Tax Expert Explains How To Get Ahead of 99% of Businesses
Tax Expert Explains How To Get Ahead of 99% of Businesses  
Podcast: Small Business Tax Savings Podcast
Published On: Wed Dec 25 2024
Description: Send us a textWhat if a few simple shifts in your business structure and financial habits could set you ahead of 99% of companies?In this episode, Mike Jesowshek, a CPA and founder of Taxelm, shares practical strategies for small businesses to gain a competitive edge without requiring massive investments or risky tactics. He emphasizes the importance of establishing a proper entity structure as the foundation for growth, maintaining an accurate and cloud-based bookkeeping system, and utilizing financial data to make informed business decisions. Mike also highlights key tax deductions and offers resources to help business owners optimize their financial strategies effectively.[00:00 - 04:50] Introduction: Setting the StageMike introduces the theme of outpacing 99% of businesses with simple, effective strategies.Success doesn’t require excessive risk or investment; it starts with foundational business practices.Transitioning to an S Corporation can lead to significant tax savings. A well-structured entity is essential for tax efficiency and long-term growth.[04:51 - 10:00] Building a Solid Foundation for Growth and The Backbone of BusinessMike shares the importance of creating a management company structure for multiple business entities.Clear and organized entity structures reduce risks and enhance scalability.Consistent bookkeeping helps identify inefficiencies and drives better financial decisions.[10:01 - 19:26] Leveraging Financial Data and ResourcesIt is vital to use accurate financial statements for tax planning and business strategy.Mike offers a free document outlining tax deductions to maximize savings.Proactive financial management unlocks opportunities for growth and profitability.Direct Quotes:“Your entity structure is the foundation of how your business operates and grows.” - Mike Jesowshek“Bookkeeping isn’t just for taxes; it’s the backbone of understanding your business’s financial health.” - Mike Jesowshek“A cloud-based system done correctly gives you actionable insights. Done poorly, it gives you nothing.” - Mike Jesowshek“With the right foundation, you can grow into the 1% of business owners who succeed at scale.” - Mike JesowshekCheck out this episode’s blog: The Ultimate Guide to Maximizing Business Deductions and Write-Offs______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: www.TaxSavingsTV.com