Small Business Tax Savings Podcast

Hosted by Mike Jesowshek, CPA

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414

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Jun 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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June 10, 202626 min

Q&A: Are You Making These Common Small Business Tax Mistakes?

Small tax mistakes can cost you thousands, even when you think you’re doing everything right.From missing a filing deadline to misunderstanding how a deduction works, small errors can quickly turn into penalties, lost deductions, and a higher tax bill.In this episode, Mike answers real tax questions from small business owners covering gambling losses, BOI reporting, moving an S corporation to another state, the Augusta Rule, HSAs, late 1099s, estimated tax penalties, startup expenses, vehicle write-offs, and more. He breaks down the rules, explains the available options, and shares practical steps to help you stay compliant and avoid costly tax mistakes.👉 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/Chapters00:45 Gambling Losses, BOI Reporting, and Moving an S CorpMike explains gambling deductions, current BOI filing rules, and what happens when an S corporation moves states.05:40 The Augusta Rule, HSAs, and Nonprofit ApprovalLearn how to document Augusta Rule meetings, coordinate HSA contributions, and apply for 501(c)(3) status.10:20 Health-Sharing Plans, Late 1099s, and Estimated Tax PenaltiesMike covers health-sharing deductions, missed 1099 deadlines, and penalties after a late-year property sale.16:25 Seasonal Income, Inventory Credit, and Pre-Revenue BusinessesFind out how seasonal businesses handle estimated taxes, how much inventory to finance, and what to file before earning revenue.20:15 Late Schedule C Filings, C Corp Owner Pay, and Vehicle Write-OffsMike explains prior-year Schedule C filings, how C corporation owners are paid, and choosing between mileage and actual vehicle expenses.Resources Mentioned: 👉 www.FinCen.gov Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin 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 TOUCHYou 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 REVIEWIf 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 PODCASTThe 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.

June 3, 202618 min

The 4 Financial Roles Every Small Business Owner Needs

Your CPA isn’t saving you money… And it’s probably not their fault. Many business owners expect their CPA to handle everything: bookkeeping, tax filing, tax strategy, and financial guidance. In this episode, Mike breaks down the four financial roles every business owner needs to understand: bookkeeper, tax preparer, tax strategist, and CFO or advisor. He explains what each role does, what they do not do, and how building the right financial team can help you stay compliant, make better decisions, and legally lower your tax bill.👉 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/Chapters01:45 The Four Financial Roles Every Business Owner NeedsA strong financial team is usually made up of multiple roles, not one person. The key roles are bookkeeper, tax preparer, tax strategist, and CFO or advisor.02:00 The Bookkeeper: The HistorianBookkeepers track income, expenses, transactions, and financial statements. They help create clean, accurate books, but they usually do not provide tax strategy or planning advice.03:00 The Tax Preparer: The ReporterTax preparers file returns using completed books and past financial data. Their work focuses on compliance, not optimization, which is why tax filing alone usually does not create tax savings.04:25 The Tax Strategist: The ArchitectTax strategists look forward and build a plan to legally reduce taxes. This may include timing income, maximizing deductions, reviewing entity structure, and implementing proactive tax strategies.05:55 The CFO or Advisor: The NavigatorA CFO or advisor focuses on bigger financial decisions like cash flow, growth, profitability, and next steps. This role becomes more important as the business scales.08:35 What a CPA Actually IsA CPA is a credential, not a guaranteed service package. Some CPAs prepare tax returns, some provide planning, some focus on bookkeeping, and some do not work in tax at all.11:35 Where TaxElm Fits Into the Financial TeamTaxElm focuses on the tax strategy layer. It does not replace bookkeepers or tax preparers, but helps business owners with proactive year-round planning and strategy implementation.13:35 How to Know What Your Business Actually NeedsThe starting point depends on the gap in your business. Messy books point to bookkeeping, recurring surprise tax bills point to tax planning, and growth challenges may point to CFO-level advisory.16:00 A Simple Framework for Your Financial TeamBusiness owners need clean books, accurate filing, proactive planning, and strategic growth. Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin 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 TOUCHYou 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 REVIEWIf 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 PODCASTThe 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.

May 27, 2026Episode 41119 min

Why Bookkeeping Is One of Your Most Powerful Tax Strategies

Your bookkeeping changes everything from a tax standpoint.If your books are messy, outdated, or based on guesswork, your tax planning is already working with bad information. You may miss deductions, misjudge your profit, make poor year-end decisions, or overpay the IRS without realizing it.In this episode, Mike breaks down why bookkeeping is not just administrative work. It is the foundation of smart tax planning. He explains what bookkeeping actually is, how your profit and loss statement and balance sheet affect your taxes, and why clean, accurate books help business owners make better decisions, reduce tax-season stress, and uncover more opportunities to lower their tax bill.👉 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/Chapters00:58 Why Business Owners Ignore Bookkeeping EarlyMany new business owners focus on sales, growth, employees, and operations while treating bookkeeping as an afterthought. This creates problems later with taxes, stress, and missed opportunities.03:15 Why Bookkeeping Is a Tax StrategyTax strategy starts with accurate data. Business owners can’t maximize deductions, time income, plan asset purchases, or make smart tax decisions if their numbers are wrong.06:30 Understanding the Profit and Loss StatementThe profit and loss statement shows income, expenses, and profit. Since taxable income often starts with profit, this statement is where many tax-saving opportunities begin.10:45 The Main Types of Bookkeeping TransactionsThere are four main transaction types to track: bank and credit card transactions, non-cash transactions, invoices, and bills. Where each transaction lands affects the tax impact.13:30 Common Bookkeeping Mistakes Business Owners MakeCommon mistakes include inconsistent tracking, waiting until tax season, mixing business and personal expenses, and failing to keep clean records for 1099s.15:00 What Accurate Books Actually Give YouClean bookkeeping helps business owners stop overpaying taxes, see opportunities in real time, make better decisions, reduce tax-season stress, and move from reactive to proactive planning.16:00 A Simple System for Better BookkeepingA simple bookkeeping system starts with cloud-based software, weekly transaction categorization, separate business and personal finances, and professional help when needed.Resources Mentioned:👉 Kick: https://refer.kick.co/mike-jesowshek-cpa👉 Quickbooks: https://quickbooks.partnerlinks.io/4k3apzwyyyhf👉 Xero: https://xero5440.partnerlinks.io/i98ammvf3g9h-nx0cim Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin 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 TOUCHYou 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 REVIEWIf 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 PODCASTThe 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.

May 20, 2026Episode 41033 min

Hiring Remote Employees? You May Have Created State Tax Nexus

Hiring one remote employee in another state changes everything from a tax standpoint.The same goes for selling products or services across state lines. Once your business creates a connection to another state, that state may expect you to register, file, collect taxes, or handle payroll compliance there.In this episode, Mike sits down with Nellie Akalp, CEO and Co-Founder of CorpNet, to break down state tax nexus in plain English. They explain what creates nexus, why remote employees and multi-state sales can trigger tax obligations, and what business owners need to do to avoid penalties, back taxes, and compliance headaches.🚀 Need help registering in another state, setting up payroll tax accounts, or staying compliant as your business grows? Visit CorpNet at https://www.corpnet.com/?PID=1071👉 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/Chapters00:58 What Is State Tax Nexus?State tax nexus is the connection your business has to a state that creates a legal obligation to follow that state’s tax laws. Nellie explains the two main types of nexus business owners need to understand: employee nexus and sales nexus.03:30 Hiring Remote Employees in Another StateHiring one remote employee in another state can trigger payroll tax obligations, unemployment insurance registration, and state compliance requirements. Mike and Nellie explain why this should not stop you from hiring great talent, but it does need to be handled properly.06:30 Why You Should Not Run Payroll by HandPayroll tax rules change often, and running payroll manually can create serious compliance issues. Nellie explains why business owners should use payroll software or a payroll provider once they start hiring employees.09:00 Common Mistakes Business Owners Make With Employee NexusThe biggest mistake is not knowing nexus exists. Nellie shares common issues like hiring remote employees without registering in the correct state, running payroll before accounts are set up, and forgetting ongoing filing requirements.12:00 What Is Economic Nexus?Economic nexus is based on how much you sell into a state, even if you do not have an office or employees there. Nellie explains how the South Dakota v. Wayfair case changed the rules for out-of-state sellers.14:00 Sales Thresholds and Multi-State Tax ObligationsA common benchmark for economic nexus is $100,000 in sales or 200 transactions annually, but rules vary by state. Mike and Nellie explain why business owners should track sales by state and consider a nexus study as they grow.16:30 Why E-Commerce Businesses Are More ExposedOnline businesses often assume they have nothing to worry about because they do not have a physical location in other states. Nellie explains why e-commerce sellers can be especially exposed when they sell across multiple states.18:00 Foreign Qualification and State RegistrationSome states may require your LLC or corporation to foreign qualify before registering for payroll tax accounts or sales tax accounts. Nellie explains what foreign qualification means and when it may apply.20:30 Why Closing State Accounts MattersIf you stop doing business in a state, terminate an employee, or move operations, you may need to close your state accounts properly. Otherwise, your business may keep receiving notices or filing requirements even with no activity.22:30 What Happens If You Ignore Sales Tax Nexus?If your business has sales tax nexus and does nothing, states may assess back taxes, penalties, and interest. Mike and Nellie explain why sales tax exposure can be riskier because there may not be an automatic warning when you cross the line.27:00 How to Fix Nexus Issues and Stay CompliantNellie explains the three key steps: identify where you have nexus, get properly registered, and put a system in place to stay compliant. The goal is to stay proactive before a state comes knocking.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin 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 TOUCHYou 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 REVIEWIf 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 PODCASTThe 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.

May 13, 2026Episode 40920 min

Meals and Travel Deductions: What Business Owners Need to Know in 2026

You spend money on meals and travel all the time; Client lunches, flights, hotels, conferences, team dinners, and networking events are all part of running a business.But most business owners don’t know what is actually deductible anymore.In this episode, Mike breaks down the 2026 rules for meals, travel, and entertainment deductions. He explains what still qualifies, what changed, what is no longer deductible, and how business owners can turn everyday spending into legitimate tax savings without creating unnecessary IRS risk.👉 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/Chapters00:58 Why Meals and Travel Deductions MatterMeals and travel are common business expenses, but many owners either under-deduct or deduct the wrong things. The goal is to turn qualified spending into pre-tax deductions with a clear business purpose. 02:30 How to Deduct Meals in 2026Most business meals are 50% deductible in 2026. This includes client lunches, vendor meetings, and prospect meals, as long as there is a real business discussion.04:30 When Meals Can Be 100% DeductibleSome meals can be 100% deductible, such as food provided at sales seminars, company events, or employee parties when structured correctly.06:00 Entertainment Rules Business Owners Need to KnowEntertainment is generally not deductible, even if business is discussed. But meals and drinks purchased separately at those events may still qualify.08:30 How Business Travel Deductions WorkBusiness travel can include 100% deductions for flights, hotels, and transportation. Travel meals are generally 50% deductible.11:30 Business Days, Tax Home Rules, and Mixed TravelTo deduct travel, the trip needs a clear business purpose and must take you away from your tax home. Mike also explains business days, weekend rules, and mixed personal travel.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin 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 TOUCHYou 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 REVIEWIf 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 PODCASTThe 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.

May 6, 202622 min

Should You Open Another LLC? Multi-Entity Structures Explained

Should you open another LLC, elect S Corp status, or create a more advanced business structure?Mike breaks down when a multi-entity structure makes sense, and when it creates more confusion than value. Learn when one LLC is enough, how S Corps and partnerships fit in, and why timing matters. Structure too early and you create chaos. Wait too long and you expose yourself to risk. 👉 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(00:40) The Problem With “Just Open Another LLC”More entities do not automatically mean more tax savings. Opening LLCs too early can create costs, confusion, messy bookkeeping, and unnecessary complexity.(02:50) Active vs. Passive Business ActivityActive operating businesses and passive activities, like rental real estate or investments, should usually stay separate because they have different tax treatment and risk profiles.(04:15) The First Triggers for Adding Another Entity Higher income, multiple revenue streams, different types of business activity, and different risk levels can signal that it may be time to consider a multi-entity structure.(08:00) Using an S Corp as a Management CompanyInstead of creating multiple S Corps, active LLCs can often be owned by one main S corporation, helping simplify tax filings, payroll, and planning.(11:15) How Partnerships Change the StructureWhen a partner enters the picture, a new entity is usually needed to create clean ownership, clear agreements, and easier exits.(14:15) The Risk of Structuring Too EarlyCreating multiple LLCs before there is real revenue or activity can lead to annual fees, confusion, co-mingled funds, and bookkeeping problems.(16:00) How to Know When You Are Ready Different income types, multiple revenue streams, liability concerns, sufficient profit, and current or future partners are all signs that a multi-entity structure may be worth considering.(20:00) The Bottom Line on Multi-Entity Structures Multi-entity structures are not about looking sophisticated. They are about solving real business problems at the right time, without creating chaos or waiting until the business is exposed.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin 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 TOUCHYou 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 REVIEWIf 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 PODCASTThe 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.

April 29, 202618 min

Business Expenses You’re Afraid to Deduct, But Probably Should

Are you still afraid to deduct certain business expenses because you think the IRS might come after you for it?Meals. Travel. Home office. Vehicle expenses. Software. Education. Coaching. Even paying your kids. These deductions can feel risky when the lines between personal and business spending are not clear.In this episode, Mike breaks down the business expenses many owners skip out of fear, and explains how to think about deductions the right way. You will learn what “ordinary and necessary” really means, why documentation matters more than fear, and why playing it too safe can cost you thousands.👉 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(01:15) How the Tax Code Incentivizes Business OwnersThe tax code is designed to encourage certain actions, like building businesses, hiring employees, creating housing, and growing the economy. The goal is to understand the incentives and implement them legally.(03:00) The “Ordinary and Necessary” RuleA business expense generally needs to be ordinary and necessary. Ordinary means it is common in your industry. Necessary means it helps your business operate, grow, or function properly.(06:30) Small Recurring Expenses That Add UpSoftware, AI tools, phones, laptops, Zoom, cloud storage, project management tools, internet, and office equipment may seem small, but repeated monthly expenses can become meaningful deductions over time.(07:30) Home Office, Vehicle, and Professional Development DeductionsHome office, vehicle expenses, education, coaching, masterminds, certifications, training, and industry events are deductions business owners often hesitate to claim. (13:00) Paying Your Kids and Family MembersHiring your kids or family members can be a legitimate tax strategy when the work is real, the pay is reasonable, and the process is properly documented.(14:00) The Real Audit Trigger Is Weak DocumentationPoor bookkeeping, missing receipts, weak records, and sloppy implementation are what usually create risk.(15:00) The Auditor Sniff TestCan you explain the business purpose clearly to an auditor? If you can support it with a straight face and proper records, you’re in a stronger position.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin 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 TOUCHYou 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 REVIEWIf 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 PODCASTThe 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.

April 22, 2026Episode 40622 min

How to Audit Your 2025 Tax Return and Lower Your Taxes Next Year

Most business owners treat filing their taxes like the finish line. It isn’t. What actually lowers your tax bill is what you do before December, and that starts with knowing how to read the return you just filed.In this episode, Mike walks through a six-step process for reviewing your 2025 tax return the right way. You will learn what numbers actually matter on your 1040, how to tell if the strategies you implemented actually worked, where most business owners leave money on the table without realizing it, and how to build a real tax plan for 2026 before the year gets away from you.👉 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(02:00) Step 1: Review Your Tax Return Pull out your return and actually look at it. The four forms that matter most are the 1040, Schedule C, Form 1120-S, and Form 1065. Each one tells a different part of your financial story.(07:00) Step 2: Did It Work? What did you actually pay in federal, state, and self-employment taxes? Did you owe more than you expected? This step is about getting honest with your outcome and figuring out whether the planning you did last year actually moved the needle.(10:00) Step 3: Audit the Strategies You Implemented Walk through each strategy you used and ask whether you did it to its fullest, legitimate extent.(13:30) Step 4: Find the Missed Moves What did you learn too late to use? The December panic is real, and the best time to avoid it next year is right now, while the pain of this year's tax bill is still fresh.(15:00) Step 5: Compare Expected vs. Actual Look at what you projected versus what actually came in, both on income and on estimated tax payments. Understanding your own patterns helps you plan more accurately going forward and avoid overpaying or getting caught short.(16:00) Step 6: Use Your Return as a Roadmap for 2026 Map out your income patterns, expense categories, entity structure, and tax bracket for the year ahead. Then build a monthly strategy plan, a quarterly checkpoint, and a year-end execution roadmap so nothing slips through.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin 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 TOUCHYou 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 REVIEWIf 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 PODCASTThe 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.

April 15, 2026Episode 40524 min

Tax Q&A for Business Owners: S Corps, LLCs, Write-Offs, and More

Every business owner hits a point where the tax questions start stacking up. Can I deduct this? Should I switch to an S Corp? Is this still a business if I have not made money yet? And what happens if I did something before I had my systems set up the right way?In this episode, Mike opens the floor to questions from business owners and breaks down the tax answers behind them. From zero-activity LLC filings and Schedule C concerns to family payroll planning, vehicle deductions, and rental strategies like the Augusta Rule, this episode covers the practical decisions that shape how much tax you pay and how well your strategy holds up. 👉 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(03:22) Do You Need a CPA for a Zero-Activity Partnership Return?A new LLC owner asks about filing a Form 1065 with no business activity. Mike breaks down why even a zero return can be more complex than it looks and what to consider before self-filing.(04:47) Can a First-Year Business Loss Offset W-2 Income?Mike walks through hobby loss concerns, material participation rules, and when a side hustle loss may be used to reduce taxes on other income.(06:35) Is an S Corp Worth It at $120,000 of Profit?This section covers the tradeoff between added payroll and tax prep costs versus potential self-employment tax savings, along with the importance of setting a reasonable salary.(12:01) Where Can You File Business Taxes Online Yourself?For business owners thinking about self-filing, Mike shares general software options and explains why second eyes matter on more complex returns.(13:12) Can You Deduct Business Expenses Paid on a Personal Credit Card?Mike answers a common startup question and explains how to handle valid business expenses paid personally before a business bank account is opened.(14:27) How Does the Family Management Company Strategy Work?This section breaks down how business owners with an S Corp may use a separate sole proprietorship to hire children, reduce payroll taxes, and stay compliant.(20:56) How Does the Augusta Rule Work for Business Owners? Mike explains how the Augusta Rule works, what records you need, and how to back it up in an audit. Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin 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 TOUCHYou 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 REVIEWIf 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 PODCASTThe 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.

April 8, 202620 min

2026 Tax Updates Every Business Owner Needs to Know

Every year, the IRS updates important tax numbers, that most business owners miss. This leads to missed deductions, poorly timed income decisions, and unnecessary overpayments to the IRS.In this episode, we break down the most important 2026 tax updates business owners need to know, including changes to tax brackets, standard deductions, Social Security wage caps, retirement limits, HSA contributions, mileage rates, capital gains thresholds, and Section 179 expensing. 👉 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(00:52) Why IRS Tax Numbers Change Every YearTax brackets, standard deductions, retirement limits, Social Security wage caps, HSA limits, and mileage rates are adjusted annually based on inflation and tax policy changes.(01:24) 2026 Standard Deduction and Why It MattersThe new standard deduction amounts affect whether it makes sense to itemize and also shape strategies like hiring your children, since income below the standard deduction may avoid federal income tax.(06:12) The 2026 Social Security Wage CapWages are subject to Social Security tax only up to the annual wage cap, which makes this number especially important for payroll planning and S Corp salary decisions.(08:15) Retirement Contribution Limits for 2026Updated IRA and 401(k) contribution limits create new opportunities for tax deductions, especially for business owners using retirement plans to reduce taxable income.(09:43) 2026 HSA Contribution Limits and Why HSAs Are So PowerfulHSA contribution limits increased for 2026, and the account remains one of the most tax-advantaged tools available because contributions, growth, and qualified withdrawals all receive favorable tax treatment.(11:13) 2026 Mileage Rate IncreasesThe higher mileage rate can create a larger deduction for business owners who use the standard mileage method, making accurate mileage tracking even more important.(12:57) Capital Gains Tax Thresholds for 2026Long-term capital gains are taxed under a separate set of thresholds, which makes timing important when selling investments, real estate, or a business.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin 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 TOUCHYou 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 REVIEWIf 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 PODCASTThe 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.