Small Business Tax Savings Podcast
Business:Entrepreneurship
Send us a Text Message.
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
______
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/
YouTube: https://www.youtube.com/@TaxSavings
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?
How Do I Avoid A Big Tax Bill Or Surprise?
How Are Start-Up Costs Handled?
What Are Baseline Tax Strategies vs Advanced Tax Strategies?
I Accidentally Paid For Business Expenses Using Personal Funds, Now What?
Modernizing Your Small Business w/ Special Guest Gordon Henry
Why Should I Hire My Kids In My Business?
What Do I Need To Know About Meal Expenses For 2021?
How Do You Get Profits Out Of Your Business?
What If I Cannot Afford To Pay My Taxes When Due?
Is It Fine To File An Extension And What Do I Need To Know About Tax Extensions?
Can I Have A Home Office If I Have Another Office?
American Rescue Plan Act – What Do I Need To Know?
Do I Need To File A Tax Return (Personal or Business)?
Create your
podcast in
minutes
It is Free
Make Me Smart
Tax Chats
WSJ Your Money Briefing
NerdWallet’s Smart Money Podcast
The Indicator from Planet Money