30+ Tax Write-Offs You’ve Never Heard Of ｜ The Ultimate Tax Write Off Guide
30+ Tax Write-Offs You’ve Never Heard Of ｜ The Ultimate Tax Write Off Guide  
Podcast: Small Business Tax Savings Podcast
Published On: Wed Sep 04 2024
Description: Send us a textHave you ever wondered how to maximize your tax deductions while staying on the right side of the IRS?In this episode, Mike Jesowshek provides an in-depth guide on over 30 tax write-offs and strategies that can save businesses thousands of dollars. He emphasizes the importance of understanding pre-tax versus after-tax spending, the significance of selecting the right business entity structure, and how to effectively maximize deductions. Mike also covers strategies such as using an S corporation to reduce self-employment taxes, hiring children within a business, and setting up a board for additional tax benefits. He stresses the need to correctly implement tax strategies to ensure they remain legal and beneficial.[00:00 - 12:24] Pre-Tax vs. After-Tax Spending, Entity Structure, and S CorporationsMike introduces the importance of understanding tax strategies.Optimize spending to shift after-tax expenses into pre-tax deductions.He discusses how the business entity structure forms the foundation of your business.Different types of entity structures: sole proprietorship, LLC, C corporation.Choose the right entity structure to ensure proper tax benefits and legal protection.Consider S corporation status once your business reaches a certain profit level.[12:24 - 26:03] Maximizing DeductionsMike breaks down the various business expenses that qualify as deductions, including advertising, contract labor, equipment, and gifts.Regularly review personal expenses to identify potential business deductions.[26:03 - 35:18] Accountable Plan and Setting Up a Board for TaxEnsure proper documentation and exclusivity in home office use.Use a board for accountability, perspective, and additional tax deductions.[35:18 - 44:47] Additional Tax Strategies: Meals, Travel, Automobile, and Retirement PlanningProper documentation and fair market value rental rates are crucial.Be strategic in everyday business activities to maximize deductions.[44:47 - 57:30] Implementation of Tax StrategiesMike emphasizes the importance of not only learning tax strategies but also correctly implementing them.Correct documentation and cautious implementation are key to successful tax strategies.Direct Quotes:"The government doesn't come knocking and let you know when you missed out on an incentive that they gave you." - Mike Jesowshek, CPA"Every business owner should have a home office of some sort." - Mike Jesowshek, CPA"The implementation piece is where you start to see those tax savings." - Mike Jesowshek, CPA______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin 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.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: https://www.youtube.com