Send us a Text Message.In this episode, Mike gives listeners an extensive review of tax-saving strategies for their businesses. Topics include the Augusta rule for tax deductions related to board meetings, the advantages of forming an LLC over a sole proprietorship, the benefits of S Corporations at certain profit levels, and the tax implications of hiring family members. Tune in to learn more![01:24 - 04:08] Combining Family Vacations with Board Meetings for Tax DeductionsMike discusses maki...

Listener Q&A with Mike Jesowshek CPA (12/13/2023)

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

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Send us a Text Message.Have you ever wondered if your business can deduct the cost of an on-site gym? In this episode, Mike focuses on the tax deductibility of gym memberships and on-premises athletic facilities for small businesses. He clarifies that personal gym memberships are not deductible, with rare exceptions for fitness instructors. However, gyms or athletic facilities located on business premises can be deductible if they primarily serve rank-and-file employees, not owners or hi...

Can Small Business Owners Write Off Gym Memberships on Taxes? [2024]

Send us a Text Message.Ever wondered how to save on taxes with your business meal expenses?In this episode, Mike Jesowshek discusses the ins and outs of meal expense deductions for small business owners. He explains how these deductions can turn after-tax spending into pre-tax spending and outlines the criteria for deductibility. Mike emphasizes the importance of detailed record-keeping and highlights various scenarios where meal expenses can be deducted. He also touches on the differentiatio...

Unlocking the Secrets of Meal Expense Deductions for Small Businesses in 2024

Send us a Text Message.Have you ever wondered how to turn your everyday expenses into legitimate business deductions?Mike Jesowshek discusses strategies for maximizing small business tax deductions, emphasizing the importance of both obvious and non-obvious deductions. He explains that any expense, whether ordinary or necessary for the business, qualifies as a deductible. Mike emphasizes proper documentation and legal compliance to ensure these deductions are valid. He also contrasts pre-tax ...

Top Small Business Tax Deductions: How to MAXIMIZE Savings

Send us a Text Message.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 mo...

Empower Your Team: Choosing the Right Retirement Plan for Your Small Business with Employees

Send us a Text Message.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 th...

Listener Q&A with Mike Jesowshek CPA (12/13/2023)

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