Small Business Tax Savings Podcast
Business:Entrepreneurship
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What are the different tax deductions for small businesses? In this episode of the Small Business Tax Savings Podcast, Mike explains that certain expenses are tax deductible if they are ordinary and necessary for the business and have proper documentation to support them.
Mike Jesowshek shares his insights into how businesses can claim this expense as a deductible item on their taxes.
Mike covers various questions related to business expenses, S-Corp election, payroll, and documentation needed for paying a child in the business. Mike offers advice to Matt who needs help buying a new house with more office space since he runs his business from home.
Tune in now and find out how you can save money on your taxes while growing your small business!
[00:01] Listener Q&A with Mike Jesowshek, CPA
[05:21] Understanding Tax Deductible Expenses for Sponsors and Small Business Owners
[10:52] S-Corp Payroll and Hiring Your Kids for Your Business
[14:40] Closing Segment
Key Quotes
“When we look at home office, it has to be exclusive use. So, if there is any personal use, no longer deductible, no longer able to be used as a home office unless it's a walkthrough.” – Mike Jesowshek
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
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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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