Small Business Tax Savings Podcast

Hosted by Mike Jesowshek, CPA

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434

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Oct 2026

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About the show

The Small Business Tax Savings Podcast is designed specifically for small business owners. We focus on tax savings and ways to have a financially sound back bone to your small business. Our goal is to have you paying the least amount in taxes as legally possible.Hosted by by Mike Jesowshek, CPA, this is a quick hitting podcast aimed to get you important information without all the fluff. You can find episodes, blog posts, information on our software TaxElm and more on our website: www.TaxSavingsPodcast.com

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October 21, 202634 min

How to Hire Your Family and Save on Taxes in 2026

The money you're already spending on your family could help lower your business tax bill If your family members perform legitimate work for your business, you may be able to turn some of that spending into tax-deductible wages. In this episode, Mike Jesowshek, CPA, explains how hiring your kids and other family members can help reduce your taxes in 2026. He covers who you can hire, how the rules differ for sole proprietors and S corp owners, and how much your children can potentially earn tax-free. He also walks through reasonable wages, payroll requirements, the documentation you need, and common mistakes that could put your deductions at risk. 👉Find out how much your business could save in taxes: TaxSavingsPodcast.com/scorecard 🚀 Book your free demo call today. Click here or visit: https://taxelm.com/demo/ 00:00 How Hiring Your Family Can Help You Save on Taxes Mike explains how paying family members for real work can turn everyday family support into business deductions. He also shares how one business owner saved $12,000 by hiring his kids. 04:00 How the Tax Savings Work How hiring family members can lower your taxes, including the 2026 standard deduction of $16,100 and potential payroll tax savings. 07:00 Who Can You Hire? Kids, Spouses, and Other Relatives The rules for hiring children, spouses, parents, and other relatives, and when each option makes financial sense. 13:00 The S Corp Workaround and Family Management Companies Why S corp owners face different payroll tax rules and how a separate business may help them qualify for additional savings. 17:00 Setting Up Payroll and Documentation Correctly How to choose appropriate work, pay reasonable wages, and keep the paperwork needed to support your deductions. 22:00 Reporting Family Wages and Calculating Your Tax Savings How to report wages correctly, handle payroll taxes, and calculate potential savings using real client examples. 26:00 Using a Roth IRA to Build Tax-Free Retirement Savings How children with earned income can contribute to a Roth IRA and start building retirement savings early. 29:00 Common Mistakes to Avoid and Key Takeaways The biggest mistakes to avoid, including missing records, unreasonable wages, incorrect payroll reporting, and paying for personal chores. 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 ⭐

October 14, 202623 min

How to Deduct Your Medical Bills Through Your Business (Section 105 Plan Explained)

Stop paying your medical bills with after-tax dollars You’re already paying for deductibles, prescriptions and co-pays. With the right setup, your business could pay you back for them, tax-free. In this episode, Mike Jesowshek, CPA, explains how a medical expense reimbursement plan (also called an owner HRA or Section 105 plan) can turn out-of-pocket medical costs into business deductions. He covers who qualifies, which entity types work for single and married owners, and the workaround for S corp owners. He also walks through the paperwork you need, how to report the plan on your tax return, and the common mistakes that can cost you the deduction. 👉Find out how much your business could save in taxes: TaxSavingsPodcast.com/scorecard 🚀 Book your free demo call today. Click here or visit: https://taxelm.com/demo/ 00:00 Why Your Medical Costs Aren’t Fully Deductible Mike explains who this strategy is for (owners with no employees outside the family) and why high out-of-pocket medical costs often get little or no deduction as itemized deductions, even in a costly year. 03:00 What a Section 105 Plan Is and Who Qualifies How a medical expense reimbursement plan lets your business reimburse an employee for qualified family medical costs, turning after-tax spending into pre-tax business deductions. It also covers the no-employee requirement and how other businesses you own could affect whether you qualify. 06:00 Entity Type, Marital Status, and the S Corp Workaround Why single owners need a C corp and married owners can hire their spouse through a sole proprietorship, partnership, C corp, or rental property. Mike also explains why the plan doesn’t work in an S corp and how moving part of your income into a separate entity can get around that. 09:00 Setting Up the Plan and Reimbursing Expenses The paperwork you need, including a written plan document, employment agreement, job description, and time log. Mike also covers which expenses qualify under IRS Publication 502 and how receipts, a reimbursement log, and payments from the business account support each claim. 13:00 Reporting the Deduction on Your Tax Return Where the deduction goes on a Schedule C, partnership return, C corp return, or Schedule E rental, why these costs no longer belong on Schedule A, and the Form 720 filing that goes with the plan. 16:00 Is It Worth It? A Real Number Example How $50,000 in qualified medical expenses could create more than $17,000 in tax savings. Mike also explains why the plan usually isn’t worth it under $5,000 in costs and when it starts to make sense. 18:00 Mistakes to Avoid and Key Takeaways The most common mistakes, including missing paperwork, a spouse who doesn’t do real work, outside employees, using an S corp, and improper reimbursements. Mike closes with why getting the structure right matters, especially for families with ongoing medical costs. 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 ⭐

October 7, 2026Episode 43023 min

Health Insurance Tax Savings for Business Owners

Your health insurance could do more than cover medical emergencies. With the right strategy, it could also help you save on taxes. In this episode, Mike Jesowshek, CPA, breaks down health insurance options for small business owners, from group plans to employee reimbursements and stipends. He explains the steps S corp owners need to take to deduct their health insurance premiums and how eligible business owners can use an HSA for tax savings and long-term growth. 👉Find out how much your business could save in taxes. TaxSavingsPodcast.com/scorecard 🚀 Book your free demo call today. Click here or visit: https://taxelm.com/demo/ 00:00 | Health Insurance as a Tax Strategy How healthcare planning can help business owners protect themselves, offer employee benefits, and save on taxes. 01:00 | Your Health Insurance Options An overview of group plans, self-funded plans, HRAs, and stipends, plus how your needs differ when you’re self-employed. 03:00 | The HSA’s Triple Tax Advantage A look at tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses. 04:00 | Group Health Insurance Plans How group plans work and how employers decide what portion of employee premiums to cover. 05:00 | Self-Funded and Level-Funded Plans How these plans differ from traditional group insurance, including potential savings and risks. 07:00 | Health Reimbursement Arrangements How HRAs let employers reimburse eligible healthcare costs and why employees need to document their expenses. 08:00 | Stipends and Offering No Coverage The tax tradeoffs of paying employees extra for healthcare and how benefits can help attract and retain talent. 11:00 | Health Insurance for S Corp Owners The payment, W-2 reporting, and personal tax return steps discussed for claiming the health insurance deduction. 15:00 | HSA Eligibility and Contribution Limits An explanation of qualifying health plans and the contribution limits covered in the episode. 17:00 | Investing Your HSA and Saving Receipts Why leaving funds invested may support long-term growth, and how saved medical receipts can support later reimbursements. 19:00 | Review Your Healthcare Strategy Each Year Bring coverage, deductions, employee benefits, and HSA planning together as your business grows. 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 ⭐

September 30, 202629 min

Documentation 101: How to Prepare for an IRS Audit

Documentation 101: How to Prepare for an IRS Audit You claimed the deduction. But if the IRS asks, can you prove it? Mike Jesowshek, CPA, explains which records you need to support your business expenses. Learn how to document purchases, keep clean books, and organize your receipts so you’re prepared if the IRS comes knocking. 👉Find out how much your business could save in taxes. TaxSavingsPodcast.com/scorecard 🚀 Book your free demo call today. Click here or visit: https://taxelm.com/demo/ Chapters: 00:00 Your Tax Deductions Need Documentation Paying with a business card doesn’t automatically make a purchase deductible. You need records showing what you bought and why it was business related. 03:00 Audit Selection vs. Audit Outcome Even well-organized businesses can get audited. Good documentation helps you support your deductions if you’re selected. 08:00 The Proof Behind a Business Deduction Every deduction needs an actual transaction, a business purpose, and the correct tax treatment. Your supporting records should match. 12:00 Clean Books and Separate Bank Accounts Separate business and personal accounts, update your books regularly, and clearly label expenses, transfers, and owner activity. 14:00 Business Structure, Payroll, and Reimbursements Your tax filings and records should match your business structure. Payroll, accountable plans, and meeting records need proper implementation. 17:00 What to Record Beyond the Receipt Document the business purpose and who was involved. Supporting invoices, calendar entries, and emails can help explain the expense. 19:00 Supporting Records for Mileage, Travel, and More Mileage, travel, equipment, contractors, loans, and reimbursements each need records that support the transaction. 20:00 Building an Audit-Ready Workflow Capture receipts promptly, add context, categorize expenses consistently, and save your documents digitally. 22:00 Testing Whether You Can Find Your Records Choose an older transaction or five large expenses. Check whether you can quickly find the records supporting them. 23:00 What to Do When an Audit Letter Arrives Read the request carefully, meet deadlines, organize your response, and speak with a qualified tax professional. 25:00 How Good Documentation Pays Off Organized records make audit responses faster and deductions easier to defend. Clean books also help you make business decisions. 27:00 Why Tax Strategies Need a Paper Trail Putting a strategy into practice includes documenting it. Hiring your kids, for example, requires records of their work and payments . 28:00 Key Takeaways and Next Steps Clean books and timely documentation help you prepare for an audit. Learn where to find support implementing tax strategies. 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 ⭐

September 23, 202620 min

How to Claim the Home Office Deduction in 2026

Are you missing out on the home office deduction because you think your workspace doesn’t qualify? In this episode, Mike Jesowshek explains who qualifies for the home office deduction and how to calculate it using either the simplified or actual expense method. He also breaks down the regular and exclusive use rules, how the deduction differs for sole proprietors and S Corporation owners, and why a qualifying home office could unlock additional business mileage deductions. You’ll learn how to choose the right calculation method, document your workspace, avoid common mistakes, and turn expenses you’re already paying into a legitimate business tax deduction. 👉Find out how much your business could save in taxes. TaxSavingsPodcast.com/scorecard 🚀 Book your free demo call today. Click here or visit: https://taxelm.com/demo/ 00:00 How the Home Office Deduction Works The home office deduction allows business owners to turn a portion of expenses they’re already paying, including rent, utilities, insurance, and homeownership costs, into legitimate business deductions. 02:20 Who Qualifies for a Home Office Deduction? A qualifying workspace must be used regularly and exclusively for business. It doesn’t need to be an entire room, but the separation between business and personal use must be clear. 04:15 What Counts as Your Principal Place of Business? Your home doesn’t need to be the only place where you work. A home office may qualify if you regularly use it for administrative or management activities such as bookkeeping, scheduling, invoicing, planning, and customer follow-ups. 06:30 The Simplified Home Office Deduction The simplified method provides a deduction of $5 per qualifying square foot, up to 300 square feet. It requires less recordkeeping but limits the maximum annual deduction to $1,500. 08:50 How the Actual Expense Method Works The actual method calculates your deduction using the percentage of your home used for business. It may include a portion of rent, mortgage interest, property taxes, utilities, insurance, repairs, cleaning, and depreciation. 10:50 Simplified vs. Actual Expenses The simplified method may be easier, but the actual method can produce a significantly larger deduction. Business owners should calculate both methods each year before deciding which one to use. 11:35 How to Claim the Deduction Based on Your Business Structure Sole proprietors and single-member LLCs generally claim the deduction through Schedule C and Form 8829. S Corporation owners typically need an accountable plan to reimburse themselves properly for home office expenses. 13:40 How a Home Office Can Unlock Business Mileage A qualifying home office may establish the starting point of your business day. This can allow trips from your home office to clients, suppliers, job sites, or other business locations to qualify as deductible business mileage rather than commuting. 15:30 Common Home Office Deduction Mistakes Personal use of the workspace, estimated measurements, missing housing records, and incorrect treatment based on business structure can weaken or eliminate the deduction. 16:30 Your Home Office Deduction Checklist Photograph and measure your workspace, confirm your home’s total square footage, collect your annual housing expenses, compare both calculation methods, and document how the deduction will be handled based on your entity type. 17:50 Equipment and Other Home Office Deductions Computers, desks, cameras, microphones, and other business equipment should generally be analyzed separately. The home office calculation focuses on the cost of the qualifying physical space rather than the equipment used to operate the business. 18:25 How to Make Your Home Office Deduction Defensible The goal isn’t to claim your entire home as a business expense. It’s to identify the portion legitimately used for business, document it properly, choose the best calculation method, and revisit the deduction each 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 ⭐

September 16, 2026Episode 42724 min

Business Vehicle Tax Deductions: What You Can Write Off in 2026

Are you missing out on a business vehicle deduction, or claiming more than you’re actually allowed? In this episode, Mike Jesowshek explains how business vehicle deductions work, including the difference between the standard mileage and actual expense methods. He also breaks down the 6,000-pound vehicle rule, business versus personal mileage, vehicle ownership, and the records you need to protect your deduction. You’ll learn how to choose the right deduction method, avoid costly mistakes, and turn legitimate business driving into a defensible tax strategy. 👉Find out how much your business could save in taxes. TaxSavingsPodcast.com/scorecard 🚀 Book your free demo call today. Click here or visit: https://taxelm.com/demo/ 00:00 How Business Vehicle Tax Deductions Work Vehicle deductions should begin with a legitimate business purpose, not the type of vehicle you want to purchase. Business use determines the deduction, regardless of whose name is on the title or whether the vehicle displays your company logo. 02:29 Standard Mileage vs. Actual Expenses The standard mileage method provides a set deduction for each documented business mile. The actual expense method deducts the business-use portion of costs such as fuel, insurance, repairs, lease payments, interest, and depreciation. 05:20 How to Choose the Right Deduction Method Compare your expected mileage, business-use percentage, purchase price, operating costs, and potential deductions over several years. 06:55 The 6,000-Pound Vehicle Tax Strategy Vehicles with a gross vehicle weight rating above 6,000 pounds may qualify for different depreciation treatment. But the available deduction still depends on business use, vehicle classification, taxable income, and the depreciation method used. 09:45 Should the Vehicle Be in Your Personal or Business Name? A vehicle doesn’t always need to be titled in the company’s name to qualify for a deduction. Personally owned vehicles may be reimbursed for business use, while personal use of a company-owned vehicle may need to be treated as a taxable fringe benefit. 12:30 What Counts as Business Mileage? Driving between your home and regular office is generally considered commuting. Trips between business locations, client meetings, job sites, suppliers, and other qualifying destinations may count as deductible business mileage. 15:15 The Records You Need to Protect Your Deduction Business owners should track the date, destination, purpose, and mileage of every business trip. Mileage records are necessary even when using the actual expense method because they support the vehicle’s business-use percentage . 19:00 How to Claim the Vehicle Deduction Sole proprietors and single-member LLCs generally claim vehicle expenses on Schedule C. S Corporation owners may deduct a company-owned vehicle’s expenses through the business or use an accountable plan to reimburse business use of a personally owned vehicle. 20:20 Business Vehicle Deduction Checklist Establish the vehicle’s business purpose, estimate business and personal mileage, compare both deduction methods, check the vehicle’s weight rating, and consider whether buying or leasing makes more sense. 22:00 Avoid This Expensive Vehicle Tax Mistake A deductible vehicle isn’t free. Before purchasing an expensive truck or SUV for the write-off, calculate the actual tax savings and make sure the vehicle is something the business genuinely needs. 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 ⭐

September 9, 2026Episode 42625 min

Growing a Business: What Breaks at $250K, $500K, and $1M in Revenue?

Is growing your business creating more stress instead of more freedom? In this episode, Mike Jesowshek breaks down what commonly starts to fail as a business reaches $250,000, $500,000, and $1 million in revenue. He explains why your personal capacity, internal systems, financial visibility, and ability to delegate must evolve as the business grows. You’ll learn how to stop becoming the bottleneck, protect profitability, build a team you can trust, and create the systems and proactive tax plan needed to scale without burning out. 👉Find out how much your business could save in taxes. TaxSavingsPodcast.com/scorecard 🚀 Book your free demo call today. Click here or visit: https://taxelm.com/demo/ Chapters: (03:00) Building Systems at $250,000 in Revenue Informal processes and information stored in the owner’s head stop working as the business expands. Mike explains how simple checklists and screen recordings can create more consistent results without constant supervision. (07:00) Delegation Becomes Essential at $500,000 Hiring someone doesn’t automatically reduce the owner’s workload. Effective delegation requires clear outcomes, deadlines, decision-making authority, performance measures, and trust in the people you hire. (10:15) Making Tax Planning Proactive As profit increases, reactive tax planning becomes more expensive. Mike covers estimated payments, entity structure, reasonable compensation, retirement opportunities, documentation, and other areas growing businesses should review throughout the year. (13:00) When the Owner Becomes the Bottleneck At around $1 million in revenue, the business may have employees and systems but still depend on the owner for every major decision. Mike shares the warning signs that the company cannot operate without your constant involvement. (14:25) Building Leaders, Not Just Hiring Helpers Every major function of the business needs clear ownership, measurable goals, and appropriate decision-making authority. Developing capable leaders allows the owner to step away from daily operations and focus on direction. (18:20) How the Owner’s Role Must Change The habits that help start a business can become liabilities as it grows. Moving to the next stage requires the owner to spend less time completing tasks and more time planning, coaching, reviewing numbers, and developing people. (19:45) Mike’s Experience Scaling His Accounting Firm Mike shares how keeping every process in his head and remaining involved in every client created problems as his firm grew. He explains how those lessons shaped the way he approached building his next company. (22:25) What Kind of Business Do You Actually Want? Not every owner wants to build a $100 million company. Mike closes by encouraging business owners to define the business and lifestyle they want, then build the systems, team, financial structure, and tax plan required to support 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 ⭐

September 2, 202635 min

Can Bitcoin Mining Lower Your Tax Bill?

Could Bitcoin mining turn a major business expense into a tax-saving opportunity? In this episode, Mike Jesowshek and Colin from Leverage Mining explore how owning mining equipment could help business owners earn Bitcoin and claim potential tax deductions. They break down the upfront costs, participation requirements, and why a tax write-off alone isn’t enough to make this investment worthwhile. You’ll learn who this strategy might suit, what a four-year commitment involves, and the risks to consider before getting started. 🚀 Could Bitcoin mining fit into your tax strategy? Book a call with Leverage Mining to explore the costs, potential tax benefits, and what getting started would involve: https://preview.khgmedia.com/widget/booking/WM032a6yfqW9p8Ls3WpR?utm_source=mike_jesowshek&utm_medium=referral&utm_campaign=partner_program 👉Find out how much your business could save in taxes. TaxSavingsPodcast.com/scorecard 🚀 Book your free demo call today. Click here or visit: https://taxelm.com/demo/ Chapters: (01:00) Bitcoin Mining vs. Buying Bitcoin Bitcoin mining involves owning equipment that earns Bitcoin, rather than purchasing the asset directly. The discussion explains how mining machines work, why miners join pools, and how rewards are shared. (06:00) Bitcoin Mining as a Tax Strategy Mining equipment may qualify for bonus depreciation, creating an upfront deduction while the business produces Bitcoin over time. The conversation explores how this fits into a broader strategy of purchasing income-producing assets. (08:00) Material Participation and Documentation Using mining losses to offset wages or other business income involves more than purchasing equipment. The discussion covers material participation, tracking business activities, and planning ahead to meet the relevant requirements. (13:00) Equipment Costs and the Four-Year Commitment Colin outlines packages that combine mining machines, hosting, and electricity over four years. They discuss upfront costs, operating arrangements, and why the value of the Bitcoin earned can fluctuate. (17:00) How Much of the Investment Is Deductible? The full package price isn’t presented as a first-year deduction. Using a $100,000 example, they discuss an estimated $70,000 first-year deduction, with remaining electricity expenses spread over later years. (19:00) Bitcoin Halving and Long-Term Returns Mining rewards change over time, and Colin explains why his approach depends heavily on Bitcoin appreciating. The discussion highlights the importance of evaluating potential returns beyond the initial tax benefit. (21:00) What Happens After the Mining Contract Ends? As the four-year agreement ends, owners face decisions about older equipment and whether to purchase new machines. Colin discusses replacement, disposal, and the potential tax implications of selling depreciated equipment. (24:00) Accumulating Bitcoin Over Time Mining produces Bitcoin gradually rather than through a single purchase. Colin explains his preference for holding the Bitcoin earned and taking a long-term approach to price fluctuations. (26:00) Understanding the Risks of Bitcoin Mining Bitcoin prices, network difficulty, changing rewards, and equipment failures can affect results. The conversation also covers hosting fees, electricity contracts, downtime, and questions to ask when evaluating a provider. (31:00) Who Might Be a Good Fit for This Strategy? The discussion focuses on high-income business owners who can commit funds for several years and tolerate volatility. It closes with the importance of participation requirements, documentation, and building a legitimate business strategy. 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 ⭐

August 28, 20262 min

MASTERCLASS: How to Cut Your Tax Bill by $15,000 or More

Discover how you can save over 5 figures in taxes with my 3-step tax shift system in my upcoming masterclass on September 1st at 7PM EST Join here: https://taxsavingspodcast.com/masterclass/ If your business earns between $50,000 and $750,000 in annual profit, you're probably paying thousands more in federal taxes than necessary. But filing a tax return isn’t the same as tax planning. Proactive tax planning helps you make smarter decisions while there’s still time to reduce your bill. On Tuesday, September 1 at 7:00 PM Eastern Time, Mike Jesowshek, CPA, is hosting a free 90-minute live masterclass on how business owners can cut their tax bills by $15,000 or more. During the training, you’ll learn: 💵 Mike’s three-step Tax Shift System 📊 How proactive planning can uncover missed tax savings 🧾 The difference between tax preparation and tax planning 🏢 How an S Corp election could save an $80,000-profit business around $5,300 per year ✅ Which strategies may apply to your business and income Mike will also stay after the training for a live Q&A, where you can ask about your entity, income, children, rental properties, or other tax questions specific to your situation. The training is completely free, but you’ll need to reserve your seat. Register now at taxsavingspodcast.com/masterclass See you there!

August 26, 202623 min

Opportunity Zones in 2026 vs. 2027: What Investors Need to Know

🚀 Discover how you can save over 5 figures in taxes with my 3-step tax shift system in my upcoming masterclass on September 1st 7PM EST Join here: https://taxsavingspodcast.com/masterclass/ Selling a business, rental property, or investment can create a significant capital gains tax bill. Could investing in an Opportunity Zone help you delay that tax and potentially eliminate taxes on future growth? We cover how Qualified Opportunity Zones work, why the timing of your investment matters and all the rules for investments made in 2026 are very different from those beginning in 2027. You’ll learn about the 180-day investment deadline, the limited deferral available in 2026, and the new five-year deferral beginning in 2027. Most importantly, you’ll learn why an Opportunity Zone investment should make financial sense before considering the tax benefits. 👉Find out how much your business could save in taxes. TaxSavingsPodcast.com/scorecard 🚀 Book your free demo call today. Click here or visit: https://taxelm.com/demo/ Chapters: (00:00) What Is an Opportunity Zone? Opportunity Zones encourage investment in designated communities by offering tax benefits to investors who reinvest eligible gains through a Qualified Opportunity Fund. (02:00) The Two Main Opportunity Zone Tax Benefits Investors may be able to defer tax on the original gain and exclude future appreciation from federal capital gains tax after holding a qualifying investment for at least 10 years. (04:00) What Happens to Opportunity Zone Investments in 2026? Gains invested under the current rules generally become taxable by the end of 2026, but the investment may still qualify for the 10-year appreciation benefit. (06:00) Can You Move an Existing Gain Into the New Program? A deferred Opportunity Zone gain recognized at the end of 2026 generally cannot be reinvested under the new rules beginning in 2027. (07:48) How the 180-Day Deadline Affects Late-2026 Gains A new gain realized late in 2026 may qualify for the 2027 rules if the investment is made in 2027 within the required 180-day period. (09:37) What Changes for Opportunity Zones in 2027? The new rules introduce a five-year deferral, a 10% basis increase after five years, and a potential 30% basis increase for qualifying rural investments. (12:04) Should You Invest in 2026 or Wait Until 2027? The right timing depends on when the gain occurred, when the 180-day deadline expires, and whether the investment makes financial sense on its own. (14:04) Five Questions to Ask Before Investing Confirm that the gain qualifies, calculate the exact deadline, identify which rules apply, consider the 10-year holding period, and evaluate the investment without the tax benefit. (16:43) Common Opportunity Zone Myths Mike addresses misconceptions about eliminating the original gain, qualifying properties, reinvesting old gains, rural funds, and missing the 180-day deadline. 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.

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