Small Business Tax Savings Podcast

What Is an S Corp and Should I Become One in 2023? In this episode of the Small Business Tax Savings Podcast, Mike provides an in-depth analysis of the advantages of becoming an S-corporation. Mike reviews the different entity types and explains why an S-corporation is often a better option. Mike covers topics of what an S-corporation is, when to become one, how to set it up, what constitutes a reasonable salary for an S-corporation owner, and how to maintain an S-corporation after. Tune in now as Mike discusses all the details on how to minimize self-employment taxes and save money legally by electing to be taxed as an S-corporation! 00:00 What is an S-Corp and should I become one in 2023? 06:01 When Does An S-Corporation Make Sense? 10:32 What Are The Downsides Of An S-Corporation? 16:54 Closing Segment -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook 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

How Is My Income Taxed? In this episode of the Small Business Tax Savings Podcast, Mike breaks down the basics of taxation so that listeners can create a roadmap for their own businesses. Mike explains two main types of tax – ordinary income tax and capital gains tax, as well as self-employment taxes and FICA taxation for W2 employees. He covers the different types of income taxes, such as earned income, passive income, and portfolio or investment income. Tune in now as Mike uncovers the complexities of taxation and learn how it can help you become informed on ways to pay the least amount of taxes legally possible! 00:25 Understanding How Taxes Work 01:29 The Difference Between Ordinary Income Tax and Capital Gains Tax Rates 12:40 The Benefits Of Passive Income and Investment Income 15:38 Closing Segment -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook 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

What Retirement Plan Options Are Available For My Business in 2023? In this episode of the Small Business Tax Savings Podcast, Mike interviews Matt Ruttenberg from Life Inc. Retirement Services about retirement plan options available for small businesses in 2023. Matt dives into the different types of retirement plans available for business owners, including traditional IRAs, ROTH IRAs, SEP IRAs, Solo 401Ks, Simple IRAs, and the new Starter 401K coming out in 2014. Tune in now as Matt discusses the importance of saving money on taxes and creating a secure future for themselves and their employees! 00:30 Retirement Plan Options For Small Business Owners 09:00 Maximize Retirement Savings with SEP IRA, Solo 401K, and Simple IRA Options 12:30 Exploring Retirement Options For Business Owners 19:00 Closing Segment Connect with Matt! Website: https://lifeincrs.com/ LinkedIn: https://www.linkedin.com/in/matt-ruttenberg-a7816727/ Twitter: https://twitter.com/matt_ruttenberg Instagram: https://www.instagram.com/matt_ruttenberg/?hl=en Facebook: https://www.facebook.com/LifeIncRetirement/ -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook 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

It emphasizes the need for accurate tax filings and documentation to prevent stress and defend against an IRIS audit. It also discusses the risks of rushing bookkeeping, such as missing out on tax deductions, and the need to do it correctly. 📈🗣️🔑 #VitalForSuccess #AvoidIRSAudit #AccurateBookkeeping

➡️ What do I need to get a separate bank account ➡️ What are the advantages of having a separate bank account and credit card for business? ➡️ How do I know if I need a specific credit card form and a credit card for business? ➡️ Are there any potential risks associated with having a separate bank account and credit card for business? ➡️ Are there any tax implications for having a separate bank account and credit card for business?

How do you avoid an IRS audit? In this episode of the Small Business Tax Savings Podcast, Mike discusses how to prevent an IRS audit, from co-mingling personal and business expenses to having separate bank accounts and credit banks, ditching cash payments, and taking bookkeeping seriously. Mike provides tips on what’s needed for business purposes and how to prove payment. He explains the details behind documenting automobile expenses like mileage logs and receipts to support the business purpose. Tune in now as Mike shares his advice on being aggressive in taking advantage of laws that are advantageous to you, so you can ensure you have all the documentation you need for your expenses in case of an audit! 00:25 The Best Practices To Avoid An IRS Audit 05:38 How To Avoid An IRS Audit As A Small Business Owner 07:16 Understanding What Documentation Is Needed For Business Expenses And Automobile Expenses 15:55 Closing Segment -------- Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax IncSight Packages: https://incsight.net/pricing/ Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale ------- Podcast Website: https://www.TaxSavingsPodcast.com Facebook 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

Keep records of the days that are considered business and those that are considered family time. It is important to separate business and family expenses for tax purposes! Watch the full episode now! 💼💼💼

For a day to be considered a business day. At least four hours of the day must be spent on business-related activities, and if the trip includes an overnight stay, then the weekend days can be spent personally. If there are only one or two minor business-related activities during a trip, deductions can still be taken for that day. 📈🗣️🔑 #BusinessDay #TravelStatus #PrincipalPlaceOfBusiness #BusinessMeeting #Deductions #Clients #Vendors #MajorityOfTheDay

Meals are generally 50% deductible, while entertainment is not deductible at all. It also states that dining with prospects, clients, vendors, and staff members is 50% deductible, as is dining while traveling. 💼 Maximize your deductions and save money on taxes when you dine with prospects, clients, vendors, and staff members 🔑 Don't forget to take advantage of the 50% deduction when you travel overnight 🔒 Company parties and presentations are 100% deductible, it is the perfect way to save money on taxes Did you know that meals you have in certain situations can be 50% deductible? Find out more by tuning in to this episode!

This benefit is still deductible by the business but needs to be included in the employee's W2 income. However, if membership to the gym or health club is a requirement for the job, then it is tax deductible! Watch the full episode now! 💼💼💼

This must primarily benefit employees other than those who are highly compensated, owners, family members, or relatives of them. It also emphasizes the importance of understanding IRS regulations in order to maximize deductions and ensure compliance. 🔑 Deduct Expenses for Employee Entertainment and Recreation 💰 Take Advantage of Employee Entertainment Deductions 💼 Maximize Your Tax Benefits with Employee Entertainment

You can do so, by considering the business purpose of items such as computers, tablets, phones, accessories, microphones, cameras, drones, and projectors, business owners can ensure that their technology purchases are eligible for deductions. 💰 Maximize deductions with technology write-offs 💼 Unlock business expense potential with technology write-offs 🚨 Capitalize on technology write-offs for your business Tune in to this episode, to learn more about how to maximize technology write-offs and how they can help your business save money! 💡

If you have a relationship with both members of the couple or family, you could double the limit from $25 per individual to $50. It also emphasizes that if you only have a relationship with one member of the couple or family, it would not be appropriate to gift $50. 🔑 Gifting to married couples? Remember to stay within the $25 limit per person 💰 When it comes to married couples, stick to the $25 limit or double it for those you know both individuals 💼 Show your love and appreciation with a $50 gift to married couples or families

#taxsavings #taxdeductions