Tax mistakes new business owners make are almost always preventable. Most first-year entrepreneurs do not realize how 1099 income works, when an LLC matters, how Schedule C affects their taxes, or how deductions like the home office and Augusta Rule actually apply. These early misunderstandings lead to higher tax bills, missing deductions, and avoidable IRS problems.
If you’re a new business owner, you’ve probably wondered…. ‘Am I doing any of this right?’
Should you get an LLC? Do you file a Schedule C? Can you hire your kids? Does a home office hurt you when you sell your house?
The problem isn’t ignorance… it’s confusion.
No one teaches small business owners the rules that shape their tax bill.
Here are the biggest hidden mistakes new entrepreneurs make and the real answers from this week’s Q&A episode.
The Most Common Tax Mistakes New Business Owners Make
1. Treating 1099 income like a W2 paycheck
If you receive a 1099 NEC, you are no longer “kind of an employee.”
You are a business owner.
This means:
💳 You need a separate business bank account
📘 You need bookkeeping from day one
🧾 You file on Schedule C
💸 You owe self-employment tax, not just income tax
Most first-year 1099 owners dramatically underprepare for taxes because they don’t understand this shift.
2. Thinking an LLC changes your tax bill
If your side gig earns five to nine thousand dollars, an LLC does nothing for your taxes.
Your income still goes on Schedule C.
Your deductions stay the same.
Your tax bill stays the same.
An LLC becomes useful only when:
🏛 You need legal protection
📈 Your profit reaches fifty to sixty thousand dollars and you want the option to elect S Corp status
Until then, forming an LLC is a paperwork decision, not a tax strategy.
3. What is The Schedule C?
Schedule C is the report card of your business.
It shows:
💰 your income
💳 your expenses
📉 your profit
Your profit is the number the IRS taxes.
Not your gross revenue.
Most new business owners do not track expenses well enough, which increases their taxable profit.
4. Taking the home office deduction incorrectly
Two methods exist:
🏠 Simplified method
No depreciation. No recapture when you sell.
🏠 Actual method
Includes depreciation. Recapture applies at sale but is usually very small.
The biggest misunderstanding is fear.
People skip the deduction entirely because they think it will cause a tax nightmare during a home sale.
It rarely does.
5. Believing you cannot combine the home office and the Augusta Rule
You can combine both.
You only need separate spaces.
🏠 Home office downstairs
🍽 Board meeting in the dining room
Both deductions allowed.
The conflict only happens if you use the same room for both.
6. Paying your kids as contractors when they should be employees
This is one of the most expensive mistakes parents make.
👶 Under 18
Never pay them as contractors.
They will owe self employment tax.
Pay them as W2 employees through your sole prop or single member LLC.
👦 Over 18
Contractor payments may work if they have legitimate expenses.
This strategy is powerful only when done correctly.
7. Ignoring the timing of when to consider an S Corp
New business owners rush into entity changes or wait too long.
The right time is simple.
📈 When your profit reaches fifty to sixty thousand dollars
At that point, an S Corp can reduce your self employment tax burden.
Before that, it adds complexity without enough benefit.
8. Not asking for help early
Many of the questions in this episode came from people who waited until they were overwhelmed.
The best tax savings happen when:
📘 your books are clean
📊 your structure fits your income
🗂 your deductions are documented
🏦 your accounts are separated
🧠 your strategy is proactive
Confusion becomes expensive fast.
Most tax mistakes are avoidable because they come from guessing, not planning.
If you fix these issues early, you save money every year as the business grows.
Transcript
[00:00:00] Mike J: If you are like most new business owners, you’ve probably had a moment where you thought, am I doing any of this? Right? In today’s episode, we’re diving into real questions from people across the country. We have questions from Denver all the way to Massachusetts, all about navigating taxes, LLCs, deductions, and what really matters when you’re just getting started.
[00:00:17] So whether you’re a nurse practitioner paid through a 10 99, or you’re running a home daycare or thinking about trust. In estates, this episode is for you and trust me, there are some things in here you’ve probably never considered but should.
[00:00:47] Mike J: Alright, so let’s dive into, and again, these are questions that we either submit directly on our website or through our Facebook group.
[00:00:52] If you’re not a member of our Facebook group, go there, join now. Just type in small business tax secrets and answer the few questions and join there.
[00:00:58] Starting as a 1099 Contractor
[00:00:58] Mike J: The first question is from Denver, Colorado, and they said, Hey, I’m starting out as a 10 99 contractor with an LLC and I need help for my tiny business.
[00:01:07] First off, you’re in the, you’re in the right place. If you’re listening to our podcast, you’re watching our YouTube videos, you’re diving into anything that we’re doing here, you’re in the right place because you have an opportunity to where you can get things correct from the beginning. The biggest couple tips for someone that’s just getting started that I always say is, just keep clear separation and start that process of tax planning early.
[00:01:28] You already have an LLC set up, so that’s gonna give you some protection. Tony can talk to you about that, but also allows you to potentially move to an S corporation. Once your tiny business starts to hit about 50, $60,000 or more in profit. You might wanna look at an S corporation. That lc is a great starting point from that, but that could be way further than where you actually need to be right now.
[00:01:46] And so where you might wanna be focusing your attention on now is just, Hey, do I have books set up for this at this tiny business, whether I’m running out of an Excel or have a zero account or QuickBooks online account. But do I have a bookkeeping file that I’m recording all the [00:02:00] business income and all the associated expenses with this?
[00:02:03] And the other thing I wanna talk about is keeping things separate. Have a business bank account that you are keeping all of your business transactions in and keep that separate than your personal bank account. We want to make sure that we have that separate separation and build that solid foundation because as your business grows, any kind of habits or things that you create when you’re younger or when your business is younger.
[00:02:21] Tend to go with you. So we want to try to make sure we get on top of some of those opportunities. And so keeping things separate. The other thing I would say is continue to dive into the things that we’re talking about here. All this stuff is relevant and especially talk about reach out and look at the episode.
[00:02:36] We talk about maximizing deductions or after tax versus pre-tax spending because this is a mindset shift that you as a new business owner need to understand ’cause it will impact and lead to so many of the strategies that we talk about here. So first off. Congratulations and I look forward to kinda hearing more about your journey and when the time is right.
[00:02:53] Definitely check out tax L we can be that resource for you where you have a tax professional walking you through at your service at any [00:03:00] time that you need them. All right.
[00:03:02] Understanding Schedule C for 1099 Contractors
[00:03:02] Mike J: Our next question is from Memphis, Tennessee, and they said, hi. I am a 10 99 independent contractor for a company through Signify Health.
[00:03:09] I am a nurse practitioner. They use a platform called Work Market to pay me, and they provided me with a 10 99 NEC earnings and also a breakdown of my earnings. And then they said, what is the Schedule C? And so if you are a 10 99 contractor, no S corporation, no, maybe even no LLC set up. You are a 10 99 contractor.
[00:03:28] That essentially means that you are a business owner. When you get 10 99 NAC, you are a business owner, so you’re gonna have wages. Or earnings, that’s gonna be what shows up on that 10 99. And then you’re gonna file that on a Schedule C. A Schedule C is just a document that goes on your personal tax return.
[00:03:44] And on that Schedule C, you’re gonna indicate if there’s any expenses associated with that work that you’re doing. So maybe a home office, you might have cell phone and internet related to it. There might be things that you do associated with that. There might be travel related to this, all sorts of expenses that you maybe [00:04:00] have with this business affairs.
[00:04:01] All that’s gonna be recorded onto your Schedule C. So Schedule C is just where you file if you don’t have no entity set up, or even if you’re just an have an LLC set up or you’re just a single member, LLC, no S-corp election or anything, you file the activity from that 10 99 business on your schedule C, which is just an addendum to your personal tax return.
[00:04:20] Basically, it shows a profit and loss of your business saying, Hey, 10 to nine, here’s my income. Here’s all the associated expenses with it. Here’s the profit, and that rolls through to you. Now, one thing to consider is that if you’re getting a 10 99, generally speaking, that means that your employer is not taking any taxes out of your payment.
[00:04:36] So you’re gonna be responsible for paying the taxes on that income down the road. And if it’s set up as a Schedule C, you might get hit with self-employment taxes or you likely gonna get hit with self-employment taxes on top of. Your normal income tax rate. And so as your business starts to grow, as it starts to grow, maybe you’re hitting 50, $60,000 or more in profit.
[00:04:53] We might wanna be looking at an S corporation, but in order to have that S corporation, we need to have an LLC set up. So just some background things to be [00:05:00] thinking of. But to answer your question, what is Schedule C? That’s what you’re gonna file that information, uh, and your personal tax.
[00:05:06] Small Business Tax Savings Handbook
[00:05:06] Mike J: We have a question from Somerset, Kentucky, and they said, where can I get the book?
[00:05:09] I assume you’re referring to my Small Business Tax Savings Handbook. I keep one of these on my desk all the time. Super handy and really kind of just a really good reference book. As some of these questions come up, you can go into the chapter, specific chapter and look at that. This book can be found on Amazon many different websites out there, but if you go to tax.
[00:05:26] Savings book.com. That’ll take you to a webpage or it’ll take you directly to, the Amazon site. Otherwise, just go to, Amazon and type in small business tax savings handbook and you’ll be able to purchase it there.
[00:05:38] LLC and 1099 Employee Deductions
[00:05:39] Mike J: We have a question from George and he said, do I need an LLC as a 10 99 employee to take advantage of things like the home office mileage, et cetera?
[00:05:46] Would I need my ten nine to pay a separate bank account or can it go directly into my own checking or savings account? So George. The first question is, do you need an LLC as a 10 99 employee first? You’re not a ten nine employee, you’re a [00:06:00] 10 99 contractor, so you’re a contractor for somebody and you’re getting a 10 99 related to that.
[00:06:05] And so the question is, do you need an LLC to take advantage of things like the home office mile deduction? Absolutely not. So you are considered, if you are receiving 10 99 income with no LLC, you’re just considered a sole proprietorship, and you’re gonna file that activity from that sole proprietorship on your personal tax return, on your schedule seat.
[00:06:20] Previous question that we just kinda went through was very similar to that. And finally that Schedule C is we’re gonna be able to take all these different deductions on it, which is gonna be the home office mileage, meals, travel, all these different things are gonna be taken on that Schedule C.
[00:06:33] So you do not need an LLC to be able to take those deductions. If you were to take that same. Business of yours that you’re currently running as a sole proprietorship nor LC, and let’s say you started an LC from a tax perspective, just from opening an LC, nothing changes. Everything stays exactly the same as far as what deductions are available to you or not.
[00:06:53] What opening that LLC does if you move down that route is it opens the ability for you to elect S corp status on that LLC [00:07:00] down the road. If you hit certain income limitations and that makes sense for you. Again, we’d wanna see if that does make sense or not. So that’s. The other piece that L C’s coming, and obviously an attorney can talk to you about this is, but some legal protections.
[00:07:11] There’s some legal reasons why an LLC might be beneficial for you, but end of the statement is, yes, you can still take advantage of all those deductions, valid deductions, as long as they’re valid deductions. Of course, you can take advantage of them, whether you have an LLC or not. If you’re just operating as a sole prob.
[00:07:25] Now you asked should it go directly into your, joint checking savings account, your personal account? I would open up a separate bank account for this business activity. Again, just cleanliness if the, I were sort of audit you, having complete separation really helps back up some of those expenses that you might be taking.
[00:07:39] So I would recommend separating out. But could you technically, from a sole proprietorship, if you’re operating a sole proprietorship, could you technically have that into your regular checking account? You could, but I would open up something to keep it separate.
[00:07:51] Tax Preparation and Strategy Services
[00:07:51] Mike J: We have a question from somebody in Minnesota and they said, hello, my name is Bris and I’m reaching out ’cause I need help preparing our taxes.
[00:07:57] I run an in-home childcare business, my husband’s [00:08:00] employed with the W2. I wanna make sure everything’s filed correctly because you let me know what documents. Okay. So yeah, at taxo. We don’t do tax prep and filing. We are strictly tax strategists. We help our members pay the least amount of taxes legally possible, and we specifically focus on the strategy.
[00:08:14] We do not do preparing and filing tax returns. But with that being said, if you are looking for a tax repair, we have multiple, firms within our network that we can refer you to that can handle the tax prep and filing for you. So if you’re a member of Tax L, go to our partner directory and we can introduce you to one of our accounting firm partners where they’ll handle the tax prep and filing, and then we’ll be.
[00:08:34] That tax strategy piece. Otherwise, if you’re looking for a tax strategy, how do we lower that tax bill? Pay the least amount, obviously, check out, tax home for that. That’s T-A-X-E-L m.com.
[00:08:44] ROBS vs. SBA Loans
[00:08:44] Mike J: We have a question from Redwood City, California, and they said, I would love to get your take on Rob’s versus a traditional SBA and
[00:08:51] I’m assuming they’re talking Rob’s structure for a new business or an SBA loan. Boy, this is a good question. I’ve seen a lot of Rob’s setups [00:09:00] throughout the years and there’s pluses and minuses to both of these options, uh, right. Rob’s. Basically for those that are listening, when you have Rob’s, you’re essentially your retirement account is funding the startup of this new business of yours.
[00:09:12] Think of it like, okay, I’m gonna start a new business. I can either use my retirement account funds to do it or I can go get a loan to do it. I think that’s really kinda what this question is here. Now the problem with a Rob’s, and that’s where you’re using a retirement account, is there’s a lot of restrictions and there’s a lot of things you need to DT your i’s and cross your t’s on, and they can be expensive.
[00:09:30] You’re forced. To operate as a C corporation takes the S-corp out of it. Where the SBAA little less restrictions as far as, you know, operating. You can be an LLC, you can be an S-corp. You can choose what you want there. I’ve seen a lot of people in Rob structures that just.
[00:09:45] Regret it. I see a lot of people that have good success with it too. It’s just you gotta know what you’re getting yourself into if you’re getting robbed. So understand the negatives to it, the costs, the restrictions on your entity type. Understand what that means and what that’s gonna mean for you 10 years down the road.[00:10:00]
[00:10:00] Think about that now. So you just at least have, are prepared for that.
[00:10:04] Hiring Your Kids: Payroll vs. Contractor
[00:10:06] Mike J: We have a question from Greg, one of our Facebook group members and they said, do I need to put my kids on payroll or can I pay them as contractors? Greg, great question. If your kids are under the age of 18, we do not want to pay them as a contractor.
[00:10:18] We do not want to pay them as a ten nine contractor because they’re gonna have to pay self-employment taxes on that income. I see this question come up in, in topic, come up all the time, it breaks my heart when I see people do this ’cause we’re paying unnecessary taxes. If your child is under the age of 18, pay them out of a sole proprietorship or a single member lc, and you do have to withhold FICA taxes, Medicare, social security taxes on that.
[00:10:39] If they’re under the standard reduction, your kids pay no income taxes on that. If we pay that same kid instead of on payroll is a W2 out of our sole proprietorship single memo cu. If we were to pay ’em as 10 99, now they gotta pay self-employment taxes on that income. Now over 18. Maybe flip the switch a little bit.
[00:10:54] If your child’s over the age of 18, we might look at saying, yes, let’s pay them as a contractor if we [00:11:00] can. Right. We gotta make sure that the person is what they are. So if they look, act, do everything like an employee, we gotta pay ’em as W2 no matter what their age is. But if we can pay them once they get to that 18, maybe in college, if we can find a way to pay ’em as a contractor, that could be beneficial.
[00:11:15] Now they can find expenses to offset that, and so we might pay them $15,000 as a contractor, but they have $8,000 in expenses to help offset that. Now they’re only paying taxes on seven instead of 15. You know, whatever. We can look into different things there, but definitely under the age of 18, definitely do not pay them as a contractor.
[00:11:31] You want to pay them as a W2, as an employee of your business.
[00:11:35] Free Tax Savings Starter Kit
[00:11:35] Mike J: Now real quick, if you are a business owner and you are tired of guessing when it comes to taxes, we just released a brand new tax savings starter kit and it’s a hundred percent free. Inside you’ll get our ultimate list of business deductions.
[00:11:46] You’ll get real case studies showing how others have saved 5,000 to $25,000 and more, and you’ll get access to a bonus discovery call with our team. Just head on over to tax savings podcast.com/starter kit to grab your free copy. [00:12:00] Again, that’s tax savings podcast.com. Forward slash starter kit. Alright, back to the questions.
[00:12:05] So we have a question here from Fullerton, California. Hello. I’d like to get details on strategies for saving in taxes. You’re in the right place. Our small business tax savings podcast, small business tax tv, small business tax savings handbook, all of this is about all that. And then we have even more, we have a software where you have access to professionals, the blueprint that helps walk you through exactly how to implement all these different strategies that tells you which strategies are relevant to you versus which ones aren’t.
[00:12:32] A full team to support you, that’s tax. So. Many different resources. Just find out which one makes sense for you and where you’re at right now. Whether that’s a podcast, whether that’s YouTube, whether that’s a book, whether you want hands-on support with tax, l whatever, it’s, find those solutions. But, all those you can find@taxsavingspodcast.com or tax LM T-A-X-E-L m.com.
[00:12:52] We have a question from Curtis and it says, for Mike and the podcast Q and hipsa, I love the podcast and I’ve learned a lot. I’ve contemplated joint [00:13:00] tax zone, but I’m not sure if being a sole member, lc, that does not generate tons of income, if it’d be worth it to join. Depends, you know, we see a lot of people just getting started that love tax elm, or if you’re, if you’re making anywhere 50, $60,000 or more in profit in your business, definitely makes sense.
[00:13:13] But anyways, he says, my question is about the home office deduction. What implications or consequences should you consider with regard to selling your house and having a home office? Should you stop using the deduction two or three years before the sale? What is the depreciation? Recapture? It is also confusing and no one talks about.
[00:13:31] How should one plan for this? Yeah, great question. Curtis, and you know, when we look at the home office deduction, it depends on which one you’re taking. If you’re taking the actual method where you’re calculating all those expenses, taking the actual method, which includes all the expenses, or if you’re just using the simplified method where we’re doing $5 per square foot, if you’re using the simplified method.
[00:13:51] No, I have to. No worries at all about depreciation, recapture. Now, if you’re using the actual method, part of that calculation is gonna [00:14:00] be a depreciation expense. Now, most of the time, home office deductions are a pretty small amount of a house, and then even that home office deduction that you’re getting, the depreciation piece is relatively
[00:14:10] smaller as well. So this seriously doesn’t make a huge impact. But yes, technically when you would sell that house, any depreciation you took in that home office calculation would need to be considered as depreciation, recapture, and taken as income when you sell that house. So, you know, look at your prior year, tax return.
[00:14:26] And on that, if you’re using the actual method and if you’re an S corporation or a single member LC, it depends on all sorts of different things. But there should be a line item for depreciation and find out what you took for depreciation on that house. And that would be the piece that would be subject to recapture.
[00:14:39] Again, that’s if you’re using the actual method. Now again, this number usually doesn’t make a huge impact, plus or minus. So, um, you know, not, would never be a reason, I’d say don’t take the home office deduction because of that. Absolutely not. It’s still beneficial.
[00:14:53] We have a question from Debra and she said, I’m getting ready to leave a full-time, high paying job and move into small business [00:15:00] ownership.
[00:15:00] I need coaching and strategy on how to do that. Debra, check out Taxo. This is gonna be the best solution for you, where you have complete access to our team to help you along this way and help you along that journey. But also check out everything that we’re doing here. We put a lot of content out, a lot of good information, so check out those things as well.
[00:15:16] Question from Barstow, California. What is your estimated charge to prepare tax returns for a small construction LLC company? The owner is the only employee. Again, we don’t do tax prep, but we have partners that do. It depends on a lot of things. You know, I would say personal tax returns average around, say $750 for a personal tax return, a business tax return.
[00:15:36] You’re looking at $2,000, 1500, $2,000 for a business tax return, personal tax return. Starting at 500, 7 50 and goes up from there. So those come rough numbers on kind of what to expect as you’re looking around. We have a question from a little listener from Little Rock, Arkansas. I would like to book an appointment.
[00:15:53] Go to tax home.com and click demo and you can book a call directly with our team there. We have a question from someone from Los Angeles, California [00:16:00] and they said, help, we need to utilize advanced tax strategies.
[00:16:03] Advanced Tax Strategies and Home Office Deductions
[00:16:03] Mike J: Yes, absolutely. So, advanced tax strategies, typically when we talk about tax strategies, we break it into two pieces.
[00:16:08] We have core tax strategies, and then we have advanced tax strategies, core tax strategies available to business owners of all sizes, anywhere at any time. Super easy to implement, easy to understand advanced tech strategies, a little bit hard to implement, a little bit more complex. Typically, we’re gonna be reserved for people making.
[00:16:24] 300, $400,000 or more generally stating. And so advanced strategies, we talk about a lot of those right within tax el and have elaborate opportunities there. So if you remember at Tax Elm. Check out our modules on the advanced strategies and then reach out obviously to our team and we can get you introduced to whoever you need to there.
[00:16:41] We have a question from West Roxbury, Massachusetts, and this is related to, a trust and how to operate after one has deceased and parents, have separate trust. Does the trust need to file a separate tax return? The biggest thing I would say here is that talk to the person that set up this trust.
[00:16:59] Trust [00:17:00] can be complex. Every trust is different. There’s multiple kinds of trust within, even if you’re like a revocable trust or a irrevocable trust within each one of those, there’s multiple variations of it. So I don’t wanna give general advice on it. Talk to the firm that set this thing up, or at least talk to an estate planning attorney or a trust attorney to go through your specific situation.
[00:17:20] Ies a lot of details there. I just don’t wanna make a generalization. When, there’s a lot of variations of it. We have a message from someone from Texas. They said, thank you for your podcast content. Yes, thanks for listening.
[00:17:32] Question from Skye, from our Facebook group. And he said, question in regards to the home office for S Corporations.
[00:17:37] In combination with the Augusta Rule in the September 24th and 10th episodes, the Home Office and the Augusta rules were discussed. However, for the S corp, if using. The reimburse actual percentage for home office using an accountable plan to pay for square footage, percentage of mortgage, utilities, everything else.
[00:17:54] Does this negate the Augusta rule as the office is used 365 days or [00:18:00] can both be combined? So, and there’s a couple more questions here, but let me answer that question first. Does having a home office say mean that you can’t do the Augusta rule or vice versa? Absolutely not. So a home office is gonna be a specific room in your house.
[00:18:14] The Augusta rule is gonna be when you have a specific event, whether it’s a board meeting, whether it’s a retreat, something like that, specific event at your house that is separate from your home office. So if you’re having that board meeting in your home office Yep. Then it’s not, then you’re not gonna be able to take both of it.
[00:18:30] But if your home office is in the basement, but then you are having that board meeting in the dining room, which is upstairs or in a completely different area, then you can take both of ’em because they, you’re renting out the dining room, you’re not renting out the home office that’s in the basement. So to keep that in mind that yes, you can do both of these as long as it’s not for the same space, if that makes sense.
[00:18:49] So if you are running a retreat outta your home office. That’s gonna be included in the home office. But if you’re running your retreat outta the rest of your house, not just the home office, but the rest of your entire house, that’s where the Augusta [00:19:00] role comes in. So, just think about that.
[00:19:03] Also, another question.
[00:19:04] The home office as a percentage, if I recall, some of the pre previous episodes, has recapture rules upon sale of home for pass through entities. Do the same recapture rules apply for ASK corporations? Yes. Technically, whenever you take depreciation on something, then you’re selling it. That’s where the recapture opens up.
[00:19:20] Now, with an S corporation, it’s a little bit harder because you’re kind of doing this in a back of, a document in the accountable plan. It’s not on paper as much, but yeah, you’d still kinda wanna calculate that because technically those same rules would apply for the recapture. Final question here. We have a question from Marta in our Facebook group and she said, I have a very small consulting side gig that historically has been bringing in five to $9,000 each year, currently under my own name, part of my annual individual tax return.
[00:19:47] Since I was asked to complete a new W nine, it got me thinking again, should I bother with an LLC or a corporation for this small of the operations? I would say probably not from a tax standpoint, whether you open an LLC, I definitely wouldn’t do a corp for this. [00:20:00] But whether you open up an LC or not, from a tax perspective, it’s gonna be exactly the same.
[00:20:05] So, when an LLC can be beneficial, if you need some legal protections, talk to an attorney about that. Or if the income, the profit from it starts to get above that 50, $60,000, then we would want it under an LLC. So it opens up the door for that S corporation if it makes sense. The legal side’s. Okay.
[00:20:22] From a tax perspective, if it’s an LLC or not an LC, again, tax exactly the same way until we might wanna look at an S-corp relations. So, you know, at 5,005, $10,000 a year. You know, as long as the legal side’s, okay, probably, probably fine. But, from a tax perspective.
[00:20:36] Conclusion and Final Thoughts
[00:20:36] Mike J: All right, so you have just heard real questions from real people who are trying to get their financial life in order just like you.
[00:20:42] Whether it’s taking that first step as a 10 99 contractor, figuring out home office deductions, or wondering how trust work after a parent passes. Every story is different, but they all share one thing, the need. Is there for strategy. If you found this helpful, don’t forget to hit subscribe. Hit that like button and share it with a business owner who’s sick of [00:21:00] paying too much in tax.
[00:21:01] And if you want help from our team of tax professionals implementing all sorts of different strategies, visit us at Tax Elm. That’s TAX elm.com, or click the link in the description for a free discovery call. We are helping business owners like you legally lower your tax bill every single day. See you on the next one.
[00:21:18] Mike J: Thanks for tuning in to the Small Business Tax Savings Podcast. We hope today’s episode sparked some brilliant ideas to help you save on taxes and grow your wealth. If you loved what you heard, hit the subscribe button and share the wealth with fellow entrepreneurs. For a treasure trove of tax saving resources, visit tax Savings podcast.com.
[00:21:42] There you’ll find tools, guides, and all the info you need on reducing your taxes. Let’s elevate your business to new heights together. Remember the insight shared here for educational purposes and not specific tax or legal advice. Always consult with a qualified professional for your unique situation.[00:22:00]
[00:22:00] Until next time, keep thriving and saving.