Send us a text

If you’re a new business owner, you've probably wondered if you are doing any of this correctly.

Should you get an LLC? Do you file a Schedule C? Can you hire your kids? Does a home office hurt you when you sell your house?

In this episode, Mike walks through real questions from listeners and gives clear answers to the tax issues that confuse most new entrepreneurs. From 1099 income and deductions to home office rules, the Augusta Rule, and hiring your kids, this Q&A hits the topics every early-stage owner struggles with.

👉 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/

(01:00) Starting as a 1099 Contractor & What Is Schedule C? The foundational steps every new contractor must take and how 1099 NEC income flows into Schedule C, how expenses reduce profit, and why self employment tax becomes a factor.

(05:10) Do You Need an LLC to Take Deductions? Home office, mileage, meals, and travel can all be deducted without an LLC
(08:53) ROBS vs SBA Loans for New Businesses: Mike breaks down the pros and cons of using retirement funds through a ROBS structure compared to financing with an SBA loan.
(10:19) Hiring Your Kids: Payroll vs Contractor: The age rule most parents get wrong. Under 18, children should be W2 employees. Over 18, contractor payments may work if they have legitimate expenses.
(13:00) Home Office Deduction and Selling Your House: Simplified method vs actual method. When depreciation recapture applies. Why the impact is usually small.
(15:00) Transitioning to Business Ownership: A listener plans to leave a W2 job for business ownership. Mike explains where strategy matters most at the beginning.

(17:40) Home Office vs Augusta Rule: Yes, you can use both. The key is using different rooms. Home office in one area. Board meeting in another.
(19:47) Do You Need an LLC for a Small Side Gig: A listener making five to nine thousand a year wonders whether to form an LLC. Mike explains why it will not change taxes at low income levels and when it becomes useful.

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

Year-end is the last chance to lock in major tax savings for your business.

In this episode, Mike walks through the exact steps business owners need to take now, from S Corp requirements and accountable plans to AGI phaseouts, QBI planning, and the Augusta Rule.

You’ll also learn how to hire your kids correctly, hit retirement deadlines, use timing strategies as a cash-basis filer, harvest tax losses, and document every move so you enter tax season clean, organized, and ready.

👉 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

(00:49) Three Must-Do Steps for S-Corp Owners
Reasonable salary, adding self-employed health insurance to your W-2, and making final accountable plan reimbursements. Mike breaks down each requirement and what has to be done before 12/31.

(04:51) Maximize Deductions Before the Year Ends
Go through personal statements for missed deductions, hire your kids correctly, use the Augusta Rule, finalize board meetings, and make home office and auto reimbursements.

(08:14) Retirement and Health Reimbursement Deadlines
Employee 401(k) contributions must be made by year-end. Mike also covers Section 105 medical reimbursement plans and HRAs.

(14:17) Timing Strategies for Cash-Basis Filers
When to prepay expenses, when to delay invoicing, and how credit cards can accelerate deductions. Mike also explains why low-income years are ideal for Roth conversions.

(17:39) Miscellaneous but High-Value Year-End Moves
Why assets must be “placed in service,” how tax loss harvesting works, and the December 31 deadline for charitable giving.

(19:35) Get Ready for January
Collect W-9s, prep 1099s, store receipts digitally, document every strategy, and get bookkeeping up to date to avoid a stressful tax season.

(22:54) Don’t Get Overwhelmed
Focus on the two or three highest-impact strategies now, then committing to proactive planning next year.

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

What if you could buy a computer, a machine, or new equipment and deduct the entire cost in the first year instead of waiting 5, 10, or even 30 years? Thanks to major updates in the One Big Beautiful Bill, you can now take a full write-off upfront.

We break down how depreciation works, when to expense versus capitalize, and how the updated bonus depreciation and Section 179 rules give owners more control over their tax bill.

You’ll learn how to time asset purchases, when to avoid front-loading deductions, and why every business needs a written capitalization policy.

👉 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) What Is Depreciation?
Depreciation is the process of spreading out the cost of equipment, vehicles, technology, or buildings over time. Mike defines what qualifies and what does not.

(02:23) Business Use Rules
Only the business-use portion of an asset can be depreciated. Land is never depreciated. Buildings and land improvements are.

(02:45) Three Depreciation Methods
Mike breaks down regular depreciation, 100 percent bonus depreciation, and Section 179 expensing. Each method serves a different purpose depending on your income and tax plan.

(04:25) Section 179 Rules You Must Know
Section 179 lets you expense up to two and a half million dollars a year, but it cannot create a loss. Bonus depreciation can.

(05:24) Which Method Should You Use
The best choice depends on your income, your goals, and whether you want to create or avoid a loss. Mike walks through three scenarios to help you choose.

(07:12) When You Should Not Front Load Deductions
If this year is low income and next year is high income, holding back depreciation may save more money. Timing matters.

(11:44) Rules for Depreciation
You must be in business and the asset must be placed in service during the year. Paying for an item is not enough. It must be usable.

(13:15) The Capitalization Policy Every Business Should Have
A written policy lets you immediately expense any asset under $2,500 per item. Mike explains how it works and why it saves time and paperwork.

(16:47) What Happens When You Sell a Depreciated Asset
If you sell an asset you fully expensed, you may have depreciation recapture. Mike explains basis, gains, and how the tax works.

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 dow

Send us a text

Most S Corp owners follow the right steps, but still pay more tax than they should. A business earning over 300K can lose thousands simply by underusing core strategies.

In this live case study, Mike Jesowshek, CPA, reviews a seven-figure business with an S Corp structure, a salary in place, and a record year of profit. You will see why this owner paid 30K in taxes and how that number can be reduced.

If you feel like your tax plan has stopped working, this breakdown gives you a clear blueprint for moving from basic strategies into advanced tax planning.

👉 Free Tax Savings Starter Kit: https://www.taxsavingspodcast.com/starterkit
🚀 Book a free TaxElm demo: https://taxelm.com/demo/

01:11 The Core Strategy Checklist
What an accountable plan should include, how home office reimbursements really work, and why quarterly board meetings leave tax savings behind.

02:53 After-Tax vs Pre-Tax Spending Explained
How shifting everyday expenses into legitimate business categories creates immediate tax savings without increasing spending.

05:04 The Most Underused S Corp Deduction: Meals
Why meals often show up too low on tax returns, how to identify real business-meal opportunities, and how to document them correctly.

09:01 Travel Deductions Most Owners Miss
How to turn partial travel into fully deductible business trips, how business days are determined, and how to integrate board meetings into travel.

15:41 Using the Augusta Rule at Its Full Potential
How to calculate fair rental value, document the rental period, and structure meetings to justify 14 tax-free rental days.

17:43 How to Calculate a Defensible S Corp Salary
The two accepted methods for determining reasonable compensation and how to avoid both overpaying and triggering IRS scrutiny.

23:00 Maximizing Solo 401(k) Contributions
How contribution limits work, how salary affects maximum contributions, and why timing matters before hiring your first W-2 employee.

34:00 When a Business Becomes Ready for Advanced Planning
The five major categories of advanced tax strategy and how to determine which ones open up as revenue approaches seven figures.

38:22 Building a Scalable Tax Plan
Optimizing old strategies and documenting them correctly produces long-term savings, even before layering advanced planning on top.

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 y

Send us a text

What if you could pay your kids a salary, take a business deduction, and teach them real financial skills at the same time? In this episode, Mike Jesowshek, CPA, explains how to legally hire your children in your business, what the IRS actually allows, and how to do it correctly so you avoid audits and penalties.

You’ll learn the rules for paying your kids under age 18, how to document their work, how much you can pay them tax-free, and how this strategy can double as a wealth-building tool through Roth IRAs.

👉 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

(01:16) Why Hire Your Kids?
There are two big reasons: tax savings and teaching opportunities. You get a business deduction, and your kids earn tax-free income while learning real work and money skills.

(02:11) Turning After-Tax Spending Into Pre-Tax Spending
Instead of paying for sports, camps, or activities with after-tax dollars, you can pay your kids from your business and let them cover those costs using pre-tax income.

(03:30) What the IRS Actually Says
Payments to children under 18 working for a parent’s sole proprietorship are exempt from Social Security and Medicare taxes. Mike reads the exact IRS language to prove it’s black and white in the tax code.

(04:11) How It Works in Practice
If your child earns under the standard deduction (about $15,000), they pay no income tax. You deduct their wages as a business expense, and you avoid FICA taxes if paying from a Schedule C or single-member LLC.

(06:21) Setting It Up Correctly
You need proof. Mike explains that kids must be at least 7, paid a reasonable wage, tracked for hours and tasks, paid into their own account, and issued a W2 at year-end.

(11:04) Bonus Benefit: Roth IRA
Kids can use earned income from the business to fund a Roth IRA. Mike shows how $25,000 invested by age 13 could grow to over $1 million by retirement.

(12:55) What About S Corps?
S corporations must withhold FICA taxes, but Mike explains a workaround: Splitting part of the business into a Schedule C entity to pay your kids through that side.

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

If you’ve ever wanted to move money from your business to yourself without paying extra tax, this episode is for you.

In this episode, you’ll learn how the Augusta Rule, also called the 14-Day Home Rental Rule, lets business owners rent their personal homes to their own business and receive that income completely tax-free. You’ll also learn exactly how to document it, what proof the IRS expects, and the common mistakes that can get this strategy disallowed.

👉 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

(00:44) Why the Augusta Rule Exists
The history of the rule, starting with homeowners in Augusta, Georgia, who rented their houses during the Masters Tournament.

(02:07) What the IRS Code Actually Says
This strategy came from homeowners in Augusta, Georgia, who rented their homes during the Masters Golf Tournament. The IRS decided that short-term home rentals of 14 days or less don’t count as rental properties and therefore don’t create taxable income.

(03:09) How to Use It as a Business Owner
You can legally rent your personal home to your own business for legitimate events and claim a business deduction while keeping the income tax-free.

(04:21) What Not to Do
Why you can’t just write yourself a random check without documentation or a valid business purpose.

(04:53) 4 Key Steps to Make the Augusta Rule Work

There must be a clear business reason, like a meeting or retreat. Set a fair rate using local hotel or Airbnb prices and keep proof. Create a short rental agreement with the purpose, dates, and rate, then pay yourself from the business account and keep records.

(07:10) When to File a 1099 to Yourself
If total rental payments exceed $600, you must issue yourself a 1099 and clear it out on your return under Section 280A(g).

(07:50) Example: Putting It All Together
A sample year with quarterly board meetings, a team retreat, and training events shows how this can total over $7,000 in tax-free income.

(10:39) Do It Right or Risk Losing the Deduction
The importance of solid documentation, fair rates, and proper proof to defend the deduction in an audit.

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

If you’ve ever paid for business expenses out of pocket, like your phone bill, internet, or home office, and wondered if you can get reimbursed without paying more tax, this episode is for you.

In this episode, you’ll learn how an Accountable Plan lets business owners legally reimburse themselves and their employees tax-free. You’ll also discover the 4 key rules every plan must follow to stay IRS-compliant, and the most common mistakes that lead to audit trouble.

👉 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

(00:00) The Overlooked Tax Strategy That Saves Thousands
What is the Accountable Plan? This allows you to get reimbursed for business expenses you paid personally without triggering extra income tax.

(01:10) What Is an Accountable Plan?
A simple breakdown of how this reimbursement policy works and why it’s essential for S Corps and C Corps.

(02:44) Who Needs an Accountable Plan
When owners and employees qualify, and why sole proprietors handle this differently.

(04:14) How to Set It Up Step-by-Step
The 3 essential steps to properly implement an Accountable Plan include creating a written policy, using expense report templates, and making reimbursement payments.

(08:35) Common Expenses You Can Reimburse Tax-Free
Examples like home office, internet, travel, mileage, subscriptions, and meals that qualify under an Accountable Plan.

(10:30) Avoid These IRS Red Flags
Why documentation, receipts, and timely reimbursements matter, and how to keep your plan audit-proof.

(11:45) Quick Recap & Next Steps
The four key rules of Accountable Plans are that expenses must have a clear business connection, be properly documented, exclude any excess reimbursements, and be submitted on time.

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

A single medical bill can wipe out your profits. But health expenses don’t have to drain your cash flow. 

In this episode, you’ll learn three powerful ways to turn your medical costs into legitimate tax deductions. From self-employed health insurance and Health Savings Accounts (HSAs) to Section 105 reimbursement plans and employee health benefits, these strategies can help business owners save thousands while staying fully IRS-compliant.

👉 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

(00:00) Turning Health Costs Into Tax Savings
Health expenses can become powerful deductions when structured properly. Learn how small business owners can legally reduce taxes through insurance, HSAs, and reimbursement plans.

(00:45) Self-Employed Health Insurance Deduction
How sole proprietors, LLCs, and S Corp owners can claim health insurance premiums as deductions, and the exact steps S Corp owners must follow to stay compliant.

(04:03) The Triple Tax Benefit of HSAs
How Health Savings Accounts offer tax-free contributions, growth, and withdrawals, and why treating your HSA like a retirement account can build long-term wealth.

(08:28) Section 105 Medical Reimbursement Plans
For business owners with high out-of-pocket medical costs, this plan turns personal medical expenses into deductible business costs when set up correctly.

(10:11) Health Benefits for Employers
Affordable options for small businesses to offer tax-free health reimbursements through QSEHRA or ICHRA plans without the complexity of traditional group insurance.

(13:06) The Four Keys to Health Tax Strategy
How to combine these tools: Insurance deductions, HSAs, Section 105 plans, and employee benefits, to lower taxes and protect your cash flow.

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

Trusts aren’t just for the rich. Every family can benefit from one. A revocable living trust can simplify estate planning, avoid probate, and create a foundation for generational wealth.

In this episode, Mike Jesowshek, CPA, sits down with Jack Fiveash, attorney and co-founder of The Co Letter, to talk about how families can use a simple trust and LLC structure to build long-term stability, protect assets, and involve their children in smart financial stewardship.

They cover how to start a revocable trust, the ideal timing, what it costs, and how it ties into a broader family office structure that preserves both wealth and values.

👉 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

(00:00) Intro to Family Office Structures
A family office isn’t only for the ultra-wealthy.

(02:41) Understanding Revocable Living Trusts
What is a revocable living trust (RLT), why every family should have one, and how it simplifies estate planning.

(04:43) When to Create a Trust for Your Kids
Jack explains the right time to create a trust for children and how even young people with digital assets or investments can benefit from having one in place.

(06:53) Cost and Process of Setting Up a Trust
Jack outlines realistic pricing, what makes a trust legally sound, and the importance of completing a general assignment to fully fund the trust.

(09:44) Funding the Trust and Avoiding Probate Issues
Jack describes how a trust must be properly funded through title changes and assignments to avoid probate disputes later.

(10:22) Involving Family Members Early
Jack and Mike discuss including children in the family LLC, teaching financial stewardship, and using legitimate methods to instill responsibility and long-term wealth habits.

(13:38) Family Business Meetings and Board Structure
How to formalize family board meetings, even on vacations, to build both structure and tax efficiency. 

(18:30) Structuring Family Business Entities
When to create new entities versus using existing businesses, how to integrate wills and trusts into ownership.

(20:46) Building a Foundation for Generational Wealth
Jack offers guidance for those just starting to build wealth: How to use simple structures like family LLCs or educational trusts to create lasting value for children and grandchildren.

Learn more about family trusts, LLCs, and governance at  https://thecoletter.beehiiv.com

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

Send us a text

If you earn over $250,000 or plan to sell a highly appreciated asset, this episode could save you hundreds of thousands in taxes. Most business owners stop at basic deductions and retirement plans, but the wealthy use strategies that go far beyond that. 

In this episode, we break down the five categories of advanced tax planning, when they apply, and how to use them the right way.

👉 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

(00:00) When Advanced Tax Planning Matters
Why high-income earners and those selling appreciated assets should consider advanced strategies.

(01:00) Core vs. Advanced Strategies
The difference between foundational tax tactics available to everyone and advanced ones designed for high earners or large one-time gains.

(03:10) The Government Rewards Tax Planning
How tax incentives are built to encourage investment in business, housing, and energy projects.

(05:00) The Five Categories of Advanced Tax Strategies
An overview of the five areas where the wealthy focus their planning.

(05:23) Advanced Retirement Planning
Cash balance plans, mega backdoor Roths, non-qualified plans, and self-directed accounts for those already maxing out standard retirement limits.

(06:24) Asset Purchase Strategies
Using leverage and depreciation to create large year-one deductions. Example: turning a $10,000 down payment on a Turo car into a $100,000 deduction.

(08:00) Asset Donation Strategies
Buying assets at a discount and donating them at full fair market value to increase charitable deductions.

(09:00) Oil and Gas Investments
How investors receive 80 to 90 percent year one deductions through intangible drilling costs and depletion allowances.

(10:14) Captive Insurance Companies
Creating your own insurance company to protect your business while shifting income into a tax-advantaged structure.

(11:16) What to Consider Before Using Advanced Strategies
 Material participation requirements, IRS scrutiny, vendor due diligence, and understanding investment or loan obligations.

(14:00) Finding the Right Fit
Why working with a tax strategist helps you find the combination of strategies that fits your goals.

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 you