Episode Details

Join us for Episode 25 with special guest Mike Jesowshek. In this episode we discuss some crucial _tax saving strategies for small businesses_ based on the insights from our recent podcast. We delve into topics such as *maximizing business deductions*, *retirement planning*, *entity structure*, *real estate investing*, and the benefits of *hiring family members*. Learn about legitimate ways to write off various pre-tax business expenses including travel, meals, and home office costs. 

Discover how retirement plans like SEPs and solo 401ks can aid business owners in contributing larger amounts to tax-deferred retirement funds. We also talk about how the decision to incorporate as an *S-Corp* can reduce self-employment taxes. 

We also dissect the advantages of real estate depreciation deductions and the role of short-term rental losses in offsetting business income. Understand the financial benefits of hiring family members and how, with correct tracking of their work hours and pay, it can result in significant business deductions.

Lastly, we put stress on the importance of businesses reviewing their structure and adopting strategies such as tracking mileage and receipts to withstand an IRS audit. If you are a small business owner, this video is tailor-made for you. Don't forget to like, share, and subscribe for more such valuable content

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Full Episode Transcript:

Brooke Boltz: As a business owner, your highest paid employee is the IRS. Boo! To grow your business, it is crucial that you learn and implement tax-saving strategies. This has been such a pain point for my business that I started searching for tax strategy experts and I came across the podcast called Small Business Tax Savings. From the very first episode and every episode thereafter I learned something new and valuable.

I am truly honored to have as our special guest today, certified public accountant and the host of the Small Business Tax Saving podcast, Mike Jesowshek.

Rachel Boltz: Listen Notes ranks this podcast in the top 1% of podcasts globally. Mike also offers a tax minimization program to teach small businesses how to legally shrink their tax bill. You are guaranteed to receive massive value from today's episode. So stay tuned. Hey lady bosses, are you working even after putting the kids to bed but still not getting results?

Brooke Boltz: Are you tired of spending money on ads that aren't getting engagement?

Rachel Boltz: Do you feel burdened that you aren't fulfilling your purpose in life because you are so consumed with work.

Brooke Boltz: I'm your host, Brooke Bolts. I'm an attorney and founder of Bolts Legal. I started my business and in one year was bringing in seven figures and am now bringing in multi-seven figures.

Rachel Boltz: And I'm your co-host, Rachel Bolts, owner of Bolts Media. I've helped many businesses build their online presence and increase their revenue through digital marketing.

Speaker 2: Want to hear how we did it?

Rachel Boltz: We are here to help you achieve your goals personally, professionally, and spiritually.

Brooke Boltz: So kick off your high heels, sit back, and let's ignite that passion.

Rachel Boltz: We're Miss Biz where we're putting the Miss in Biz. Let's get Biz done.

Speaker 2: So Mike, a lot of tax strategists tell you to save money on taxes, to go out and buy a bunch of expensive things that you don't really need. But that's not your advice. How are your tax strategies different?

MIke Jesowshek: Yeah, no, I think that that's such a common thing. I alway