Small Business Tax Savings Podcast - 5 Years in Review
11/01/23 • 12 min
It’s been half a decade since we started the Small Business Tax Savings Podcast. In today’s episode, Mike dives into how the podcast has grown and shares an exciting announcement that you don’t want to miss. Our unwavering mission? To help business owners pay the least amount in taxes as legally possible!
We're on a mission to reach every small business owner in the U.S., and your support is propelling us closer to that vision. Thank you for being an integral part of our journey.
[00:23] Reflecting on Our Journey: 5 Years of the Small Business Podcast
- Thank you for your continuous support over the years!
- What’s happened to the podcast in the last five years?
- We’ve made over 270 episodes.
- More than 900,000 downloads.
- Apple podcast rating of 4.8 from 185 reviews.
- 13,500 members in the free Facebook group.
[04:31] What’s Next? Introducing TaxElm: Your Ultimate Tax Resource
- Go to https://taxelm.com for your ultimate resource for eliminating taxes and wealth growth.
- With features like a custom tax plan, unlimited email access to accountants, live consultations, and bookkeeping analysis, we provide comprehensive support tailored to your unique situation.
- Tax Savings Blueprint and Training
- Unlimited Messaging w/ Accountant
- Annual 1-on-1 Live Consultation
- Annual Bookkeeping Analysis
- Monthly Group Webinars and Training
- Partner Directory and Discounts
[08:46] How Can You Help Us?
- Leave Us a Review!
- On Apple Podcasts or wherever you may listen to us.
- Follow Us/Subscribe On Social Media
- Tell Family, friends, colleagues, other Business Owners, and continue to tune in every week!
The Time Is NOW To Start Paying Less In Taxes. Join Our Tax Minimization Program (with Stress-Free Bookkeeping Training)! Join Our Tax Minimization Program Today!
Key Quotes
"Our number one goal here is to help business owners pay the least amount in taxes as legally possible." – Mike Jesowshek, CPA
“Whether you're just starting a new company or looking to optimize your existing business finances, TaxElm offers the tools and guidance you need." – Mike Jesowshek, CPA
______
Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax
IncSight Packages: https://incsight.net/pricing/
Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale
-------
Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
--------
To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: [email protected]
It’s been half a decade since we started the Small Business Tax Savings Podcast. In today’s episode, Mike dives into how the podcast has grown and shares an exciting announcement that you don’t want to miss. Our unwavering mission? To help business owners pay the least amount in taxes as legally possible!
We're on a mission to reach every small business owner in the U.S., and your support is propelling us closer to that vision. Thank you for being an integral part of our journey.
[00:23] Reflecting on Our Journey: 5 Years of the Small Business Podcast
- Thank you for your continuous support over the years!
- What’s happened to the podcast in the last five years?
- We’ve made over 270 episodes.
- More than 900,000 downloads.
- Apple podcast rating of 4.8 from 185 reviews.
- 13,500 members in the free Facebook group.
[04:31] What’s Next? Introducing TaxElm: Your Ultimate Tax Resource
- Go to https://taxelm.com for your ultimate resource for eliminating taxes and wealth growth.
- With features like a custom tax plan, unlimited email access to accountants, live consultations, and bookkeeping analysis, we provide comprehensive support tailored to your unique situation.
- Tax Savings Blueprint and Training
- Unlimited Messaging w/ Accountant
- Annual 1-on-1 Live Consultation
- Annual Bookkeeping Analysis
- Monthly Group Webinars and Training
- Partner Directory and Discounts
[08:46] How Can You Help Us?
- Leave Us a Review!
- On Apple Podcasts or wherever you may listen to us.
- Follow Us/Subscribe On Social Media
- Tell Family, friends, colleagues, other Business Owners, and continue to tune in every week!
The Time Is NOW To Start Paying Less In Taxes. Join Our Tax Minimization Program (with Stress-Free Bookkeeping Training)! Join Our Tax Minimization Program Today!
Key Quotes
"Our number one goal here is to help business owners pay the least amount in taxes as legally possible." – Mike Jesowshek, CPA
“Whether you're just starting a new company or looking to optimize your existing business finances, TaxElm offers the tools and guidance you need." – Mike Jesowshek, CPA
______
Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax
IncSight Packages: https://incsight.net/pricing/
Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale
-------
Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
--------
To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: [email protected]
Previous Episode
Navigating the Maze of Independent Contractors vs Employees - Critical Insights for Your Business!
What’s so important about correctly classifying your workers within your business?
In today's episode, Mike talks about the difference between independent contractors and employees. With the government cracking down on worker misclassification, it's more essential than ever for businesses to accurately identify their workers. Misclassifications can lead to hefty penalties, making it imperative for business owners to understand and adhere strictly to payroll guidelines.
Mike stresses the importance of thorough documentation to ensure smooth 1099 NEC filings at year-end. With the filing deadline on January 31st, this episode aims to give you the knowledge and tools needed for accurate tax reporting!
[01:12] Employee or Independent Contractor: What's the Difference?
- It's the employer's duty to determine the correct classification of workers.
- While independent contractors receive their full payment without deductions, employees have tax and other withholdings deducted from their earnings.
- If classified as a 1099 independent contractor, you are responsible for paying taxes on your business profit.
[06:31] How to Determine an Independent Contractor or Employee
- Who controls the work, from specifics to schedules?
- The IRS focuses on behavioral, financial, and type of relationship to classify workers.
- Whether there's an employment or independent contractor agreement in place can be a clear indicator of worker status.
[14:02] Why Is Proper Classification Important?
- Incorrectly classifying a worker can lead to severe financial consequences, including back taxes and penalties.
- Just because another business classifies its workers a certain way doesn’t mean it's correct or suitable for your business.
- For both independent contractors and employees, having clear agreements in place helps define and solidify the working relationship.
[17:28] How to Avoid 1099 Pitfalls: Year-End Filing Best Practices
- It is crucial for businesses to know when and why they need to file a 1099 NEC form.
- Payments totaling $600 or more to an independent contractor within a tax year necessitate this filing.
- Actively collect Form W-9 from all contractors regardless of the payment amount to ensure they have all necessary information on hand for potential future 1099 NEC filings.
- Take note of situations where a 1099 NEC filing is not required
- Start preparing for 1099 NEC filings well before the year-end to ensure a smooth and compliant filing process.
The Time Is NOW To Start Paying Less In Taxes. Join Our Tax Minimization Program (with Stress-Free Bookkeeping Training)! Join Our Tax Minimization Program Today!
Key Quotes
"The responsibility of determining an independent contractor or employee comes down to the employer." – Mike Jesowshek, CPA
"If you're classified as a 1099 independent contractor, just know that you're responsible for paying the taxes on any income that you have." – Mike Jesowshek, CPA
______
Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax
IncSight Packages: https://incsight.net/pricing/
Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale
-------
Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
--------
To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 8
Next Episode
The Untold Benefits of Hiring Your Kids in Your Business
Hiring one's children is an often overlooked but incredibly beneficial strategy. With IRS regulations allowing for business deductions for wages paid to those under 18, this can be an effective pre-tax spending and money-saving opportunity for parents.
In this episode, we'll discuss the importance of having proper documentation in place when utilizing this strategy, as well as creative ways to use your child's skills in your business while teaching them valuable lessons in financial management and responsibility. We'll provide resources to help you create documents and templates valid when dealing with the IRS, including a job description, employment agreement, worksheet tracking task/date/hours worked, payment proof, and W-2. Plus, we'll explore how hiring your children can move after-tax spending into pre-tax spending - so don't miss out on this super informative episode!
[00:27] Hiring Your Kids: Get a Business Deduction and Potentially Pay No Tax
- Hiring your kids is allowed by the IRS and provides benefits that don't apply to other people
- You get a business deduction, and your child potentially pays no income tax on that income
- You can pay your child out of a sole proprietorship without having to withhold for social security, Medicare, or federal unemployment taxes
- Your child can claim the standard deduction of 13,850, and any income over that will be taxed at the lowest bracket
[04:23] Things You Need to Know Before Hiring Your Child
- The child must be age seven or older
- The child must be paid a reasonable rate for the type of work they are doing in your business
- Track time, tasks, and duties
- Pay to an account in the child's name
- Have a job description, employment agreement, and worksheet
- Mike shares the other benefits of hiring your child
[10:32] S Corporation and Non-Direct Children
- If you operate as an S Corporation, you need to withhold for social security, Medicare, and federal unemployment
- You can also hire non-child family members but would need to withhold for social security, Medicare, etc.
The Time Is NOW To Start Paying Less In Taxes. Join Our Tax Minimization Program (with Stress-Free Bookkeeping Training)! Join Our Tax Minimization Program Today!
Key Quotes
"I've never found a business where their child couldn't do something for their business. And that's as business owners; we need to start thinking, what can our child be doing for our business?" – Mike Jesowshek, CPA
"There's a lot of extra benefits to hiring your children over and above just the tax benefits. Your child's starting to understand working for a living and getting paid, and now they can go buy their things and they start to learn money management." – Mike Jesowshek, CPA
______
Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax
IncSight Packages: https://incsight.net/pricing/
Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale
-------
Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
--------
To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: [email protected]
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