Bitcoin pioneer Charlie Shrem peels back the layers on the lives and backgrounds of the world's most impactful innovators. Centering around intimate narratives, Shrem uncovers a detailed, previously unspoken story of the genesis and evolution of bitcoin, cryptocurrency, artificial intelligence, and the web3 movements. Join Shrem as he journeys through the uncharted territories of tech revolutions, revealing the human side of the stories that shaped the digital world we live in today.
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Innehåll tillhandahållet av Mike Jesowshek, CPA, Mike Jesowshek, and CPA. Allt poddinnehåll inklusive avsnitt, grafik och podcastbeskrivningar laddas upp och tillhandahålls direkt av Mike Jesowshek, CPA, Mike Jesowshek, and CPA eller deras podcastplattformspartner. Om du tror att någon använder ditt upphovsrättsskyddade verk utan din tillåtelse kan du följa processen som beskrivs här https://sv.player.fm/legal.
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S Corps, Gym Membership Deductions, Solo 401(k)s, and Family Hires: Listener Q&A with Mike Jesowshek CPA
Manage episode 434147484 series 2287541
Innehåll tillhandahållet av Mike Jesowshek, CPA, Mike Jesowshek, and CPA. Allt poddinnehåll inklusive avsnitt, grafik och podcastbeskrivningar laddas upp och tillhandahålls direkt av Mike Jesowshek, CPA, Mike Jesowshek, and CPA eller deras podcastplattformspartner. Om du tror att någon använder ditt upphovsrättsskyddade verk utan din tillåtelse kan du följa processen som beskrivs här https://sv.player.fm/legal.
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:
______
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
332 episoder
Dela
Manage episode 434147484 series 2287541
Innehåll tillhandahållet av Mike Jesowshek, CPA, Mike Jesowshek, and CPA. Allt poddinnehåll inklusive avsnitt, grafik och podcastbeskrivningar laddas upp och tillhandahålls direkt av Mike Jesowshek, CPA, Mike Jesowshek, and CPA eller deras podcastplattformspartner. Om du tror att någon använder ditt upphovsrättsskyddade verk utan din tillåtelse kan du följa processen som beskrivs här https://sv.player.fm/legal.
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:
______
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
332 episoder
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Liknande Small Business Tax Savings Podcast
Bitcoin pioneer Charlie Shrem peels back the layers on the lives and backgrounds of the world's most impactful innovators. Centering around intimate narratives, Shrem uncovers a detailed, previously unspoken story of the genesis and evolution of bitcoin, cryptocurrency, artificial intelligence, and the web3 movements. Join Shrem as he journeys through the uncharted territories of tech revolutions, revealing the human side of the stories that shaped the digital world we live in today.
…
continue reading
Custom Manufacturing Industry podcast is an entrepreneurship and motivational podcast on all platforms, hosted by Aaron Clippinger. Being CEO of multiple companies including the signage industry and the software industry, Aaron has over 20 years of consulting and business management. His software has grown internationally and with over a billion dollars annually going through the software. Using his Accounting degree, Aaron will be talking about his organizational ways to get things done. Hi ...
…
continue reading
We’re on a mission to uncover the science of self-made success. Join host Akua Konadu each week as she interviews some of the most brilliant minds in business—digging deep into the details and uncovering the strategies that turned entrepreneurial dreams into reality. The Independent Business podcast is powered by HoneyBook, the all-in-one platform for anyone with clients. Book clients, manage projects, and get paid faster with HoneyBook, and have business flow your way. Natalie Franke was th ...
…
continue reading
Each week, Another Bite breaks down the latest and greatest pitches from Shark Tank. It's practical business advice delivered in a fun way. All the substance of an HBR article, but fun. Hosted by Jorie Munroe, Ariel Boswell, and Jon Dick.
…
continue reading
The Greatness Machine is on a Quest to Maximize the Human Experience! Join Award Winning CEO and Author, Darius Mirshahzadeh (pron. Mer-shaw-za-day), as he interviews some of the greatest minds in the world―turning their wisdom and experience into learnings and advice you can use in your life so that you can level up and create greatness. Join Darius as he goes deep with guests like: Moby, Seth Godin, Gabby Reece, Amanda Knox, UFC Ring Announcer Bruce Buffer, Former FBI Negotiator Chris Voss ...
…
continue reading
Where startup founders raise millions and listeners can invest. Forget everything you think you know about the world of venture capital. Host Josh Muccio takes listeners behind closed-doors and into the room where deals are made. Part of the Vox Media Podcast Network.
…
continue reading
1
Wholesaling Inc with Brent Daniels
Find distressed properties for pennies on the dollar and turn them for huge profits!
Let’s face it, Real estate education has lost the script. Everybody “claims” to have the secret sauce. They get you to sign up, get you to bite on a “magic” formula, but there’s no real tools to get there. There’s so much talk, no practical steps. It’s not instructional, it’s hype. The ideas aren’t focused on your success, it’s focused on theirs. Well, it doesn’t have to be that way. If you’ve been searching for a way to escape the rat race and achieve true financial freedom wholesaling real ...
…
continue reading
Whatever you lead can only grow when you do. Experience real-life, real-time business and leadership coaching from Dave Ramsey, a successful CEO, popular radio personality, bestselling author, and now the host of The EntreLeadership Podcast. Dave takes your calls and draws on over 30 years of experience as the CEO of Ramsey Solutions to help you overcome the challenges you're facing. More at https://www.ramseysolutions.com/shows/the-entreleadership-podcast.
…
continue reading
Introducing The Unshakeables, a new podcast from Chase for Business and iHeartMedia's Ruby Studio. Small businesses are the heart and soul of this country, but it takes a brave individual to start and run a company of their own. From mom-and-pop coffee shops to auto-detailing garages -- no matter the type of industry you’re in, every small business owner knows that the journey is full of the unexpected. A single moment may even change the course of your business forever. Those who stand firm ...
…
continue reading
Kipp Bodnar (HubSpot’s CMO) and Kieran Flanagan (Zapier’s CMO), lead you down the rabbit hole of marketing trends, growth tactics and innovation. On the way you’ll pick up undiscovered strategies to give you that slight edge for success. These are not your typical twitter thread regurgitated marketing tactics that everyone is doing. These are new methods, with unfiltered examination of successful fresh ideas.
…
continue reading
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Gå offline med appen Player FM !
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