Small Business Tax Savings Podcast

Send us a text [https://www.buzzsprout.com/twilio/text_messages/1837660/open_sms] 🚀Ready to stop overpaying the IRS? Sign up for my free webinar on  July 15th! Click here [https://www.taxsavingspodcast.com/webinar] or visit: https://www.taxsavingspodcast.com/webinar [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 [https://taxelm.com/demo/] or visit: https://taxelm.com/demo/ [https://taxelm.com/demo/]  Chapters: (00:00) Why Mid-Year Planning Matters Why planning now beats waiting until year-end. Avoid surprises and stay ahead. (01:01) Review Your Entity Structure Check if your LLC or S Corp is still right. Organize businesses and rentals smartly. (04:50) Learn and Implement Tax Strategies Tax breaks exist for a reason — learn, apply, and do it right to actually save. (07:53) Check Your Income and Tax Bracket Know where you stand. Spot bracket changes and plan moves like Roth conversions. (10:13) Maximize Deductions: Pre-Tax vs After-Tax Shift expenses (travel, meals, kids’ pay) from after-tax to pre-tax. Keep more money. (18:03) Retirement, Investments & Advanced Strategies Plan retirement accounts, strategic investments, and advanced moves like rentals, oil & gas. (25:06) Catch Up Bookkeeping & Next Steps Get 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 Podcast Join TaxElm: https://taxelm.com [https://taxelm.com] 🚀 Visit:  https://www.TaxSavingsPodcast.com [https://www.taxsavingspodcast.com]  🚀 Check Out TaxElm: https://taxelm.com/ [https://taxelm.com/] 🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/ [https://www.facebook.com/groups/taxsavings/] 🚀 YouTube: www.TaxSavingsTV.com [http://www.taxsavingstv.com] 👋🏼 GET IN TOUCH You 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 REVIEW If 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 PODCAST The 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.

Send us a text [https://www.buzzsprout.com/twilio/text_messages/1837660/open_sms] 🚀 Ready to stop overpaying the IRS? Sign up for my free webinar on  July 15th! Click here [https://www.taxsavingspodcast.com/webinar] or visit: https://www.taxsavingspodcast.com/webinar [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 [https://taxelm.com/demo/] or visit: https://taxelm.com/demo/ [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 Podcast Join TaxElm: https://taxelm.com [https://taxelm.com] 🚀 Visit:  https://www.TaxSavingsPodcast.com [https://www.taxsavingspodcast.com]  🚀 Check Out TaxElm: https://taxelm.com/ [https://taxelm.com/] 🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/ [https://www.facebook.com/groups/taxsavings/] 🚀 YouTube: www.TaxSavingsTV.com [http://www.taxsavingstv.com] 👋🏼 GET IN TOUCH You 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 REVIEW If 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 PODCAST The 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.

Send us a text [https://www.buzzsprout.com/twilio/text_messages/1837660/open_sms] 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 [https://taxelm.com/demo/] or visit: https://taxelm.com/demo/ [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 Example Mike 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 Corps Avoid these pitfalls: no LLC, premature elections, and not paying yourself the right salary. (12:11) How to File a Late S Corp Election The 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 Optional If 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 Podcast Join TaxElm: https://taxelm.com [https://taxelm.com] 🚀 Visit:  https://www.TaxSavingsPodcast.com [https://www.taxsavingspodcast.com]  🚀 Check Out TaxElm: https://taxelm.com/ [https://taxelm.com/] 🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/ [https://www.facebook.com/groups/taxsavings/] 🚀 YouTube: www.TaxSavingsTV.com [http://www.taxsavingstv.com] 👋🏼 GET IN TOUCH You 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 REVIEW If 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 PODCAST The 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.

Send us a text [https://www.buzzsprout.com/twilio/text_messages/1837660/open_sms] 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 [https://taxelm.com/demo/] or visit: https://taxelm.com/demo/ [https://taxelm.com/demo/]  Chapters: (00:56) Tax Planning vs. Tax Prep Mike breaks down the difference between filing taxes and making proactive decisions to lower your bill. (05:11) Who Really Qualifies for Tax Planning Whether you're a freelancer, side hustler, or growing business, tax planning applies to you. (07:21) Why Tax Laws Exist The government uses tax laws to encourage business ownership, investing, and spending in key areas. (09:15) What Real Tax Planning Looks Like Learn 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 $15K Mike 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 Today Mike 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 Podcast Join TaxElm: https://taxelm.com [https://taxelm.com] 🚀 Visit:  https://www.TaxSavingsPodcast.com [https://www.taxsavingspodcast.com]  🚀 Check Out TaxElm: https://taxelm.com/ [https://taxelm.com/] 🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/ [https://www.facebook.com/groups/taxsavings/] 🚀 YouTube: www.TaxSavingsTV.com [http://www.taxsavingstv.com] 👋🏼 GET IN TOUCH You 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 REVIEW If 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 PODCAST The 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.

Send us a text [https://www.buzzsprout.com/twilio/text_messages/1837660/open_sms] 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 [https://taxelm.com/demo/] or visit: https://taxelm.com/demo/ [https://taxelm.com/demo/]  Chapters: (00:00) Roth vs. Traditional IRA What’s the difference between Roth and Traditional retirement accounts, and how do taxes work with each? (03:47) What a Roth Conversion Really Means Learn 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 Smart Mike shares five simple steps to do a Roth conversion and how to avoid paying too much tax. (07:57) Strategic Roth Conversion Tips He shows how converting in chunks and using lower tax brackets can save thousands over time. (09:22) When a Roth Conversion Makes the Most Sense Find out the best timing like low-income years, business loss years, or market dips. (16:13) Real-Life Examples That Saved Big Mike 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 Podcast Join TaxElm: https://taxelm.com [https://taxelm.com] 🚀 Visit:  https://www.TaxSavingsPodcast.com [https://www.taxsavingspodcast.com]  🚀 Check Out TaxElm: https://taxelm.com/ [https://taxelm.com/] 🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/ [https://www.facebook.com/groups/taxsavings/] 🚀 YouTube: www.TaxSavingsTV.com [http://www.taxsavingstv.com] 👋🏼 GET IN TOUCH You 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 REVIEW If 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 PODCAST The 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.