Small Business Tax Savings Podcast

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

Small Business Tax Savings Podcast is a business podcast hosted by Unknown Host, with 423 episodes on record and a Required Pod Score of 80. PitchCentric scores this show on Booking Probability, Listen Score, and live audience signals refreshed every 24 hours.

Unknown Host hosts Small Business Tax Savings Podcast, a business show with 423 episodes published.

Our AI reads these to draft pitches. Use them as grounding for a pitch that cites a real guest and a specific topic.

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  Small Business Tax Savings Podcast

  Tax Q&A: Can I Deduct My Dog, Claim My Kitchen as a Home Office, and Ignore Venmo Income?

  Aug 19, 202623 min

  Can you deduct your dog, pay your child tax-free, or claim the kitchen table as a home office? Tax rules for small business owners aren’t always straightforward. Wrong assumption could lead to missed deductions or problems with the IRS. In this Q&A episode, Mike answersyour questions. He explains which expenses may qualify when a dog is used for marketing, how hiring children differs between an S corporation and a sole proprietorship, and what happens when a child turns 18. He also covers mileage tracking, missing receipts, home office requirements, unreported Venmo income, retirement plan deadlines, college funding strategies, and whether health-sharing payments qualify for the self-employed health insurance deduction. 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 00:45 Hiring Your Children Through an S Corporation Mike explains how a child’s age and the business entity affect income tax, FICA withholding, W-2 employment, and 1099 contractor treatment. 05:03 Deducting Your Dog and Tracking Business Mileage Learn which dog-related marketing expenses may qualify as deductions, which personal pet expenses typically don’t, and how to document business mileage. 09:10 Missing Receipts and Paying for College Through Your Business Mike covers the documentation needed for expenses under $75, reimbursing personally paid business costs, and hiring a child to help fund college. 13:55 Retirement Deadlines and the Home Office Deduction Review important retirement contribution deadlines and find out why working from the family kitchen table generally doesn’t qualify for a home office deduction. 16:28 Hiring a Teenager and Reporting Venmo Income Mike explains W-4 and payroll requirements when hiring a 15-year-old, along with why business income must be reported even when no 1099 is received. 19:26 Health-Sharing Plans and Insurance Deductions Find out whether health-sharing payments qualify for the self-employed health insurance deduction and how to compare their cost with potential tax savings. 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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  Small Business Tax Savings Podcast

  How Business Owners Use Life Insurance to Build Wealth

  Aug 12, 202636 min

  Life insurance isn’t just a way to protect your family. For the right business owner, it can also provide tax-efficient growth, access to capital, and long-term financial flexibility. In this episode, Mike and Matt explain how cash value life insurance works, including tax-deferred growth, policy loans, death benefits, and long-term care benefits. They also break down term, whole, and universal life insurance, who this strategy may benefit, and how to avoid choosing an expensive or poorly designed policy. Need a life insurance policy that fits your financial strategy? Connect with Matt for a policy review and personalized guidance based on your goals: https://lifeincrs.com/tax-savings-podcast 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: (01:25) Life Insurance as a Wealth-Building Strategy For some high-income earners and business owners, life insurance can provide more than financial protection. A properly structured policy may support tax-efficient growth, access to capital, and long-term financial stability. (03:25) The Tax Advantages of Cash Value Life Insurance Policy contributions are generally made with after-tax money, but the cash value can grow tax-deferred. Beneficiaries may also receive the death benefit free from federal income tax. (05:20) Understanding Policy Costs and Commissions Permanent life insurance can carry significant upfront commissions and insurance costs. Evaluating those expenses over the policy’s full lifetime provides a more useful comparison than looking only at the first year. (10:10) Accessing Cash Value Through Policy Loans Policyholders may borrow against their cash value without creating an immediately taxable withdrawal. The remaining cash value can continue earning interest, while unpaid loans generally reduce the eventual death benefit. (15:35) Contribution Limits and Modified Endowment Contracts Life insurance doesn’t have the same annual contribution limits as qualified retirement accounts. However, overfunding a policy can turn it into a modified endowment contract and change how withdrawals are taxed. (19:00) Term, Whole, and Universal Life Insurance Explained Term insurance provides temporary protection without accumulating cash value. Whole and universal life policies offer permanent coverage, with different levels of cash value growth, investment exposure, cost, and flexibility. (22:15) Designing a Policy Around Your Financial Goals A policy can be designed to prioritize accessible cash value or a larger death benefit. Additional features may include chronic care riders, participating loans, and fixed or net-zero loan options. (25:30) Who Should Consider Cash Value Life Insurance? This strategy may fit profitable business owners who have already established emergency savings and funded their traditional retirement accounts. It generally shouldn’t be someone’s first savings or investment tool. (30:00) Why Life Insurance Is Often Misunderstood Life insurance is complex and sometimes presented as a solution to every financial problem. Its value depends on whether the policy is properly explained, structured, and integrated into a broader financial plan. (32:10) Reviewing an Existing Life Insurance Policy A policy audit can reveal whether existing coverage is healthy, appropriately designed, and aligned with the owner’s current goals. Before purchasing or changing a policy, review the numbers and consult a professional who understands multiple financial 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 ⭐

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  Episode #421

  How Much Should You Pay Yourself as an S Corp Owner?

  Aug 5, 202618 min

  Paying yourself the lowest possible S Corp salary might save taxes today, but it could create a much bigger tax bill later. In this episode, Mike explains how to determine a reasonable S Corp salary based on your role, hours, local market wages, business profit, and cash flow. He also breaks down payroll timing, salary adjustments, documentation, and how to protect your S Corp tax savings while staying compliant with IRS rules. 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) What Is Reasonable Compensation? An S Corp owner who actively works in the business must receive a reasonable W-2 salary based on what the business would pay someone else to perform the same work. (03:05) The Goal Is a Defensible, Documented Salary A reasonable salary shouldn’t be unnecessarily high or aggressively low. It should be supported by a clear process and adjusted as the business changes . (04:05) Factors That Determine an S Corp Salary The owner’s responsibilities, hours, industry, location, role in generating revenue, company profit, cash flow, and stage of growth all affect reasonable compensation. (05:40) The Percentage Method and 40/60 Split Using 40% to 50% of business profit as salary can provide a starting point, but a percentage alone doesn’t replace a complete reasonable compensation analysis. (07:00) Using Market Wages and Replacement Cost Breaking the owner’s work into technical, sales, marketing, and administrative duties can help calculate a salary using local market rates for each role. (10:05) Comparing Salary to Business Profit Reasonable compensation must also make sense in relation to the company’s profit, the owner’s involvement, available cash flow, and whether money is being distributed or reinvested. (11:05) How Often Should an S Corp Owner Run Payroll? Monthly or biweekly payroll is generally recommended, with a review later in the year to make any necessary adjustments or catch-up payments. (13:15) How to Document Reasonable Compensation Keep a written salary analysis, description of duties, estimated hours, market-wage data, payroll records, profit information, and year-end review notes. (15:05) Two Businesses With Very Different Salaries A real-world example shows why two owners with identical business profits can reasonably receive drastically different salaries based on their actual involvement. (16:35) Protecting Your S Corp Tax Savings The strongest S Corp strategy uses a salary that is reasonable, defensible, and documented instead of simply chasing the lowest possible number. 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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  Episode #420

  When Does an S Corp Actually Save You Money?

  Jul 29, 202620 min

  Will electing S Corporation status ALWAYS save your business thousands in taxes? While that can be true, an S Corp also brings additional payroll requirements, tax filings, costs, and responsibilities. In this episode, we break down how an S Corp reduces self-employment taxes, when the election usually makes financial sense, and which factors you need to consider before making the switch. 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 S Corporation? An S Corp is a tax election for an existing LLC or corporation, not a separate type of business entity. (03:00) How an S Corp Can Reduce Your Taxes Splitting business income between a reasonable salary and distributions can reduce the amount subject to self-employment taxes. (05:00) When Does an S Corp Start Making Sense? An S Corp generally becomes worth exploring when a business consistently earns around $60,000 or more in annual profit. (08:00) Who Is a Good Candidate for an S Corp? Consistent profit, active owner involvement, clean bookkeeping, and reliable cash flow are important signs that an S Corp could be a good fit. (10:00) When an S Corp May Not Save You Money Low or inconsistent profit, high reasonable compensation, state-level taxes, and an existing high-paying W-2 job can change the calculation. (12:00) The Reasonable Salary Requirement S Corp owners who actively work in the business must pay themselves reasonable W-2 compensation before taking distributions. (13:00) How Often Should an S Corp Owner Run Payroll? Monthly or biweekly payroll is generally the safest approach, while waiting until the end of the year can create compliance and cash-flow problems. (14:00) Hidden S Corp Costs and Responsibilities Payroll filings, W-2s, bookkeeping, accountable plans, health insurance reporting, and salary documentation must all be handled correctly. (15:00) The S Corp Decision Framework Use these questions to evaluate profitability, salary, payroll, state taxes, bookkeeping, and whether the potential savings exceed the added 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 ⭐ 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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  Episode #419

  Are Your Business Expenses Audit-Ready? With Shoeboxed Owner Doug Breaker

  Jul 22, 202634 min

  Ready to simplify your recordkeeping? Check out Shoeboxed to organize receipts, track mileage, and keep your business expenses audit-ready. Visit https://referrals.shoeboxed.com/mb4p7wl1ithi You could qualify for thousands of dollars in tax deductions, but without the right documentation, the IRS could take them away. Mike sits down with Doug Breaker, owner of Shoeboxed, to explain how proper recordkeeping helps business owners protect their tax deductions. They break down what to document for receipts, meals, mileage, home offices, and business travel, how long to keep your records, and how simple tracking systems can help you stay organized and audit-ready. 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 Doug Breaker’s Journey to Owning Shoeboxed Doug explains how he went from working as a corporate CEO to purchasing Shoeboxed and becoming a business owner. 05:00 How Shoeboxed Simplifies Recordkeeping Doug shares how Shoeboxed helps business owners digitize receipts, automatically collect expense information, and classify business mileage. 06:00 What Counts as Proper Documentation? Receipts should capture details such as the date, vendor, amount, and business purpose, while mileage logs require the date, destination, mileage, and purpose of the trip. 11:00 How to Organize a Backlog of Receipts Business owners with years of disorganized receipts should begin by digitizing recent records and creating a consistent process for tracking new expenses. 15:00 What an Audit-Ready Mileage Log Should Include A proper mileage log should record the date, destination, miles driven, and business purpose of each trip rather than relying on an annual estimate. 19:00 How Long Should You Keep Business Tax Records? Doug recommends keeping receipts, mileage logs, and supporting documentation for at least three years in a secure and accessible location. 22:00 When Driving From Home Becomes Deductible Mileage Driving from home to a regular workplace is generally commuting, but traveling from a qualifying home office to another business location can create deductible mileage. 27:00 Deducting Expenses Before a Business Makes Money Expenses incurred before a business begins operating may be treated as startup costs. Establishing a paying customer can help show that the business has moved into its operational stage. 32:00 Why Better Recordkeeping Protects Your Tax Savings Consistently tracking every receipt and business mile helps protect deductions, reduce audit anxiety, and keep more money in the business. 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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