The TRUTH about 1099 Reporting for Business Owners
Whether you own a small business or manage tax preparation for small business clients, you understand how important and time-consuming year-end tax filings can be. The best way to reduce the year-end frenzy is to get ahead of tax season, and believe it or not, now is the perfect time to begin. This may sound […]
Tax Planning and Health Costs: Strategies for Small Business Owners
Before we dig too deep I just wanted to mention that a little while back we did an entire series on health related tax strategies on both our Blog and Small Business Tax Savings Podcast so if you want to take what we talk about today and dig deeper, you will want to check those out! Taking care of your […]
How Does the Home Office Deduction Work?
For whatever reason there is a lot of confusion among business owners around the home office. From what I understand, accountants often times tell business owners that the home office is an IRS red flag and to avoid it. We are going to set the record straight here and explain what the home office deduction is […]
What Is Beneficial Ownership Information (BOI) Reporting and Why Is It Important?
As a small business owner or a tax professional tasked with their compliance process, you are likely used to dealing with a curveball or two thrown your way. For the 2024 calendar year, this curveball is Beneficial Ownership Information (BOI) reporting. Starting January 1, 2024, the Corporate Transparency Act (CTA) requires many small businesses to […]
Listener Q&A with Mike Jesowshek CPA (8/14/2024)
On this Podcast we answer listener questions! If you have a question you would like discussed on a future episode, submit it now! Go to www.TaxSavingsPodcsat.com Click Podcast Scroll to the Bottom and Submit Your Question You never know, your question may be on the next Q&A session. Below are today’s questions, tune into our Podcast to […]
The Work Opportunity Tax Credit Pays You 40% of Wages!
The Work Opportunity Tax Credit (WOTC) is a valuable tax incentive for small business owners who hire individuals from certain targeted groups that face significant barriers to employment. This federal tax credit is designed to encourage workplace diversity and provide access to good jobs for eligible workers. In this blog post, we will explore the […]
Mastering Remote Team Success: Strategies for Effective Hiring and Management
This is part of a guest post from one of our preferred payroll vendors, Cirrus Payroll. Hiring For Success: How Cirrus Payroll CEO, Tyler Winn Manages A Remote Team As remote work gains momentum across every industry, effective team management requires a blend of trust, strategic hiring, and robust systems. We had the opportunity to sit […]
What Is Depreciation for My Business? When Does a Capitalization Policy Make Sense?
Depreciation… one word that can make a business owner (and even many accountants) cringe. However, understanding it and how to implement it correctly in your business can make a big impact. That is exactly what I will be talking about here. What Is Depreciation? At a very basic level, depreciation is simply the process of spreading […]
Listener Q&A with Mike Jesowshek CPA (6/12/2024)
On this Podcast we answer listener questions! If you have a question you would like discussed on a future episode, submit it now! Go to www.TaxSavingsPodcsat.com Click Podcast Scroll to the Bottom and Submit Your Question You never know, your question may be on the next Q&A session. Below are today’s questions, tune into our Podcast to […]
Understanding the Qualified Business Income Deduction for Small Business Owners
The Qualified Business Income (QBI) deduction, also known as the Section 199A deduction, introduced by the Tax Cuts and Jobs Act (TCJA) in 2017, has been a significant tool for small business owners, including sole proprietors, partnerships, S corporations, and some trusts and estates. As we look towards 2024 and beyond, it’s crucial for small business owners to […]