Podcast
Small Business Tax Savings Podcast
Hosted by Mike Jesowshek, CPA · EN
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
20episodes
Episodes
Newest firstAll episodes
Meals and Travel Deductions: What Business Owners Need to Know in 2026
1w ago00:20:59Tap to summarizeYou spend money on meals and travel all the time; Client lunches, flights, hotels, conferences, team dinners, and networking events are all part of running a business.But most business owners don’t know what is actually deductible anymore.In this episode, Mike breaks down the 2026 rules for meals, travel, and entertainment deductions. He explains what still qualifies, what changed, what is no longer deductible, and how business owners can turn everyday spending into legitimate tax savings without creating unnecessary IRS risk.👉 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/Chapters00:58 Why Meals and Travel Deductions MatterMeals and travel are common business expenses, but many owners either under-deduct or deduct the wrong things. The goal is to turn qualified spending into pre-tax deductions with a clear business purpose. 02:30 How to Deduct Meals in 2026Most business meals are 50% deductible in 2026. This includes client lunches, vendor meetings, and prospect meals, as long as there is a real business discussion.04:30 When Meals Can Be 100% DeductibleSome meals can be 100% deductible, such as food provided at sales seminars, company events, or employee parties when structured correctly.06:00 Entertainment Rules Business Owners Need to KnowEntertainment is generally not deductible, even if business is discussed. But meals and drinks purchased separately at those events may still qualify.08:30 How Business Travel Deductions WorkBusiness travel can include 100% deductions for flights, hotels, and transportation. Travel meals are generally 50% deductible.11:30 Business Days, Tax Home Rules, and Mixed TravelTo deduct travel, the trip needs a clear business purpose and must take you away from your tax home. Mike also explains business days, weekend rules, and mixed personal travel.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin 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 TOUCHYou 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 REVIEWIf 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 PODCASTThe 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.
Transcribe →Should You Open Another LLC? Multi-Entity Structures Explained
2w ago00:22:15Tap to summarizeShould you open another LLC, elect S Corp status, or create a more advanced business structure?Mike breaks down when a multi-entity structure makes sense, and when it creates more confusion than value. Learn when one LLC is enough, how S Corps and partnerships fit in, and why timing matters. Structure too early and you create chaos. Wait too long and you expose yourself to risk. 👉 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(00:40) The Problem With “Just Open Another LLC”More entities do not automatically mean more tax savings. Opening LLCs too early can create costs, confusion, messy bookkeeping, and unnecessary complexity.(02:50) Active vs. Passive Business ActivityActive operating businesses and passive activities, like rental real estate or investments, should usually stay separate because they have different tax treatment and risk profiles.(04:15) The First Triggers for Adding Another Entity Higher income, multiple revenue streams, different types of business activity, and different risk levels can signal that it may be time to consider a multi-entity structure.(08:00) Using an S Corp as a Management CompanyInstead of creating multiple S Corps, active LLCs can often be owned by one main S corporation, helping simplify tax filings, payroll, and planning.(11:15) How Partnerships Change the StructureWhen a partner enters the picture, a new entity is usually needed to create clean ownership, clear agreements, and easier exits.(14:15) The Risk of Structuring Too EarlyCreating multiple LLCs before there is real revenue or activity can lead to annual fees, confusion, co-mingled funds, and bookkeeping problems.(16:00) How to Know When You Are Ready Different income types, multiple revenue streams, liability concerns, sufficient profit, and current or future partners are all signs that a multi-entity structure may be worth considering.(20:00) The Bottom Line on Multi-Entity Structures Multi-entity structures are not about looking sophisticated. They are about solving real business problems at the right time, without creating chaos or waiting until the business is exposed.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin 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 TOUCHYou 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 REVIEWIf 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 PODCASTThe 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.
Transcribe →Business Expenses You’re Afraid to Deduct, But Probably Should
3w ago00:18:13Tap to summarizeAre you still afraid to deduct certain business expenses because you think the IRS might come after you for it?Meals. Travel. Home office. Vehicle expenses. Software. Education. Coaching. Even paying your kids. These deductions can feel risky when the lines between personal and business spending are not clear.In this episode, Mike breaks down the business expenses many owners skip out of fear, and explains how to think about deductions the right way. You will learn what “ordinary and necessary” really means, why documentation matters more than fear, and why playing it too safe can cost you thousands.👉 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(01:15) How the Tax Code Incentivizes Business OwnersThe tax code is designed to encourage certain actions, like building businesses, hiring employees, creating housing, and growing the economy. The goal is to understand the incentives and implement them legally.(03:00) The “Ordinary and Necessary” RuleA business expense generally needs to be ordinary and necessary. Ordinary means it is common in your industry. Necessary means it helps your business operate, grow, or function properly.(06:30) Small Recurring Expenses That Add UpSoftware, AI tools, phones, laptops, Zoom, cloud storage, project management tools, internet, and office equipment may seem small, but repeated monthly expenses can become meaningful deductions over time.(07:30) Home Office, Vehicle, and Professional Development DeductionsHome office, vehicle expenses, education, coaching, masterminds, certifications, training, and industry events are deductions business owners often hesitate to claim. (13:00) Paying Your Kids and Family MembersHiring your kids or family members can be a legitimate tax strategy when the work is real, the pay is reasonable, and the process is properly documented.(14:00) The Real Audit Trigger Is Weak DocumentationPoor bookkeeping, missing receipts, weak records, and sloppy implementation are what usually create risk.(15:00) The Auditor Sniff TestCan you explain the business purpose clearly to an auditor? If you can support it with a straight face and proper records, you’re in a stronger position.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin 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 TOUCHYou 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 REVIEWIf 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 PODCASTThe 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.
Transcribe →How to Audit Your 2025 Tax Return and Lower Your Taxes Next Year
4w ago00:22:35Tap to summarizeMost business owners treat filing their taxes like the finish line. It isn’t. What actually lowers your tax bill is what you do before December, and that starts with knowing how to read the return you just filed.In this episode, Mike walks through a six-step process for reviewing your 2025 tax return the right way. You will learn what numbers actually matter on your 1040, how to tell if the strategies you implemented actually worked, where most business owners leave money on the table without realizing it, and how to build a real tax plan for 2026 before the year gets away from you.👉 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(02:00) Step 1: Review Your Tax Return Pull out your return and actually look at it. The four forms that matter most are the 1040, Schedule C, Form 1120-S, and Form 1065. Each one tells a different part of your financial story.(07:00) Step 2: Did It Work? What did you actually pay in federal, state, and self-employment taxes? Did you owe more than you expected? This step is about getting honest with your outcome and figuring out whether the planning you did last year actually moved the needle.(10:00) Step 3: Audit the Strategies You Implemented Walk through each strategy you used and ask whether you did it to its fullest, legitimate extent.(13:30) Step 4: Find the Missed Moves What did you learn too late to use? The December panic is real, and the best time to avoid it next year is right now, while the pain of this year's tax bill is still fresh.(15:00) Step 5: Compare Expected vs. Actual Look at what you projected versus what actually came in, both on income and on estimated tax payments. Understanding your own patterns helps you plan more accurately going forward and avoid overpaying or getting caught short.(16:00) Step 6: Use Your Return as a Roadmap for 2026 Map out your income patterns, expense categories, entity structure, and tax bracket for the year ahead. Then build a monthly strategy plan, a quarterly checkpoint, and a year-end execution roadmap so nothing slips through.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin 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 TOUCHYou 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 REVIEWIf 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 PODCASTThe 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.
Transcribe →Tax Q&A for Business Owners: S Corps, LLCs, Write-Offs, and More
Apr 1500:24:53Tap to summarizeEvery business owner hits a point where the tax questions start stacking up. Can I deduct this? Should I switch to an S Corp? Is this still a business if I have not made money yet? And what happens if I did something before I had my systems set up the right way?In this episode, Mike opens the floor to questions from business owners and breaks down the tax answers behind them. From zero-activity LLC filings and Schedule C concerns to family payroll planning, vehicle deductions, and rental strategies like the Augusta Rule, this episode covers the practical decisions that shape how much tax you pay and how well your strategy holds up. 👉 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(03:22) Do You Need a CPA for a Zero-Activity Partnership Return?A new LLC owner asks about filing a Form 1065 with no business activity. Mike breaks down why even a zero return can be more complex than it looks and what to consider before self-filing.(04:47) Can a First-Year Business Loss Offset W-2 Income?Mike walks through hobby loss concerns, material participation rules, and when a side hustle loss may be used to reduce taxes on other income.(06:35) Is an S Corp Worth It at $120,000 of Profit?This section covers the tradeoff between added payroll and tax prep costs versus potential self-employment tax savings, along with the importance of setting a reasonable salary.(12:01) Where Can You File Business Taxes Online Yourself?For business owners thinking about self-filing, Mike shares general software options and explains why second eyes matter on more complex returns.(13:12) Can You Deduct Business Expenses Paid on a Personal Credit Card?Mike answers a common startup question and explains how to handle valid business expenses paid personally before a business bank account is opened.(14:27) How Does the Family Management Company Strategy Work?This section breaks down how business owners with an S Corp may use a separate sole proprietorship to hire children, reduce payroll taxes, and stay compliant.(20:56) How Does the Augusta Rule Work for Business Owners? Mike explains how the Augusta Rule works, what records you need, and how to back it up in an audit. Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin 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 TOUCHYou 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 REVIEWIf 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 PODCASTThe 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.
Transcribe →2026 Tax Updates Every Business Owner Needs to Know
Apr 800:20:05Tap to summarizeEvery year, the IRS updates important tax numbers, that most business owners miss. This leads to missed deductions, poorly timed income decisions, and unnecessary overpayments to the IRS.In this episode, we break down the most important 2026 tax updates business owners need to know, including changes to tax brackets, standard deductions, Social Security wage caps, retirement limits, HSA contributions, mileage rates, capital gains thresholds, and Section 179 expensing. 👉 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(00:52) Why IRS Tax Numbers Change Every YearTax brackets, standard deductions, retirement limits, Social Security wage caps, HSA limits, and mileage rates are adjusted annually based on inflation and tax policy changes.(01:24) 2026 Standard Deduction and Why It MattersThe new standard deduction amounts affect whether it makes sense to itemize and also shape strategies like hiring your children, since income below the standard deduction may avoid federal income tax.(06:12) The 2026 Social Security Wage CapWages are subject to Social Security tax only up to the annual wage cap, which makes this number especially important for payroll planning and S Corp salary decisions.(08:15) Retirement Contribution Limits for 2026Updated IRA and 401(k) contribution limits create new opportunities for tax deductions, especially for business owners using retirement plans to reduce taxable income.(09:43) 2026 HSA Contribution Limits and Why HSAs Are So PowerfulHSA contribution limits increased for 2026, and the account remains one of the most tax-advantaged tools available because contributions, growth, and qualified withdrawals all receive favorable tax treatment.(11:13) 2026 Mileage Rate IncreasesThe higher mileage rate can create a larger deduction for business owners who use the standard mileage method, making accurate mileage tracking even more important.(12:57) Capital Gains Tax Thresholds for 2026Long-term capital gains are taxed under a separate set of thresholds, which makes timing important when selling investments, real estate, or a business.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin 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 TOUCHYou 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 REVIEWIf 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 PODCASTThe 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.
Transcribe →Quarterly Estimated Taxes 101 (How to Stop Overpaying or Underpaying)
Apr 100:14:24Tap to summarizeEstimated taxes should not feel like a guessing game, but for many business owners, they do. Underpay, and you face stress, penalties, and a big bill in April. Overpay, and you hand the IRS more cash than needed, limiting what you can reinvest in your business.In this episode, we break down how estimated taxes actually work, why the U.S. tax system is pay-as-you-earn, and how to avoid both overpaying and underpaying. We cover the safe harbor rules, why accurate bookkeeping matters, and how to build a smarter system for quarterly payments that improves cash flow and reduces surprises.👉 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(02:15) Why Business Owners Fall Behind on Quarterly TaxesWithout an employer withholding taxes, business owners are responsible for making estimated payments themselves, and many ignore them until penalties and interest build up.(03:45) Why Last Year’s Income Is Not EnoughMany business owners base estimated taxes on last year’s income or send in whatever feels safe, but income, deductions, entity structure, and tax law can all change.(04:30) The Safe Harbor Rules You Need to KnowTo generally avoid underpayment penalties, you need to pay 100% of last year’s tax liability, 110% for certain higher-income earners, or 90% of this year’s tax liability.(06:30) The Cash Flow Cost of Overpaying and UnderpayingOverpaying estimated taxes can tie up money that could be used for marketing, debt reduction, equipment, or other business needs, only to result in a refund later, while underpaying creates pressure when tax time comes, especially if business profits rise and estimated payments were never adjusted upward during the year.(08:40) How to Calculate Estimated Taxes More StrategicallyThe process starts with a quarterly profit analysis, then projecting the rest of the year forward, and finally adjusting payments intentionally based on current numbers.(10:40) Estimated Tax Due Dates Every Business Owner Should Know Quarterly estimated tax payments follow a set schedule throughout the year, and knowing those due dates is essential for staying compliant and avoiding surprises.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin 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 TOUCHYou 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 REVIEWIf 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 PODCASTThe 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.
Transcribe →Are You Going to Jail for Tax Planning? Tax Attorney Sets the Record Straight
Mar 2500:34:07Tap to summarizeAre you worried a tax strategy could land you in trouble with the IRS? In this episode, Mike Jesowshek sits down with tax attorney Ed Lyon to break down what tax risk actually means. They explain why most business owners do not get in trouble for smart tax planning, where the line between gray-area strategy and fraud really sits, and why proper implementation matters just as much as the strategy itself. They cover audit risk, common red flags, what to ask before moving forward with an advanced strategy, and how business owners should think about their own risk tolerance when building a tax plan.👉 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(02:00) Why Business Owners Fear Tax PlanningPeople don't go to jail for legal tax planning. They go to jail for fraud, lying, and backdating documents.(05:00) Why Tax Strategies Exist in the First PlaceThe tax code is designed to encourage certain behavior. Congress uses tax incentives to push homeownership, healthcare benefits, investing, and charitable giving.(12:00) When a Legal Strategy Becomes IllegalA strategy can be perfectly valid in theory, but fail when implemented poorly. (24:00) How to Vet an Advanced Tax StrategyWhen someone pitches an advanced strategy, transparency matters. Ed explains what questions to ask, what red flags to look for, and why business owners need to understand who they are dealing with before moving forward.(27:00) How Business Owners Should Think About RiskTax risk is just another business risk. The real goal is to understand your own risk tolerance, know where your advisor falls on the conservative-to-aggressive spectrum, and make informed decisions.(31:00) A Favorite Strategy for the Right ClientEd closes by sharing one tax strategy he likes for the right candidate, the charitable lead trust, and explains why the best strategy always depends on the client’s goals, income, and long-term plan.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin 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 TOUCHYou 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 REVIEWIf 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 PODCASTThe 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.
Transcribe →Hiring Your First Employee? Don’t Make These Expensive Payroll Mistakes
Mar 1800:19:08Tap to summarizeYou’ve hired your first employee… Now what? Hiring your first employee introduces a new layer of tax responsibility, compliance, and systems that many business owners are not prepared for. You are now managing payroll taxes, filings, labor laws, and deadlines that carry real penalties if handled incorrectly.In this episode, we break down exactly what happens after you hire your first employee so you can avoid costly mistakes and set your business up to scale the right way. We cover the difference between W2 employees and 1099 contractors, the real cost of payroll taxes, how to stay compliant with state and federal requirements, and why payroll software is a must. 👉 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(01:00) Employee vs Contractor: What the IRS Looks AtClassification comes down to control. Who sets hours, pay, tools, and how the work gets done determines W2 vs 1099.(04:00) The Payroll Tax Reality Business Owners MissHiring an employee makes you a tax middleman responsible for withholding and paying multiple taxes.(06:00) What You Need Before Running PayrollYou need an EIN, state withholding accounts, unemployment accounts, and workers’ compensation set up first.(07:30) Why Payroll Software Is Non-NegotiablePayroll software handles tax calculations, filings, deposits, and compliance to avoid penalties and costly mistakes.(09:30) The Risk of Missing Payroll Tax DeadlinesLate payments trigger immediate penalties and interest, and payroll mistakes can shut down businesses.(12:00) Benefits Without Breaking the BankHealth reimbursement arrangements and simple retirement plans offer affordable ways to provide benefits.(14:30) Hiring Employees in Other StatesOut-of-state hires require additional registrations, tax accounts, and possible foreign entity filings.(16:00) Key TakeawaysHiring is a growth milestone. Set up systems correctly, use payroll software, and build processes that allow your business to run without you.Need payroll software? We recommend https://gusto.comPodcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin 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 TOUCHYou 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 REVIEWIf 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 PODCASTThe 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.
Transcribe →Why Filing an Extension Is the Smarter Move for Business Owners
Mar 1100:23:20Tap to summarizeFiling a tax extension feels stressful for many business owners. Missing numbers, unfinished bookkeeping, and uncertainty about the tax bill can make tax season overwhelming. But filing an extension (in many cases) can be the smartest move you can make.A tax extension gives you more time to file your return so you can organize your records, receive missing documents like K-1s, and avoid rushing through a return that could contain mistakes. In this episode, we break down how extensions actually work, clear up common myths about audit risk, and explain what to do if you cannot afford your tax bill.We also cover why ignoring the IRS is the worst move you can make, how penalties work, and the payment plan options available to business owners who need more time to pay what they owe.👉 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(02:30) Key Tax Deadlines Every Business Owner Should KnowPartnerships and S corporations file by March 15. Personal returns and C corporations file by April 15.(04:00) What a Tax Extension Actually MeansA tax extension gives you more time to file your return, but your taxes are still due by the original deadline.(05:30) Common Myths About Filing a Tax ExtensionExtensions do not increase audit risk, and many high income taxpayers file them every year.(07:00) The Most Common Reasons Business Owners File ExtensionsUnfinished bookkeeping, waiting on K-1 forms, or planning opportunities like retirement contributions or cost segregation.(11:00) The Cost of Not Filing Your Tax ReturnFailure to file penalties can reach hundreds of dollars per owner per month for business entities.(13:00) Why You Should Still Estimate and Pay Taxes With an ExtensionMaking an estimated payment reduces penalties and interest if you expect to owe.(15:30) What to Do If You Cannot Afford Your Tax BillThe IRS offers short term payment plans, installment agreements, and other options if you communicate.(20:00) Key TakeawaysTax extensions are not a red flag. Used correctly, they give business owners time to plan, reduce mistakes, and stay in control of their tax situation.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin 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 TOUCHYou 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 REVIEWIf 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 PODCASTThe 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.
Transcribe →