Master Tax Loss Harvesting: Maximize Your Savings Today!
When it comes to investing, it’s not just about gains – smart investors also know how to leverage losses to minimize taxes. That’s where Tax Loss Harvesting comes into play. In this post, we’ll cover everything you need to know about this strategy, including how to avoid the dreaded Wash Sale Rules that can trip up even seasoned investors. […]
What Year-End Tax Strategies Are Available to Business Owners?
Before you know it 12/31/24 will be gone and we will be onto 2025. One thing we talk about often is that once the clocks turns to 1/1 a vast majority of tax strategies are no longer available. Today we are going to go through some of the top strategies you want to be thinking […]
Guide To Building A Mega Backdoor Roth
The Mega Backdoor Roth is ultimately built for those that have a large amount of cash that they want to put away towards retirement. Before we talk about the Mega Backdoor Roth, lets cover some ground work. Lets compare a traditional IRA vs a Roth IRA. Traditional IRA: Allows you to make tax-deductible contributions with earnings […]
Listener Q&A with Mike Jesowshek CPA (10/16/2024)
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 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 […]