Listener Q&A with Mike Jesowshek CPA

How can business owners minimize taxes and maximize growth? In this episode of the Small Business Tax Savings Podcast, Mike dives into strategies to help business owners minimize taxes and maximize growth. He discusses the advantages of hiring family members and avoiding FICA taxes by staying below the standard deduction rate.Mike covers topics such as setting up an LLC or DBA, using cloud-based bookkeeping software, converting 1099 contractors into W2 employees, taking advantage of retirement plan options like solo 401K or 401K plans, and more.Tune in now and listen as Mike answers listener questions such as queries from how to structure a short-term rental business to setting up Simple IRA accounts while becoming an S-Corp![00:24] Listener Questions And Answers With Mike Jesowshek, CPAToday’s topic is, “Listener Questions and Answers”From topics such as home deductions and the tax implications of purchasing a separate property for business and primary residence      [03:58] Save On Taxes With Your Vacation Rental Cleaning BusinessPaying children under 18 for services rendered does not require FICA or federal unemployment taxesStartup costs and equipment can be written off as a tax write offMoving money into a simple IRA can avoid tax liability for the yearSolo 401K gives more options than a regular 401K[13:54] Maximize Your Retirement Savings With Solo 401K And Simple IRA OptionsBecoming an S Corp, your salary would determine how much you can contribute to retirementPayroll taxes are automatically withheld, but not for remaining distributions or profitsGood bookkeeping: separate business bank account and credit cardStay up to date on bookkeeping and do it consistently to get a good idea of how your business if performing[33:31] Closing SegmentMike shares his expertise and experience on how to minimize taxes and maximize growth!Final WordsKey Quotes“If you want to separate businesses for liability purposes, our favorite setup is to have one main company. That's an LLC tax and S corporation. And then any of those different businesses would be separate LLCs that are 100% owned by that S corporation. So that all these businesses that you own are flowing through that one S corporation.” – Mike Jesowshek, CPA______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