How Can I Lower My Tax Bill After Year End?
How Can I Lower My Tax Bill After Year End?  
Podcast: Small Business Tax Savings Podcast
Published On: Wed Feb 08 2023
Description: Send us a textAre you a small business owner looking to save money on taxes? On this episode of the Small Business Tax Savings Podcast, Mike discusses strategies available to those who missed out on tax planning before year-end, and how to still optimize your tax return even after the end of the year.Mike Jesowshek explains how contributions to Traditional IRAs, Health Savings Accounts (HAS), Coverdell IRAs, SEP IRAs, Solo 401Ks, Profit Sharing Plans, Home Office deductions, and other business strategies should be completed by either the filing date or by April 18th whichever is earlier.This conversation reviews items such as automobile expenses and deductions related to spend that can be taken advantage of if not already done so. This is an invaluable resource for small business owners who want to ensure they are paying the least amount of taxes legally possible.Tune in now and don’t miss the opportunity for tax savings! [00:01] Tax Strategies To Lower Tax Bill After Year EndTax planning is important throughout the year, not just during tax seasonOptions available for those who didn’t get to tax planning throughout the year [04:51] Maximize Your Retirement And Business Tax Strategies Before Year EndTraditional IRA and ROTH IRA contributions can be made up until the tax filing date or the original due date (whichever is sooner)Employee contributions to a retirement plan can be made up until the tax filing date including extensionsSEP IRA contribution can be made up until the date of filing with a max of the extended due dateEmployer contribution limits are 25% of W2 or 20% of net self-employment income[09:42 ] Utilizing Available Strategies For Business Tax SavingsTraditional IRA, ROTH IRA, and employee contributions to retirement plans are no longer available after December 31Complete inaccurate bookkeeping to take advantage of potential deductionsHome office deductions is a valid deductions and should be taken advantage ofAutomobile expenses should be calculated and included in the tax filingHealth Savings Account (HSA) is a strategy that everyone should utilize and max out[12:59] Closing SegmentMike shares to make 2023 the year to do tax planning throughout the year and pay the least amount of taxes legally possible by implementing available strategiesFinal wordsKey Quotes“Don't be afraid to take a valid home office deduction. Don't be afraid of it. It is a completely legal deduction and we highly recommend, that every business owner take advantage of it as long as you're doing it the right way.” – 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