In this episode, Mike gives listeners an extensive review of tax-saving strategies for their businesses. Topics include the Augusta rule for tax deductions related to board meetings, the advantages of forming an LLC over a sole proprietorship, the benefits of S Corporations at certain profit levels, and the tax implications of hiring family members. Tune in to learn more!
[01:24 - 04:08] Combining Family Vacations with Board Meetings for Tax Deductions
[04:08 - 06:41] Choosing the Right Business Structure
[06:41 - 07:32] Utilizing the Augusta Rule for Partners in Business
[07:32 - 10:47] TaxElm: The Comprehensive Tax Software for All Business Owners
[10:47 - 13:17] Understanding Business Credit Card Rewards
[13:17 - 15:39] Tax Deductions for Property Remodeling in Business
[15:39 - 17:07] Optimizing Home Office Deductions for S Corporations
[17:07 - 19:10] Maximizing Home Office Deductions
[19:10 - 21:01] Hiring Your Child in Your S Corporation
[21:01 - 25:52] 1099 Requirements, TaxElm, and Hiring Family Members in an S Corporation
Quotes:
"Every individual in the country can rent out their personal residence for 14 days or less and pay no income taxes on that income." - Mike Jesowshek, CPA
"That cleaning company, which is owned by you or your spouse, would pay your children out of there because it's a sole proprietorship." - Mike Jesowshek, CPA
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
IncSight Packages (Full-Service): https://incsight.net/pricing/
Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
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