Small Business Tax Savings Podcast
Business:Entrepreneurship
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How can your health expenses actually put money back in your pocket come tax season?
We take a deep dive into a topic many of us often shy away from; Health. Today's episode is about how health intersects with your wallet. Specifically, how you can leverage health-related expenses to save on your taxes.
We dive into self-employed health insurance, tax strategies for high medical costs, employee health options, and health savings accounts. Whether you're self-employed, running an S corporation, or simply an individual trying to navigate the complex landscape of health-related deductions, today's episode promises insights that could potentially save you money!
Don’t Forget! As part of our Tax Minimization Program, we have a full section on how to go about Health Related Tax Deductions
[00:25] Determining the Health Insurance Deduction Based on Your Business
[06:03] Business Owners With No Employees + High Medical Costs
[09:05] Health Benefit Options Available For Small Businesses With Employees
[12:54] What Is An HSA and How Do They Work?
[18:45] What Is An HSA and How Do They Work?
Key Quotes
“I recommend everybody, business owner or not, if you have a high deductible health plan and you qualify, you should be maxing out a health savings account in HSA." – Mike Jesowshek, CPA
“We have a lot of S Corp owners that don't think about this. They skip this process and just try to take it out on Schedule 1. The IRS could come back and disallow that.’ – Mike Jesowshek, CPA
“When I first started my business, it was tough to bring on employees because I didn't know how to handle the health insurance piece. I always thought it was complex, and super expensive. I learned about this idea of a QSEHRA, which is a great option where I didn't have to worry about a group plan.” – Mike Jesowshek, CPA
“I would hate to see small business owners avoiding growing their business or avoiding bringing on employees for the fact of health insurance when there is an option that is relatively easy, not as complex, and potentially could save you some money as well.” – Mike Jesowshek, CPA
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Podcast Host: Mike Jesowshek, CPA
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
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)
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