Small Business Tax Savings Podcast

Latest Episodes:

Mastering Accountable Plans: Unlock Tax Savings and Streamline Business Expenses Oct 04, 2023

Show notes

How should you reimburse yourself for business expenses? The truth is the answer will depend on what kind of business you have. In this episode, Mike dives into reimbursing oneself for business-related costs and introduces an accountable plan; What is it and why you might need it? He also covers the four major requirements for this plan to ensure the IRS will accept reimbursements as legitimate.

This episode is a must-listen for business owners aiming to navigate the often tricky terrain of personal and business expense separation!

[00:25] Reimbursing Yourself As a Sole Proprietor or Single Member LLC

How you reimburse yourself depends on how your business is organized.
As a sole proprietor or single-member LLC, you simply take the deduction for the
business portion of an expense on your Schedule C when filing your taxes.
- For mileage or home office expenses, report them on Schedule C. For others, like an 80% business-used cell phone, add them to Schedule C or transfer the cost from business to personal account and claim it.

[03:45] Reimbursing Yourself As A S-Corporation or C-Corporation

Remember:Operating as an S-Corp means you’re an employee of the corporation.
The IRS requires you to have an "Accountable Plan" in place.
When you pay an employee, you pay them wages which are subject to both employment and income taxes. With a reimbursement we want to ensure employees (including you) do not get hit with taxes on reimbursements.
An Accountable Plan lets owners and employees submit expenses for business reimbursement without it being taxable income.

[05:36] How to Set Up An Accountable Plan

A written accountable plan is advised for clarity and ease during audits.
It must adhere to four key principles:
- Business Connection
- Substantiation
- No Excess Payment
- Timeliness
As part of our Tax Minimization Program we have a full section on the Accountable Plan and we discuss how to:
- 1. Adopt a Written Reimbursement Policy (Accountable Plan)
- 2. Create an Accountable Plan Template / Expense Report
- 3. Make the Reimbursement Payment
Some common accountable plan expenses include home office, personal automobile usage, office expenses, travel, parking/tolls, business meals, tools, dues, licenses, cell phone/internet, and training.

[12:30] Closing Segment

Make sure you set up and use the reimbursement system before year-end for timely expense recording!

Key Quotes

“How we reimburse ourself is going to depend on how our business is organized.” – Mike Jesowshek, CPA

“An accountable plan is just a fancy word for reimbursement policy…it’s a tool to make sure that reimbursement is being done according to law and that the IRS will accept it." – Mike Jesowshek, CPA

Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax

IncSight Packages: https://incsight.net/pricing/

Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale

-------

Podcast Website: https://www.TaxSavingsPodcast.com

Facebook Group: https://www.facebook.com/groups/taxsavings/

--------

To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Rev Up Your Tax Savings: Unleashing Powerful Vehicle Tax Strategies for Small Business Owners Sep 27, 2023

Show notes

What are the pros and cons of having a business-owned vehicle versus a personally-owned vehicle? In this episode of the Small Business Tax Savings Podcast, Mike dives into the often confusing and overwhelming topic of business vehicles. From selecting, buying, and maintaining a car for business use to proving business use of a vehicle to the IRS. Mike offers up his expertise on how to make sure you’re getting the most out of your vehicle when it comes to tax deductions.

Mike covers the pros and cons of having a business-owned versus personally-owned vehicle, as well as tips for determining the business use percentage and tracking mileage.

Tune in now and listen as Mike shares his advice on how to select, buy, maintain, and write off a car for business use!

[00:24] Get The Facts On Mileage Logs And Proving Business Use

Today’s topic is, “Unleashing Powerful Vehicle Tax Strategies for Small Business Owners”
Mike talks about never buying a vehicle solely for tax purposes

[07:26] Determining Business Use Of A Vehicle

The mileage log must be backed up with documentation proving the business purpose of the miles
The need to prove business use and purpose
Have a track record of mileage log, appointment book, and receipts
Calculate business use percentage

[09:17] Understanding How To Deduct Vehicle Expenses

Consider factors like mileage limits, years of use, and monthly payments when deciding to buy or lease a vehicle
Vehicles can be in either personal or business names as long as the correct process is followed
What are the two main options for deduction?
If you have a leased vehicle, you must stick with the same method for the duration of the lease

[15:34] Closing Segment

Mike shares the pros and cons of a business-owned vehicle versus a personally-owned vehicle!
Final Words

Key Quotes

“Whether you have a vehicle that's in your personal name or your business name and you use it for business, either way, is acceptable. You just need to make sure that you're following the correct process, whichever way you do it.” – Mike Jesowshek, CPA

______

Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax

IncSight Packages: https://incsight.net/pricing/

Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale

-------

Podcast Website: https://www.TaxSavingsPodcast.com

Facebook Group: https://www.facebook.com/groups/taxsavings/

--------

To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Maximizing Tax Savings with Depreciation and Capitalization Policies for Small Business Owners Sep 20, 2023

Show notes

Boost your financial efficiency and navigate the complexities of depreciation with confidence!

Discover the power of depreciation in the world of business and investments. Learn to leverage various depreciation methods - regular, bonus, and section 179 - to optimize your tax deductions. Uncover the nuances of asset management, including when depreciation starts and how to handle asset sales. Simplify your financial records with a capitalization policy and make well-informed year-end decisions

Tune into this episode to learn all you need to know about depreciation and how it can make tax filing easier for your small business!

[00:00 - 07:47] Mastering Depreciation: Strategies for Business Asset Management

Depreciation is a strategy to spread asset costs over time, useful for various businesses
Choose regular depreciation (3 to 39 years), bonus depreciation (up to 80% upfront), or section 179 expensing (up to $1,160,000 in year one) based on assets and goals
Depreciation applies to machinery and buildings but not personal items or land
Bonus depreciation and section 179 allow front-loaded deductions; regular depreciation spreads deductions over time

[07:48 - 14:42] Timing, Sales, and Capitalization Strategies

Depreciation is tied to being in business and placing an asset in service during the same year for deductions
When selling a depreciated asset, the gain or loss is calculated using the sales price minus the asset's basis
Taxable gains from selling depreciated assets are known as depreciation recapture and can impact business taxes
Establishing a capitalization policy is crucial for effective asset management in every business
Bonus depreciation and Section 179 expensing can be combined to offset income

[14:43 - 21:18] Simplifying Depreciation and Asset Management: Insights for Year-End Planning

The IRS allows businesses to expense items under $2,500 immediately rather than depreciating them.
Depreciation starts when assets are in service in an active business, and partial depreciation applies to assets used for both business and personal purposes
Selling depreciated assets can result in taxable gains (depreciation recapture), requiring reporting on tax returns
With year-end approaching, understanding depreciation options and capitalization policies aids informed decisions on asset purchases and deductions

Learn More: https://www.taxsavingspodcast.com/blog/what-is-depreciation-for-my-business-when-does-a-capitalization-policy-make-sense

Key Quotes

"Depreciation is essentially just a way of how do we write off an asset. We buy a new truck, we buy a new piece of equipment, we buy various things for our business, and how do we write it off? That's in the form of depreciation." - Mike Jesowshek

"Do not go out and buy things that you don't need simply for a tax deduction. That's a no-win situation for a business owner." Mike Jesowshek

______

Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax

IncSight Packages: https://incsight.net/pricing/

Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale

-------

Podcast Website: https://www.TaxSavingsPodcast.com

Facebook Group: https://www.facebook.com/groups/taxsavings/

--------

To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Unlock Tax Savings: The Augusta Rule - Your Guide to 14-Day Tax-Free Home Rentals Sep 13, 2023

Show notes

How can a business utilize the “14-day home rental rule” and get the most out of their business deductions while still taking advantage of tax-free income? In this episode of the Small Business Tax Savings Podcast, Mike discusses the 14-day home rental rule, which allows business owners to shift taxable business income to tax-free personal income by renting out their home for 14 days or less in a calendar year. He explores how this strategy can be beneficial for businesses that need to host events and meetings for employees and clients, as it allows them to deduct the rental rate from their tax return.
Mike covers the details of how to make use of this tax code, including the need to document rental activity, setting a reasonable rental rate, and issuing 1099s if payments exceed #600.
Tune in now and listen as Mike shares how to utilize this strategy and get the most out of their business deductions while still taking advantage of tax-free income!

[00:24] Discover How The Augusta Rule Can Help You Shift Your Business

Today’s topic is, “Your Guide to 14-Day Tax-Free Home Rentals”
Mike discusses how this rule allows one to potentially shift taxable business income to tax-free personal income

[04:40] Take Advantage Of The 14-Daay Home Rental Rule

Business must be a separate legal entity to take advantage of this strategy
Need to have a valid business reason for rental
Home office deduction can still be taken on top of the 14-day home rental
Determine a reasonable rental rate and have backup proof

[08:34] Utilize The 14-Day Home Rental Rule For Tax Deductions

Have a lease agreement to button up the strategy
Make a payment from a business account to the personal account
Process 1099 from business to personal and zero it out on personal tax return
Utilizing the 14-day home rental rule can be used as a tax deduction

[14:09] Closing Segment

Mike shares how to utilize the Augusta Rule!
Final Words

Key Quotes

“If you want to take advantage of this strategy, there are a few things that you need to know, you need to file, you need to be thinking about. You need to have a valid business reason. It must be 14 days or less in total for the year. And it must be a personal residence.” – Mike Jesowshek, CPA

______

Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax

IncSight Packages: https://incsight.net/pricing/

Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale

-------

Podcast Website: https://www.TaxSavingsPodcast.com

Facebook Group: https://www.facebook.com/groups/taxsavings/

--------

To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Kiddie Tax Explained: A Comprehensive Guide for Parents Sep 06, 2023

Show notes

How can you save money with the “Kiddie Tax”? In this episode of the Small Business Tax Savings Podcast, Mike discusses strategies for reducing or avoiding the Kiddie Tax. He explains when it applies and what investments can be used to keep unearned income low.

Mike provides tips on filing form 8615, investing in Series EE, saving bonds, and more.

Tune in now and listen as Mike shares his goal to ensure you are paying the lowest amount in taxes as legally possible!

[00:24] Strategies To Minimize Unearned Income Tax For Minors

Today’s topic is, “How can you take advantage of the Kiddie Tax”
What is a “Kiddie Tax”?

[01:21] 4 Primary Criteria Of Kiddie Tax

People were investing in stocks, interest, and dividends in their child’s name to take advantage of lower tax brackets
Four primary criteria for when the kiddie tax comes into play
Stay below the threshold to avoid Kiddie Tax
Choose investments that yield minimal or no dividends

[05:36] Minimize Kiddie Tax And Take Advantage Of Investment Opportunities

Utilize a Section 529 plan for tax-exempt withdrawals
Invest in life insurance products with tax-deferred growth
Where can you apply “Kiddie Tax”?
What are ways to avoid the “Kiddie Tax”?

[08:02] Closing Segment

Mike shares his goal to ensure you are paying the lowest amount in taxes as legally possible!
Final Words

Key Quotes

“Stay below the threshold. Simply put, if the unearned income of your child is under the annual threshold. No “Kiddie Tax” applies, nothing to worry about there.” – Mike Jesowshek, CPA

______

Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax

IncSight Packages: https://incsight.net/pricing/

Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale

-------

Podcast Website: https://www.TaxSavingsPodcast.com

Facebook Group: https://www.facebook.com/groups/taxsavings/

--------

To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Maximize Your Money: Unveiling Game-Changing Tax Strategies for W2 Earners Aug 30, 2023

Show notes

What is the best approach for your taxes as a W2 earner? In this episode of the Small Business Tax Savings Podcast, Mike discusses strategies to save on taxes and grow wealth. Learn how to take advantage of employer matches, and traditional or ROTH IRA contributions, become an active investor in rental properties, qualify as a real estate professional, use the short-term rental loophole, and explore other opportunities to offset income with rental losses.

Mike covers everything from pre-tax retirement, contributions, Health Savings Accounts (HSAs), rental properties, starting a business, itemized deductions, and standard education.

Tune in now and listen as Mike provides tips and tricks to find out when income begins to increase, and more advanced planning opportunities like charitable activities or solar investments may become available!

[00:24] Maximize Your Tax Savings And Secure Your Financial Future

Today’s topic is, “Do you want to maximize your tax savings and secure your financial future?”
Mike discusses retirement plans, Health Savings Accounts (HSAs), rental properties, and starting a business

[04:15] Maximize Your Retirement Savings And Take Advantage Of Tax Benefits

Take full advantage of any employer match offered as a W2 earner
Consider traditional or ROTH IRA contributions with income limits and backdoor ROTH IRA options
HSAs provide tax deductions for contributions and tax-free withdrawals for qualified medical expenses
Self-directed investments and brokerage accounts can be used with an HSA

[08:37] Maximizing Your Tax Savings As A W2 Income Earner

Real estate can be a great tax-saving strategy and wealth-building tool
Rental losses may not offset W2 income, but there are strategies to do so
Qualifying as a real estate professional or using the short-term rental loophole can help offset your W2 income
Flexible Spending Accountants (FSAs) allow for pre-tax money to be used for certain items

[15:32] Closing Segment

Mike provides his tips and tricks to increase wealth planning opportunities!
Final Words

Key Quotes

“When you make pre-tax contributions, you get a tax deduction. You're not taxed on that. You can reduce your taxable income by that amount when you contribute to that retirement plan. But when you withdraw in retirement, you pay taxes on that. So, think of the strategy as more like a tax deferral. Get a tax break today, but pay taxes later on.” – Mike Jesowshek, CPA

______

Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax

IncSight Packages: https://incsight.net/pricing/

Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale

-------

Podcast Website: https://www.TaxSavingsPodcast.com

Facebook Group: https://www.facebook.com/groups/taxsavings/

--------

To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Hiring Your Spouse: Business Boost or Bust? Aug 23, 2023

Show notes

Do you want to learn the ins and outs of hiring your spouse for your small business? In this episode of the Small Business Tax Savings Podcast, Mike takes a deep dive into the tax implications of hiring a spouse and how to make sure you stay on the right side of the law. Learn about the advantages and disadvantages of taking this route, such as increasing retirement contributions and gaining access to fringe benefits, but also paying additional taxes.

Mike explains why having your spouse serves as a board member may be more beneficial than simply having them work for you, what documentation must be kept in place, and how to best utilize this strategy to maximize tax savings for your business.

Tune in now and listen as Mike teaches the ins and outs of hiring your spouse for your small business!

[00:27] Maximize Your Retirement Savings

Today’s topic is, “Hiring Your Spouse for Tax Benefits”
Mike discusses hiring your spouse, but there are tax implications to consider

[02:33] Reasons To Hire A Spouse

Tax advantages when paying benefits such as retirement planning, health costs, and fringe benefits
Maximize retirement contributions by hiring your spouse and having them contribute to the business retirement plan
Hiring a spouse can help maximize retirement contributions and provide a business deduction for high health costs
Fringe benefits such as life insurance, working condition benefits, and de minimis benefits can be provided to employees tax-free

[06:04] The Benefits And Disadvantages Of Hiring Your Spouse

Having a spouse as a board member can also take advantage of certain items
Paying wages to the spouse is not recommended as it will shift the taxes to the individual’s income
Reasons to hire a spouse:
Maximize retirement contributions
Shift high out-of-pocket medical costs into business deduction

[12:20] Closing Segment

Mike talks about the ins and outs of hiring your spouse for your business!
Final Words

Key Quotes

“If you hire your spouse in your business and you pay them cash wages or direct deposit wages, you're simply moving income from one area of your return to another. So you're getting a tax deduction from paying them wages, but now you're reporting that as income on the tax return that you guys do together.” – Mike Jesowshek, CPA

______

Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax

IncSight Packages: https://incsight.net/pricing/

Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale

-------

Podcast Website: https://www.TaxSavingsPodcast.com

Facebook Group: https://www.facebook.com/groups/taxsavings/

--------

To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Listener Q&A with Mike Jesowshek CPA Aug 16, 2023

Show notes

How can business owners minimize taxes and maximize growth? In this episode of the Small Business Tax Savings Podcast, Mike dives into strategies to help business owners minimize taxes and maximize growth. He discusses the advantages of hiring family members and avoiding FICA taxes by staying below the standard deduction rate.

Mike covers topics such as setting up an LLC or DBA, using cloud-based bookkeeping software, converting 1099 contractors into W2 employees, taking advantage of retirement plan options like solo 401K or 401K plans, and more.

Tune in now and listen as Mike answers listener questions such as queries from how to structure a short-term rental business to setting up Simple IRA accounts while becoming an S-Corp!

[00:24] Listener Questions And Answers With Mike Jesowshek, CPA

Today’s topic is, “Listener Questions and Answers”
From topics such as home deductions and the tax implications of purchasing a separate property for business and primary residence

[03:58] Save On Taxes With Your Vacation Rental Cleaning Business

Paying children under 18 for services rendered does not require FICA or federal unemployment taxes
Startup costs and equipment can be written off as a tax write off
Moving money into a simple IRA can avoid tax liability for the year
Solo 401K gives more options than a regular 401K

[13:54] Maximize Your Retirement Savings With Solo 401K And Simple IRA Options

Becoming an S Corp, your salary would determine how much you can contribute to retirement
Payroll taxes are automatically withheld, but not for remaining distributions or profits
Good bookkeeping: separate business bank account and credit card
Stay up to date on bookkeeping and do it consistently to get a good idea of how your business if performing

[33:31] Closing Segment

Mike shares his expertise and experience on how to minimize taxes and maximize growth!
Final Words

Key Quotes

“If you want to separate businesses for liability purposes, our favorite setup is to have one main company. That's an LLC tax and S corporation. And then any of those different businesses would be separate LLCs that are 100% owned by that S corporation. So that all these businesses that you own are flowing through that one S corporation.” – Mike Jesowshek, CPA

______

Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax

IncSight Packages: https://incsight.net/pricing/

Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale

-------

Podcast Website: https://www.TaxSavingsPodcast.com

Facebook Group: https://www.facebook.com/groups/taxsavings/

--------

To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Unlock Your Business Potential: Exploring Non-Qualified Retirement Plans! Aug 09, 2023

Show notes

How can you maximize your business potential? In this episode of the Small Business Tax Savings Podcast, Mike welcomes Matt Ruttenberg. Matt provides an overview of the different plans available and how they can benefit both employers and employees.

Matt covers topics such as the different types of deferred compensation plans, the bonus 162 plan, and life insurance retirement plans.

Tune in now and hear Matt discusses how a better understanding of the different non-qualified retirement options available and when it makes sense for you to use them!

[00:22] Discover Non-Qualified Retirement Options

Today’s topic is, “Unlock Your Business Potential: Exploring Non-Qualified Retirement Plans!”
Non-qualified retirement options remove the tax benefits and rules associated with qualified plans
Deferred compensation is the most restrictive type of non-qualified plan

[04:48] Unlocking The Benefits Of A Bonus 162 Plan

A deferred compensation plan is a way to bonus employees at retirement
The Bonus 162 Plan is an executive bonus plan that uses only a life insurance platform
Restrictions for targeting key employees
The plan mimics a vesting schedule and the taxes are wiped out when the employee takes over the policy

[10:22] Exploring Retirement Plan Options

The employer pays taxes on any bonuses given to the employee in that year
The cash value of the policy grows tax deferred and mimics a ROTH when taking money out
Life insurance policies have their place, but they are oftentimes oversold
Every person is different and there are different solutions available

[15:25] Closing Segment

Matt provides his insights to listeners to have a better understanding of the different non-qualified retirement options available to business owners!
Final Words

Key Quotes

“When you remove the qualified stamp from a plan, it removes a lot of the rules that go with it, not only from you as an individual, but you from an employer. So, you don't have to offer it to employees. There are no limits on contributions.” – Mike Jesowshek, CPA

______

Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax

IncSight Packages: https://incsight.net/pricing/

Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale

-------

Podcast Website: https://www.TaxSavingsPodcast.com

Facebook Group: https://www.facebook.com/groups/taxsavings/

--------

To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Rental Property Tax Essentials: Top Tips & Updates for 2023 You Need to Know Aug 02, 2023

Show notes

How can you take advantage of tax strategies for rental properties in order to maximize investment returns? In this episode of the Small Business Tax Savings Podcast, Mike talks about the different types of depreciation such as straight line, accelerated bonus, and section 179, how cost segregation can be used to accelerate depreciation, and how losses from rental properties can be used to offset other income.

Mike covers Mortgage Interest, Property Taxes, Insurance, Repairs and Maintenance, Travel Expenses, and Hiring Your Kids.

Tune in now and hear Mike discuss leveraging tax strategies for rental properties to maximize investment returns!

[00:24] Exploring Depreciation Strategies For 2023

Today’s topic is, “Rental Property Tax Essentials”
Rental properties are a great way to save money on taxes and grow your business
Depreciation is a powerful tax savings tool for rental property owners

[02:06] How To Leverage Cost Segregation Studies

Different types of depreciation can be used, such as straight line, accelerated bonus, and section 179
The Tax deductions available for rental properties, such as:
Mortgage Interest
Property Taxes
Insurance
Repairs
Maintenance
Travel Expenses
Real Estate Investments and cost segregation studies

[07:45] Exploring The Short Term Rental Loophole

Passive losses can only offset passive incomes
Strategies to maximize losses include becoming a real estate investor or professional
Qualifying as a real estate professional can use losses to offset W2 income and business income
Qualifying as a real estate professional can be difficult for high-income earners

[16:23] Closing Segment

Mike advises listeners on how to leverage tax strategies for rental properties in order to maximize investment returns!
Final Words

Key Quotes

“Depreciation is a powerful tax savings tool, and it's one of the reasons that so many people can get into real estate, rental properties, and utilize losses from that rental property to offset their income.” – Mike Jesowshek, CPA

______

Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax

IncSight Packages: https://incsight.net/pricing/

Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale

-------

Podcast Website: https://www.TaxSavingsPodcast.com

Facebook Group: https://www.facebook.com/groups/taxsavings/

--------

To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Our TOPPODCAST Picks

Follow Us

Stay Connected

Small Business Tax Savings Podcast

Related Podcasts

Links

Stay Connected