Small Business Tax Savings Podcast
Business:Entrepreneurship
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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
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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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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
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Why Do You Need a Trademark or Copyright For Your Business?
What Contracts Do You Need For Your Business?
Do You Need an LLC For Your Business?
What Do I Do If I Cannot Pay My Tax Bill? What Options Do I Have To Pay For My Tax Bill?
What Do I Need To Know About Tax Extensions?
Listener Q&A with Mike Jesowshek, CPA
How Can I Lower My Tax Bill After Year End?
What Does the M&A Process Look Like?
Why Will Every Owner Exit Their Business and How Can You Best Prepare For This?
What is Strategic Planning?
How Can I Setup My Business for Success in 2023?
What Does My Accountant Need for Tax Season?
How Do I Build An Email List Utilizing a Lead Magnet?
Finding the Right Advice and Collaborating with Competitors w/ Shannon Weinstein CPA
What Is An SBA Loan?
What Year-End Tax Strategies Are Available to Business Owners?
What Do I Need to Prepare for Tax Savings At Year-End?
What is an Owners Draw vs Payroll When I Pay Myself As A Business Owner?
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