Year-End Wrap-Up Part 2: Proactive Tax-Saving Strategies for Business Owners

Mike Jesowshek continues his 2-part episode on year-end tax-saving strategies. In this episode, Mike covers specific strategies including hiring your kids for tax benefits, setting up a family management company for S corporations, and funding Roth IRAs for children. He also delves into the advantages of short-term rentals for offsetting income and utilizing health insurance premiums as tax deductions. Additionally, he advises on purchasing necessary business items for depreciation benefits and using a Section 105 plan for high medical expenses. [02:00] The Strategy of Hiring Your KidsRoth IRAs are beneficial for your childrenEnsure compliance and fairness when hiring your kidsHiring strategies for kids over 18[06:30] Understanding State Standard DeductionsMedical expenses and tax deductionsThe short-term rental loopholeMaximizing deductions through purchasesIf you're in startup mode, make a sale before the end of the year.[13:38] The Importance of Bookkeeping and Preparing for 1099 SeasonRushing in January or February will make you miss some deductionsIf you're paying contractors that qualify and need a 1099 sent to them, you're going to need to start prepping those starting January 1st[16:09] Recap and Importance of ImplementationThe Time Is NOW To Start Paying Less In Taxes. Join Our Tax Minimization Program (with Stress-Free Bookkeeping Training)! Join Our Tax Minimization Program Today!Key Quotes:"We talk so much about how learning is so key as business owners, as individuals in general, but implementation is just as important." - Mike Jesowshek, CPA"Hiring your kids, especially those that are under 18 is a great way to get a business deduction and those children potentially pay no income taxes on that income." - Mike Jesowshek, CPA"If you're self-employed and you're paying for health insurance premiums, it's a tax deduction." - Mike Jesowshek, CPA"An HSA is one tool that the IRS does not give out too often. You get a tax deduction going into it, there's tax-free growth and tax-free withdrawals." - 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/