The Small Business Tax Savings Podcast is designed specifically for small business owners. We focus on tax savings and ways to have a financially sound back bone to your small business. Our goal is to have you paying the least amount in taxes as legally possible.Hosted by by Mike Jesowshek, CPA, this is a quick hitting podcast aimed to get you important information without all the fluff. You can find episodes, blog posts, information on our software TaxElm and more on our website: www.TaxSavingsPodcast.com
Are you leveraging the latest tax credits to provide the best retirement plans for your employees?
Hosts Mike Jesowshek and guest Matt Ruttenberg discuss retirement plan options for businesses with employees. The conversation highlights various types of retirement plans like SEP IRAs, SIMPLE IRAs, Safe Harbor 401(k)s, and traditional 401(k)s. They explore the benefits of these plans, particularly in light of recent tax credits and laws that make setting up these plans more advantageous. The episode emphasizes the importance of understanding one's business needs and goals to choose the right plan, stressing the consultative approach to retirement planning.
Discover how simple adjustments to your retirement planning could save you thousands in taxes and benefit your entire team by tuning in!
[00:00 - 06:15] Overview of Retirement Plan Options
[06:15 - 14:49] Deep Dive into Plan Features and Selection
[14:49 - 23:01] Final Thoughts and Listener Q&A
Direct Quotes:
"The vast amount of retirement plan options available should encourage every business owner to consider what's best for their situation." - Matt Ruttenberg
"Don't be afraid to reach out for help, as the right plan can significantly impact your business's and employees' futures." - Matt Ruttenberg
Connect with Matt Ruttenberg!
LinkedIn: https://www.linkedin.com/in/mattruttenberg/
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
IncSight Packages (Full-Service): https://incsight.net/pricing/
Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: https://www.youtube.com/@TaxSavings
Are you a solo entrepreneur puzzled by the myriad of retirement planning options?
Mike Jesowshek welcomes back Matt Ruttenberg to discuss retirement plan options for solo entrepreneurs without employees. They highlight various plans like IRAs, SIMPLE IRAs, SEP IRAs, and solo 401(k)s, emphasizing the importance of starting with the desired savings amount to determine the most suitable plan. The episode covers the contribution limits, the benefits of each plan type, and the financial implications of choosing one plan over another, particularly in terms of tax deductions and maximizing retirement savings.
Discover how choosing the right plan can maximize your savings and secure your financial future by tuning in!
[00:00 - 05:48] Exploring Basic Retirement Plan Options, SEP IRAs, and Solo 401(k)s
[05:48 - 15:22] Comparison of SEP IRA and Solo 401(k) Contributions and Decision-Making in Retirement Planning
[15:22 - 20:05] Closing and Resource Mention
Direct Quote:
"So you might have a couple hundred dollars of fees, but you are netting a substantial amount more, going into that solo than you are with the SEP IRA." - Matt Ruttenberg
Connect with Matt Ruttenberg!
LinkedIn: https://www.linkedin.com/in/mattruttenberg/
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
IncSight Packages (Full-Service): https://incsight.net/pricing/
Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: https://www.youtube.com/@TaxSavings
Are you a small business owner curious about the financial benefits of establishing a retirement plan for your company?
In this episode, Mike Jeshowshek and guest Matt Ruttenberg discuss the substantial tax credits and key due dates associated with setting up retirement plans for small businesses, introduced by Secure 2.0. They delve into specific credits available, such as the startup credit and the auto-enrollment credit, and outline who qualifies for these benefits. Matt provides a detailed explanation of how businesses can maximize these credits, the importance of not missing due dates, and the strategic advantage of starting retirement plans early. They also emphasize the significant tax savings and benefits for small business owners and their employees.
[00:00 - 05:51] Introduction and Overview of the Series
[05:52 - 12:04] Discussing Tax Credits for Retirement Plans
[12:05 - 18:44] Qualification Criteria and Case Studies
[18:45 - 22:24] Important Due Dates for Implementing Plans
Direct Quote:
"Don't wait until September 15th... It takes roughly 45 to 60 days to implement these plans... So let's start having these conversations and just start looking into it." - Matt Ruttenberg
Connect with Matt Ruttenberg!
LinkedIn: https://www.linkedin.com/in/mattruttenberg/
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
IncSight Packages (Full-Service): https://incsight.net/pricing/
Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: https://www.youtube.com/@TaxSavings
Have you ever wondered if you could hire your older child to watch your younger one and claim it as a business expense? Or are you maximizing the benefits of a Health Savings Account to its fullest potential?
In this Q&A episode of the podcast, host Mike Jesowshek answers a series of listener-submitted questions covering a wide range of topics pertinent to small business owners, such as tax deductions, business expenses, payroll management, and tax strategies. Mike provides detailed insights on various scenarios, such as employing children, maximizing HSA contributions, and the proper way to handle business travel deductions. He also discusses the benefits of using payroll software for S Corporations and outlines strategies for setting reasonable salaries within an S Corporation framework. Additionally, the episode includes practical advice on managing business deductions for vehicle expenses and hiring offshore freelancers.
[00:00 - 00:59] Introduction and Webinar Announcement
[00:53 - 04:11] Hiring Family Members and Maximizing HSA Contributions
[04:11 - 09:42] Business Purchases, Tax Implications, and Renting Personal Equipment to Your Business
[09:42 - 15:31] Using Payroll Software for S Corporations and other Tax Topics
[15:31 - 23:09] Benefits of Payroll Software for S Corps and Correct Payroll Handling
[23:09 - 25:44] Travel Deductions for Business Trips
[25:44 - 26:49] Closing Remarks and Additional Resources
Direct Quote:
"Think of an HSA almost as a retirement plan on steroids." - Mike Jesowshek, CPA
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
IncSight Packages (Full-Service): https://incsight.net/pricing/
Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: https://www.youtube.com/@TaxSavings
Have you ever wondered how to structure your multiple business ventures efficiently while minimizing your tax burden?
Mike Jesowshek delves into the complexities of business structuring, particularly for individuals owning multiple businesses or in partnership. He emphasizes the utility of S Corporations in reducing self-employment taxes and the importance of establishing a parent S Corporation to streamline business operations, financial management, and tax filing. Mike advocates for separate bookkeeping for each entity, despite their consolidation under the parent S Corp, to maintain clarity in financial and legal aspects.
[00:00 - 04:20] Introduction to Business Structuring and Exploring S Corporation Complexities
[04:20 - 07:03] Structuring for Operational Efficiency
[07:03 - 11:32] Tax Considerations and Partnership Structures
[11:32 - 20:09] Practical Tips and Conclusion
Direct Quotes:
"When we talk about S Corporations, obviously the goal is to minimize self-employment taxes, but S Corps comes with some complexities as well." - Mike Jesowshek, CPA
"We want to have one company that we're actively participating in running through with all of our income before touching us. And we want that company to be in most cases, an S corporation." - Mike Jesowshek, CPA
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
IncSight Packages (Full-Service): https://incsight.net/pricing/
Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: https://www.youtube.com/@TaxSavings
Are you perplexed by estimated taxes and worried about potential penalties? Discover how to navigate the U.S. tax system's pay-as-you-go approach and strategically plan your payments to stay on top of your tax obligations!
In this episode, Mike Jesowshek discusses the importance of understanding and paying estimated taxes in the U.S., emphasizing the "pay as you go" system. He explains the concept of estimated taxes, key due dates for each quarter, and the significance of making timely payments to avoid penalties and interest. Mike introduces the "safe harbor" rule, which helps taxpayers avoid penalties if they pay a certain percentage of their previous year's tax or their current year's expected tax liability.
[00:00 - 01:21] Introduction to Estimated Taxes
[01:21 - 02:45] The Mechanics of Withholding
[02:45 - 04:32] Year-End Reconciliation and Tax Refunds
[04:32 - 06:28] Estimated Tax Due Dates and Payment
[06:28 - 10:50] Safe Harbor Rule and Calculating Estimated Taxes
[10:50 - 17:06] Actual Method and Recap
Direct Quotes:
"A refund doesn't mean you saved money on taxes; it's just saying you paid too much in taxes throughout the year." - Mike Jesowshek, CPA
"Estimated taxes are the way that business owners can make payments against that future tax bill as they're earning money." - Mike Jesowshek, CPA
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
IncSight Packages (Full-Service): https://incsight.net/pricing/
Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: https://www.youtube.com/@TaxSavings
We’re thrilled to invite you to our complimentary webinar, “Slash Your 2024 Taxes: Essential Strategies for Small Business Owners.” Join us for a session packed with valuable insights to minimize your tax bill.
Topic: Slash Your 2024 Taxes: Essential Strategies for Small Business Owners
Date: Wednesday April 24, 2024
Time: 2pm EST
Sign-Up: https://www.taxsavingspodcast.com/slashtaxes
In this webinar, you’ll learn how to:
This is a must-attend event for any business owner eager to keep more of their hard-earned money. Register now for free and ensure your spot in this transformative session!
As always, our goal is to ensure you pay the least amount in taxes as legally possible!
Sign-Up: https://www.taxsavingspodcast.com/slashtaxes
Are you maximizing the potential of your real estate investments through 1031 exchanges and Opportunity Zones?
In this podcast, Mike Jesowshek and guest Michael Scherer delve into the intricacies of 1031 exchanges, focusing on various replacement property options, including Delaware Statutory Trusts (DSTs) and Qualified Opportunity Zones. They discuss the advantages of passive investment through DSTs, the strategic importance of planning and consulting with tax advisors, and the potential tax deferral benefits of investing in Opportunity Zones. The conversation emphasizes the need for investors to align their investment choices with their financial goals and the importance of thorough planning.
[00:00 - 04:37] Replacement Property Options and Delaware Statutory Trusts (DSTs) in 1031 Exchanges
[04:38 - 06:17] Direct Real Estate Investment vs. Passive DST Investment
[06:18 - 12:59] Strategies for Maximizing Tax Deferral and Qualified Opportunity Zones as an Investment Avenue
[12:59 - 19:06] Navigating the Complexity of 1031 Exchanges and Investment Options
[19:07 - 22:57] The Importance of Planning and Expert Advice
Direct Quotes:
"Understanding the investor's goals and objectives and working with their tax advisor is critical." - Michael Scherer
"It all comes down to planning and understanding what your objectives are." - Michael Scherer
Connect with Michael!
LinkedIn: https://www.linkedin.com/in/michael-scherer-caia-8147504/
Email: [email protected]
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
IncSight Packages (Full-Service): https://incsight.net/pricing/
Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: https://www.youtube.com/@TaxSavings
Are you maximizing your real estate investment potential through tax-deferred strategies?
Mike Jesowshek and Michael Scherer delve into the intricacies of 1031 exchanges. They explain its purpose, benefits, and the critical role of proper planning and advice from tax advisors. They emphasize the necessity of involving a qualified intermediary and the potential financial advantages, including tax deferral and strategic reinvestment, to maximize wealth building in real estate investment.
[00:00 - 04:52] 1031 Exchanges and its Planning and Prerequisites
[04:53 -12:22] 1031 Exchange Process, Timelines, and Exploring Replacement Property Options
[12:22 - 16:22] Liquidity and Investment Goals in 1031 Exchanges
[16:22 - 20:04] Final Steps and the Role of RCX Capital Group in 1031 Exchange
[20:05 - 24:23] Common Mistakes and Wrap-Up
Direct Quotes:
"1031 exchange is an exceptional tool for wealth building, but something that you need to plan around." - Michael Scherer
"Proper planning is essential. Talk through your options, understand your goals and objectives." - Michael Scherer
"One of the most amazing wealth-building tools is section 1031." - Michael Scherer
Connect with Michael!
LinkedIn: https://www.linkedin.com/in/michael-scherer-caia-8147504/
Email: [email protected]
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
IncSight Packages (Full-Service): https://incsight.net/pricing/
Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: https://www.youtube.com
Ever wondered how you could significantly reduce your taxable income from real estate investments in just one year?
In this episode, Mike Jesowshek introduces Gabriel Florentino from Engineered Tax Services to discuss cost segregation studies, a tax strategy for real estate investors aiming to accelerate depreciation deductions. Gabriel explains the concept and benefits of cost segregation, emphasizing its significant impact on reducing taxable income by identifying and reclassifying property components to shorter depreciable lives. The discussion also covers the importance of understanding accounting terms, the difference between cost segregation and traditional depreciation methods, and the added advantage of bonus depreciation introduced in 2017, which allows for even greater tax savings in the early years of property ownership.
[00:00 - 08:37] Cost Segregation Studies
[08:38 - 14:36] The Impact of Bonus Depreciation
[14:37 - 19:52] Practical Examples and Cost Study Analysis
[19:53 - 22:08] Conclusion and Final Thoughts
Direct Quotes:
"Even if it's sunsetting, there is still a huge benefit of doing a cost seg study on a property." - Gabriel Florentino
"Cost segregation study is still a strong tool because you're getting the real value of depreciation for a lot of components inside a property." - Gabriel Florentino
Connect with Gabriel!
Email: [email protected]
Website: https://engineeredtaxservices.com
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
IncSight Packages (Full-Service): https://incsight.net/pricing/
Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: https://www.youtube.com/@TaxSavings
Curious about how real estate can help you grow your wealth and save on taxes?
In this episode, Mike Jesowshek discusses how real estate can serve as a tool for both wealth-building and tax savings. He emphasizes the concept of depreciation, whereby the cost of a rental property can be deducted over time, and explains how this, along with other operating expenses, can offset rental income. He also delves into strategies for utilizing passive losses to offset ordinary income, such as qualifying as an active real estate investor or a real estate professional. Additionally, he touches on the "short-term rental loophole" and the importance of considering exit strategies when selling real estate investments.
[00:00 - 05:21] Introduction and Overview of Real Estate Tax Planning
[04:00 - 13:41] Utilizing Passive Losses and Short-Term Rental Loophole
[13:41 - 17:09] Considerations for Business Owners in Real Estate
[17:09 - 25:51] Exit Strategies and Conclusion
Quote:
"Don't get into real estate for tax savings. Get into real estate to grow your wealth and then experience the benefit of tax savings that comes with real estate as that cherry on top." - Mike Jesowshek, CPA
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
IncSight Packages (Full-Service): https://incsight.net/pricing/
Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: https://www.youtube.com/@TaxSavings
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