Listener Q&A with Mike Jesowshek, CPA

Do you want to know how to maximize tax savings for your small business? On this episode, of the Small Business Tax Savings Podcast, Mike provides answers to listeners’ questions about small business taxes and strategies to get the most out of every dollar. Mike Jesowshek delves into topics such as utilizing baseline tax strategies, advanced tax strategies, deducting advertising expenses, understanding the taxation of assets within an irrevocable trust, taking advantage of charitable contributions, and more.Discover strategies for back taxes and penalties related to S Corporations, such as fixing it moving forward or starting fresh in 2023 with fees and penalties. Get all this helpful information and more in this episode of the Small Business Tax Savings Podcast.Tune in now and don’t miss the opportunity for tax savings! [00:01] Maximize Your Tax Savings To Go Beyond The $500, 000 Business Loss Limitation Baseline tax strategies are available to business owners at all stages of all income levelsAdvanced tax strategies are typically not looked into until baseline tax strategies[04:27] Tax Implications of Irrevocable Trusts ExplainedClothing is traditionally not deductible if it appropriate for everyday useYour logo must be obvious for use in promotional activitiesFurniture used for Airbnb can be depreciatedIncome generated from assets within an irrevocable trust is taxed at higher tax ratesInterest or income accumulated within the trust is taxable either to the trust or the beneficiary[10:50] Strategies For Taking Reasonable Salary And Avoiding IRS Red FlagsAny earnings left within the trust are taxable, while any distributed earning is taxable to the beneficiaryCash basis taxpayers report income based on what they change, not what they would normally chargeDeductible materials can be used to create a loss in a specific scenarioCharitable contributions can be moved to advertising expenses for tax benefitsLate S-Corporations election is possible but a reasonable salary must be taken for that yearLate filing of tax returns will incur penalties and interest[17:49] Closing SegmentMike shares options for S-Corporations including either paying taxes for not being on top of it in 2022 or doing back work and penalties and then doing the S-CorporationFinal WordsKey Quotes“If you're a high-income earner, what we talk about when we look at tax planning, tax strategies, this idea of baseline tax strategies. Baseline tax strategies are available to business owners at all stages of all income levels.” – 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