Small Business Tax Savings Podcast
Business:Entrepreneurship
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In this episode, Mike Jesowshek answers various listener questions regarding tax strategies, S corporation elections, hiring children for tax benefits, and setting up retirement plans for businesses with non-owner employees. The episode emphasizes the importance of structuring businesses correctly to maximize tax savings, including the considerations for S corporation status, late elections for business structures, the benefits of hiring family members, and the intricacies of purchasing a business and tax implications. Mike also discusses the potential of setting up retirement plans for employees as a tax-advantageous move for small businesses.
[00:00 - 00:36] Introduction to Q&A Session
[00:36 - 10:10] Q&A with Mike Jesowshek, CPA part 1
[10:10 - 23:50] Q&A with Mike Jesowshek, CPA part 2
[23:50 - 24:14] Closing Segment
Direct Quotes:
"Hiring your kids is potentially a great way where you can get a business deduction and they pay no income taxes on that income, again, potentially." - Mike Jesowshek, CPA
"You cannot save taxes by simply learning tax strategies. You save taxes when you learn them and then you implement them." - Mike Jesowshek, CPA
"If you're starting a new business, start that business where you're operating. That's going to be the easiest piece." - 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/
YouTube: https://www.youtube.com/@TaxSavings
CRM and Digital Marketing (w/ Special Guest Fred Varin and Jackie Brajner)
Business Meal Tax Deductions After Tax Law
Using Habits to Attain Goals
Stop Commingling Personal and Business Items
Tax Savings for Real Estate Investors (w/ Special Guest Paul Moore)
Sole Props and Partners Mistakenly Paying Themselves Illegal W2 Wages
Hiring Your Children in Your Business
Mortgages for the Self Employed (w/ Special Guest Bill Moeller)
Looking Ahead to 2019 Taxes
Xerocon and Free Bookkeeping Training Program
Turning a Side Hustle Into a Business (w/ Special Guest Eric Rosenberg)
Time Tracking for Employees and Job Costing (TSheets)
Payroll in the Modern Day (Gusto)
Business Credit and Alternative Funding (w/ Special Guest Kimberly Massey)
SIMPLE IRA and 401(k)
SEP IRA and Solo 401(k)
Passive Investing Using Real Estate (w/ Special Guest Lane Kawaoka)
Traditional and Roth IRA Overview
Fulfillment in Giving Back
4 Things You Can Do Now to Avoid Accounting and Tax Stress
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