Small Business Tax Savings Podcast

Should you open another LLC, elect S Corp status, or create a more advanced business structure?Mike breaks down when a multi-entity structure makes sense, and when it creates more confusion than value.  Learn when one LLC is enough, how S Corps and partnerships fit in, and why timing matters. Structure too early and you create chaos. Wait too long and you expose yourself to risk. 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners:https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today. Click here or visit:https://taxelm.com/demo/Chapters(00:40) The Problem With “Just Open Another LLC”More entities do not automatically mean more tax savings. Opening LLCs too early can create costs, confusion, messy bookkeeping, and unnecessary complexity.(02:50) Active vs. Passive Business ActivityActive operating businesses and passive activities, like rental real estate or investments, should usually stay separate because they have different tax treatment and risk profiles.(04:15) The First Triggers for Adding Another Entity Higher income, multiple revenue streams, different types of business activity, and different risk levels can signal that it may be time to consider a multi-entity structure.(08:00) Using an S Corp as a Management CompanyInstead of creating multiple S Corps, active LLCs can often be owned by one main S corporation, helping simplify tax filings, payroll, and planning.(11:15) How Partnerships Change the StructureWhen a partner enters the picture, a new entity is usually needed to create clean ownership, clear agreements, and easier exits.(14:15) The Risk of Structuring Too EarlyCreating multiple LLCs before there is real revenue or activity can lead to annual fees, confusion, co-mingled funds, and bookkeeping problems.(16:00) How to Know When You Are Ready Different income types, multiple revenue streams, liability concerns, sufficient profit, and current or future partners are all signs that a multi-entity structure may be worth considering.(20:00) The Bottom Line on Multi-Entity Structures Multi-entity structures are not about looking sophisticated. They are about solving real business problems at the right time, without creating chaos or waiting until the business is exposed.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Are you still afraid to deduct certain business expenses because you think the IRS might come after you for it?Meals. Travel. Home office. Vehicle expenses. Software. Education. Coaching. Even paying your kids. These deductions can feel risky when the lines between personal and business spending are not clear.In this episode, Mike breaks down the business expenses many owners skip out of fear, and explains how to think about deductions the right way. You will learn what “ordinary and necessary” really means, why documentation matters more than fear, and why playing it too safe can cost you thousands.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners:https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today. Click here or visit:https://taxelm.com/demo/Chapters(01:15) How the Tax Code Incentivizes Business OwnersThe tax code is designed to encourage certain actions, like building businesses, hiring employees, creating housing, and growing the economy. The goal is to understand the incentives and implement them legally.(03:00) The “Ordinary and Necessary” RuleA business expense generally needs to be ordinary and necessary. Ordinary means it is common in your industry. Necessary means it helps your business operate, grow, or function properly.(06:30) Small Recurring Expenses That Add UpSoftware, AI tools, phones, laptops, Zoom, cloud storage, project management tools, internet, and office equipment may seem small, but repeated monthly expenses can become meaningful deductions over time.(07:30) Home Office, Vehicle, and Professional Development DeductionsHome office, vehicle expenses, education, coaching, masterminds, certifications, training, and industry events are deductions business owners often hesitate to claim. (13:00) Paying Your Kids and Family MembersHiring your kids or family members can be a legitimate tax strategy when the work is real, the pay is reasonable, and the process is properly documented.(14:00) The Real Audit Trigger Is Weak DocumentationPoor bookkeeping, missing receipts, weak records, and sloppy implementation are what usually create risk.(15:00) The Auditor Sniff TestCan you explain the business purpose clearly to an auditor? If you can support it with a straight face and proper records, you’re in a stronger position.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Most business owners treat filing their taxes like the finish line. It isn’t. What actually lowers your tax bill is what you do before December, and that starts with knowing how to read the return you just filed.In this episode, Mike walks through a six-step process for reviewing your 2025 tax return the right way. You will learn what numbers actually matter on your 1040, how to tell if the strategies you implemented actually worked, where most business owners leave money on the table without realizing it, and how to build a real tax plan for 2026 before the year gets away from you.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners:https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today. Click here or visit:https://taxelm.com/demo/Chapters(02:00) Step 1: Review Your Tax Return Pull out your return and actually look at it. The four forms that matter most are the 1040, Schedule C, Form 1120-S, and Form 1065. Each one tells a different part of your financial story.(07:00) Step 2: Did It Work? What did you actually pay in federal, state, and self-employment taxes? Did you owe more than you expected? This step is about getting honest with your outcome and figuring out whether the planning you did last year actually moved the needle.(10:00) Step 3: Audit the Strategies You Implemented Walk through each strategy you used and ask whether you did it to its fullest, legitimate extent.(13:30) Step 4: Find the Missed Moves What did you learn too late to use? The December panic is real, and the best time to avoid it next year is right now, while the pain of this year's tax bill is still fresh.(15:00) Step 5: Compare Expected vs. Actual Look at what you projected versus what actually came in, both on income and on estimated tax payments. Understanding your own patterns helps you plan more accurately going forward and avoid overpaying or getting caught short.(16:00) Step 6: Use Your Return as a Roadmap for 2026 Map out your income patterns, expense categories, entity structure, and tax bracket for the year ahead. Then build a monthly strategy plan, a quarterly checkpoint, and a year-end execution roadmap so nothing slips through.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Every business owner hits a point where the tax questions start stacking up. Can I deduct this? Should I switch to an S Corp? Is this still a business if I have not made money yet? And what happens if I did something before I had my systems set up the right way?In this episode, Mike opens the floor to questions from business owners and breaks down the tax answers behind them. From zero-activity LLC filings and Schedule C concerns to family payroll planning, vehicle deductions, and rental strategies like the Augusta Rule, this episode covers the practical decisions that shape how much tax you pay and how well your strategy holds up. 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners:https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today. Click here or visit:https://taxelm.com/demo/Chapters(03:22) Do You Need a CPA for a Zero-Activity Partnership Return?A new LLC owner asks about filing a Form 1065 with no business activity. Mike breaks down why even a zero return can be more complex than it looks and what to consider before self-filing.(04:47) Can a First-Year Business Loss Offset W-2 Income?Mike walks through hobby loss concerns, material participation rules, and when a side hustle loss may be used to reduce taxes on other income.(06:35) Is an S Corp Worth It at $120,000 of Profit?This section covers the tradeoff between added payroll and tax prep costs versus potential self-employment tax savings, along with the importance of setting a reasonable salary.(12:01) Where Can You File Business Taxes Online Yourself?For business owners thinking about self-filing, Mike shares general software options and explains why second eyes matter on more complex returns.(13:12) Can You Deduct Business Expenses Paid on a Personal Credit Card?Mike answers a common startup question and explains how to handle valid business expenses paid personally before a business bank account is opened.(14:27) How Does the Family Management Company Strategy Work?This section breaks down how business owners with an S Corp may use a separate sole proprietorship to hire children, reduce payroll taxes, and stay compliant.(20:56) How Does the Augusta Rule Work for Business Owners? Mike explains how the Augusta Rule works, what records you need, and how to back it up in an audit. Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Every year, the IRS updates important tax numbers, that most business owners miss. This leads to missed deductions, poorly timed income decisions, and unnecessary overpayments to the IRS.In this episode, we break down the most important 2026 tax updates business owners need to know, including changes to tax brackets, standard deductions, Social Security wage caps, retirement limits, HSA contributions, mileage rates, capital gains thresholds, and Section 179 expensing. 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners:https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today. Click here or visit:https://taxelm.com/demo/Chapters(00:52) Why IRS Tax Numbers Change Every YearTax brackets, standard deductions, retirement limits, Social Security wage caps, HSA limits, and mileage rates are adjusted annually based on inflation and tax policy changes.(01:24) 2026 Standard Deduction and Why It MattersThe new standard deduction amounts affect whether it makes sense to itemize and also shape strategies like hiring your children, since income below the standard deduction may avoid federal income tax.(06:12) The 2026 Social Security Wage CapWages are subject to Social Security tax only up to the annual wage cap, which makes this number especially important for payroll planning and S Corp salary decisions.(08:15) Retirement Contribution Limits for 2026Updated IRA and 401(k) contribution limits create new opportunities for tax deductions, especially for business owners using retirement plans to reduce taxable income.(09:43) 2026 HSA Contribution Limits and Why HSAs Are So PowerfulHSA contribution limits increased for 2026, and the account remains one of the most tax-advantaged tools available because contributions, growth, and qualified withdrawals all receive favorable tax treatment.(11:13) 2026 Mileage Rate IncreasesThe higher mileage rate can create a larger deduction for business owners who use the standard mileage method, making accurate mileage tracking even more important.(12:57) Capital Gains Tax Thresholds for 2026Long-term capital gains are taxed under a separate set of thresholds, which makes timing important when selling investments, real estate, or a business.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Estimated taxes should not feel like a guessing game, but for many business owners, they do. Underpay, and you face stress, penalties, and a big bill in April. Overpay, and you hand the IRS more cash than needed, limiting what you can reinvest in your business.In this episode, we break down how estimated taxes actually work, why the U.S. tax system is pay-as-you-earn, and how to avoid both overpaying and underpaying. We cover the safe harbor rules, why accurate bookkeeping matters, and how to build a smarter system for quarterly payments that improves cash flow and reduces surprises.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners:https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today. Click here or visit:https://taxelm.com/demo/Chapters(02:15) Why Business Owners Fall Behind on Quarterly TaxesWithout an employer withholding taxes, business owners are responsible for making estimated payments themselves, and many ignore them until penalties and interest build up.(03:45) Why Last Year’s Income Is Not EnoughMany business owners base estimated taxes on last year’s income or send in whatever feels safe, but income, deductions, entity structure, and tax law can all change.(04:30) The Safe Harbor Rules You Need to KnowTo generally avoid underpayment penalties, you need to pay 100% of last year’s tax liability, 110% for certain higher-income earners, or 90% of this year’s tax liability.(06:30) The Cash Flow Cost of Overpaying and UnderpayingOverpaying estimated taxes can tie up money that could be used for marketing, debt reduction, equipment, or other business needs, only to result in a refund later, while underpaying creates pressure when tax time comes, especially if business profits rise and estimated payments were never adjusted upward during the year.(08:40) How to Calculate Estimated Taxes More StrategicallyThe process starts with a quarterly profit analysis, then projecting the rest of the year forward, and finally adjusting payments intentionally based on current numbers.(10:40) Estimated Tax Due Dates Every Business Owner Should Know Quarterly estimated tax payments follow a set schedule throughout the year, and knowing those due dates is essential for staying compliant and avoiding surprises.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Are you worried a tax strategy could land you in trouble with the IRS? In this episode, Mike Jesowshek sits down with tax attorney Ed Lyon to break down what tax risk actually means. They explain why most business owners do not get in trouble for smart tax planning, where the line between gray-area strategy and fraud really sits, and why proper implementation matters just as much as the strategy itself. They cover audit risk, common red flags, what to ask before moving forward with an advanced strategy, and how business owners should think about their own risk tolerance when building a tax plan.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners:https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today. Click here or visit:https://taxelm.com/demo/Chapters(02:00) Why Business Owners Fear Tax PlanningPeople don't go to jail for legal tax planning. They go to jail for fraud, lying, and backdating documents.(05:00) Why Tax Strategies Exist in the First PlaceThe tax code is designed to encourage certain behavior. Congress uses tax incentives to push homeownership, healthcare benefits, investing, and charitable giving.(12:00) When a Legal Strategy Becomes IllegalA strategy can be perfectly valid in theory, but fail when implemented poorly. (24:00) How to Vet an Advanced Tax StrategyWhen someone pitches an advanced strategy, transparency matters. Ed explains what questions to ask, what red flags to look for, and why business owners need to understand who they are dealing with before moving forward.(27:00) How Business Owners Should Think About RiskTax risk is just another business risk. The real goal is to understand your own risk tolerance, know where your advisor falls on the conservative-to-aggressive spectrum, and make informed decisions.(31:00) A Favorite Strategy for the Right ClientEd closes by sharing one tax strategy he likes for the right candidate, the charitable lead trust, and explains why the best strategy always depends on the client’s goals, income, and long-term plan.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

You’ve hired your first employee… Now what?  Hiring your first employee introduces a new layer of tax responsibility, compliance, and systems that many business owners are not prepared for. You are now managing payroll taxes, filings, labor laws, and deadlines that carry real penalties if handled incorrectly.In this episode, we break down exactly what happens after you hire your first employee so you can avoid costly mistakes and set your business up to scale the right way. We cover the difference between W2 employees and 1099 contractors, the real cost of payroll taxes, how to stay compliant with state and federal requirements, and why payroll software is a must. 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners:https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today. Click here or visit:https://taxelm.com/demo/Chapters(01:00) Employee vs Contractor: What the IRS Looks AtClassification comes down to control. Who sets hours, pay, tools, and how the work gets done determines W2 vs 1099.(04:00) The Payroll Tax Reality Business Owners MissHiring an employee makes you a tax middleman responsible for withholding and paying multiple taxes.(06:00) What You Need Before Running PayrollYou need an EIN, state withholding accounts, unemployment accounts, and workers’ compensation set up first.(07:30) Why Payroll Software Is Non-NegotiablePayroll software handles tax calculations, filings, deposits, and compliance to avoid penalties and costly mistakes.(09:30) The Risk of Missing Payroll Tax DeadlinesLate payments trigger immediate penalties and interest, and payroll mistakes can shut down businesses.(12:00) Benefits Without Breaking the BankHealth reimbursement arrangements and simple retirement plans offer affordable ways to provide benefits.(14:30) Hiring Employees in Other StatesOut-of-state hires require additional registrations, tax accounts, and possible foreign entity filings.(16:00) Key TakeawaysHiring is a growth milestone. Set up systems correctly, use payroll software, and build processes that allow your business to run without you.Need payroll software? We recommend https://gusto.comPodcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Filing a tax extension feels stressful for many business owners. Missing numbers, unfinished bookkeeping, and uncertainty about the tax bill can make tax season overwhelming. But filing an extension (in many cases) can be the smartest move you can make.A tax extension gives you more time to file your return so you can organize your records, receive missing documents like K-1s, and avoid rushing through a return that could contain mistakes. In this episode, we break down how extensions actually work, clear up common myths about audit risk, and explain what to do if you cannot afford your tax bill.We also cover why ignoring the IRS is the worst move you can make, how penalties work, and the payment plan options available to business owners who need more time to pay what they owe.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners:https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today. Click here or visit:https://taxelm.com/demo/Chapters(02:30) Key Tax Deadlines Every Business Owner Should KnowPartnerships and S corporations file by March 15. Personal returns and C corporations file by April 15.(04:00) What a Tax Extension Actually MeansA tax extension gives you more time to file your return, but your taxes are still due by the original deadline.(05:30) Common Myths About Filing a Tax ExtensionExtensions do not increase audit risk, and many high income taxpayers file them every year.(07:00) The Most Common Reasons Business Owners File ExtensionsUnfinished bookkeeping, waiting on K-1 forms, or planning opportunities like retirement contributions or cost segregation.(11:00) The Cost of Not Filing Your Tax ReturnFailure to file penalties can reach hundreds of dollars per owner per month for business entities.(13:00) Why You Should Still Estimate and Pay Taxes With an ExtensionMaking an estimated payment reduces penalties and interest if you expect to owe.(15:30) What to Do If You Cannot Afford Your Tax BillThe IRS offers short term payment plans, installment agreements, and other options if you communicate.(20:00) Key TakeawaysTax extensions are not a red flag. Used correctly, they give business owners time to plan, reduce mistakes, and stay in control of their tax situation.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Charitable giving rules are changing in 2026, and many business owners have no idea their tax deductions could quietly shrink.The One Big Beautiful Bill Act introduced new limits, floors, and deduction caps that change how charitable donations work depending on your income level and whether you itemize deductions. In some cases, you could donate the exact same amount and receive a smaller tax benefit than before.Today we're breaking down the new charitable giving tax rules, who wins under the new system, who loses, and how smart business owners can still give generously while protecting their tax strategy.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners:https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today. Click here or visit:https://taxelm.com/demo/Chapters(01:00) Charity First, Strategy SecondGiving should start with the causes you care about before considering tax benefits.(02:00) Current Deduction Rules and AGI LimitsHow itemized deductions work and the limits for cash, appreciated assets, and non-cash donations.(04:20) New Deduction for Non-ItemizersStarting in 2026, standard deduction filers can deduct up to $1,000 (single) or $2,000 (married) in cash donations.(07:00) The New 0.5% AGI Deduction FloorItemized charitable deductions only apply to donations above 0.5% of AGI.(09:40) Deduction Cap for High-Income EarnersTaxpayers in the top bracket now receive a maximum 35% tax benefit from itemized deductions.(11:00) How Business Owners Handle Charitable GivingMost charitable contributions flow through to the owner’s personal tax return.(13:30) Planning Strategy: Bunching DonationsCombining multiple years of giving into one year may increase deductions.(16:00) Planning Strategy: Qualified Charitable DistributionsTaxpayers age 70½ and older can donate from an IRA to bypass itemized deduction limits.(17:00) Key TakeawaysCharitable giving rules are more complex in 2026. Strategic planning helps preserve the tax benefits.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Imagine breaking even at the casino and still owing taxes.Beginning in 2026, Congress approved a new rule that limits gambling loss deductions to 90%. That means if you win $10,000 and lose $10,000, you could still owe taxes on $1,000 of phantom income.Today, we're breaking down the new gambling tax rule that quietly slipped into law, why it creates phantom income for gamblers, and what casual and professional gamblers need to do right now to protect themselves.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners:https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today. Click here or visit:https://taxelm.com/demo/Chapters(00:00) The Tax Trap Nobody's Talking About How the One Big Beautiful Bill created a situation where breaking even at the casino still leaves you with a tax bill, and why every gambler needs to pay attention.(00:45) The Old Rule: How Gambling Losses Used to Work If you itemized and broke even, no tax. If you took the standard deduction, losses did not count. (02:00) The New 90% Rule & Phantom Income Starting in 2026, only 90% of your losses are deductible, even if you itemize. Win $10,000, lose $10,000, and you're now paying tax on $1,000 you never kept. That's phantom income, and it's the new reality.(04:00) Professional Gamblers: It Gets Worse Pro gamblers file on Schedule C and can deduct business expenses like travel and lodging. But losses plus expenses cannot exceed gambling income. They cannot offset other income, cannot carry losses forward, and starting in 2026, the 90% loss cap applies to them too.(09:00) Good News: The W-2G Threshold Finally Goes Up The slot reporting threshold rises from $1,200 to $2,000 in 2026 and will adjust for inflation. This does not change what you owe. All gambling income is still reportable. It only reduces the number of W-2Gs issued.(10:00) Record Keeping: Your Most Important Tool Right Now Casino reports can overstate income. Keep your own log with the date, casino, type of wager, and net win or loss per session. Track sessions, not individual bets.(12:30) Key Takeaways All winnings are taxable. Losses only offset if you itemize. The 90% cap creates phantom income. Plan under current law.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Can you deduct free food, rent your house to your business or avoid double taxation with a C Corp?In this Q&A episode, Mike answers rapid-fire tax questions submitted by business owners across industries. From restaurant deductions to partnership restructuring, foreign contractors, co-mingled expenses, and advanced C Corp investing strategies, this episode walks through what’s legal, what’s smart, and what’s risky. If you want clarity before you file, this is the one to listen to.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners:https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today. Click here or visit:https://taxelm.com/demo/Chapters(01:00) The Augusta Rule: What’s a Reasonable Rental Rate? How to properly rent your home to your business, why documentation matters, and whether to use hotel comps or Airbnb rates.(03:00) Hiring Foreign Contractors: W-8 vs W-9What forms you need on file when paying international contractors and when 1099s apply.(04:30) Partnership Owners: Should You Use an S Corp?How S Corps can reduce self-employment tax, why ownership structure matters, and how to structure it correctly.(09:00) Business Expenses Paid from a Personal AccountCan you still deduct them? What co-mingling means during an audit, and how to fix it going forward.(12:00) Do Insurance Companies Need Your Subcontractor’s Tax Return?Why a signed W-9 is typically all you need and how to protect yourself.(14:00) Can I Deduct Free Food? Restaurant and Bar Tax RulesHow to deduct employee meals and promotional giveaways correctly. Cost vs retail value explained.(17:00) FSA vs HRA: Which One Actually Makes Sense?When high out-of-pocket medical costs justify setting up an HRA and what thresholds to consider.(19:00) $10 Million in a C Corp: Smart Strategy or Tax Trap?The personal holding company rules, double taxation, and when retaining earnings in a C Corp actually makes sense.(22:00) Free Resources for New Business OwnersWhere to start if taxes feel overwhelming and how to build a foundation before filing.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

If you're already giving to charity, you're leaving thousands of dollars in tax deductions on the table. What is a donor-advised fund and why should you care? Mike sits down with Adam Nash, CEO of Daffy, to break down how Donor-Advised Funds (DAFs) work and why they can be a powerful tax strategy for business owners and high-income earners. If you regularly give to your church, your kids’ school, your alma mater, or other charities, this episode shows you how to give more strategically, reduce taxes, and increase your impact.👉 Ready to turn your charitable giving into a real tax strategy? Open a donor-advised fund with Daffy and start giving more strategically today: https://www.daffy.org/taxsavings/invite👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners:https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today. Click here or visit:https://taxelm.com/demo/Chapters(00:00) What Is a Donor-Advised Fund?The basics: how DAFs work as a tax-advantaged account for charitable giving, similar to a 401(k) for retirement.(04:45) Tax Deduction Limits: 60% for Cash, 30% for StockHow much you can deduct from your AGI and why bonuses, windfalls, and liquidity events are ideal times to use a DAF.(06:30) Why DAF Donations Are Irrevocable (One-Way Trip)Understanding that donor-advised funds are 501(c)(3) charities and why you cannot take the money back.(09:00) The Double Tax Win of Donating StockHow donating appreciated stock gives you a full market value deduction and eliminates capital gains taxes.(11:30) The New 0.5% AGI Floor and Bunching StrategyHow the recent tax law created a deduction floor and why bunching multiple years of giving into one high-income year makes sense.(15:00) How to Actually Use a DAF Day-to-DayThe mechanics of contributing, distributing to multiple charities, and setting up recurring donations.(20:45) Setting Up a DAF in Under 60 SecondsThe simple setup process, Daffy's flat monthly fee structure, and how it compares to percentage-based pricing models.(28:30) Investment Options and Portfolio ControlHow donated funds are invested tax-free and what level of control donors have over portfolios.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

When should you pay yourself? Paying yourself on the wrong payroll schedule can create IRS red flags, cash flow crunches, and painful cleanup later.In this episode, we break down monthly, quarterly, and annual payroll for S Corp owners. You’ll learn what the IRS actually expects, how reasonable salary works, why quarterly “true-ups” can create cash flow problems, and how to structure payroll to stay compliant without overpaying in taxes.We also cover catch-ups, slowdowns, bonuses, zero payroll returns, and a critical but often-missed strategy involving self-employed health insurance and HSA contributions that can reduce FICA taxes.If you’re an S Corp owner trying to pay yourself the right way and avoid IRS attention, this episode walks you through exactly how to do it. 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners:https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today. Click here or visit:https://taxelm.com/demo/Chapters(01:00) The Reasonable Salary Requirement for S Corps Why S Corp owners must take W-2 payroll and why determining reasonable salary is the first step.(03:10) Payroll Software and Filing RequirementsWhy using payroll software matters and how missed filings create serious problems.(04:00) Monthly and Biweekly Payroll ExplainedHow spreading your salary evenly works and why this is the most common recommendation.(05:30) True-Up Payroll. Quarterly and Annual Options & Cash Flow RisksHow quarterly and annual true-ups work and how draws get reclassified as wages. Large quarterly tax payments can create cash crunches.(08:45) Zero Payroll Returns and Compliance TrapsWhy you still need to file payroll returns even when no payroll is run.(09:30) Catch-Ups, Slowdowns, and Bonus PayrollsHow to adjust payroll when income, workload, or profitability changes.(11:45) Self-Employed Health Insurance and HSA AdjustmentsHow S Corp owners can increase reasonable salary without paying extra FICA taxes.(15:30) The Safest Payroll Strategy for Most OwnersWhy consistent payroll timing protects cash flow and reduces IRS risk.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Paying yourself wrong can trigger IRS issues, messy books, and unexpected tax bills. In this episode, we break down exactly how LLC owners should pay themselves in 2026 based on their entity type and tax election.You’ll learn the 3 primary ways business owners get paid: owner draws or distributions, payroll, and guaranteed payments. We explain which payment methods are legally allowed for single-member LLCs, partnerships, and S corporations, and why running payroll as an owner is prohibited unless you have an S corporation election.We walk through how each method is taxed, how it shows up in your financial statements, and why owner draws do not reduce business profit even though they reduce cash. 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners:https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today. Click here or visit:https://taxelm.com/demo/Chapters(00:45) Why Paying Yourself Correctly MattersImproper owner pay can create audit risk, illegal compensation setups, and accounting problems that surface later during tax season.(01:25) Owner Draws and Distributions ExplainedWhat an owner’s draw actually is, how it works, why no taxes are withheld upfront, and why draws don’t reduce business income.(02:55) Guaranteed Payments for PartnershipsHow guaranteed payments work in partnerships, when they’re used, how they’re taxed, and why they’re different from draws.(04:10) Paying Yourself as a Single-Member LLCWhy single-member LLC owners can only take owner draws, and why running payroll to yourself is not allowed by law.(05:05) Paying Yourself in an LLC PartnershipThe two legal options for partners.(06:00) Paying Yourself as an S Corp OwnerWhy S Corps require a reasonable salary, how payroll and distributions work together, and where tax savings come from.(07:00) How to Document Owner Pay CorrectlyHow draws hit the balance sheet, how payroll hits the income statement, and why documentation matters for audits.(09:30) What to Do Next as an LLC OwnerHow to choose the right pay method, set up a system, plan for taxes, and avoid common compensation mistakes going forward.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

You formed your LLC. Good job.But many business owners unknowingly make critical mistakes after formation that quietly destroy liability protection, trigger audits, and limit growth.In this episode, Mike walks through the 10 most common LLC mistakes business owners make in 2026 and explains exactly how to fix them. From mixing personal and business finances to ignoring tax planning and misclassifying owner compensation, this episode gives you a practical framework to audit your business and protect it the right way.If you want your LLC to survive and thrive, not just exist on paper, this episode shows you what to fix now before it becomes expensive later.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners:https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today. Click here or visit:https://taxelm.com/demo/Chapters(01:00) Mixing Personal and Business FinancesWhy commingling funds breaks liability protection and how to properly separate accounts without overcomplicating things.(02:00) Failing to Maintain LLC ComplianceAnnual reports, renewals, and filings business owners forget that can cause administrative dissolution.(03:20) Ignoring the S Corporation OpportunityHow LLC owners overpay self-employment taxes by not exploring an S Corp election at the right time.(04:10) Misclassifying Owner CompensationThe difference between owner draws and W2 payroll, and why paying yourself the wrong way creates tax problems.(05:45) Operating in the Wrong StateWhy forming an LLC in one state but operating in another requires foreign registration.(06:40) Skipping Tax PlanningWhy taxes are often a business owner’s biggest expense and how proactive planning changes everything.(07:30) Failing to Update State FilingsWhat happens when partners, addresses, or business purposes change and filings are not updated.(08:10) Treating the LLC Like a HobbyHow hobby loss rules work and why consistent losses without profit motive raise red flags.(09:00) The LLC Audit ChecklistSimple steps to audit your LLC today, fix weak spots, and build better habits going forward.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Thinking about forming an LLC in 2026? In this episode, Mike breaks down how to set up an LLC step by step, what “free” really means, state filing costs, common mistakes to avoid, and why an LLC can act as an insurance policy for future S Corp tax savings. Perfect for new and growing business owners who want clarity without the confusion.If you want a clean, simple business setup that protects you now and gives you flexibility later, this episode gives you the roadmap without the legal confusion.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/Chapters(01:00) Why Form an LLC in 2026The 3 core reasons business owners form LLCs. Liability protection, credibility, and flexibility for future tax planning.(02:10) Why an LLC Is an Insurance Policy for an S CorpHow an LLC allows you to elect S Corp status later and why sole proprietors do not have that option.(03:00) What “Free” LLC Setup Really MeansState filing fees, unavoidable costs, and what online “free” services actually do.(03:55) The Step-by-Step LLC Setup ProcessChoosing a business name, selecting a registered agent, drafting an operating agreement, filing with the state, getting an EIN, and opening a business bank account.(06:05) The Biggest LLC Mistakes Business Owners MakeWhy not using the LLC, mixing funds, missing renewals, and following bad internet advice cause legal and tax issues.(07:40) Bonus Tips to Strengthen Your LLCOperating agreements, separating finances, tracking expenses, and setting up bookkeeping the right way.(08:30) When to Consider an S Corporation$50,000 in profit is a common tipping point and how an LLC makes the transition easier.(09:00) Final TakeawayHow to use an LLC to protect yourself today while setting up smarter tax planning for the future.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

If you are already behind on your taxes in January, there are four tax tasks you cannot skip.In this episode, we break down the four financial tasks every business owner needs to complete in January to start 2026 clean and organized. Mike explains why unfinished bookkeeping leads to missed deductions and unnecessary stress, how to properly review your financials, and why most tax issues begin long before filing season.We also cover the importance of creating a simple financial summary document, meeting the January 31 1099 deadline, and building a proactive tax plan early in the year instead of scrambling in December.If you want 2026 to be more profitable and less stressful, this episode shows you exactly where to start.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today. Click here or visit: https://taxelm.com/demo/Chapters(00:37) Close Out 2025 Before You Move ForwardWhy unfinished bookkeeping follows you into the new year.(01:00) How to Review Your Books the Right WayWhat to check in your income statement and balance sheet for accuracy.(02:55) How to Organize Tax Documents ProperlyWhy storing receipts and records now saves stress later.(03:50) The Financial Summary Document Every Owner NeedsA simple snapshot that shows assets, liabilities, and insurance in one place.(06:36) Why Advisors Love This One DocumentHow it leads to better advice, faster decisions, and smarter planning.(08:00) The January 31 1099 DeadlineWho needs a 1099, who does not, and what payments count.(11:07) Implementing Tax Strategies Throughout the YearWhy spreading strategies across the calendar leads to real savings.(13:24) The Bottom Line for a Strong 2026Clean books, clear visibility, timely filings, and a tax plan that works.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Are you still guessing when it comes to 1099s? Most business owners are. And every January, that confusion turns into stress, penalties, and last-minute cleanup that could have been avoided.In this episode, Mike Jesowshek breaks down everything small business owners need to know about 1099-NEC and 1099-MISC forms, who needs one, who doesn't, the deadlines and the penalties that add up fast. If you want January to feel calm instead of chaotic, this episode gives you the clear rules and simple process to get compliant without overthinking it. 🧾 Good systems prevent tax headaches. Tax Bandits lets you file 1099s electronically and reuse contractor info each year.Use my link to streamline your 1099 process 👉 https://secure.taxbandits.com/register/?ref=taxsavingspodcast 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/Chapters(01:00) What is a 1099?Mike explains how 1099s work, why the IRS requires them, and how they are used to match income across businesses and contractors.(02:12) 1099-NEC vs 1099-MISCWhich form applies to contractors, which applies to rent, and why mixing them up creates problems.(03:30) The Real 1099 DeadlinesWhy January 31 matters, how weekends affect filing dates, and what business owners must send and file by the deadline.(04:55) IRS Penalties That Add Up FastLate filing penalties, intentional disregard penalties, and how missing multiple forms can quickly turn into thousands of dollars owed.(06:40) Who Actually Needs a 1099The $600 cumulative rule, common misunderstandings, and why splitting payments does not avoid filing requirements.(08:20) Common Exceptions Most Owners MissWhen corporations, payment processors, foreign contractors, employees, and personal payments do not require a 1099.(10:15) Why Credit Card Payments Change EverythingHow payment processors issue 1099-Ks and why that removes your filing obligation.(11:30) The 4-Step Process to File 1099s CorrectlyCollect W-9s, prepare the forms, send copies to recipients, and file with the IRS the right way.(13:05) The Biggest 1099 MistakesWhy missing W-9s and messy bookkeeping cause late filings and penalties every year.(14:45) How Software Simplifies the Entire ProcessWhy e-filing tools save time, reduce errors, and make year-over-year filing easier.(15:40) The 2026 Rule Change Every Business Owner Should KnowThe new $2,000 filing threshold, inflation adjustments, and how this change affects future planning.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for

Happy Holidays, and thank you. This episode is a personal thank-you to the Small Business Tax Savings Podcast community. We reflect on nearly eight years of the show, including over 400 episodes and more than 1.5 million downloads.  At the core of this podcast is one mission; Helping small business owners pay the least amount in taxes legally, without stress or confusion.  Let’s make 2026 the year you get proactive about tax planning from the start. If this podcast has helped you in any way this year, there are a few small things you can do to help us continue helping more business owners:- Leave a review on Apple Podcasts, Spotify, or wherever you listen- Subscribe to our YouTube channel- Share this podcast with another business owner- Follow us on social media to stay connectedIf you’d like to go deeper, you can download our Tax Savings Starter Kit. Inside, you’ll find:- A complete list of common business deductions- Real case studies showing how business owners saved $5,000–$25,000- Access to a bonus discovery call with our team👉 Get the Starter Kit here: https://taxsavingspodcast.com/starter-kit/For business owners who want hands-on help implementing the right tax strategies, we also created TaxElm. It’s designed to guide you step by step, with full access to our team of tax professionals throughout the process.🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Do you really have your tax planning handled? The thing is, many business owners are making a critical mistake that will become even more expensive by 2026.In this episode, Mike Jesowshek, CPA, sits down with Mark J. Kohler to expose the biggest tax planning failure business owners make. Confusing knowing strategies with actually applying them. Mark explains why tax savings disappear at the implementation level, how poor execution creates long-term consequences, and why retirement accounts are one of the most overlooked areas where this mistake shows up.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/Chapters(01:02) Why Most Tax Strategies Never Get ImplementedMany business owners think they are doing tax planning, but when you look at their tax return, the strategies are missing.(03:05) Tax Strategy vs Tax ComplianceThere is a major disconnect between tax advisors and tax preparers. (05:18) What “Self-Directed” Really MeansWall Street uses the term self-directed loosely. Mark explains the real definition and why traditional brokers do not promote it.(07:04) What You Can Invest in With a Self-Directed IRAReal estate, private businesses, lending, crypto, precious metals, and more. Mark walks through the types of investments retirement accounts are legally allowed to own.(09:36) Prohibited Transactions and IRS Red FlagsIt is not about prohibited assets. It is about prohibited people and personal benefit.(12:02) Can You Be Active in Retirement-Owned InvestmentsYou can make decisions, write checks, and structure deals, but you cannot personally perform labor or manage properties.(14:01) Cost and Setup of a Self-Directed IRAMany people assume self-directing requires hundreds of thousands of dollars.(15:52) Employer 401ks vs Self-Directed PlansWhy most employer-sponsored 401ks restrict your options and how entrepreneurs can set up plans that allow true self-direction.(18:06) When Self-Directed IRAs Are Not a Good FitSelf-directing requires time, focus, and discipline. Mark explains when investors should wait or choose simpler options.(19:33) How to Get Started the Right WayEducation comes first. Mark shares resources, podcasts, books, and next steps for learning before investing.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

If you’re a new business owner, you've probably wondered if you are doing any of this correctly.Should you get an LLC? Do you file a Schedule C? Can you hire your kids? Does a home office hurt you when you sell your house?In this episode, Mike walks through real questions from listeners and gives clear answers to the tax issues that confuse most new entrepreneurs. From 1099 income and deductions to home office rules, the Augusta Rule, and hiring your kids, this Q&A hits the topics every early-stage owner struggles with.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/Chapters(01:00) Starting as a 1099 Contractor & What Is Schedule C? The foundational steps every new contractor must take and how 1099 NEC income flows into Schedule C, how expenses reduce profit, and why self employment tax becomes a factor.(05:10) Do You Need an LLC to Take Deductions? Home office, mileage, meals, and travel can all be deducted without an LLC(08:53) ROBS vs SBA Loans for New Businesses: Mike breaks down the pros and cons of using retirement funds through a ROBS structure compared to financing with an SBA loan.(10:19) Hiring Your Kids: Payroll vs Contractor: The age rule most parents get wrong. Under 18, children should be W2 employees. Over 18, contractor payments may work if they have legitimate expenses.(13:00) Home Office Deduction and Selling Your House: Simplified method vs actual method. When depreciation recapture applies. Why the impact is usually small.(15:00) Transitioning to Business Ownership: A listener plans to leave a W2 job for business ownership. Mike explains where strategy matters most at the beginning.(17:40) Home Office vs Augusta Rule: Yes, you can use both. The key is using different rooms. Home office in one area. Board meeting in another.(19:47) Do You Need an LLC for a Small Side Gig: A listener making five to nine thousand a year wonders whether to form an LLC. Mike explains why it will not change taxes at low income levels and when it becomes useful.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Year-end is the last chance to lock in major tax savings for your business.In this episode, Mike walks through the exact steps business owners need to take now, from S Corp requirements and accountable plans to AGI phaseouts, QBI planning, and the Augusta Rule.You’ll also learn how to hire your kids correctly, hit retirement deadlines, use timing strategies as a cash-basis filer, harvest tax losses, and document every move so you enter tax season clean, organized, and ready.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/Chapters(00:49) Three Must-Do Steps for S-Corp OwnersReasonable salary, adding self-employed health insurance to your W-2, and making final accountable plan reimbursements. Mike breaks down each requirement and what has to be done before 12/31.(04:51) Maximize Deductions Before the Year EndsGo through personal statements for missed deductions, hire your kids correctly, use the Augusta Rule, finalize board meetings, and make home office and auto reimbursements.(08:14) Retirement and Health Reimbursement DeadlinesEmployee 401(k) contributions must be made by year-end. Mike also covers Section 105 medical reimbursement plans and HRAs.(14:17) Timing Strategies for Cash-Basis Filers When to prepay expenses, when to delay invoicing, and how credit cards can accelerate deductions. Mike also explains why low-income years are ideal for Roth conversions.(17:39) Miscellaneous but High-Value Year-End MovesWhy assets must be “placed in service,” how tax loss harvesting works, and the December 31 deadline for charitable giving.(19:35) Get Ready for JanuaryCollect W-9s, prep 1099s, store receipts digitally, document every strategy, and get bookkeeping up to date to avoid a stressful tax season.(22:54) Don’t Get OverwhelmedFocus on the two or three highest-impact strategies now, then committing to proactive planning next year.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

What if you could buy a computer, a machine, or new equipment and deduct the entire cost in the first year instead of waiting 5, 10, or even 30 years? Thanks to major updates in the One Big Beautiful Bill, you can now take a full write-off upfront.We break down how depreciation works, when to expense versus capitalize, and how the updated bonus depreciation and Section 179 rules give owners more control over their tax bill.You’ll learn how to time asset purchases, when to avoid front-loading deductions, and why every business needs a written capitalization policy.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/Chapters(01:00) What Is Depreciation?Depreciation is the process of spreading out the cost of equipment, vehicles, technology, or buildings over time. Mike defines what qualifies and what does not.(02:23) Business Use RulesOnly the business-use portion of an asset can be depreciated. Land is never depreciated. Buildings and land improvements are.(02:45) Three Depreciation MethodsMike breaks down regular depreciation, 100 percent bonus depreciation, and Section 179 expensing. Each method serves a different purpose depending on your income and tax plan.(04:25) Section 179 Rules You Must KnowSection 179 lets you expense up to two and a half million dollars a year, but it cannot create a loss. Bonus depreciation can.(05:24) Which Method Should You UseThe best choice depends on your income, your goals, and whether you want to create or avoid a loss. Mike walks through three scenarios to help you choose.(07:12) When You Should Not Front Load DeductionsIf this year is low income and next year is high income, holding back depreciation may save more money. Timing matters.(11:44) Rules for DepreciationYou must be in business and the asset must be placed in service during the year. Paying for an item is not enough. It must be usable.(13:15) The Capitalization Policy Every Business Should HaveA written policy lets you immediately expense any asset under $2,500 per item. Mike explains how it works and why it saves time and paperwork.(16:47) What Happens When You Sell a Depreciated AssetIf you sell an asset you fully expensed, you may have depreciation recapture. Mike explains basis, gains, and how the tax works.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Most S Corp owners follow the right steps, but still pay more tax than they should. A business earning over 300K can lose thousands simply by underusing core strategies.In this live case study, Mike Jesowshek, CPA, reviews a seven-figure business with an S Corp structure, a salary in place, and a record year of profit. You will see why this owner paid 30K in taxes and how that number can be reduced.If you feel like your tax plan has stopped working, this breakdown gives you a clear blueprint for moving from basic strategies into advanced tax planning.👉 Free Tax Savings Starter Kit: https://www.taxsavingspodcast.com/starterkit 🚀 Book a free TaxElm demo: https://taxelm.com/demo/01:11 The Core Strategy ChecklistWhat an accountable plan should include, how home office reimbursements really work, and why quarterly board meetings leave tax savings behind.02:53 After-Tax vs Pre-Tax Spending ExplainedHow shifting everyday expenses into legitimate business categories creates immediate tax savings without increasing spending.05:04 The Most Underused S Corp Deduction: MealsWhy meals often show up too low on tax returns, how to identify real business-meal opportunities, and how to document them correctly.09:01 Travel Deductions Most Owners MissHow to turn partial travel into fully deductible business trips, how business days are determined, and how to integrate board meetings into travel.15:41 Using the Augusta Rule at Its Full PotentialHow to calculate fair rental value, document the rental period, and structure meetings to justify 14 tax-free rental days.17:43 How to Calculate a Defensible S Corp SalaryThe two accepted methods for determining reasonable compensation and how to avoid both overpaying and triggering IRS scrutiny.23:00 Maximizing Solo 401(k) ContributionsHow contribution limits work, how salary affects maximum contributions, and why timing matters before hiring your first W-2 employee.34:00 When a Business Becomes Ready for Advanced PlanningThe five major categories of advanced tax strategy and how to determine which ones open up as revenue approaches seven figures.38:22 Building a Scalable Tax PlanOptimizing old strategies and documenting them correctly produces long-term savings, even before layering advanced planning on top.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

What if you could pay your kids a salary, take a business deduction, and teach them real financial skills at the same time? In this episode, Mike Jesowshek, CPA, explains how to legally hire your children in your business, what the IRS actually allows, and how to do it correctly so you avoid audits and penalties.You’ll learn the rules for paying your kids under age 18, how to document their work, how much you can pay them tax-free, and how this strategy can double as a wealth-building tool through Roth IRAs.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/Chapters(01:16) Why Hire Your Kids?There are two big reasons: tax savings and teaching opportunities. You get a business deduction, and your kids earn tax-free income while learning real work and money skills.(02:11) Turning After-Tax Spending Into Pre-Tax SpendingInstead of paying for sports, camps, or activities with after-tax dollars, you can pay your kids from your business and let them cover those costs using pre-tax income.(03:30) What the IRS Actually SaysPayments to children under 18 working for a parent’s sole proprietorship are exempt from Social Security and Medicare taxes. Mike reads the exact IRS language to prove it’s black and white in the tax code.(04:11) How It Works in PracticeIf your child earns under the standard deduction (about $15,000), they pay no income tax. You deduct their wages as a business expense, and you avoid FICA taxes if paying from a Schedule C or single-member LLC.(06:21) Setting It Up CorrectlyYou need proof. Mike explains that kids must be at least 7, paid a reasonable wage, tracked for hours and tasks, paid into their own account, and issued a W2 at year-end.(11:04) Bonus Benefit: Roth IRAKids can use earned income from the business to fund a Roth IRA. Mike shows how $25,000 invested by age 13 could grow to over $1 million by retirement.(12:55) What About S Corps?S corporations must withhold FICA taxes, but Mike explains a workaround: Splitting part of the business into a Schedule C entity to pay your kids through that side.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

If you’ve ever wanted to move money from your business to yourself without paying extra tax, this episode is for you.In this episode, you’ll learn how the Augusta Rule, also called the 14-Day Home Rental Rule, lets business owners rent their personal homes to their own business and receive that income completely tax-free. You’ll also learn exactly how to document it, what proof the IRS expects, and the common mistakes that can get this strategy disallowed.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/Chapters(00:44) Why the Augusta Rule ExistsThe history of the rule, starting with homeowners in Augusta, Georgia, who rented their houses during the Masters Tournament.(02:07) What the IRS Code Actually SaysThis strategy came from homeowners in Augusta, Georgia, who rented their homes during the Masters Golf Tournament. The IRS decided that short-term home rentals of 14 days or less don’t count as rental properties and therefore don’t create taxable income.(03:09) How to Use It as a Business OwnerYou can legally rent your personal home to your own business for legitimate events and claim a business deduction while keeping the income tax-free.(04:21) What Not to DoWhy you can’t just write yourself a random check without documentation or a valid business purpose.(04:53) 4 Key Steps to Make the Augusta Rule WorkThere must be a clear business reason, like a meeting or retreat. Set a fair rate using local hotel or Airbnb prices and keep proof. Create a short rental agreement with the purpose, dates, and rate, then pay yourself from the business account and keep records.(07:10) When to File a 1099 to YourselfIf total rental payments exceed $600, you must issue yourself a 1099 and clear it out on your return under Section 280A(g).(07:50) Example: Putting It All TogetherA sample year with quarterly board meetings, a team retreat, and training events shows how this can total over $7,000 in tax-free income.(10:39) Do It Right or Risk Losing the DeductionThe importance of solid documentation, fair rates, and proper proof to defend the deduction in an audit.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

If you’ve ever paid for business expenses out of pocket, like your phone bill, internet, or home office, and wondered if you can get reimbursed without paying more tax, this episode is for you.In this episode, you’ll learn how an Accountable Plan lets business owners legally reimburse themselves and their employees tax-free. You’ll also discover the 4 key rules every plan must follow to stay IRS-compliant, and the most common mistakes that lead to audit trouble.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/Chapters(00:00) The Overlooked Tax Strategy That Saves ThousandsWhat is the Accountable Plan? This allows you to get reimbursed for business expenses you paid personally without triggering extra income tax.(01:10) What Is an Accountable Plan?A simple breakdown of how this reimbursement policy works and why it’s essential for S Corps and C Corps.(02:44) Who Needs an Accountable PlanWhen owners and employees qualify, and why sole proprietors handle this differently.(04:14) How to Set It Up Step-by-StepThe 3 essential steps to properly implement an Accountable Plan include creating a written policy, using expense report templates, and making reimbursement payments.(08:35) Common Expenses You Can Reimburse Tax-FreeExamples like home office, internet, travel, mileage, subscriptions, and meals that qualify under an Accountable Plan.(10:30) Avoid These IRS Red FlagsWhy documentation, receipts, and timely reimbursements matter, and how to keep your plan audit-proof.(11:45) Quick Recap & Next StepsThe four key rules of Accountable Plans are that expenses must have a clear business connection, be properly documented, exclude any excess reimbursements, and be submitted on time.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙌LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

A single medical bill can wipe out your profits. But health expenses don’t have to drain your cash flow. In this episode, you’ll learn three powerful ways to turn your medical costs into legitimate tax deductions. From self-employed health insurance and Health Savings Accounts (HSAs) to Section 105 reimbursement plans and employee health benefits, these strategies can help business owners save thousands while staying fully IRS-compliant.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/Chapters(00:00) Turning Health Costs Into Tax SavingsHealth expenses can become powerful deductions when structured properly. Learn how small business owners can legally reduce taxes through insurance, HSAs, and reimbursement plans.(00:45) Self-Employed Health Insurance DeductionHow sole proprietors, LLCs, and S Corp owners can claim health insurance premiums as deductions, and the exact steps S Corp owners must follow to stay compliant.(04:03) The Triple Tax Benefit of HSAsHow Health Savings Accounts offer tax-free contributions, growth, and withdrawals, and why treating your HSA like a retirement account can build long-term wealth.(08:28) Section 105 Medical Reimbursement PlansFor business owners with high out-of-pocket medical costs, this plan turns personal medical expenses into deductible business costs when set up correctly.(10:11) Health Benefits for EmployersAffordable options for small businesses to offer tax-free health reimbursements through QSEHRA or ICHRA plans without the complexity of traditional group insurance.(13:06) The Four Keys to Health Tax StrategyHow to combine these tools: Insurance deductions, HSAs, Section 105 plans, and employee benefits, to lower taxes and protect your cash flow.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Trusts aren’t just for the rich. Every family can benefit from one. A revocable living trust can simplify estate planning, avoid probate, and create a foundation for generational wealth.In this episode, Mike Jesowshek, CPA, sits down with Jack Fiveash, attorney and co-founder of The Co Letter, to talk about how families can use a simple trust and LLC structure to build long-term stability, protect assets, and involve their children in smart financial stewardship.They cover how to start a revocable trust, the ideal timing, what it costs, and how it ties into a broader family office structure that preserves both wealth and values.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/Chapters(00:00) Intro to Family Office StructuresA family office isn’t only for the ultra-wealthy.(02:41) Understanding Revocable Living TrustsWhat is a revocable living trust (RLT), why every family should have one, and how it simplifies estate planning.(04:43) When to Create a Trust for Your KidsJack explains the right time to create a trust for children and how even young people with digital assets or investments can benefit from having one in place.(06:53) Cost and Process of Setting Up a TrustJack outlines realistic pricing, what makes a trust legally sound, and the importance of completing a general assignment to fully fund the trust.(09:44) Funding the Trust and Avoiding Probate IssuesJack describes how a trust must be properly funded through title changes and assignments to avoid probate disputes later.(10:22) Involving Family Members EarlyJack and Mike discuss including children in the family LLC, teaching financial stewardship, and using legitimate methods to instill responsibility and long-term wealth habits.(13:38) Family Business Meetings and Board StructureHow to formalize family board meetings, even on vacations, to build both structure and tax efficiency. (18:30) Structuring Family Business EntitiesWhen to create new entities versus using existing businesses, how to integrate wills and trusts into ownership.(20:46) Building a Foundation for Generational WealthJack offers guidance for those just starting to build wealth: How to use simple structures like family LLCs or educational trusts to create lasting value for children and grandchildren.Learn more about family trusts, LLCs, and governance at  https://thecoletter.beehiiv.comPodcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax t

If you earn over $250,000 or plan to sell a highly appreciated asset, this episode could save you hundreds of thousands in taxes. Most business owners stop at basic deductions and retirement plans, but the wealthy use strategies that go far beyond that. In this episode, we break down the five categories of advanced tax planning, when they apply, and how to use them the right way.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/Chapters(00:00) When Advanced Tax Planning MattersWhy high-income earners and those selling appreciated assets should consider advanced strategies.(01:00) Core vs. Advanced StrategiesThe difference between foundational tax tactics available to everyone and advanced ones designed for high earners or large one-time gains.(03:10) The Government Rewards Tax PlanningHow tax incentives are built to encourage investment in business, housing, and energy projects.(05:00) The Five Categories of Advanced Tax StrategiesAn overview of the five areas where the wealthy focus their planning.(05:23) Advanced Retirement PlanningCash balance plans, mega backdoor Roths, non-qualified plans, and self-directed accounts for those already maxing out standard retirement limits.(06:24) Asset Purchase StrategiesUsing leverage and depreciation to create large year-one deductions. Example: turning a $10,000 down payment on a Turo car into a $100,000 deduction.(08:00) Asset Donation StrategiesBuying assets at a discount and donating them at full fair market value to increase charitable deductions.(09:00) Oil and Gas InvestmentsHow investors receive 80 to 90 percent year one deductions through intangible drilling costs and depletion allowances.(10:14) Captive Insurance CompaniesCreating your own insurance company to protect your business while shifting income into a tax-advantaged structure.(11:16) What to Consider Before Using Advanced Strategies Material participation requirements, IRS scrutiny, vendor due diligence, and understanding investment or loan obligations.(14:00) Finding the Right FitWhy working with a tax strategist helps you find the combination of strategies that fits your goals.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Are you spending money the wrong way? Every dollar is either pre-tax or after-tax money. Knowing the difference is the key to thousands in tax savings.In this episode, we cover how to turn everyday expenses into business deductions. From meals and travel to home office and even hiring your kids, you’ll learn the mindset shift that could save you thousands each year. 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/Chapters(00:00) Pre-Tax vs. After-Tax SpendingWhy most business owners spend the wrong way and how to flip it.(01:18) Ordinary and Necessary ExpensesWhat makes an expense deductible, and how to pass the audit test.(04:00) Everyday Costs You Can DeductHome office, vehicle, meals, travel, tech, cell phone, and subscriptions.(06:27) Hiring Your KidsHow shifting family costs into payroll creates big tax savings.(08:24) Live Audit of a Credit Card StatementMike reviews personal spending line by line to uncover missed deductions.(13:10) The Framework for DeductionsRationale, recordkeeping, and reasonableness: How to defend expenses.(14:45) Documentation Tips to Protect YourselfHow to prove expenses with receipts, notes, and an accountable plan.(16:15) Action Steps to Maximize Tax SavingsStart small, pick categories, and track better to save thousands. $100 pre-tax is worth $100. $100 after-tax is only worth $65.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

What happens when you take a real small business owner, put them in the hot seat, and break down their tax strategy live? That’s what we’re doing in this episode.Eric runs a successful appraisal business, pays himself through an S-Corp, and last year wrote a $50,000 check to the IRS. Did he really have to? Mike digs into Eric’s setup and reveals how simple shifts could slash his tax bill. From adjusting his salary to using the Augusta Rule, hiring kids, and planning for real estate, you’ll see how the right strategy can cut thousands off your tax bill.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/  Here's What We Discussed: (01:21) Income Breakdown$200K profit in appraisal business, break-even martial arts school, plus wife’s part-time job.(03:09) Current S Corp Salary SetupEric takes $120K-$140K salary. Mike shows how lowering it could save $8K-$9K annually.(06:25) Why Two S Corps Cost Too MuchRunning payroll twice and filing two returns is unnecessary. A smarter setup is to use one holding S Corp that owns your other businesses (but only for active businesses, not passive income like rentals.)(09:07) Retirement Planning Made SimpleHow Eric can prioritize HSA, IRA, and SIMPLE contributions to maximize tax benefits.(10:32) How to Determine a Reasonable Salary as an S CorpStart with 30-50% of profit, then back it up by tracking how many hours are spent on core tasks. Use labor statistics to assign hourly rates (this builds audit protection and ensures you’re not overpaying in payroll taxes).(17:42) Maximizing Deductions You Already HaveUse an accountable plan to capture deductions you might miss. Home office, mileage, meals, and travel can all qualify when tied to business. (21:00) The Power of a Board + Augusta RuleSet up a board, hold meetings at home, and rent your house tax-free.(26:40) Hiring Kids the Right WayWhen to use W-2 vs. 1099 and how to turn family support into deductible expenses.(36:15) Real Estate and REPS StrategyHow cost segregation and bonus depreciation could create six-figure deductions.(41:58) Core vs. Advanced Tax StrategiesWhat every business owner should implement now and what comes next as income grows.👉 U.S. Bureau of Labor Statistics (BLS) – https://www.bls.gov/oes Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Most business owners are driving right past thousands in tax savings without realizing it. In 2025, the IRS raised the standard mileage rate to 70 cents per mile, but that’s only the beginning.In this episode, Mike breaks down exactly how to structure your auto deductions, avoid costly mistakes, and choose between the mileage method and actual expenses.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/  Chapters(00:00) You’re Missing Out on Auto DeductionsMost business owners overlook vehicle write-offs that could save thousands.(01:00) What’s New for 2025IRS mileage rate jumps to $0.70 per mile, plus bonus depreciation returns to 100%.(03:15) Mileage Method vs. Actual MethodHow each deduction works and the rules for switching methods. Low-cost, high-mileage cars lean mileage. High-cost, heavy vehicles lean actual.(08:10) The 6,000-Pound Vehicle RuleHow GVWR impacts deductions and when Section 179 + bonus depreciation apply.(09:50) Recordkeeping RequirementsMileage logs, receipts, and documentation you’ll need if the IRS asks.(13:00) What Counts as Business Miles (and What Doesn’t) Meetings, errands, and client visits qualify. Commuting does not.(16:12) Real-Life Example: $7,000 vs. $10,000 Deduction Side-by-side comparison of mileage vs. actual expenses.(18:32) How to Claim the Deduction by Entity Schedule C for sole props vs. accountable plans for S-Corp owners.(19:51) Action Steps to Maximize 2025 Auto Deductions Pick your method, track carefully, and understand depreciation rules.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Do you have a home office? The desk you’re sitting at could save you up to $1,500 a year in taxes.Many business owners skip this deduction because they think they don’t qualify or fear an IRS audit. The truth is, most do qualify. One client of mine saved $1,100 in just 30 minutes by setting it up.In this episode, Mike Jesowshek, CPA, explains who qualifies, the two ways to calculate it, how to document properly, and the mistakes that cause business owners to miss out. You’ll also learn how the home office deduction can unlock other tax savings like business mileage.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters(00:00) Why Most Business Owners Skip the Home Office DeductionThe $1,500 opportunity that too many entrepreneurs ignore(01:00) Real Client Example: $1,100 Saved in 30 MinutesHow a quick calculation turned wasted expenses into major tax savings.(03:00) Who Qualifies? The 2 Rules You Must MeetRegular and exclusive use + principal place of business (with the administrative loophole explained).(09:00) Two Ways to Calculate: Simplified vs. Actual$5 per square foot up to 300 sq ft vs. percentage of actual costs: When to use each method.(13:00) Where to Take the Deduction (Sole Prop vs. S-Corp)Schedule C, Form 8829, and how to handle it with an S-Corp accountable plan(14:30) Common Mistakes That Kill Your DeductionFrom mixing personal use to failing to document properly… What to avoid(17:30) In SummaryWhy this deduction can be worth $1,500+ every year, and how it also unlocks mileage deductionsPodcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Some entrepreneurs sell their companies and walk away with zero federal taxes. How? This is thanks to a strategy called QSBS.In this episode, tax strategist Alessandro of Get Dynasty breaks down Qualified Small Business Stock, new changes from the “Big Beautiful Bill,” and how founders can use trusts to multiply tax-free exits. If you’re building or investing in startups, this could be the single most powerful tax break you’ll ever use.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(00:00) How Founders Pay $0 in Taxes With QSBSThe “greatest tax exemption that exists” and why startup founders need to know it.(00:48) What is QSBS and Who QualifiesKey rules, industries that benefit, and those excluded (law firms, banks, services).(03:30) Can LLCs and S Corps Still Benefit?How to flip into a C Corp, restart the clock, and unlock bigger gains.(06:05) Real Example: $126M of QSBS EligibilityHow flipping from LLC to C Corp can multiply your tax-free exclusion.(08:10) New Rules From the Big Beautiful Bill and Why States Matter Exclusion raised to $15M, partial exclusions after 3–4 years, and $75M asset threshold, plus, which states recognize QSBS?(15:00) Don’t Be Too Early, Don’t Be Too LateThe timing mistakes founders make when setting up QSBS.(18:30) Stacking QSBS With TrustsHow Get Dynasty helps founders create trusts for $40M+ in tax-free gains.(23:00) Avoiding Common MistakesWhy planning early is critical and why TikTok tax tips miss the bigger picture.(27:30) Success Stories: Roblox and BeyondHow founders have shielded $40M–$120M from taxes using QSBS trusts.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Misclassifying workers is one of the biggest mistakes a business owner can make. It might seem cheaper to pay someone as a 1099 contractor, but if the IRS says they should be a W-2 employee, you’re looking at back taxes, penalties, and possible audits that could cripple your business.In this episode, Mike breaks down the IRS framework for worker classification, the red flags that trigger audits, and the tax differences between employees and contractors. You’ll learn how to protect your business, avoid costly penalties, and even find tax strategies that benefit both employers and contractors.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(00:16) Why Misclassification Is a Major IRS Red FlagWhen workers are incorrectly classified as contractors instead of employees, the employer becomes responsible for unpaid payroll taxes, Social Security, Medicare, unemployment taxes, plus penalties and interest.(04:01) What Triggers an IRS AuditUnemployment claims and disgruntled workers are the two most common red flags.(05:43) The IRS 3-Factor TestWorker status is based on behavioral control, financial control, and the overall relationship.(09:47) Signs of an Employee vs ContractorClear examples that distinguish W-2 employees from 1099 contractors.(12:29) Tax Treatment of Each Worker TypeHow payroll taxes, reporting, and deductions differ between W-2s and 1099s.(15:22) Practical Tips for Staying CompliantContracts, scope of work, and how to defend your classification in an audit.(16:31) Tax Strategies for EmployersHow hiring employees changes access to tools like the Solo 401(k).(17:08) Tax Strategies for ContractorsTurning a 1099 gig into a business with deductions, retirement plans, and S Corp elections.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Most tax strategies give you either a write-off or long-term growth. Oil and gas gives you both. With IRS Code 263(c), you get massive upfront deductions and steady tax-advantaged cash flow.In this episode, Mike and Nick from US Energy unpack how drilling funds work, the unique tax benefits they provide, and how to use them strategically in your business planning.👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(01:34) What Is US Energy and Their FocusUS Energy’s 45+ year history in oil and gas, working with partners like Exxon and Shell, and why the Permian Basin is the hottest U.S. play.(04:01) The Tax Benefits of Drilling FundsIRS Code 263(c) allows investors to deduct 85–90% of their investment upfront through intangible drilling costs.(06:07) Tangible Costs and Depletion AllowancesUsing depreciation and depletion to shelter future income from wells and create long-term tax efficiency.(08:12) Why Oil and Gas Beats the “Buy a Truck” StrategyInstead of wasting money on deductions you don’t need, oil and gas offers upfront write-offs and produces an appreciating income-generating asset.(09:24) Sample Investment Return BreakdownHow a $100,000 investment could produce $45,000 in tax savings and cash flow returns of 1.5–2x over 10 years.(13:06) Understanding Tax RiskAudit concerns, excess business loss limitations, and AMT caps, plus how unused deductions can be carried forward.(18:28) Investment Risks and Hedging Commodity PricesThe difference between exploratory, step-out, and developmental drilling, and how hedging protects against oil price drops.(22:06) Oil and Gas for QBI PlanningHow investments can lower AGI and re-open the Qualified Business Income deduction, creating stacked tax savings.👉 Learn more about Oil and Gas Investing at US Energy: https://www.usenergyco.comPodcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

If I were starting a business today, this is exactly how I’d approach tax planning from the ground up. In this episode, we're tackling tax strategy hierarchy every small business owner should follow. From core strategies like hiring your kids and maximizing deductions, to advanced moves like asset purchases, oil and gas investments, and captive insurance, you’ll learn the right order to implement them for maximum savings. We also answer listener questions on short-term rental deductions, the Big Beautiful Bill, and how to structure partnerships for smarter tax planning. 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(00:00) Starting From ScratchMike shares his “from scratch” game plan for small business tax planning and breaks down the difference between core and advanced tax strategies.(04:04) Big Beautiful Bill OverviewWhat’s in the Big Beautiful Bill, how it impacts small businesses, and where to find the full breakdown.(05:00) Planning for Income Phase-OutsStrategies for lowering AGI to avoid phase-outs and AMT for high earners.(08:00) Short-Term Rental DeductionsHow to qualify, the 100-hour rule, and how bonus depreciation applies.(12:15) 1099 Income AdvantagesWhy 1099 workers are treated as business owners and the deductions that come with it.(14:00) Self-Rental and Asset Purchase Strategies Using a self-rental strategy and advanced asset purchases to significantly reduce taxable income.(15:53) Adjusting S Corp Salary How to handle a reasonable salary when business revenue drops.(17:00) Home Office Deduction Methods Comparing the simplified and actual methods for the home office deduction.(18:46) Structuring Partnerships for Tax Planning Entity structures that allow partners with different tax needs to plan separately.(20:58) Accessing S Corp Profits How to take owner’s draws and keep your salary reasonable.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Most business owners think of insurance as a necessary expense, but what if it could double as a tool to cut taxes? With a Section 831(b) captive insurance company, you can set aside pre-tax dollars to cover risks traditional insurance won’t touch… All while building a financial safety net for your business. In this episode, Van Carlson, founder of SRA 831(b), explains how captives work, the types of risks they can cover, when it makes sense to use one, and how to stay compliant under IRS rules. 👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners: https://www.taxsavingspodcast.com/starterkit🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(01:34) What Is a Captive Insurance Company?Captive insurance companies let businesses self-insure specific risks using Section 831(b) for tax-deferred funding.(02:55) Funding Uninsured RisksUnfunded liabilities can drain after-tax cash, but 831(b) allows businesses to cover them with pre-tax dollars.(06:00) Captive vs. 401(k) ComparisonA captive works like a 401(k) for risk, building tax-deferred reserves instead of retirement savings.(10:41) What Captives Actually CoverCaptives can insure supply chain disruption, brand damage, cyber threats, and more through “halo coverage.”(15:58) How Do You Set Up And Run a Captive? Setting up a captive involves forming a C corporation, underwriting policies, pooling risks, and managing claims. (25:48) IRS Scrutiny and ComplianceHow to avoid common pitfalls by ensuring proper risk pooling, accurate underwriting, and full documentation. 👉Learn more about Captive Insurance and Section 831(b) at SRA 831(b): https://www.831b.comPodcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Retirement expert Matt Ruttenberg walks through 5 real-world business scenarios and how to choose the smartest retirement plan for each. Whether you're flying solo or managing a growing team, this episode breaks down IRA, SEP, SIMPLE, 401(k), and advanced options in a simple way… Plus, how to take advantage of powerful tax credits.🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ 🚀 Build a smarter retirement strategy for your business. Visit: https://lifeincrs.com/tax-savings-podcast/  Chapters:(00:00) Most Business Owners Are in the Wrong PlanMost entrepreneurs are saving in the wrong retirement account—or missing out completely.(01:42) Scenario 1: Solo Owner Saving Less Than $6KIf you're saving under $7,000/year, a traditional or Roth IRA is likely all you need.(03:57) Scenario 2: Solo Owner Saving Around $12KExplore SEP vs. SIMPLE IRA options based on your business type and how you pay yourself.(07:51) Scenario 3: Solo Owner Saving $25K+When your savings goals go up, consider a Solo 401(k) for higher limits and flexibility.(16:02) Scenario 4: Business With Employees—Recruit & RetainUse a SIMPLE or Traditional 401(k) to attract employees without overcommitting on costs.(21:32) Scenario 5: Max Out Retirement With EmployeesHow to design a Safe Harbor 401(k), profit sharing, and defined benefit plan to maximize owner contributions while minimizing employee costs.(26:57) Big Tax Credits That Cover Admin Costs & MatchesSecure 2.0 offers up to $50,000 in tax credits for new retirement plans—free money you shouldn’t miss.(30:52) Setup Deadlines & What to Know for 2025Important plan setup deadlines and why talking to a specialist can prevent costly mistakes.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Taking money out of your business isn’t always tax-free. If you’re not tracking your basis, you could get hit with a surprise capital gains tax, even without selling anything. Let's break down what basis means, how it works differently for Partnerships and S Corps, and why overlooking it could cost you thousands. 🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(01:06) What Is Basis and Why It Matters Your basis determines how much you can take out of your business tax-free and how much loss you can deduct.(01:44) Client Story: The $7K Surprise Tax Bill A business owner thought their S Corp distributions were tax-free—until a capital gains bill showed up.(02:23) Calculating Basis: Partnership vs. S Corp Mike walks through the formula for both. Spoiler: only partnerships include debt in basis.(06:20) Real-Life Example: Same Business, Different Outcome Two identical businesses. One pays capital gains, the other doesn’t. The difference? Entity type.(07:44) Why Basis Gets Miscalculated Loans, poor bookkeeping, and switching accountants are common culprits behind basis errors.(09:25) Planning Tips to Avoid Basis Mistakes Track your basis annually, keep clean books, adjust distributions, or structure shareholder loans when needed.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Mixing active and passive income in one entity could be costing you thousands. In this episode, we break down why separating your income streams is essential. You’ll learn how to structure your business the right way using S Corps, LLCs, holding companies, and even C Corps to unlock advanced tax strategies. From hiring your kids to slashing self-employment tax, this is the blueprint smart business owners use to keep more of what they earn.🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(01:04) Active vs. Passive Income (Why separation matters)Why it's important to keep your active business and passive investments in separate entities.(04:06) Choosing the Right Entity TypeMike explains when to use sole proprietorships, LLCs, S corps, and C corps, depending on your needs.(10:55) The S Corp Holding Company SetupHow to simplify taxes and planning by running your active businesses through one S-Corp holding company.(14:36) Special Structures for Tax StrategiesWhen to use a sole proprietorship or C corp for things like hiring kids or unlocking health reimbursements.(15:16) Real-Life Use Cases and ExamplesMike walks through examples for coaches, rental properties, and software businesses using strategic entities.(21:16) When to Create a New EntityKey questions to ask when deciding whether to form a new LLC, DBA, or use an existing structure.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Trump’s Big Beautiful Bill just became law. What’s actually in it? On July 4th, the biggest tax overhaul since 2017 was signed, and it’s packed with big wins for business owners. 100% bonus depreciation, a permanent 20% QBI deduction, tax-free tips and overtime, and brand-new deductions most people haven’t even heard of. Let’s break down the Big Beautiful Bill line by line so you know exactly what’s changing, what’s temporary, and how to use it to slash your tax bill before the window closes.🚀Ready to stop overpaying the IRS? Sign up for my free webinar on  July 15th! Click here or visit: https://www.taxsavingspodcast.com/webinar 🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(00:00) Massive Tax Update Just Signed Into LawWhy the Big Beautiful Bill matters for business owners.(01:00) Personal Tax Cuts You Need to KnowPermanent tax bracket changes, higher standard deduction, and updated child tax credit.(05:19) SALT Cap Raised to $40KState and local tax deduction cap temporarily increased for earners under $500K.(09:48) Trump Accounts & Charitable Giving ChangesNew tax-deferred savings for kids and updated rules for non-itemizer donations.(11:50) Business Deductions: QBI, Bonus Depreciation, Section 179Key write-offs expanded or made permanent for business owners and investors.(15:46)  Estate Tax, Opportunity Zones, and Green Credit CutsHigher estate exemptions, permanent Opportunity Zone rules, and energy credit rollbacks.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

When you're self-employed, getting approved for a mortgage isn't as straightforward as it is for W-2 employees. In this episode, Mike sits down with mortgage lender Bill Moeller to break down how tax-saving strategies can impact your mortgage application. 🚀Ready to stop overpaying the IRS? Sign up for my free webinar on  July 15th! Click here or visit: https://www.taxsavingspodcast.com/webinar 🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(00:57) The Mortgage Trap for EntrepreneursWhy showing low income on paper can backfire when it’s time to buy a home.(03:34) Hiring Your Kids: Tax Benefit, Mortgage ProblemOne popular tax strategy could hurt your loan approval unless you plan ahead.(05:44) Pre-Plan Your Income for Mortgage SuccessHow to reverse-engineer your tax return so you qualify for the house you want.(09:26) What Lenders Actually Add Back (And Don’t)Depreciation helps. Home office? Not so much. Here’s what gets counted.(12:54) Why Distributions Don’t Count Without ProfitLenders look for taxable income, not just how much cash you took out.(15:40) Real Estate Loans: How Rental Income Is CalculatedUsing market rent projections and DSCR loans to qualify for investment properties.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

🚀Ready to stop overpaying the IRS? Sign up for my free webinar on  July 15th! Click here or visit: https://www.taxsavingspodcast.com/webinar We’re halfway through the year, now’s the best time to check if you’re on track to pay less tax and avoid surprises. Mike explains why mid-year is the perfect time to review your entity setup, learn and apply tax strategies, check your income and tax bracket, shift spending from after-tax to pre-tax, plan for retirement, and catch up on bookkeeping. Don’t wait until December; take action now and save big.🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(00:00) Why Mid-Year Planning MattersWhy planning now beats waiting until year-end. Avoid surprises and stay ahead.(01:01) Review Your Entity StructureCheck if your LLC or S Corp is still right. Organize businesses and rentals smartly.(04:50) Learn and Implement Tax StrategiesTax breaks exist for a reason — learn, apply, and do it right to actually save.(07:53) Check Your Income and Tax BracketKnow where you stand. Spot bracket changes and plan moves like Roth conversions.(10:13) Maximize Deductions: Pre-Tax vs After-TaxShift expenses (travel, meals, kids’ pay) from after-tax to pre-tax. Keep more money.(18:03) Retirement, Investments & Advanced StrategiesPlan retirement accounts, strategic investments, and advanced moves like rentals, oil & gas.(25:06) Catch Up Bookkeeping & Next StepsGet your books in order now. Take action before it’s too late to benefit.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

🚀 Ready to stop overpaying the IRS? Sign up for my free webinar on  July 15th! Click here or visit: https://www.taxsavingspodcast.com/webinar Got a question about taxes, business expenses, or running your LLC? You’re not alone.In this Q&A episode, Mike tackles common questions from real business owners — covering topics like closing a business, low-income LLCs, vetting tax pros, and how to treat certain deductions.Whether you’re just starting out or already scaling, these answers can save you time, money, and legal headaches.🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(01:07) Should I Close My LLC or Just Repurpose It?Mike explains when to shut down your LLC vs. when to reuse it for another business.(04:18) Is It Bad If My LLC Made Less Than $3K?Low income doesn’t mean you’re in trouble — but watch out for hobby loss rules.(06:22) How to Vet a Tax Strategist (Beyond TikTok Tips)Not all flashy advice is safe. Here’s how to find a real expert who won't put you at IRS risk.(09:48) Do I Still Need to Pay Estimated Taxes?Mike explains the IRS “safe harbor” rule and how to avoid penalties — even if you expect a refund.(18:58) Should I Track Mileage If I Use the Actual Method?Yes! Even without the standard mileage deduction, the IRS still expects a log.(21:46) Can I Deduct Clothing With My Logo On It?Branded gear might be deductible — but there’s a right (and wrong) way to do it.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Missed the S Corp deadline? Don’t panic. In this episode, Mike breaks down how to file a late S Corp election the right way so you can still unlock major tax savings. You’ll learn what an S Corp really is, who qualifies, how to calculate your savings, and what to watch out for when making the switch. Plus, the exact steps to file a late election with the IRS, without triggering a red flag.🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(00:57) What Is an S Corp?An S Corp is a tax status that lets you split income into salary and distributions to lower your self-employment tax.(02:36) S Corp vs. Sole Proprietor: Tax Savings ExampleMike walks through an $80K income example showing how S Corp status can save over $5,000 in taxes every year.(05:25) When Should You Elect S Corp Status?If you’re earning $50K+ in profit and expect to grow, it may be time to switch, but only if you can handle the added costs.(08:06) Common Mistakes with S CorpsAvoid these pitfalls: no LLC, premature elections, and not paying yourself the right salary.(12:11) How to File a Late S Corp ElectionThe IRS allows late elections. Just file Form 2553 with a proper reason and follow the Rev Proc 2013-30 guidelines.(16:32) Payroll Is Not OptionalIf you backdate your election, you must also backdate your payroll. The IRS checks for this, so don’t skip it.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Most people think tax planning is only for big corporations. But it’s one of the most powerful tools any small business owner can use to save money.In this episode, Mike breaks down how tax planning is different from just filing your taxes, and why even brand-new business owners should be thinking about it. He also shares a real case study showing how one small business went from guessing on taxes to saving over $15,000 a year, just by planning ahead.If you’ve ever wondered whether tax planning is for you, this episode is the place to start.🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(00:56) Tax Planning vs. Tax PrepMike breaks down the difference between filing taxes and making proactive decisions to lower your bill.(05:11) Who Really Qualifies for Tax PlanningWhether you're a freelancer, side hustler, or growing business, tax planning applies to you.(07:21) Why Tax Laws ExistThe government uses tax laws to encourage business ownership, investing, and spending in key areas.(09:15) What Real Tax Planning Looks LikeLearn the 3 steps of tax planning: learn the strategy, implement it right, and lock in the savings.(13:56) Case Study: How One Client Saved $15KMike shares a real story of a business owner who dropped their tax bill from $24K to $9K in just one year.(19:06) How to Start Planning TodayMike explains how to take the first step, even with free tools, and how to work with the TaxElm team.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

You’ve heard of Roth IRAs, but no one talks about when and how to convert.In this episode, Mike breaks down exactly how a Roth conversion works, when it makes sense, and how to use it to build tax-free income in retirement.He also unpacks the key differences between Traditional and Roth accounts, plus real-life stories of business owners who used this strategy to grow wealth the IRS can’t touch.🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ Chapters:(00:00) Roth vs. Traditional IRAWhat’s the difference between Roth and Traditional retirement accounts, and how do taxes work with each?(03:47) What a Roth Conversion Really MeansLearn what a Roth conversion is and why you pay taxes now in exchange for tax-free growth later.(07:00) How to Do a Roth Conversion SmartMike shares five simple steps to do a Roth conversion and how to avoid paying too much tax.(07:57) Strategic Roth Conversion TipsHe shows how converting in chunks and using lower tax brackets can save thousands over time.(09:22) When a Roth Conversion Makes the Most SenseFind out the best timing like low-income years, business loss years, or market dips.(16:13) Real-Life Examples That Saved BigMike shares client stories showing how people used Roth conversions to save on taxes and grow money tax-free.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com🚀 Visit:  https://www.TaxSavingsPodcast.com 🚀 Check Out TaxElm: https://taxelm.com/🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/🚀 YouTube: www.TaxSavingsTV.com👋🏼 GET IN TOUCHYou can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏🙏 LEAVE A REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐🎙 ABOUT THE PODCASTThe Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.