Send us a text

What if a few simple shifts in your business structure and financial habits could set you ahead of 99% of companies?

In this episode, Mike Jesowshek, a CPA and founder of Taxelm, shares practical strategies for small businesses to gain a competitive edge without requiring massive investments or risky tactics. He emphasizes the importance of establishing a proper entity structure as the foundation for growth, maintaining an accurate and cloud-based bookkeeping system, and utilizing financial data to make informed business decisions. Mike also highlights key tax deductions and offers resources to help business owners optimize their financial strategies effectively.

[00:00 - 04:50] Introduction: Setting the Stage

• Mike introduces the theme of outpacing 99% of businesses with simple, effective strategies.
• Success doesn’t require excessive risk or investment; it starts with foundational business practices.
• Transitioning to an S Corporation can lead to significant tax savings.
•  A well-structured entity is essential for tax efficiency and long-term growth.

[04:51 - 10:00] Building a Solid Foundation for Growth and The Backbone of Business

• Mike shares the importance of creating a management company structure for multiple business entities.
• Clear and organized entity structures reduce risks and enhance scalability.
• Consistent bookkeeping helps identify inefficiencies and drives better financial decisions.

[10:01 - 19:26] Leveraging Financial Data and Resources

• It is vital to use accurate financial statements for tax planning and business strategy.
• Mike offers a free document outlining tax deductions to maximize savings.
• Proactive financial management unlocks opportunities for growth and profitability.

Direct Quotes:

“Your entity structure is the foundation of how your business operates and grows.” - Mike Jesowshek

“Bookkeeping isn’t just for taxes; it’s the backbone of understanding your business’s financial health.” - Mike Jesowshek

“A cloud-based system done correctly gives you actionable insights. Done poorly, it gives you nothing.” - Mike Jesowshek

“With the right foundation, you can grow into the 1% of business owners who succeed at scale.” - Mike Jesowshek

Check out this episode’s blog: The Ultimate Guide to Maximizing Business Deductions and Write-Offs

______

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

Join TaxElm: https://taxelm.com/

-------

Podcast Website: https://www.TaxSavingsPodcast.com

Facebook Group: https://www.facebook.com/groups/taxsavings/

YouTube: www.TaxSavingsTV.com