Small Business Tax Savings Podcast

Send us a text [https://www.buzzsprout.com/twilio/text_messages/1837660/open_sms] 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/ [https://taxelm.com/demo/] Chapters (00:00) Intro to Family Office Structures A family office isn’t only for the ultra-wealthy. (02:41) Understanding Revocable Living Trusts What 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 Kids Jack 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 Trust Jack 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 Issues Jack describes how a trust must be properly funded through title changes and assignments to avoid probate disputes later. (10:22) Involving Family Members Early Jack 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 Structure How to formalize family board meetings, even on vacations, to build both structure and tax efficiency.  (18:30) Structuring Family Business Entities When to create new entities versus using existing businesses, how to integrate wills and trusts into ownership. (20:46) Building a Foundation for Generational Wealth Jack 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.com 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

Send us a text [https://www.buzzsprout.com/twilio/text_messages/1837660/open_sms] 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/ [https://taxelm.com/demo/] Chapters (00:00) When Advanced Tax Planning Matters Why high-income earners and those selling appreciated assets should consider advanced strategies. (01:00) Core vs. Advanced Strategies The 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 Planning How tax incentives are built to encourage investment in business, housing, and energy projects. (05:00) The Five Categories of Advanced Tax Strategies An overview of the five areas where the wealthy focus their planning. (05:23) Advanced Retirement Planning Cash balance plans, mega backdoor Roths, non-qualified plans, and self-directed accounts for those already maxing out standard retirement limits. (06:24) Asset Purchase Strategies Using 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 Strategies Buying assets at a discount and donating them at full fair market value to increase charitable deductions. (09:00) Oil and Gas Investments How investors receive 80 to 90 percent year one deductions through intangible drilling costs and depletion allowances. (10:14) Captive Insurance Companies Creating 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 Fit Why 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 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 you

Send us a text [https://www.buzzsprout.com/twilio/text_messages/1837660/open_sms] 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 Spending Why most business owners spend the wrong way and how to flip it. (01:18) Ordinary and Necessary Expenses What makes an expense deductible, and how to pass the audit test. (04:00) Everyday Costs You Can Deduct Home office, vehicle, meals, travel, tech, cell phone, and subscriptions. (06:27) Hiring Your Kids How shifting family costs into payroll creates big tax savings. (08:24) Live Audit of a Credit Card Statement Mike reviews personal spending line by line to uncover missed deductions. (13:10) The Framework for Deductions Rationale, recordkeeping, and reasonableness: How to defend expenses. (14:45) Documentation Tips to Protect Yourself How to prove expenses with receipts, notes, and an accountable plan. (16:15) Action Steps to Maximize Tax Savings Start 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 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] 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 Setup Eric takes $120K-$140K salary. Mike shows how lowering it could save $8K-$9K annually. (06:25) Why Two S Corps Cost Too Much Running 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 Simple How Eric can prioritize HSA, IRA, and SIMPLE contributions to maximize tax benefits. (10:32) How to Determine a Reasonable Salary as an S Corp Start 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 Have Use 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 Rule Set up a board, hold meetings at home, and rent your house tax-free. (26:40) Hiring Kids the Right Way When to use W-2 vs. 1099 and how to turn family support into deductible expenses. (36:15) Real Estate and REPS Strategy How cost segregation and bonus depreciation could create six-figure deductions. (41:58) Core vs. Advanced Tax Strategies What 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 Podcast Join 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 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 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 Deductions Most business owners overlook vehicle write-offs that could save thousands. (01:00) What’s New for 2025 IRS mileage rate jumps to $0.70 per mile, plus bonus depreciation returns to 100%. (03:15) Mileage Method vs. Actual Method How 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 Rule How GVWR impacts deductions and when Section 179 + bonus depreciation apply. (09:50) Recordkeeping Requirements Mileage 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 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.