Mike Jesowshek continues his 2-part episode on year-end tax-saving strategies. In this episode, Mike covers specific strategies including hiring your kids for tax benefits, setting up a family management company for S corporations, and funding Roth IRAs for children. He also delves into the advantages of short-term rentals for offsetting income and utilizing health insurance premiums as tax deductions. Additionally, he advises on purchasing necessary business items for depreciation benefits and using a Section 105 plan for high medical expenses. [02:00] The Strategy of Hiring Your KidsRoth IRAs are beneficial for your childrenEnsure compliance and fairness when hiring your kidsHiring strategies for kids over 18[06:30] Understanding State Standard DeductionsMedical expenses and tax deductionsThe short-term rental loopholeMaximizing deductions through purchasesIf you're in startup mode, make a sale before the end of the year.[13:38] The Importance of Bookkeeping and Preparing for 1099 SeasonRushing in January or February will make you miss some deductionsIf you're paying contractors that qualify and need a 1099 sent to them, you're going to need to start prepping those starting January 1st[16:09] Recap and Importance of ImplementationThe 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:"We talk so much about how learning is so key as business owners, as individuals in general, but implementation is just as important." - Mike Jesowshek, CPA"Hiring your kids, especially those that are under 18 is a great way to get a business deduction and those children potentially pay no income taxes on that income." - Mike Jesowshek, CPA"If you're self-employed and you're paying for health insurance premiums, it's a tax deduction." - Mike Jesowshek, CPA"An HSA is one tool that the IRS does not give out too often. You get a tax deduction going into it, there's tax-free growth and tax-free withdrawals." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/

The year is finally coming to an end. But are you and your business properly equipped for it?In this episode, Mike shares the tax strategies that should be taken into consideration as the end of the year approaches. He focuses on taxation for small businesses and the use of S Corporations. He also details some information on maximizing deductions and optimizing the benefits of LLC setups, salary considerations, retirement account funding, and board meetings. Mike also offers insights on the value of home office deductions, the importance of reasonable salaries, the benefits of accountable plans, and the 14-day home rental 'Augusta' rule. Get everything ready before 2024 by tuning in![01:17] Understanding and Utilizing S CorporationsWith an S Corporation, you need to take a reasonable salary as the owner of the businessHealth insurance should be taken as a business expense in the business before the deduction can be takenAn accountable plan is a way that you can reimburse yourself for items that you paid for[09:53] Maximizing Deductions and Utilizing Board MeetingsEvery small business owner should have some type of boardThe 14-day home rental rule or the ‘Augusta Rule’[14:02] The 14-Day Home Rental Rule and Retirement AccountsSolo 401k is the best option to put the most toward retirement[17:30] Summary and Final Checklist for Year-End Tax StrategiesThe 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:"If you're operating as a sole proprietorship and you're starting to see some progress and think an S Corp might be in the future, do some legwork now to get that LLC set up." - Mike Jesowshek, CPA"Every time you're swiping your card, ask yourself: Is there a business purpose for this? Can I back it up? Is it reasonable and necessary in my business to make this purchase?" - Mike Jesowshek, CPA"Every small business owner should have some type of board. It serves as a great opportunity to again get tax deductions for some of those traveling, some of these meals." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/

Before you know it, 12/31/23 will be gone, and we will be in 2024. In this episode, Mike focuses on year-end tax strategies for businesses. He emphasizes the importance of timely action for implementing various tax-saving measures before the end of the year. Key topics include prepaying expenses, managing income and deductions, using business credit cards for immediate deductions, and considering Roth conversions in low-income years. Mike also discusses strategies for supporting family members in lower tax brackets and making charitable contributions before year-end. Leverage existing tax laws and opportunities to optimize financial outcomes by tuning in![02:11] Prepaying ExpensesIRS regulations contain a safe-harbor rule that allows cash-basis taxpayers to prepay and deduct qualifying expenses up to 12 months in advance without challenge, adjustment, or change by the IRS[03:52] Stop Billing your Customers, Clients, and PatientsCustomers, clients, patients, and insurance companies oftentimes don't pay until billedNot billing customers and patients is a time-tested tax-planning strategy that business owners have used successfully for years[05:30] Buying Office EquipmentBonus depreciation in 2023 is at 80%, but that will be reduced each year[07:40] Use Your Business Credit CardYou get a deduction when that item gets put on that credit cardThe day you charge a purchase to your business or personal credit card is the day you deduct the expense[08:22] Don't Assume You Are Taking Too Many DeductionsIf your business deductions exceed your business income, you have a tax loss for the yearIf you are starting your business, you could very possibly have an NOL[10:11] Convert to a Roth IRAConsider converting your 401(k) or traditional IRA to a Roth IRA, especially if you are in a down income year.[13:34] Charitable ContributionsTo get an advantage for charitable contributions, you need to be taking itemized deductionsThe 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:"If you're running at a loss, you can carry forward those losses to offset future income." - Mike Jesowshek, CPA"If you know you're going to pay something, rent's a great example, insurance a great example, you're going to need accurate bookkeeping no matter what." - Mike Jesowshek, CPA"Do not buy things you don't need just to get a tax deduction. That is a lose-lose-lose situation." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook 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 might think that your business is a low-profit business. But is it?In this episode, Mike Jesowshek discusses vital financial concepts for small business owners, focusing on how businesses are taxed and the importance of understanding profit. He explains that profit is calculated as sales minus expenses and highlights the differences between pass-through entities and C corporations regarding tax implications. The episode also covers owner compensation methods, including owner's draws/distributions and payroll, emphasizing that owner's draws do not reduce business profit and, therefore, do not affect the taxable income.[00:58] What is Profit in Your Business? The idea of a pass-through entityMike Discusses how profit is calculated for small businesses and its importance for taxation[02:04] Pass-Through entityThere is no tax on that entity at the federal levelSole proprietorship or a single member LLC with no S corp election: you're going to file that tax return and business information on Schedule CPartnership: you're going to file that at business activity on a partnership tax return, which is form 1065If you're operating as an S corporation, you're going to have a form 1120S[05:15] How to Pay Yourself in Your BusinessYou can do an owner's draw or distribution, or you can do payrollOwners draw or distribution: Transferring money from your business account to your accountOwner's draw does not reduce the profit of your businessWith a sole proprietorship, a single member LLC that's not an S corporation or a partnership, you are legally not required to pay yourself W2[08:53] How Does Tax Work?You will be taxed on your profit: Sales minus expenses and payrollOwner pay is not an expense!Mike emphasizes the need for accurate bookkeeping and understanding of tax obligations[12:41] Quick RecapThe 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"Your profit is very simply your sales minus your expenses." - Mike Jesowshek, CPA "Owner's draws or distributions... they do not reduce the profit of your business." - Mike Jesowshek, CPA "You're taxed on the profit of your business... that's going to be sales minus expenses equals profit." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/IncSight Packages (Full-Service): https://incsight.net/pricing/Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com.

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 TaxHiring your kids is allowed by the IRS and provides benefits that don't apply to other peopleYou get a business deduction, and your child potentially pays no income tax on that incomeYou can pay your child out of a sole proprietorship without having to withhold for social security, Medicare, or federal unemployment taxesYour 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 ChildThe 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 businessTrack time, tasks, and dutiesPay to an account in the child's nameHave a job description, employment agreement, and worksheetMike shares the other benefits of hiring your child[10:32] S Corporation and Non-Direct ChildrenIf you operate as an S Corporation, you need to withhold for social security, Medicare, and federal unemploymentYou 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 PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook 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: Ask@TaxSavingsPodcast.com

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 PodcastThank 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 ResourceGo 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 TrainingUnlimited Messaging w/ AccountantAnnual 1-on-1 Live ConsultationAnnual Bookkeeping AnalysisMonthly Group Webinars and TrainingPartner 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 FacebookTwitterInstagramYouTubeLinkedInTell 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 PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook 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: Ask@TaxSavingsPodcast.com

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 EmployeeWho 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 PracticesIt 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 requiredStart 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 PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook 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: Ask@TaxSavingsPodcast.com

Ever wondered how an S-Corp's retirement contributions differ from a sole proprietor's? Or why the salary of an S-Corp owner is under scrutiny by the IRS? Dive into today's episode as Mike answers the questions you submitted! We dive into the intricacies of S-Corp tax strategies, answer questions about ad spends and late S-Corp conversions, and delve into the practicality of hiring children in business. Plus, get tips on navigating errors in transactions and staying ahead with the latest in tax planning. [01:12] Insights on S-Corps, LLCs, and Retirement PlanningAs an S-Corp owner with a SIMPLE IRA and $200,000 income, is the 3% match on just the W2 or the total?As a sole proprietor, should I get an EIN to pay my 16-year-old for minimal work?As a multi-member LLC, can we claim our client's ad spend as an expense for tax categorization?Since it's already late in the year, can I still convert my LLC into an S Corp? Or is that an audit red flag?[11:38] Tax Implications for Home-Based Work, S Corp Salaries, and Business LossesIf I work partly from home and have an external business location, can adding a home addition be tax-deductible?What are the implications of not taking a reasonable S Corp salary and skipping payroll for two years?My business has lost money for the past three years, but things are looking to turn around this year. Can I use those prior losses, or are they gone?[17:24] Questions on 1099 Mechanics, Hiring Minors, and Maximizing S Corp DeductionsIs anyone knowledgeable about the 1099 for mechanics? I've received mixed information and am seeking clarity. Can it be done without complications?I run an S Corp landscaping business and want to hire my children, aged 8 and 10. How can I make sure I'm following all the proper procedures?A third-year California real estate agent operating as an S corp LLC expects $250k in commissions with $150k pass-through profit. How can they maximize deductions and reduce taxes?[22:17] Navigating 1040 ES Payments and Initial Capital Contributions on 1120-SSomeone with an LLC taxed as an S corp mistakenly paid 1040 ES taxes from their business account. Can this be categorized as an owner's draw?LLC (taxed as S-Corp). The owner paid $2500 to the business account on the first day. Where do I need to put this amount on the 1120-S?[24:20] Final ThoughtsThe Time Is NOW To Start Paying Less In Taxes.  Join Our Tax Minimization Program Today!Key Quotes“When we look at retirement plans, look at two things. Who are we looking to take care of? And there can be multiple choices. Is it the business owner or is it their employees or both? And then what is the purpose of the plan?"– Mike Jesowshek, CPA“Now is the opportunity if you have not started tax planning yet or if you have not completed the implementation of the tax strategies that we talk about every single week on the podcast here. Now is the time to take action." – Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook 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: Ask@TaxSavingsPodcast.com

How can your health expenses actually put money back in your pocket come tax season? We take a deep dive into a topic many of us often shy away from; Health. Today's episode is about how health intersects with your wallet. Specifically, how you can leverage health-related expenses to save on your taxes. We dive into self-employed health insurance, tax strategies for high medical costs, employee health options, and health savings accounts. Whether you're self-employed, running an S corporation, or simply an individual trying to navigate the complex landscape of health-related deductions, today's episode promises insights that could potentially save you money!Don’t Forget! As part of our Tax Minimization Program, we have a full section on how to go about Health Related Tax Deductions [00:25] Determining the Health Insurance Deduction Based on Your BusinessDifferences between health insurance and medical sharing plans.Sole Proprietor or Single Member LLCS Corporation OwnerIf you have non-owner employees and provide health insurance benefits, you will get a deduction for your costs for them too[06:03] Business Owners With No Employees + High Medical CostsUtilize a Section 105 Plan to turn personal medical expenses into a business deduction.[09:05] Health Benefit Options Available For Small Businesses With Employees Check our blog What Health Benefit Options are Available for Small Businesses With Employees?Options available: Group Health InsuranceIncrease Wages to Cover Costs (Taxable)Setup an HRA or QSEHRAFor small businesses with 25 or fewer employees, we recommend the QSEHRA option[12:54] What Is An HSA and How Do They Work?Read our article diving into the HSA: What Is An HSA and How Do They Work?You get a tax deduction for the funds you contribute into an HSA.Withdrawals are tax-free if used for qualified medical expenses.Interest or earnings within the HSA are NOT taxed.[18:45] What Is An HSA and How Do They Work?As year-end approaches, our goal is to guide you through strategies to ensure you pay the least amount in taxes for 2023 legally!Start planning and implementing now to get deductions in 2023.Key Quotes“I recommend everybody, business owner or not, if you have a high deductible health plan and you qualify, you should be maxing out a health savings account in HSA." – Mike Jesowshek, CPA“We have a lot of S Corp owners that don't think about this. They skip this process and just try to take it out on Schedule 1. The IRS could come back and disallow that.’ – Mike Jesowshek, CPA“When I first started my business, it was tough to bring on employees because I didn't know how to handle the health insurance piece. I always thought it was complex, and super expensive. I learned about this idea of a QSEHRA, which is a great option where I didn't have to worry about a group plan.” – Mike Jesowshek, CPA“I would hate to see small business owners avoiding growing their business or avoiding bringing on employees for the fact of health insurance when there is an option that is relatively easy, not as complex, and potentially could save you some money as well.” – Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: htt

How should you reimburse yourself for business expenses? The truth is the answer will depend on what kind of business you have. In this episode, Mike dives into reimbursing oneself for business-related costs and introduces an accountable plan; What is it and why you might need it? He also covers the four major requirements for this plan to ensure the IRS will accept reimbursements as legitimate. This episode is a must-listen for business owners aiming to navigate the often tricky terrain of personal and business expense separation! [00:25] Reimbursing Yourself As a Sole Proprietor or Single Member LLCHow you reimburse yourself depends on how your business is organized.As a sole proprietor or single-member LLC, you simply take the deduction for thebusiness portion of an expense on your Schedule C when filing your taxes.For mileage or home office expenses, report them on Schedule C. For others, like an 80% business-used cell phone, add them to Schedule C or transfer the cost from business to personal account and claim it.[03:45] Reimbursing Yourself As A S-Corporation or C-CorporationRemember:Operating as an S-Corp means you’re an employee of the corporation. The IRS requires you to have an "Accountable Plan" in place.When you pay an employee, you pay them wages which are subject to both employment and income taxes. With a reimbursement we want to ensure employees (including you) do not get hit with taxes on reimbursements.An Accountable Plan lets owners and employees submit expenses for business reimbursement without it being taxable income. [05:36] How to Set Up An Accountable Plan A written accountable plan is advised for clarity and ease during audits. It must adhere to four key principles:Business ConnectionSubstantiationNo Excess PaymentTimelinessAs part of our Tax Minimization Program we have a full section on the Accountable Plan and we discuss how to: 1. Adopt a Written Reimbursement Policy (Accountable Plan)2. Create an Accountable Plan Template / Expense Report 3. Make the Reimbursement Payment Some common accountable plan expenses include home office, personal automobile usage, office expenses, travel, parking/tolls, business meals, tools, dues, licenses, cell phone/internet, and training.[12:30] Closing SegmentMake sure you set up and use the reimbursement system before year-end for timely expense recording!Key Quotes“How we reimburse ourself is going to depend on how our business is organized.” – Mike Jesowshek, CPA“An accountable plan is just a fancy word for reimbursement policy…it’s a tool to make sure that reimbursement is being done according to law and that the IRS will accept it." – Mike Jesowshek, CPAPodcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook 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: Ask@TaxSavingsPodcast.com

What are the pros and cons of having a business-owned vehicle versus a personally-owned vehicle? In this episode of the Small Business Tax Savings Podcast, Mike dives into the often confusing and overwhelming topic of business vehicles. From selecting, buying, and maintaining a car for business use to proving business use of a vehicle to the IRS. Mike offers up his expertise on how to make sure you’re getting the most out of your vehicle when it comes to tax deductions.  Mike covers the pros and cons of having a business-owned versus personally-owned vehicle, as well as tips for determining the business use percentage and tracking mileage.  Tune in now and listen as Mike shares his advice on how to select, buy, maintain, and write off a car for business use![00:24] Get The Facts On Mileage Logs And Proving Business UseToday’s topic is, “Unleashing Powerful Vehicle Tax Strategies for Small Business Owners”Mike talks about never buying a vehicle solely for tax purposes[07:26] Determining Business Use Of A VehicleThe mileage log must be backed up with documentation proving the business purpose of the milesThe need to prove business use and purposeHave a track record of mileage log, appointment book, and receiptsCalculate business use percentage[09:17] Understanding How To Deduct Vehicle ExpensesConsider factors like mileage limits, years of use, and monthly payments when deciding to buy or lease a vehicleVehicles can be in either personal or business names as long as the correct process is followedWhat are the two main options for deduction?If you have a leased vehicle, you must stick with the same method for the duration of the lease[15:34] Closing SegmentMike shares the pros and cons of a business-owned vehicle versus a personally-owned vehicle!  Final WordsKey Quotes“Whether you have a vehicle that's in your personal name or your business name and you use it for business, either way, is acceptable. You just need to make sure that you're following the correct process, whichever way you do it.” – Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook 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: Ask@TaxSavingsPodcast.com

Boost your financial efficiency and navigate the complexities of depreciation with confidence!Discover the power of depreciation in the world of business and investments. Learn to leverage various depreciation methods - regular, bonus, and section 179 - to optimize your tax deductions. Uncover the nuances of asset management, including when depreciation starts and how to handle asset sales. Simplify your financial records with a capitalization policy and make well-informed year-end decisionsTune into this episode to learn all you need to know about depreciation and how it can make tax filing easier for your small business![00:00 - 07:47] Mastering Depreciation: Strategies for Business Asset ManagementDepreciation is a strategy to spread asset costs over time, useful for various businessesChoose regular depreciation (3 to 39 years), bonus depreciation (up to 80% upfront), or section 179 expensing (up to $1,160,000 in year one) based on assets and goalsDepreciation applies to machinery and buildings but not personal items or landBonus depreciation and section 179 allow front-loaded deductions; regular depreciation spreads deductions over time[07:48 - 14:42] Timing, Sales, and Capitalization StrategiesDepreciation is tied to being in business and placing an asset in service during the same year for deductionsWhen selling a depreciated asset, the gain or loss is calculated using the sales price minus the asset's basisTaxable gains from selling depreciated assets are known as depreciation recapture and can impact business taxesEstablishing a capitalization policy is crucial for effective asset management in every business Bonus depreciation and Section 179 expensing can be combined to offset income[14:43 - 21:18] Simplifying Depreciation and Asset Management: Insights for Year-End PlanningThe IRS allows businesses to expense items under $2,500 immediately rather than depreciating them.Depreciation starts when assets are in service in an active business, and partial depreciation applies to assets used for both business and personal purposesSelling depreciated assets can result in taxable gains (depreciation recapture), requiring reporting on tax returnsWith year-end approaching, understanding depreciation options and capitalization policies aids informed decisions on asset purchases and deductionsLearn More: https://www.taxsavingspodcast.com/blog/what-is-depreciation-for-my-business-when-does-a-capitalization-policy-make-senseKey Quotes"Depreciation is essentially just a way of how do we write off an asset. We buy a new truck, we buy a new piece of equipment, we buy various things for our business, and how do we write it off? That's in the form of depreciation." - Mike Jesowshek"Do not go out and buy things that you don't need simply for a tax deduction. That's a no-win situation for a business owner." Mike Jesowshek______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook 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: Ask@TaxSavingsPodcast.com

How can a business utilize the “14-day home rental rule” and get the most out of their business deductions while still taking advantage of tax-free income? In this episode of the Small Business Tax Savings Podcast, Mike discusses the 14-day home rental rule, which allows business owners to shift taxable business income to tax-free personal income by renting out their home for 14 days or less in a calendar year. He explores how this strategy can be beneficial for businesses that need to host events and meetings for employees and clients, as it allows them to deduct the rental rate from their tax return.Mike covers the details of how to make use of this tax code, including the need to document rental activity, setting a reasonable rental rate, and issuing 1099s if payments exceed #600.Tune in now and listen as Mike shares how to utilize this strategy and get the most out of their business deductions while still taking advantage of tax-free income![00:24] Discover How The Augusta Rule Can Help You Shift Your BusinessToday’s topic is, “Your Guide to 14-Day Tax-Free Home Rentals”Mike discusses how this rule allows one to potentially shift taxable business income to tax-free personal income[04:40] Take Advantage Of The 14-Daay Home Rental RuleBusiness must be a separate legal entity to take advantage of this strategyNeed to have a valid business reason for rentalHome office deduction can still be taken on top of the 14-day home rentalDetermine a reasonable rental rate and have backup proof[08:34] Utilize The 14-Day Home Rental Rule For Tax DeductionsHave a lease agreement to button up the strategyMake a payment from a business account to the personal accountProcess 1099 from business to personal and zero it out on personal tax returnUtilizing the 14-day home rental rule can be used as a tax deduction[14:09] Closing SegmentMike shares how to utilize the Augusta Rule!  Final WordsKey Quotes“If you want to take advantage of this strategy, there are a few things that you need to know, you need to file, you need to be thinking about. You need to have a valid business reason. It must be 14 days or less in total for the year. And it must be a personal residence.” – Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook 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: Ask@TaxSavingsPodcast.com

How can you save money with the “Kiddie Tax”? In this episode of the Small Business Tax Savings Podcast, Mike discusses strategies for reducing or avoiding the Kiddie Tax. He explains when it applies and what investments can be used to keep unearned income low.Mike provides tips on filing form 8615, investing in Series EE, saving bonds, and more.    Tune in now and listen as Mike shares his goal to ensure you are paying the lowest amount in taxes as legally possible! [00:24] Strategies To Minimize Unearned Income Tax For MinorsToday’s topic is, “How can you take advantage of the Kiddie Tax”What is a “Kiddie Tax”?[01:21] 4 Primary Criteria Of Kiddie TaxPeople were investing in stocks, interest, and dividends in their child’s name to take advantage of lower tax bracketsFour primary criteria for when the kiddie tax comes into playStay below the threshold to avoid Kiddie TaxChoose investments that yield minimal or no dividends[05:36] Minimize Kiddie Tax And Take Advantage Of Investment OpportunitiesUtilize a Section 529 plan for tax-exempt withdrawalsInvest in life insurance products with tax-deferred growthWhere can you apply “Kiddie Tax”?What are ways to avoid the “Kiddie Tax”?[08:02] Closing SegmentMike shares his goal to ensure you are paying the lowest amount in taxes as legally possible!Final Words Key Quotes“Stay below the threshold. Simply put, if the unearned income of your child is under the annual threshold. No “Kiddie Tax” applies, nothing to worry about there.” – Mike Jesowshek, CPA______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin 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.comFacebook 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: Ask@TaxSavingsPodcast.com

What is the best approach for your taxes as a W2 earner? In this episode of the Small Business Tax Savings Podcast, Mike discusses strategies to save on taxes and grow wealth. Learn how to take advantage of employer matches, and traditional or ROTH IRA contributions, become an active investor in rental properties, qualify as a real estate professional, use the short-term rental loophole, and explore other opportunities to offset income with rental losses.        Mike covers everything from pre-tax retirement, contributions, Health Savings Accounts (HSAs), rental properties, starting a business, itemized deductions, and standard education.     Tune in now and listen as Mike provides tips and tricks to find out when income begins to increase, and more advanced planning opportunities like charitable activities or solar investments may become available! [00:24] Maximize Your Tax Savings And Secure Your Financial FutureToday’s topic is, “Do you want to maximize your tax savings and secure your financial future?”Mike discusses retirement plans, Health Savings Accounts (HSAs), rental properties, and starting a business[04:15] Maximize Your Retirement Savings And Take Advantage Of Tax BenefitsTake full advantage of any employer match offered as a W2 earnerConsider traditional or ROTH IRA contributions with income limits and backdoor ROTH IRA optionsHSAs provide tax deductions for contributions and tax-free withdrawals for qualified medical expensesSelf-directed investments and brokerage accounts can be used with an HSA[08:37] Maximizing Your Tax Savings As A W2 Income EarnerReal estate can be a great tax-saving strategy and wealth-building toolRental losses may not offset W2 income, but there are strategies to do soQualifying as a real estate professional or using the short-term rental loophole can help offset your W2 incomeFlexible Spending Accountants (FSAs) allow for pre-tax money to be used for certain items[15:32] Closing SegmentMike provides his tips and tricks to increase wealth planning opportunities!Final Words Key Quotes“When you make pre-tax contributions, you get a tax deduction. You're not taxed on that. You can reduce your taxable income by that amount when you contribute to that retirement plan. But when you withdraw in retirement, you pay taxes on that. So, think of the strategy as more like a tax deferral. Get a tax break today, but pay taxes later on.” – Mike Jesowshek, CPA______ Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin 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.comFacebook 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: Ask@TaxSavingsPodcast.com

Do you want to learn the ins and outs of hiring your spouse for your small business? In this episode of the Small Business Tax Savings Podcast, Mike takes a deep dive into the tax implications of hiring a spouse and how to make sure you stay on the right side of the law. Learn about the advantages and disadvantages of taking this route, such as increasing retirement contributions and gaining access to fringe benefits, but also paying additional taxes.     Mike explains why having your spouse serves as a board member may be more beneficial than simply having them work for you, what documentation must be kept in place, and how to best utilize this strategy to maximize tax savings for your business.  Tune in now and listen as Mike teaches the ins and outs of hiring your spouse for your small business![00:27] Maximize Your Retirement SavingsToday’s topic is, “Hiring Your Spouse for Tax Benefits”Mike discusses hiring your spouse, but there are tax implications to consider[02:33] Reasons To Hire A SpouseTax advantages when paying benefits such as retirement planning, health costs, and fringe benefitsMaximize retirement contributions by hiring your spouse and having them contribute to the business retirement planHiring a spouse can help maximize retirement contributions and provide a business deduction for high health costsFringe benefits such as life insurance, working condition benefits, and de minimis benefits can be provided to employees tax-free[06:04] The Benefits And Disadvantages Of Hiring Your SpouseHaving a spouse as a board member can also take advantage of certain itemsPaying wages to the spouse is not recommended as it will shift the taxes to the individual’s incomeReasons to hire a spouse:Maximize retirement contributionsShift high out-of-pocket medical costs into business deduction[12:20] Closing SegmentMike talks about the ins and outs of hiring your spouse for your business!Final WordsKey Quotes“If you hire your spouse in your business and you pay them cash wages or direct deposit wages, you're simply moving income from one area of your return to another. So you're getting a tax deduction from paying them wages, but now you're reporting that as income on the tax return that you guys do together.” – Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook 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: Ask@TaxSavingsPodcast.com

How can business owners minimize taxes and maximize growth? In this episode of the Small Business Tax Savings Podcast, Mike dives into strategies to help business owners minimize taxes and maximize growth. He discusses the advantages of hiring family members and avoiding FICA taxes by staying below the standard deduction rate.Mike covers topics such as setting up an LLC or DBA, using cloud-based bookkeeping software, converting 1099 contractors into W2 employees, taking advantage of retirement plan options like solo 401K or 401K plans, and more.Tune in now and listen as Mike answers listener questions such as queries from how to structure a short-term rental business to setting up Simple IRA accounts while becoming an S-Corp![00:24] Listener Questions And Answers With Mike Jesowshek, CPAToday’s topic is, “Listener Questions and Answers”From topics such as home deductions and the tax implications of purchasing a separate property for business and primary residence      [03:58] Save On Taxes With Your Vacation Rental Cleaning BusinessPaying children under 18 for services rendered does not require FICA or federal unemployment taxesStartup costs and equipment can be written off as a tax write offMoving money into a simple IRA can avoid tax liability for the yearSolo 401K gives more options than a regular 401K[13:54] Maximize Your Retirement Savings With Solo 401K And Simple IRA OptionsBecoming an S Corp, your salary would determine how much you can contribute to retirementPayroll taxes are automatically withheld, but not for remaining distributions or profitsGood bookkeeping: separate business bank account and credit cardStay up to date on bookkeeping and do it consistently to get a good idea of how your business if performing[33:31] Closing SegmentMike shares his expertise and experience on how to minimize taxes and maximize growth!Final WordsKey Quotes“If you want to separate businesses for liability purposes, our favorite setup is to have one main company. That's an LLC tax and S corporation. And then any of those different businesses would be separate LLCs that are 100% owned by that S corporation. So that all these businesses that you own are flowing through that one S corporation.” – Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook 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: Ask@TaxSavingsPodcast.com

How can you maximize your business potential? In this episode of the Small Business Tax Savings Podcast, Mike welcomes Matt Ruttenberg. Matt provides an overview of the different plans available and how they can benefit both employers and employees. Matt covers topics such as the different types of deferred compensation plans, the bonus 162 plan, and life insurance retirement plans.Tune in now and hear Matt discusses how a better understanding of the different non-qualified retirement options available and when it makes sense for you to use them![00:22] Discover Non-Qualified Retirement OptionsToday’s topic is, “Unlock Your Business Potential: Exploring Non-Qualified Retirement Plans!”Non-qualified retirement options remove the tax benefits and rules associated with qualified plansDeferred compensation is the most restrictive type of non-qualified plan[04:48] Unlocking The Benefits Of A Bonus 162 PlanA deferred compensation plan is a way to bonus employees at retirementThe Bonus 162 Plan is an executive bonus plan that uses only a life insurance platformRestrictions for targeting key employeesThe plan mimics a vesting schedule and the taxes are wiped out when the employee takes over the policy[10:22] Exploring Retirement Plan OptionsThe employer pays taxes on any bonuses given to the employee in that yearThe cash value of the policy grows tax deferred and mimics a ROTH when taking money outLife insurance policies have their place, but they are oftentimes oversoldEvery person is different and there are different solutions available[15:25] Closing SegmentMatt provides his insights to listeners to have a better understanding of the different non-qualified retirement options available to business owners!Final WordsKey Quotes“When you remove the qualified stamp from a plan, it removes a lot of the rules that go with it, not only from you as an individual, but you from an employer. So, you don't have to offer it to employees. There are no limits on contributions.” – Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook 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: Ask@TaxSavingsPodcast.com

How can you take advantage of tax strategies for rental properties in order to maximize investment returns? In this episode of the Small Business Tax Savings Podcast, Mike talks about the different types of depreciation such as straight line, accelerated bonus, and section 179, how cost segregation can be used to accelerate depreciation, and how losses from rental properties can be used to offset other income.Mike covers Mortgage Interest, Property Taxes, Insurance, Repairs and Maintenance, Travel Expenses, and Hiring Your Kids.  Tune in now and hear Mike discuss leveraging tax strategies for rental properties to maximize investment returns![00:24] Exploring Depreciation Strategies For 2023Today’s topic is, “Rental Property Tax Essentials”Rental properties are a great way to save money on taxes and grow your businessDepreciation is a powerful tax savings tool for rental property owners[02:06] How To Leverage Cost Segregation StudiesDifferent types of depreciation can be used, such as straight line, accelerated bonus, and section 179The Tax deductions available for rental properties, such as:Mortgage InterestProperty TaxesInsuranceRepairsMaintenanceTravel ExpensesReal Estate Investments and cost segregation studies[07:45] Exploring The Short Term Rental LoopholePassive losses can only offset passive incomesStrategies to maximize losses include becoming a real estate investor or professionalQualifying as a real estate professional can use losses to offset W2 income and business incomeQualifying as a real estate professional can be difficult for high-income earners[16:23] Closing SegmentMike advises listeners on how to leverage tax strategies for rental properties in order to maximize investment returns!Final WordsKey Quotes“Depreciation is a powerful tax savings tool, and it's one of the reasons that so many people can get into real estate, rental properties, and utilize losses from that rental property to offset their income.” – Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook 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: Ask@TaxSavingsPodcast.com

Do you want to learn more about Corporate Transparency Act and how it can benefit your business? In this episode of the Small Business Tax Savings Podcast, Mike welcomes John R. Strohmeyer. John is an attorney providing legal services covering Estate Planning & Probate, Tax: Business and International, and Business / Corporate. After working for law firms for nearly nine years, I started Strohmeyer Law so that I could bring what I learned about client service from the Four Seasons to the legal industry. John covers what information needs to be reported such as legal names, dates of birth, residential addresses, identifying documents, and photocopies of those documents.Tune in now and hear John explains potential penalties for not filing and remind people to get this done ahead of time![00:23] Corporate Transparency Act ExplainedMike welcomes John R. Strohmeyer to the show!Today’s topic is, “Cracking the Code: Corporate Transparency Act Explained for Small Business Owners”       John is an attorney providing legal services covering Estate Planning & Probate[04:14] What Is The Purpose Of The Corporate Transparency ActWhat is the purpose of the Corporate Transparency Act?The government requires information on beneficial owners, senior officers, and people with substantial influence on entitiesTrusts and general partnerships are exempt from filingWhat are the exemptions for entities?[13:16] Understanding How The Corporate Transparency Act Can Help Your BusinessPenalties for willful failures are 500 per day and potential criminal penaltiesHonest mistakes may be exempt from penaltiesWhen will the Corporate Transparency Act take effect?Changes in beneficial owners must be reported within 30 days[24:33] Closing SegmentJohn shares where listeners could learn more about the Corporate Transparency Act!Final WordsKey Quotes“When a new client comes in and says, “Hey, I want an LLC.” Great. Until we have all of your information and it's ready to file. Once you've got it, we'll be able to nail all of your other Corporate Transparency Act requirements so you don't have to think about it. And until those beneficial owners change or some of their information changes, there's nothing else to file.” – John R. Strohmeyer______Connect with John through his:Website: Strohmeyer LawLinkedIn: @johnthelawyerFacebook: John StrohmeyerTwitter: @johnthelawyer______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook 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: Ask@TaxSavingsPodcast.com