Have you ever wondered how to turn your everyday expenses into legitimate business deductions?
Mike Jesowshek discusses strategies for maximizing small business tax deductions, emphasizing the importance of both obvious and non-obvious deductions. He explains that any expense, whether ordinary or necessary for the business, qualifies as a deductible. Mike emphasizes proper documentation and legal compliance to ensure these deductions are valid. He also contrasts pre-tax and after-tax spending, showing how business owners can leverage pre-tax expenses to reduce taxable income. The episode includes practical tips on turning personal expenses into business deductions and stresses the importance of keeping separate business and personal financial accounts to avoid commingling.
Tune into this episode to uncover the strategies that can save your business thousands in taxes each year!
[00:00 - 04:54] Introduction and Basic Deduction Concepts
[04:55 - 09:33] Maximizing Deductions and Real-World Applications
[09:34 - 16:45] Effective Documentation and Banking Practices
[16:46 - 24:19] Exploring Common Deductions and Episode Wrap-Up
Direct Quotes:
"As a business owner, pre-tax spending allows you to reduce taxable income before it even reaches your pocket." - Mike Jesowshek
"Maximizing deductions isn't just about spending more; it's about spending smarter." - Mike Jesowshek
Resources Mentioned:
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: https://www.youtube.com/@TaxSavin