Top 10 Mid-Year Tax Saving Strategies Every Small Business Owner Must Know

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What is the importance of understanding and implementing a mid-year tax strategy? In this episode of the Small Business Tax Savings Podcast, Mike shares his knowledge and resources to help small business owners reduce taxation liabilities and maximize their savings.

Mike covers topics such as entity structures, maximizing deductions, retirement plans, real estate investing, hiring family members, the 14-day home rental rule, automobile and equipment purchases, health insurance, capitalization policies, health savings accounts, and year-end strategies.

Tune in now and hear Mike provides listeners with a wealth of knowledge on how to save money when it comes to taxation and benefit from all available deductions on mid-year tax-saving strategies!

[00:22] Top 10 Tax Saving Strategies For Small Businesses in 2023

• Today’s topic is, “The Top 10 Mid-Year Tax Saving Strategies”
• How to conduct a mid-year tax review to identify changes in profit, balance sheet, and W2 income

[08:41] How To Conduct A Mid-Year Tax Review

• Taking action on implementing tax strategies
• Utilize resources such as podcasts, blogs, and TV to learn more about tax savings
• Identify potential tax savings from changes in a family situation such as new children or spouse job change
• Understand where profits are going to be for effective tax savings

[11:28] Learn Tax Strategies, Implement Them, And Take Advantage Of Tax Credits

• Explore real estate investing for tax savings
• Learn and understand tax strategies
• Implement tax strategies to reduce the tax bill
• Conduct a mid-year tax review to understand where you are and where you are going

[17:58] Closing Segment

• Mike shares how listeners can benefit from all available deductions on mid-year tax savings strategies!
• Final Words

Key Quotes

“Start learning. Start listening. Start watching. Start reading. Whatever way you like to learn, dive into this free content that we are constantly putting out for you, business owners. Whether you're making a thousand dollars a year or a million dollars a year, these strategies are available to you.” – Mike Jesowshek, CPA

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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

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