Small Business Tax Savings Podcast
Business:Entrepreneurship
Send us a Text Message.
How can business owners minimize taxes and maximize growth? In this episode of the Small Business Tax Savings Podcast, Mike dives into strategies to help business owners minimize taxes and maximize growth. He discusses the advantages of hiring family members and avoiding FICA taxes by staying below the standard deduction rate.
Mike covers topics such as setting up an LLC or DBA, using cloud-based bookkeeping software, converting 1099 contractors into W2 employees, taking advantage of retirement plan options like solo 401K or 401K plans, and more.
Tune in now and listen as Mike answers listener questions such as queries from how to structure a short-term rental business to setting up Simple IRA accounts while becoming an S-Corp!
[00:24] Listener Questions And Answers With Mike Jesowshek, CPA
[03:58] Save On Taxes With Your Vacation Rental Cleaning Business
[13:54] Maximize Your Retirement Savings With Solo 401K And Simple IRA Options
[33:31] Closing Segment
Key Quotes
“If you want to separate businesses for liability purposes, our favorite setup is to have one main company. That's an LLC tax and S corporation. And then any of those different businesses would be separate LLCs that are 100% owned by that S corporation. So that all these businesses that you own are flowing through that one S corporation.” – Mike Jesowshek, CPA
______
Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax
IncSight Packages: https://incsight.net/pricing/
Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale
-------
Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
--------
To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com
Bank Account Empty but Still Showing a Profit - Why?
Sales Tax - What do I need to know?
Tax Due Dates and Podcast Changes
Great Changes for 2020 and Thank You!
Gather W9s and Make Tax Season Stress Free
Self Employed Health Insurance and Reasonable Salary Before Year-End
Last Minute Year-End Tax Strategies
Business Banking Reimagined (w/ Special Guest Yoseph West)
Marriage, Kids, and Family Tax Strategies Before Year-End
Backdoor Roth IRA and Retirement Options Before Year-End
Vehicle Depreciation Before Year-End
Financing Small Businesses and Franchises (w/ Special Guest Paul Bosley)
Deducting Travel For Business
Preparing Your Bookkeeping for Year-End
Marketing in the Digital Era (w/ Special Guests Jeff Van Kampen and Nick Urso)
Expensing Items Under $2,500 (Safe Harbor Method)
Accountable Plan Importance (Expense Reimbursement)
Home Office Deduction for S Corporations
Appearance on The Mind Body Business Show with Brian Kelly
Quarterly Estimated Taxes for Business Owners
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