Send us a text

Taking money out of your business isn’t always tax-free. If you’re not tracking your basis, you could get hit with a surprise capital gains tax, even without selling anything. Let's break down what basis means, how it works differently for Partnerships and S Corps, and why overlooking it could cost you thousands. 

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ 

Chapters:

(01:06) What Is Basis and Why It Matters
Your basis determines how much you can take out of your business tax-free and how much loss you can deduct.

(01:44) Client Story: The $7K Surprise Tax Bill
A business owner thought their S Corp distributions were tax-free—until a capital gains bill showed up.

(02:23) Calculating Basis: Partnership vs. S Corp
Mike walks through the formula for both. Spoiler: only partnerships include debt in basis.

(06:20) Real-Life Example: Same Business, Different Outcome
Two identical businesses. One pays capital gains, the other doesn’t. The difference? Entity type.

(07:44) Why Basis Gets Miscalculated
Loans, poor bookkeeping, and switching accountants are common culprits behind basis errors.

(09:25) Planning Tips to Avoid Basis Mistakes
Track your basis annually, keep clean books, adjust distributions, or structure shareholder loans when needed.

Podcast Host:

Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast
Join 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 TOUCH
You 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 REVIEW
If 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 PODCAST
The 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.

Send us a text

Mixing active and passive income in one entity could be costing you thousands. In this episode, we break down why separating your income streams is essential. You’ll learn how to structure your business the right way using S Corps, LLCs, holding companies, and even C Corps to unlock advanced tax strategies. From hiring your kids to slashing self-employment tax, this is the blueprint smart business owners use to keep more of what they earn.

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ 

Chapters:

(01:04) Active vs. Passive Income (Why separation matters)
Why it's important to keep your active business and passive investments in separate entities.

(04:06) Choosing the Right Entity Type
Mike explains when to use sole proprietorships, LLCs, S corps, and C corps, depending on your needs.

(10:55) The S Corp Holding Company Setup
How to simplify taxes and planning by running your active businesses through one S-Corp holding company.

(14:36) Special Structures for Tax Strategies
When to use a sole proprietorship or C corp for things like hiring kids or unlocking health reimbursements.

(15:16) Real-Life Use Cases and Examples
Mike walks through examples for coaches, rental properties, and software businesses using strategic entities.

(21:16) When to Create a New Entity
Key questions to ask when deciding whether to form a new LLC, DBA, or use an existing structure.

Podcast Host:

Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast
Join 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 TOUCH
You 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 REVIEW
If 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 PODCAST
The 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.

Send us a text

Trump’s Big Beautiful Bill just became law. What’s actually in it? On July 4th, the biggest tax overhaul since 2017 was signed, and it’s packed with big wins for business owners. 

100% bonus depreciation, a permanent 20% QBI deduction, tax-free tips and overtime, and brand-new deductions most people haven’t even heard of. Let’s break down the Big Beautiful Bill line by line so you know exactly what’s changing, what’s temporary, and how to use it to slash your tax bill before the window closes.

🚀Ready to stop overpaying the IRS? Sign up for my free webinar on  July 15th! Click here or visit: https://www.taxsavingspodcast.com/webinar 

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ 

Chapters:

(00:00) Massive Tax Update Just Signed Into Law
Why the Big Beautiful Bill matters for business owners.

(01:00) Personal Tax Cuts You Need to Know

Permanent tax bracket changes, higher standard deduction, and updated child tax credit.

(05:19) SALT Cap Raised to $40K

State and local tax deduction cap temporarily increased for earners under $500K.

(09:48) Trump Accounts & Charitable Giving Changes
New tax-deferred savings for kids and updated rules for non-itemizer donations.

(11:50) Business Deductions: QBI, Bonus Depreciation, Section 179

Key write-offs expanded or made permanent for business owners and investors.

(15:46)  Estate Tax, Opportunity Zones, and Green Credit Cuts

Higher estate exemptions, permanent Opportunity Zone rules, and energy credit rollbacks.

Podcast Host:

Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast
Join 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 TOUCH
You 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 REVIEW
If 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 PODCAST
The 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.

Send us a text

When you're self-employed, getting approved for a mortgage isn't as straightforward as it is for W-2 employees. In this episode, Mike sits down with mortgage lender Bill Moeller to break down how tax-saving strategies can impact your mortgage application. 

🚀Ready to stop overpaying the IRS? Sign up for my free webinar on  July 15th! Click here or visit: https://www.taxsavingspodcast.com/webinar 

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ 

Chapters:

(00:57) The Mortgage Trap for Entrepreneurs
Why showing low income on paper can backfire when it’s time to buy a home.

(03:34) Hiring Your Kids: Tax Benefit, Mortgage Problem
One popular tax strategy could hurt your loan approval unless you plan ahead.

(05:44) Pre-Plan Your Income for Mortgage Success
How to reverse-engineer your tax return so you qualify for the house you want.

(09:26) What Lenders Actually Add Back (And Don’t)
Depreciation helps. Home office? Not so much. Here’s what gets counted.

(12:54) Why Distributions Don’t Count Without Profit
Lenders look for taxable income, not just how much cash you took out.

(15:40) Real Estate Loans: How Rental Income Is Calculated
Using market rent projections and DSCR loans to qualify for investment properties.

Podcast Host:

Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast
Join 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 TOUCH
You 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 REVIEW
If 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 PODCAST
The 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.

Send us a text

🚀Ready to stop overpaying the IRS? Sign up for my free webinar on  July 15th! Click here or visit: https://www.taxsavingspodcast.com/webinar 

We’re halfway through the year, now’s the best time to check if you’re on track to pay less tax and avoid surprises. Mike explains why mid-year is the perfect time to review your entity setup, learn and apply tax strategies, check your income and tax bracket, shift spending from after-tax to pre-tax, plan for retirement, and catch up on bookkeeping. Don’t wait until December; take action now and save big.

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ 

Chapters:

(00:00) Why Mid-Year Planning Matters
Why planning now beats waiting until year-end. Avoid surprises and stay ahead.

(01:01) Review Your Entity Structure
Check if your LLC or S Corp is still right. Organize businesses and rentals smartly.

(04:50) Learn and Implement Tax Strategies
Tax breaks exist for a reason — learn, apply, and do it right to actually save.

(07:53) Check Your Income and Tax Bracket
Know where you stand. Spot bracket changes and plan moves like Roth conversions.

(10:13) Maximize Deductions: Pre-Tax vs After-Tax
Shift expenses (travel, meals, kids’ pay) from after-tax to pre-tax. Keep more money.

(18:03) Retirement, Investments & Advanced Strategies
Plan retirement accounts, strategic investments, and advanced moves like rentals, oil & gas.

(25:06) Catch Up Bookkeeping & Next Steps
Get your books in order now. Take action before it’s too late to benefit.

Podcast Host:

Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast
Join 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 TOUCH
You 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 REVIEW
If 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 PODCAST
The 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.

Send us a text

🚀 Ready to stop overpaying the IRS? Sign up for my free webinar on  July 15th! Click here or visit: https://www.taxsavingspodcast.com/webinar 

Got a question about taxes, business expenses, or running your LLC? You’re not alone.
In this Q&A episode, Mike tackles common questions from real business owners — covering topics like closing a business, low-income LLCs, vetting tax pros, and how to treat certain deductions.

Whether you’re just starting out or already scaling, these answers can save you time, money, and legal headaches.

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ 

Chapters:

(01:07) Should I Close My LLC or Just Repurpose It?
Mike explains when to shut down your LLC vs. when to reuse it for another business.

(04:18) Is It Bad If My LLC Made Less Than $3K?
Low income doesn’t mean you’re in trouble — but watch out for hobby loss rules.

(06:22) How to Vet a Tax Strategist (Beyond TikTok Tips)
Not all flashy advice is safe. Here’s how to find a real expert who won't put you at IRS risk.

(09:48) Do I Still Need to Pay Estimated Taxes?
Mike explains the IRS “safe harbor” rule and how to avoid penalties — even if you expect a refund.

(18:58) Should I Track Mileage If I Use the Actual Method?
Yes! Even without the standard mileage deduction, the IRS still expects a log.

(21:46) Can I Deduct Clothing With My Logo On It?
Branded gear might be deductible — but there’s a right (and wrong) way to do it.

Podcast Host:

Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast
Join 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 TOUCH
You 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 REVIEW
If 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 PODCAST
The 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.

Send us a text

Missed the S Corp deadline? Don’t panic. In this episode, Mike breaks down how to file a late S Corp election the right way so you can still unlock major tax savings. You’ll learn what an S Corp really is, who qualifies, how to calculate your savings, and what to watch out for when making the switch. Plus, the exact steps to file a late election with the IRS, without triggering a red flag.

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ 

Chapters:

(00:57) What Is an S Corp?

An S Corp is a tax status that lets you split income into salary and distributions to lower your self-employment tax.

(02:36) S Corp vs. Sole Proprietor: Tax Savings Example

Mike walks through an $80K income example showing how S Corp status can save over $5,000 in taxes every year.

(05:25) When Should You Elect S Corp Status?

If you’re earning $50K+ in profit and expect to grow, it may be time to switch, but only if you can handle the added costs.

(08:06) Common Mistakes with S Corps

Avoid these pitfalls: no LLC, premature elections, and not paying yourself the right salary.

(12:11) How to File a Late S Corp Election

The IRS allows late elections. Just file Form 2553 with a proper reason and follow the Rev Proc 2013-30 guidelines.

(16:32) Payroll Is Not Optional

If you backdate your election, you must also backdate your payroll. The IRS checks for this, so don’t skip it.

Podcast Host:

Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast
Join 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 TOUCH
You 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 REVIEW
If 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 PODCAST
The 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.

Send us a text

Most people think tax planning is only for big corporations. But it’s one of the most powerful tools any small business owner can use to save money.

In this episode, Mike breaks down how tax planning is different from just filing your taxes, and why even brand-new business owners should be thinking about it. He also shares a real case study showing how one small business went from guessing on taxes to saving over $15,000 a year, just by planning ahead.

If you’ve ever wondered whether tax planning is for you, this episode is the place to start.

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ 

Chapters:

(00:56) Tax Planning vs. Tax Prep
Mike breaks down the difference between filing taxes and making proactive decisions to lower your bill.

(05:11) Who Really Qualifies for Tax Planning
Whether you're a freelancer, side hustler, or growing business, tax planning applies to you.

(07:21) Why Tax Laws Exist
The government uses tax laws to encourage business ownership, investing, and spending in key areas.

(09:15) What Real Tax Planning Looks Like
Learn the 3 steps of tax planning: learn the strategy, implement it right, and lock in the savings.

(13:56) Case Study: How One Client Saved $15K
Mike shares a real story of a business owner who dropped their tax bill from $24K to $9K in just one year.

(19:06) How to Start Planning Today
Mike explains how to take the first step, even with free tools, and how to work with the TaxElm team.

Podcast Host:

Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast
Join 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 TOUCH
You 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 REVIEW
If 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 PODCAST
The 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.

Send us a text

You’ve heard of Roth IRAs, but no one talks about when and how to convert.

In this episode, Mike breaks down exactly how a Roth conversion works, when it makes sense, and how to use it to build tax-free income in retirement.
He also unpacks the key differences between Traditional and Roth accounts, plus real-life stories of business owners who used this strategy to grow wealth the IRS can’t touch.

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ 

Chapters:

(00:00) Roth vs. Traditional IRA
What’s the difference between Roth and Traditional retirement accounts, and how do taxes work with each?

(03:47) What a Roth Conversion Really Means
Learn what a Roth conversion is and why you pay taxes now in exchange for tax-free growth later.

(07:00) How to Do a Roth Conversion Smart
Mike shares five simple steps to do a Roth conversion and how to avoid paying too much tax.

(07:57) Strategic Roth Conversion Tips
He shows how converting in chunks and using lower tax brackets can save thousands over time.

(09:22) When a Roth Conversion Makes the Most Sense
Find out the best timing like low-income years, business loss years, or market dips.

(16:13) Real-Life Examples That Saved Big
Mike shares client stories showing how people used Roth conversions to save on taxes and grow money tax-free.

Podcast Host:

Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast
Join 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 TOUCH
You 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 REVIEW
If 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 PODCAST
The 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.

Send us a text

Are you 100% sure your business entity is compliant? In this episode, Mike is joined by Nellie Akalp, CEO of CorpNet, to break down what compliance really means for LLCs and corporations. They cover everything from annual reports, meeting minutes, and registered agents to BOI reporting and choosing the right state to form your entity. You’ll also learn when it makes sense to do it yourself, hire a service, or bring in a lawyer and what mistakes could cost you your limited liability status. If you want to avoid penalties, fees, or even losing your business, this is a must-listen.

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/ 

Chapters:

(00:00) Why Entity Compliance Matters
Mike opens the episode with a warning: failing to stay compliant can result in fines, lawsuits, or even the loss of your business.

(01:40) Internal vs. External Compliance Explained
Nellie explains what most business owners miss after forming an LLC or corporation—and the filings you must keep up with.

(06:02) The Power of a Compliance Checklist
A simple checklist can save your business's status and reputation. Nellie shares how CorpNet helps clients stay in good standing.

(10:19) 3 Mindsets When Starting a Business
Do-it-yourself, hiring a service, or using an attorney; which is right for you? Nellie breaks down the pros and cons.

(22:30) Why Filing in Wyoming Might Hurt You
Nellie debunks the myth that forming your LLC in Nevada or Wyoming saves you money if your business operates elsewhere.

(28:46) Remote Employees and State Compliance
Hiring out-of-state? Here’s what you really need to know about payroll accounts and why you likely don’t need to be foreign qualified.

Need help staying compliant?
Check out CorpNet, they make it simple to handle filings, BOI reporting, and more.
👉 https://www.corpnet.com/?PID=1071 

Podcast Host:

Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast
Join 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 TOUCH
You 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 REVIEW
If 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 PODCAST
The 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.