Tax Savings Mid-Year Check: Essential Strategies for Small Businesses

Are you making the most of your tax strategies and deductions this year?

In this episode, Mike Jesowshek provides a mid-year tax savings check-in for small business owners. He emphasizes the importance of reviewing tax strategies, implementing them correctly, and maximizing deductions. Key topics include entity structure review, retirement planning, incorporating children into the business, utilizing the Augusta rule, tracking automobile expenses, and keeping bookkeeping up to date. Mike highlights the need for proactive planning 

and correct implementation to achieve significant tax savings.

[00:00 - 06:37] Maximizing Deductions and Accountable Plans for S Corporations

• Mike Jesowshek emphasizes the importance of assessing and implementing tax strategies.
• He shares the importance of setting up an accountable plan for S Corporations.
• How do you evaluate the appropriateness of the current structure based on profit levels?

[06:37 - 12:10] Other Tax Strategies and Correct Implementation

• Mike discusses the importance of setting up and funding retirement accounts.
• He highlights the importance of associating business purposes with travel to gain deductions.
• He also emphasizes the need for correct implementation of tax strategies.
• Year-end rush and errors can be avoided through regular bookkeeping.

[12:10 - 20:51] Tax Payments and the Importance of Bookkeeping

• Mike reminds the listeners to keep up with estimated tax payments and proper documentation.
• Benefits of regular bookkeeping: better tax planning, accurate estimated tax payments, and reduced errors.

Direct Quotes:

"If you're swiping a card, let's see if we can find a business purpose for this." - Mike Jesowshek, CPA

"Correct implementation is key. You can take a completely legal strategy and make it illegal by incorrect implementation." - Mike Jesowshek, CPA

"Bookkeeping is the backbone of your business. It's not just for tax purposes."

"Learning's great, but Implementation saves taxes." - Mike Jesowshek, CPA

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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

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