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Are you spending money the wrong way? Every dollar is either pre-tax or after-tax money. Knowing the difference is the key to thousands in tax savings.

In this episode, we cover how to turn everyday expenses into business deductions. From meals and travel to home office and even hiring your kids, you’ll learn the mindset shift that could save you thousands each year. 

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Chapters

(00:00) Pre-Tax vs. After-Tax Spending
Why most business owners spend the wrong way and how to flip it.

(01:18) Ordinary and Necessary Expenses
What makes an expense deductible, and how to pass the audit test.

(04:00) Everyday Costs You Can Deduct
Home office, vehicle, meals, travel, tech, cell phone, and subscriptions.

(06:27) Hiring Your Kids
How shifting family costs into payroll creates big tax savings.

(08:24) Live Audit of a Credit Card Statement
Mike reviews personal spending line by line to uncover missed deductions.

(13:10) The Framework for Deductions
Rationale, recordkeeping, and reasonableness: How to defend expenses.

(14:45) Documentation Tips to Protect Yourself
How to prove expenses with receipts, notes, and an accountable plan.

(16:15) Action Steps to Maximize Tax Savings
Start small, pick categories, and track better to save thousands. $100 pre-tax is worth $100. $100 after-tax is only worth $65.

Podcast Host:

Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com

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🎙 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.