S Corps, Gym Membership Deductions, Solo 401(k)s, and Family Hires: Listener Q&A with Mike Jesowshek CPA

Small Business Tax Savings Podcast

Вміст надано Mike Jesowshek, CPA, Mike Jesowshek, and CPA. Весь вміст подкастів, включаючи епізоди, графіку та описи подкастів, завантажується та надається безпосередньо компанією Mike Jesowshek, CPA, Mike Jesowshek, and CPA або його партнером по платформі подкастів. Якщо ви вважаєте, що хтось використовує ваш захищений авторським правом твір без вашого дозволу, ви можете виконати процедуру, описану тут https://uk.player.fm/legal.

6M ago 23:45

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Are you leaving money on the table when it comes to your business taxes? In this Q&A episode, Mike Jesowshek answers your tax questions! From S corporation salary conundrums to the surprising deductibility of gym memberships, Mike provides actionable insights that could save you thousands.
[00:00 - 07:15] S Corp Salaries and Retirement Accounts

Can an S corporation owner take only dividends and no salary?
How to determine a reasonable S corp salary?
Can I start a solo 401k in my side hustle without breaking control group rules?

[07:16 - 13:30] Deductible Expenses and Hiring Family

Is a gym membership with business offices tax-deductible?
How to allocate costs between personal and business use?
What are the tax implications of hiring my teen in a sole proprietorship?

[13:31 - 21:00] Solo 401(k)s and Bookkeeping

What are the contribution options for solo 401(k)s for both spouses?
How to structure businesses for married couples?
Can bookkeeping be automated? What software is recommended?

[21:01 - 26:30] Accountable Plans and Cash Purchases

Do husband-wife-owned LLCs need accountable plans?
How to handle partnership filing in non-community property states?
How to document and prove business purchases from Facebook Marketplace?

[26:31 - 35:00] Tax Deductions and Management Fees

What expenses can self-employed pastors deduct?
Should I set aside taxes based on gross revenue or profit?
What's a reasonable fee for a family management company?

Direct Quotes:

"Don't invest something just for a tax benefit. Like they always say, ‘Don't let the tax tail wag the dog.’" - Mike Jesowshek, CPA

Resources Mentioned:

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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

Join TaxElm: https://taxelm.com/

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Podcast Website: https://www.TaxSavingsPodcast.com

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