How Can I Maximize Office Expenses and Employee Benefits?

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How Can I Maximize Office Expenses and Employee Benefits? In this episode of the Small Business Tax Savings Podcast, Mike discusses how to shift from after-tax spending to pre-tax spending, highlighting acceptable expenses that qualify as ordinary and necessary.

Mike offers a guide to maximizing available business deductions and discusses planning opportunities for maximizing deductions in technology write-offs, subscriptions, and memberships.

Mike emphasizes the importance of finding business purposes for expenses in order to take advantage of tax deductions as a business owner. He talks about de minimis benefits which are small and infrequent gifts or items that can be given to employees without tax.

Tune in now as Mike offers an ultimate guide to business deductions at his website and learn valuable insights on office expenses and employee benefits! 

[00:00] Maximizing Office Expenses And Employee Benefits For Small Business Owners

• Today’s episode is about how you can maximize office expenses and employee benefits
• Maximizing shift toward expenses and employee benefits for small business owners
• The mindset shift towards pre-tax spending instead of after-tax spending

[05:56] Planning Opportunities For Business Owners

• What is included in employee benefit expenses?
• Capitalization and depreciation for items over $2, 500
• Technology write-offs overlooked by business owners
• Subscriptions and memberships can have a business purpose and be deductible

[10:11] Maximizing Tax Deductions Through De Minimis Fringe Benefits

• Planning opportunities to maximize deductions for business owners
• De Minimis benefits are small and infrequent gifts that are tax-free to the recipient and deductible for the business
• What is not included with de Minimis benefits?
• The activity must be primarily for the benefit of employees other than highly compensated employees, owners, and family members

[13:36] Closing Segment

• Mike advises listeners that maximizing deductions requires a mindset shift toward pre-tax expenses and an understanding as a business deduction
• Final Words

Key Quotes

“If we can find a business purpose for it, it's ordinary and necessary in our business, we have that business purpose, we have support to back that up, that can be a business expense.” – Mike Jesowshek

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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