Can Small Business Owners Write Off Gym Memberships on Taxes?
As a small business owner, you’re always looking for ways to maximize your tax deductions. One question that often arises is whether gym memberships can be written off on taxes. The answer isn’t straightforward and hinges on several IRS guidelines and the specific circumstances under which the expense is incurred. Understanding the General Rule The […]
Unlocking the Secrets of Meal Expense Deductions for Small Businesses
As a small business owner, understanding how to fully leverage tax deductions can significantly reduce your taxable income and enhance your financial efficiency. One of the most practical yet often underutilized deductions is for business-related meal expenses. Here’s a comprehensive guide to help you maximize this deduction while staying compliant with IRS regulations. If you […]
Top Small Business Tax Deductions: How to MAXIMIZE Savings
Maximizing Deductions… This is one of my favorite topics to discuss with business owners. The fact is, business owners for far too long have been told that in order to lower their taxes they need to go out and buy things. “Go buy a truck” (that you don’t need), “go buy a new TV” (that […]
What Retirement Plan Options Are Available For My Business in 2024?
When it comes to retirement planning for small business owners there are a lot of options available which can be confusing. There is no one strategy that is perfect for everyone so our goal here is to give you an overview of what’s available to help you make a decision on what you may want […]
Listener Q&A with Mike Jesowshek CPA (4/17/2024)
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 […]
Strategic Business Structuring: Navigating Multiple Ventures and Partnership Success
Lets be honest, entrepreneurs are always thinking about new ideas. This is why you often see successful business owners have many different businesses often times even in completely different industries. A question that comes up often in our Free Facebook Group stems around this idea of how to structure your business when you have multiple businesses or […]
Unlocking Tax Deferral: Leveraging Opportunity Zones & Mastering 1031 Exchange Property Identification
As we navigate the complexities of the current tax landscape, astute investors and tax professionals are increasingly turning their attention to the strategic benefits of Opportunity Zones and the intricacies of 1031 exchanges. These two mechanisms offer compelling avenues for tax deferral and capital growth, yet they require a nuanced understanding to leverage effectively. Opportunity […]
1031 Exchange Mastery: Skyrocket Your Real Estate Profits with Tax-Deferred Strategies
In the dynamic landscape of real estate investing, Section 1031 of the U.S. Internal Revenue Code stands out as a powerful tool for investors seeking to optimize their portfolio growth while deferring capital gains taxes. Commonly referred to as a ‘1031 exchange,’ this provision allows investors to reinvest the proceeds from the sale of investment […]
Maximize Your Depreciation Deductions: The Power of Cost Segregation Studies Explained
Real estate investing can be a lucrative venture, especially when investors leverage tax strategies to maximize their returns. One such strategy is a cost segregation study, a powerful tax planning tool that can significantly increase cash flow by accelerating depreciation deductions. This guide will dive into the intricacies of cost segregation studies, providing real estate investors […]
What Are Estimated Taxes and How Do I Pay Them?
This is the eighth post in our “Starting a Business Series”. Estimated taxes are a topic or area that often confuses both new and established business owners. My hope here is to give you a clear understanding of what estimated taxes are, how you calculate them, and how you pay them. By gaining this knowledge it help […]