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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.
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Listener Q&A with Mike Jesowshek CPA

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Manage episode 400933799 series 2287541
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.

Send us a Text Message.

In this episode, Mike Jesowshek answers various listener questions regarding tax strategies, S corporation elections, hiring children for tax benefits, and setting up retirement plans for businesses with non-owner employees. The episode emphasizes the importance of structuring businesses correctly to maximize tax savings, including the considerations for S corporation status, late elections for business structures, the benefits of hiring family members, and the intricacies of purchasing a business and tax implications. Mike also discusses the potential of setting up retirement plans for employees as a tax-advantageous move for small businesses.

[00:00 - 00:36] Introduction to Q&A Session

[00:36 - 10:10] Q&A with Mike Jesowshek, CPA part 1

  • Mike discusses the permanence of S corp elections and the possibility of revoking them.
  • He explains the conditions under which a late S corp election can be made for businesses already in operation.
  • Employing your children in your business for tax advantages has benefits.
  • Mike discusses the tax implications of seller-financed business purchases and the importance of understanding the nature of the purchase (asset vs. stock sale).
  • How the capitalization policy for items under $2,500 affects tax deductions.

[10:10 - 23:50] Q&A with Mike Jesowshek, CPA part 2

  • Owning multiple LLCs under one holding company can simplify tax filing and considerations for asset protection.
  • Separating entities based on active participation versus passive income sources, such as rental properties is important.
  • Mike gives an overview of retirement plan options for small businesses and the tax benefits associated with offering them to employees.
  • What is the best setup for businesses operating between California and Florida?
  • Mike’s advice on consolidating tax filings for multiple LLCs under a Wyoming LLC, emphasizes the need for legal advice on asset protection.
  • What about hiring young grandchildren and its tax implications?
  • Setting up a separate LLC for Airbnb or furnished property businesses.
  • What are the tax benefits and options for setting up retirement plans for small business employees?

[23:50 - 24:14] Closing Segment

Direct Quotes:

"Hiring your kids is potentially a great way where you can get a business deduction and they pay no income taxes on that income, again, potentially." - Mike Jesowshek, CPA

"You cannot save taxes by simply learning tax strategies. You save taxes when you learn them and then you implement them." - Mike Jesowshek, CPA

"If you're starting a new business, start that business where you're operating. That's going to be the easiest piece." - Mike Jesowshek, CPA

______

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

-------

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

Facebook Group: https://www.facebook.com/groups/taxsavings/

YouTube: https://www.youtube.com/@TaxSavings

  continue reading

305 епізодів

Artwork
iconПоширити
 
Manage episode 400933799 series 2287541
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.

Send us a Text Message.

In this episode, Mike Jesowshek answers various listener questions regarding tax strategies, S corporation elections, hiring children for tax benefits, and setting up retirement plans for businesses with non-owner employees. The episode emphasizes the importance of structuring businesses correctly to maximize tax savings, including the considerations for S corporation status, late elections for business structures, the benefits of hiring family members, and the intricacies of purchasing a business and tax implications. Mike also discusses the potential of setting up retirement plans for employees as a tax-advantageous move for small businesses.

[00:00 - 00:36] Introduction to Q&A Session

[00:36 - 10:10] Q&A with Mike Jesowshek, CPA part 1

  • Mike discusses the permanence of S corp elections and the possibility of revoking them.
  • He explains the conditions under which a late S corp election can be made for businesses already in operation.
  • Employing your children in your business for tax advantages has benefits.
  • Mike discusses the tax implications of seller-financed business purchases and the importance of understanding the nature of the purchase (asset vs. stock sale).
  • How the capitalization policy for items under $2,500 affects tax deductions.

[10:10 - 23:50] Q&A with Mike Jesowshek, CPA part 2

  • Owning multiple LLCs under one holding company can simplify tax filing and considerations for asset protection.
  • Separating entities based on active participation versus passive income sources, such as rental properties is important.
  • Mike gives an overview of retirement plan options for small businesses and the tax benefits associated with offering them to employees.
  • What is the best setup for businesses operating between California and Florida?
  • Mike’s advice on consolidating tax filings for multiple LLCs under a Wyoming LLC, emphasizes the need for legal advice on asset protection.
  • What about hiring young grandchildren and its tax implications?
  • Setting up a separate LLC for Airbnb or furnished property businesses.
  • What are the tax benefits and options for setting up retirement plans for small business employees?

[23:50 - 24:14] Closing Segment

Direct Quotes:

"Hiring your kids is potentially a great way where you can get a business deduction and they pay no income taxes on that income, again, potentially." - Mike Jesowshek, CPA

"You cannot save taxes by simply learning tax strategies. You save taxes when you learn them and then you implement them." - Mike Jesowshek, CPA

"If you're starting a new business, start that business where you're operating. That's going to be the easiest piece." - Mike Jesowshek, CPA

______

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

-------

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

Facebook Group: https://www.facebook.com/groups/taxsavings/

YouTube: https://www.youtube.com/@TaxSavings

  continue reading

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