30+ Tax Write-Offs You’ve Never Heard Of ｜ The Ultimate Tax Write Off Guide

Have you ever wondered how to maximize your tax deductions while staying on the right side of the IRS?

In this episode, Mike Jesowshek provides an in-depth guide on over 30 tax write-offs and strategies that can save businesses thousands of dollars. He emphasizes the importance of understanding pre-tax versus after-tax spending, the significance of selecting the right business entity structure, and how to effectively maximize deductions. Mike also covers strategies such as using an S corporation to reduce self-employment taxes, hiring children within a business, and setting up a board for additional tax benefits. He stresses the need to correctly implement tax strategies to ensure they remain legal and beneficial.

[00:00 - 12:24] Pre-Tax vs. After-Tax Spending, Entity Structure, and S Corporations

• Mike introduces the importance of understanding tax strategies.
• Optimize spending to shift after-tax expenses into pre-tax deductions.
• He discusses how the business entity structure forms the foundation of your business.
• Different types of entity structures: sole proprietorship, LLC, C corporation.
• Choose the right entity structure to ensure proper tax benefits and legal protection.
• Consider S corporation status once your business reaches a certain profit level.

[12:24 - 26:03] Maximizing Deductions

• Mike breaks down the various business expenses that qualify as deductions, including advertising, contract labor, equipment, and gifts.
• Regularly review personal expenses to identify potential business deductions.

[26:03 - 35:18] Accountable Plan and Setting Up a Board for Tax

• Ensure proper documentation and exclusivity in home office use.
• Use a board for accountability, perspective, and additional tax deductions.

[35:18 - 44:47] Additional Tax Strategies: Meals, Travel, Automobile, and Retirement Planning

• Proper documentation and fair market value rental rates are crucial.
• Be strategic in everyday business activities to maximize deductions.

[44:47 - 57:30] Implementation of Tax Strategies

• Mike emphasizes the importance of not only learning tax strategies but also correctly implementing them.
• Correct documentation and cautious implementation are key to successful tax strategies.

Direct Quotes:

"The government doesn't come knocking and let you know when you missed out on an incentive that they gave you." - Mike Jesowshek, CPA

"Every business owner should have a home office of some sort." - Mike Jesowshek, CPA

"The implementation piece is where you start to see those tax savings." - 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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