Ahead: The Undeniable Importance of Tax Planning Over Preparation for Business Owners
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Have you ever wondered how tax planning can significantly reduce your business's tax liability compared to just tax preparation?
In this episode, Mike discusses the difference between tax planning and tax preparation. Tax preparation is important and required by law. It only involves reporting your business' previous year's activity to the IRS or your state agency. Tax planning, on the other hand, is a strategic activity done throughout the year that can help reduce the amount of tax a business pays. Mike emphasizes that, while tax preparation is mandated by the law, tax planning is crucial for reducing tax liability and increasing business owners' cash flow. He also provides practical approaches on how to implement tax planning, including the importance of continuous learning and strategy implementation throughout the year.
[00:00 - 05:04] Tax Planning vs Tax Preparation
[05:04 - 12:15] The Significance of Tax Planning
[12:15 - 17:58] Resources for Tax Planning
Quotes:
"Our mission is to help small business owners understand the strategies that are available to them, that they can implement in their business, regardless of your business size." - Mike Jesowshek, CPA
"Tax planning is not just something that we do once in June and then we're done. No, tax planning is something that's going to be constantly evolving." - Mike Jesowshek, CPA
"Learning doesn't save us on taxes. Taking what we've learned and implementing it is what provides us with those tax savings." - 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
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YouTube: https://www.youtube.com/@TaxSavings
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