Small Business Tax Savings Podcast | Jetro And Associates

Send us a textHow Can I Maximize Office Expenses and Employee Benefits? In this episode of the Small Business Tax Savings Podcast, Mike discusses how to shift from after-tax spending to pre-tax spending, highlighting acceptable expenses that qualify as ordinary and necessary.Mike offers a guide to maximizing available business deductions and discusses planning opportunities for maximizing deductions in technology write-offs, subscriptions, and memberships.Mike emphasizes the importance of finding business purposes for expenses in order to take advantage of tax deductions as a business owner. He talks about de minimis benefits which are small and infrequent gifts or items that can be given to employees without tax.Tune in now as Mike offers an ultimate guide to business deductions at his website and learn valuable insights on office expenses and employee benefits! [00:00] Maximizing Office Expenses And Employee Benefits For Small Business OwnersToday’s episode is about how you can maximize office expenses and

Send us a textDid you know that there are many tax deductions available that can help you save money? In this episode of the Small Business Tax Savings Podcast, Mike discusses maximizing advertising and gift deductions, which is part of a bigger series on business deductions and write-offs.Mike talks about advertising expenses, these refer to costs associated with promoting a company or brand through media buys, social media, website creation, and influencer marketing, among others. The key is finding a business purpose for everyday spending to turn into pre-tax spending.Mike explores the different ways to maximize tax deductions through charitable contributions, advertising expenses, and gift expenses. He delves into ways to categorize gifts as advertising expenses, such as placing logos on items or using them for training.Tune in now and check out Mike’s guide for more in-depth information on maximizing deductions while growing your small business! [00:00] Maximizing Advertising And Gift Deductions For Smal

Send us a textHow do you maximize deductions in your business? In this episode of the Small Business Tax Savings Podcast, Mike explores the core concept of deducting ordinary and necessary expenses as pre-tax spending, rather than after-tax spending.Mike provides an overview of various deductible expenses, including contract labor or outside services and insurance premiums. Before paying contractors, he advises a W9 from the m and sends 1099 at year-end.Mike covers various business expenses that are deductible, including life insurance for employees (if the company is not a beneficiary), interest on loans and mortgages, repairs and maintenance, taxes and licenses, and wages and salaries for employees. Mike emphasizes the importance of turning after-tax spending into pre-tax spending and ensuring that expenses are ordinary and necessary in your line of business.Tune in now so that you won’t miss out on the opportunity to grow your business while saving on taxes! [00:00] Maximizing Business DeductionsToday’s ep

Send us a textWhat are the different tax deductions for small businesses? In this episode of the Small Business Tax Savings Podcast, Mike explains that certain expenses are tax deductible if they are ordinary and necessary for the business and have proper documentation to support them.Mike Jesowshek shares his insights into how businesses can claim this expense as a deductible item on their taxes.Mike covers various questions related to business expenses, S-Corp election, payroll, and documentation needed for paying a child in the business. Mike offers advice to Matt who needs help buying a new house with more office space since he runs his business from home.Tune in now and find out how you can save money on your taxes while growing your small business! [00:01] Listener Q&A with Mike Jesowshek, CPAPaying kids under S-Corp or sole proprietorship, deducting shipping fees, and maximizing deductions for sponsoring a golf teamPaying kids through sole proprietorship avoids withholding for social security and M

Send us a textHow does the Secure 2.0 Act affect 401Ks? In this episode, Matt Ruttenberg discusses the Secure 2.0 Act and how it can significantly affect tax credits for business owners. The Secure 2.0 Act is a piece of legislation that aims to improve retirement security for Americans.The Secure 2.0 Act offers three main tax credits for businesses that offer retirement plans, including an administration tax credit of $250 per non-highly compensated participant up to 100% of administration fees, and an auto-enroll credit of $500 for the first three years of a plan starting in 2023.The tax credits are only applicable to new plans, and there is still some clarification needed around certain details. Matt highlights various changes and tax credits for retirement plans that will be implemented in 2023. The contribution tax credit is the biggest and most significant tax credit, providing up to $1, 000 per participant who earns $100, 000 or less per year. This credit covers a new tax credit for small businesses tha

Send us a textWhat is the most crucial for every business small business owner out there? In this episode, we discuss estimated taxes, where you’re a W2 employee, your taxes are calculated and paid by your employer, or as a business owner, it’s up to you to make sure you pay your own estimated taxes quarterly to cover federal and state agencies.This is because the US tax system is a pay-as-you-go system where taxes are owed on earnings as they are earned.What happens if you don’t pay enough in estimated taxes? When it comes time to file your year-end tax return, it’s simply a reconciliation of what was earned and what was paid throughout the year. If you don’t pay enough in estimated taxes, you’ll face potential penalties and interest. But don’t worry, understanding estimated taxes can help avoid big tax surprises for small business owners.Tune in now as Mike emphasizes the importance of staying on top of estimated tax payments to avoid penalties and underpayment! [00:01] Understanding Estimated TaxesWhat is

Send us a textAre you unsure about the difference between trademarks and copyrights for businesses? On this episode of the Small Business Tax Savings Podcast, we are joined by Andrea Sager to discuss the crucial information that small business owners need to know.Andrea Sager helps listeners to understand the importance of protecting your brand by filing applications and navigating copyright law.She shares why statutory damages are essential when registering copyright, how photographers are now using cease and desist letters as a business model, and when it makes sense to register for copyright.Tune in now as we explore how to protect yourself legally and monetize your creative works through trademarks and copyrights! [00:01] Understanding Trademarks and CopyrightsMike welcomes Andrea Sager to the show!Why you need trademarks and copyrights for your businessTrademarks protect brandings, such as brand names, logos, slogans, and podcast namesCopyright protects creative work, such as blog posts, videos, photos,

Send us a textAre you aware of the legal protections your business needs? On this episode of the Small Business Tax Savings Podcast, we welcome Andrea Sager, Andrea is a lawyer with experience in contract law. She explains the different types of contracts businesses need for protection.Andrea Sager highlights that having a privacy policy, terms of use, service agreement, employment agreement, and independent contractor agreement are essential for most businesses.She provides valuable advice on when to use a template or hire an attorney for custom contracts and how to protect yourself if you’re working with an LLC, she outlines her best tips for creating meaningful agreements with clients and cautions against signing any document without reading it first.Tune in now to learn the importance of signing contracts and how to do so respectfully and professionally! [00:01] When To Get Custom Agreements Versus Contract TemplatesMike welcomes Andrea Sager to the show!When money or value is changing hands, a written ag

Send us a textWhy do you need to file for LLC protection for your business? On this episode of the Small Business Tax Savings Podcast, we welcome Andrea Sager, Andrea is a serial entrepreneur and a lawyer. She knows first-hand how important it is for businesses of any size or stage to have legal support.Andrea Sager discusses the importance of filing for LLC protection from day one and how it can protect your personal assets from the debts of your company.She explores the potential drawbacks of not obtaining an LLC, including how to combat them. Andrea sheds light on setting up a separate business banking account to properly account for finances and maintain LLC protection. Get all this helpful information and more in this episode of the Small Business Tax Savings Podcast.Tune in now and learn how small business owners protect their businesses and maximize their tax savings! [00:01] The Pros And Cons Of An LLCMike welcomes Andrea Sager to the show!Why do you need an LLC for your business?What does an LLC stan

Send us a textAre you struggling to pay your tax bill? Don’t panic – there are options! In this episode, we discuss the different ways you can pay your taxes, from having the payment withdrawn with e-filing to using a debit or credit card.Mike Jesowshek offers advice such as how to create an IRS account and locate preferred vendors for payment processors. He explains what happens if you don’t pay the full amount on time – including interest and penalties, and how to avoid them.He covers state payment options and shares his tips on where to help if you need it. Get all this helpful information and more in this episode of the Small Business Tax Savings Podcast.Tune in now and learn more information on how to pay your tax bill and what happens if you don’t have the funds available! [00:01] Options for Those Who Can Afford to Pay and Those Who CannotMike provides options to pay the tax bill in full:Withdraw with e-filing of tax returnPay online via a bank account with an IRS accountPay online via a bank account u

Send us a textWhat do you need to know about tax extensions? On this episode of the Small Business Tax Savings Podcast, Mike provides an in-depth look at tax extensions and how they can help you.Mike Jesowshek discusses the difference between an extension of time to file and an extension of time to pay, potential reasons for needing a tax extension, how to request one, and the associated deadlines for different business structures.The potential risks associated with filing late and the penalties that could come with it. He provides tips on how to reduce your risk of an audit and what options are available for payment if you can’t afford to pay your tax bill. Get all this helpful information and more in this episode of the Small Business Tax Savings Podcast.Tune in now and learn more information on how to pay your tax bill and what happens if you don’t have the funds available! [00:01] Securing Your Business And Personal Tax Returns With Tax ExtensionsMike talks about tax extensions can be done for both busine

Send us a textDo you want to know how to maximize tax savings for your small business? On this episode, of the Small Business Tax Savings Podcast, Mike provides answers to listeners’ questions about small business taxes and strategies to get the most out of every dollar. Mike Jesowshek delves into topics such as utilizing baseline tax strategies, advanced tax strategies, deducting advertising expenses, understanding the taxation of assets within an irrevocable trust, taking advantage of charitable contributions, and more.Discover strategies for back taxes and penalties related to S Corporations, such as fixing it moving forward or starting fresh in 2023 with fees and penalties. Get all this helpful information and more in this episode of the Small Business Tax Savings Podcast.Tune in now and don’t miss the opportunity for tax savings! [00:01] Maximize Your Tax Savings To Go Beyond The $500, 000 Business Loss Limitation Baseline tax strategies are available to business owners at all stages of all income levels

Send us a textAre you a small business owner looking to save money on taxes? On this episode of the Small Business Tax Savings Podcast, Mike discusses strategies available to those who missed out on tax planning before year-end, and how to still optimize your tax return even after the end of the year.Mike Jesowshek explains how contributions to Traditional IRAs, Health Savings Accounts (HAS), Coverdell IRAs, SEP IRAs, Solo 401Ks, Profit Sharing Plans, Home Office deductions, and other business strategies should be completed by either the filing date or by April 18th whichever is earlier.This conversation reviews items such as automobile expenses and deductions related to spend that can be taken advantage of if not already done so. This is an invaluable resource for small business owners who want to ensure they are paying the least amount of taxes legally possible.Tune in now and don’t miss the opportunity for tax savings! [00:01] Tax Strategies To Lower Tax Bill After Year EndTax planning is important through

Send us a textAre you ready to learn the In’s and Out’s of selling a small business? On this episode of the Small Business Tax Savings Podcast, we welcome back Stuart H. Sorkin from Business and Legal Advisors to discuss how to eventually exit from your business. This is part two of a two-part series where he discusses why owners exit their business and how to best prepare for it. Stuart H. Sorkin discuss how to best prepare for an exit from a business. He tackles topics such as separating lifestyle businesses from other types of businesses, creating a management team, and handcuffing key employees to ensure the success of the M&A process.This conversation provides insight into the due diligence process for selling or buying a business and the importance of finding a professional with experience in mergers and acquisitions. He discusses the important of an LOI when negotiating an acquisition and some key points for sellers to consider, such as warranties, taxes, liabilities, and post-acquisition services

Send us a textDo you know why every owner exit their business and how can you prepare for this? On this episode of the Small Business Tax Savings Podcast, we welcome Stuart H. Sorkin from Business and Legal Advisors to discuss the ins and outs of exiting a business. This is part one of a two-part series geared towards educating people on what an exit plan looks like and what to consider when leaving their business. Stewart explains that there are six different ways an owner can exit their business: selling to family, management, a third party, becoming an absentee owner, having it liquidated or dying. He also encourages creating a strategic plan from day one in order to ensure that all partners have the same goals in mind.  Stewart dives into important topics such as the importance of finding a trusted employee to run the business until it is ready to be sold, aligning the goals of key employees with those of the owner, building a due diligence library as part of preparation for potential sale and accounting

Send us a textAre you ready to create a successful business plan for 2023? On this episode of the Small Business Tax Savings Podcast and hear from Mike on how to set up your business for success. This episode dives into the importance of bookkeeping, tax planning, and strategic planning. Learn how to create a perfect scenario, three- and five-year plans, and a list of action items that need to be completed this year. Find out why having an accountability partner is so important in staying motivated and meeting goals, as well as which websites are great resources for finding more information about tax savings. Finally, get tips on tracking progress during regular board meetings and making adjustments as needed.[00:00] Discover How to Achieve Your Perfect Scenario with Strategic Planning ·         Strategic planning in a business is where a business defines its strategy or direction and then makes decisions or plans on how it can get there.·         Determine your perfect scenario: step away from your business

Send us a textDo you want to set up your small business for success in 2023? On this episode of the Small Business Tax Savings Podcast, we discuss key steps and action items to make sure you are ready to make a major impact. In this episode, Mike discusses how small business owners can set up their businesses for success in 2023. Mike emphasizes the importance of bookkeeping and provides tips on how to do it regularly, keep separate business and personal financial accounts, and maintain accurate records and receipts. Mike also advises creating a budget, reviewing financial statements, and setting goals for the future. Other tips include automating tasks, staying organized, and seeking professional help when needed. [00:00] 3 Key Bookkeeping Tips to Help You Grow and Pay Less in Taxes• Bookkeeping is the backbone to every business and should be done regularly (monthly at a minimum). • Set up a separate bank account and/or credit card for your business and avoid commingling personal and business expenses. • Kee

Send us a textAre you dreading tax season? Join us on this episode of the Tax Savings Podcast as we discuss how to best prepare for tax season in 2023. Mike will cover a variety of topics, including action items such as completing bookkeeping, gathering receipts, bank statements, loan documents, asset purchases or sales, and completing an accountable plan. Mike will also provide helpful advice on due dates related to the 2022 tax year and tips on how to best prepare for filing. Plus, he is going to discuss how to create a system in place for tax documents that makes the upcoming tax season easier and stress free. Don’t miss out on this valuable information![00:00] What Your Accountant Needs and Tips to Make it Stress-Free·       Be proactive and get your documents and financials in order at the beginning of the year.·       Complete your bookkeeping as soon as possible and wrap up the previous year.·       Gather all necessary documents, including receipts, bank statements, loan documents, asset purchases/sal

Send us a textOn this episode we had Will DeShazo from Growth Tools on to discuss how you can build an email list utilizing a lead magent.Resources MentionedBlog Posts:https://videofruit.com/blog/how-to-build-an-email-list/https://videofruit.com/blog/lead-generation-coaching/https://videofruit.com/blog/lead-magnet/Workshop:https://www.youtube.com/watch?v=m_VajqZhYro--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Send us a textOn this episode Shannon Weinstein and I have a discussion together.  This is a cross-over episode between our two shows.We discussed:How to decipher good advice online.How to find a professional who's looking out for you.How to educate yourself on these types of complicated topics while also empowering yourself.Competition, how everyone is welcome in this space, and why Shannon and I believe collaboration is so important.Resources MentionedKeep What You Earn Podcast:https://podcasts.apple.com/us/podcast/keep-what-you-earn/id1580071347--------Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit