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    Business

    Small Business Tax Savings Podcast

    The Small Business Tax Savings Podcast is designed specifically for small business owners. We focus on tax savings and ways to have a financially sound back bone to your small business. Our goal is to have you paying the least amount in taxes as legally possible.Hosted by by Mike Jesowshek, CPA, this is a quick hitting podcast aimed to get you important information without all the fluff. You can find episodes, blog posts, information on our software TaxElm and more on our website: www.TaxSavingsPodcast.com

    Advertise

    Copyright: © 2024 Small Business Tax Savings Podcast

    • Apple Podcasts
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    Latest Episodes:
    Cracking the Code: Corporate Transparency Act Explained for Small Business Owners Jul 26, 2023
    Show notes

    Do you want to learn more about Corporate Transparency Act and how it can benefit your business? In this episode of the Small Business Tax Savings Podcast, Mike welcomes John R. Strohmeyer. John is an attorney providing legal services covering Estate Planning & Probate, Tax: Business and International, and Business / Corporate. After working for law firms for nearly nine years, I started Strohmeyer Law so that I could bring what I learned about client service from the Four Seasons to the legal industry.


    John covers what information needs to be reported such as legal names, dates of birth, residential addresses, identifying documents, and photocopies of those documents.


    Tune in now and hear John explains potential penalties for not filing and remind people to get this done ahead of time!


    [00:23] Corporate Transparency Act Explained

    • Mike welcomes John R. Strohmeyer to the show!
    • Today’s topic is, “Cracking the Code: Corporate Transparency Act Explained for Small Business Owners”
    • John is an attorney providing legal services covering Estate Planning & Probate

    [04:14] What Is The Purpose Of The Corporate Transparency Act

    • What is the purpose of the Corporate Transparency Act?
    • The government requires information on beneficial owners, senior officers, and people with substantial influence on entities
    • Trusts and general partnerships are exempt from filing
    • What are the exemptions for entities?

    [13:16] Understanding How The Corporate Transparency Act Can Help Your Business

    • Penalties for willful failures are 500 per day and potential criminal penalties
    • Honest mistakes may be exempt from penalties
    • When will the Corporate Transparency Act take effect?
    • Changes in beneficial owners must be reported within 30 days


    [24:33] Closing Segment

    • John shares where listeners could learn more about the Corporate Transparency Act!
    • Final Words


    Key Quotes

    “When a new client comes in and says, “Hey, I want an LLC.” Great. Until we have all of your information and it's ready to file. Once you've got it, we'll be able to nail all of your other Corporate Transparency Act requirements so you don't have to think about it. And until those beneficial owners change or some of their information changes, there's nothing else to file.” – John R. Strohmeyer


    ______


    Connect with John through his:

    Website: Strohmeyer Law

    LinkedIn: @johnthelawyer

    Facebook: John Strohmeyer

    Twitter: @johnthelawyer

    ______


    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


    Top 10 Mid-Year Tax Saving Strategies Every Small Business Owner Must Know Jul 19, 2023
    Show notes

    What is the importance of understanding and implementing a mid-year tax strategy? In this episode of the Small Business Tax Savings Podcast, Mike shares his knowledge and resources to help small business owners reduce taxation liabilities and maximize their savings.


    Mike covers topics such as entity structures, maximizing deductions, retirement plans, real estate investing, hiring family members, the 14-day home rental rule, automobile and equipment purchases, health insurance, capitalization policies, health savings accounts, and year-end strategies.


    Tune in now and hear Mike provides listeners with a wealth of knowledge on how to save money when it comes to taxation and benefit from all available deductions on mid-year tax-saving strategies!


    [00:22] Top 10 Tax Saving Strategies For Small Businesses in 2023

    • Today’s topic is, “The Top 10 Mid-Year Tax Saving Strategies”
    • How to conduct a mid-year tax review to identify changes in profit, balance sheet, and W2 income

    [08:41] How To Conduct A Mid-Year Tax Review

    • Taking action on implementing tax strategies
    • Utilize resources such as podcasts, blogs, and TV to learn more about tax savings
    • Identify potential tax savings from changes in a family situation such as new children or spouse job change
    • Understand where profits are going to be for effective tax savings

    [11:28] Learn Tax Strategies, Implement Them, And Take Advantage Of Tax Credits

    • Explore real estate investing for tax savings
    • Learn and understand tax strategies
    • Implement tax strategies to reduce the tax bill
    • Conduct a mid-year tax review to understand where you are and where you are going

    [17:58] Closing Segment

    • Mike shares how listeners can benefit from all available deductions on mid-year tax savings strategies!
    • Final Words


    Key Quotes

    “Start learning. Start listening. Start watching. Start reading. Whatever way you like to learn, dive into this free content that we are constantly putting out for you, business owners. Whether you're making a thousand dollars a year or a million dollars a year, these strategies are available to you.” – 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


    Team, Funding, and Summary - Back of the Napkin to Business Plan in 11 Slides with Brandon White Jul 12, 2023
    Show notes

    How can you create an effective business plan and pay the least amount in taxes possible? In this episode of the Small Business Tax Savings Podcast, Mike welcomes Brandon White and discusses the 11 slides needed for a successful back of the Napkin Business plan. They provide tips on crafting an elevator pitch to understand team funding needs and provide a summary slide. Owners stay organized and concise when creating their business plans.


    Brandon emphasizes how critical it is to have a strong team in order to scale your business and succeed. Market size, competitive landscape, financials, and more that are critical for small businesses.


    Tune in now and hear Brandon and learn how to create an effective business plan that will help you grow your business and pay the least amount in taxes as legally possible!


    [00:56] What Are The Traits To Look For In Your Small Business Team

    • Mike welcomes back his guest, Brandon White!
    • Today’s topic is, “Team, Funding, and Summary”

    [03:56] How To Make Your Business More Valuable And Easier To Manage

    • The core team should include, a board of directors, advisors, and ambassadors/influencers
    • Self-reflection and judgment
    • Honesty with themselves and others
    • They should have the tenacity and be willing to challenge authority

    [10:30] Delegation Is Key To Making Your Business More Valuable

    • Business exit planning makes business more valuable
    • Delegation is key in order to make life easier
    • The business will never scale if it relies on one person
    • Financials determine funding needs

    [18:14] Closing Segment

    • Brandon teaches listeners how to create an effective business plan and pay the least amount in taxes!
    • Final Words


    Key Quotes

    “I've learned that you actually want the board members to work for you. You don't want to just report to them, you actually then want them working for the company, and you are likely going to give them some form of compensation. So, figure out who those are.” – Brandon White


    ______

    Connect with Brandon through his:

    Website: Brandon C. White

    LinkedIn: Brandon White

    YouTube: Edge with Brandon White

    Instagram: @brandoncwhite

    ______


    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


    Competition and Financials - Back of the Napkin to Business Plan in 11 Slides with Brandon White Jul 05, 2023
    Show notes

    What is the importance of researching your competition and managing your financials? In this episode of the Small Business Tax Savings Podcast, Mike welcomes Brandon White and discusses the 11 slides needed for a successful back of the Napkin Business plan. They provide tips on how to create a compelling and concise business plan that will help you save money and grow your business.

    Brandon dives into creating elevator pitches, problem-solving, market opportunities, go-to-market plans, financials, and more. Discover the importance of understanding your competition in order to succeed in business and find out about the different sources and tools available for researching and analyzing competitors such as SWOT analysis, Magic Quadrant, SEC filings, etc.


    Tune in now and hear Brandon talk about various funding options, including venture capital or angel investments, getting a loan, or trading stocks!


    [00:22] The Back Of The Napkin To Business Plan

    • Mike welcomes back his guest, Brandon White!
    • Today’s topic is, “Competition and Financials”
    • The focus on competition to avoid getting blindsided

    [02:40] Identifying And Understanding Your Competition

    • Competition can be used as a motivator to help you grow and push your products
    • Collaboration with forward-thinking competitors to help each other out
    • Software company doing 500 million in revenue shows it is possible
    • SWOT analysis to break apart competition

    [08:35] Breaking Down Revenue Lines And Optimizing Your Net Profit

    • Identify who your competition is and where they are in the market
    • Cash is king and understanding your revenue lines and expenses is key
    • Marketing should be included to understand how much money you’ll make from marketing
    • Figure out funding options beyond venture capitalists or angel investors

    [16:45] Closing Segment

    • Brandon talks about various funding options when creating a business plan and growing your business!
    • Final Words


    Key Quotes

    “Identify who your competition is, where they are in the market, which is where you really are going. You may think they're competition and they're not even competition.” – Brandon White


    Connect with Brandon through his:

    Website: https://brandoncwhite.com/

    LinkedIn: https://www.linkedin.com/in/brandonwhite/

    YouTube: https://www.youtube.com/channel/UCabV9Rcw4MohWvTGr3OTzFw

    Instagram: https://www.instagram.com/brandoncwhite/?hl=en


    --------

    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


    Market, Traction, and Milestones - Back of the Napkin to Business Plan in 11 Slides with Brandon White Jun 28, 2023
    Show notes

    How do you create an effective elevator pitch for your business? In this episode of the Small Business Tax Savings Podcast, Mike welcomes Brandon White about their four-part series, “Back of the Napkin to Business Plan and 11 Sides”. Brandon is an entrepreneur with two exists, lots of strikeouts, an angel investor, a former venture capitalist, and worked in Marketing at America Online.

    He started his professional career in technology as a pioneer on the Internet in 1996 as the Founder/CEO of Worldwide Angler, Inc. Worldwide Angler was recognized as the #1 social networking and e-commerce site for sport fishermen on the Internet. He bought the company back from investors in 2001 and led it to a successful exit a decade later to a large public media company.

    Tune in now and hear Brandon’s advice on creating an effective elevator pitch and how to write your own back-of-the-napkin business plan!


    [00:25] Breaking Down The Market Opportunity

    • Mike welcomes back his guest, Brandon White!
    • Today’s topic is about the go-to-market plan, traction, and milestones

    [01:15] How To Determine Your Market Size And Create A Go-To-Market Plan

    • Business plans don’t have to be 50-pages long, they can be concise and get information across easily
    • Market opportunity slide should build from the top down, not bottom up
    • Investors will dive down into the market size and how much you can get
    • Google is a great tool to find industry reports

    [14:29] Attract, Engage, And Delight

    • Public company SEC filings have an incredible amount of information
    • Your go-to-market plan should spell out how you’re going to sell, distribute, and get the product to the customer
    • Attract, engage, and delight model
    • Identifying market opportunities and having milestones for 12 to 18 months

    [19:03] Closing Segment

    • Brandon shares with the listeners how to identify your market opportunities and come up with your go-to-market plan!
    • Final Words


    Key Quotes

    “The business plan is your roadmap. And at some point, you are going to have to make first contact with your market and actually sell into it.” – Brandon White


    Connect with Brandon through his:

    Website: https://brandoncwhite.com/

    LinkedIn: https://www.linkedin.com/in/brandonwhite/

    YouTube: https://www.youtube.com/channel/UCabV9Rcw4MohWvTGr3OTzFw

    Instagram: https://www.instagram.com/brandoncwhite/?hl=en


    --------

    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


    Title, Problem, and Solution - Back of the Napkin to Business Plan in 11 Slides with Brandon White Jun 21, 2023
    Show notes

    How do you create an effective elevator pitch for your business? In this episode of the Small Business Tax Savings Podcast, Mike welcomes Brandon White about their four-part series, “Back of the Napkin to Business Plan and 11 Sides”. Brandon is an entrepreneur with two exists, lots of strikeouts, an angel investor, a former venture capitalist, and worked in Marketing at America Online.


    He started his professional career in technology as a pioneer on the Internet in 1996 as the Founder/CEO of Worldwide Angler, Inc. Worldwide Angler was recognized as the #1 social networking and e-commerce site for sport fishermen on the Internet. He bought the company back from investors in 2001 and led it to a successful exit a decade later to a large public media company.


    Tune in now and hear Brandon’s advice on creating an effective elevator pitch and how to write your own back-of-the-napkin business plan!


    [00:22] Back Of The Napkin To Business Plan

    • Mike is launching a four-part series with Brandon White on Back of the Napkin To Business Plan
    • Brandon is an entrepreneur with two exits, a former venture capitalist, angel investor, and podcast host

    [01:12] Creating An Impactful Business Plan

    • He wrote his first business plan in 1995 which became the largest social networking and e-commerce site for fishermen on the internet
    • A business plan can be broken down into people, market, funding, and product
    • His mentor advised him to get a product that solves a problem and sell it for more than it costs
    • Having a good elevator pitch that explains what the company does in an interesting way

    [08:40] A Step-by-Step Guide To Create A Business Plan

    • A bad elevator pitch is too wordy and includes unnecessary details
    • An elevator pitch should be less than 15 seconds
    • A business plan is needed and not just for first-time business owners
    • A business plan can be used as a guide for first-time business owners

    [19:08] Closing Segment

    • Brandon advises listeners to create an effective elevator pitch and how to write their own back-of-the-napkin business plan!
    • Final Words


    Key Quotes

    “Business isn't as complicated as people want to make it.” – Brandon White


    Connect with Brandon through his:

    Website: https://brandoncwhite.com/

    LinkedIn: https://www.linkedin.com/in/brandonwhite/

    YouTube: https://www.youtube.com/channel/UCabV9Rcw4MohWvTGr3OTzFw

    Instagram: https://www.instagram.com/brandoncwhite/?hl=en


    --------

    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 Jun 14, 2023
    Show notes

    Do you want to know how you can save money on taxes through smart strategies and proper filing? In this episode of the Small Business Tax Savings Podcast, Mike answers listener questions every other month in a Q&A session. He tackles some of the most common questions from small business owners.

    Mike covers topics such as the Augusta Rule, “Why banks penalize small business owners?”, whether one should receive W2s when they are employed in the family business, and the best way to receive payments for his business.

    Tune in now as Mike explains how you can save money on taxes through smart strategies and proper filing!


    [00:25] Listener Q&As

    • Today’s episode is, “Listener Q&A”
    • Mike invites listeners to submit their questions for the next Q&A

    [01:10] Maximizing Tax Deductions For Small Business Owners

    • What is the “Augusta Rule”?
    • Banks penalize small business owners who strategize well and take advantage of tax deductions/credits
    • The government does not offer incentives to banks or loan providers to work with these scenarios
    • Try to find a bank that is business-friendly and understands what you’re doing

    [09:25] Understanding The Tax Implications Of Multiple Business In One LLC

    • When filing a personal return and paying taxes, use an owner’s draw in QuickBooks
    • For paying kids for work done in the business, issue them W2s for 2022 and 2023
    • To protect LLC status, payments should go through the business bank account
    • When paying estimated taxes for a single-member LLC or S Corp, use a personal social security number

    [20:53] Closing Segment

    • Mike explains how you can save money on taxes through smart strategies and proper filing!
    • Final Words


    Key Quotes

    “Remember, with any business deduction we take, the deduction has to be ordinary and necessary... So just make sure you have the documentation to support it and that everything makes sense. Remember, we need agreements in place, rental agreements, we need a fair rental value.” – 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


    What Is an S Corp and Should I Become One in 2023? Jun 07, 2023
    Show notes

    What Is an S Corp and Should I Become One in 2023? In this episode of the Small Business Tax Savings Podcast, Mike provides an in-depth analysis of the advantages of becoming an S-corporation. Mike reviews the different entity types and explains why an S-corporation is often a better option.

    Mike covers topics of what an S-corporation is, when to become one, how to set it up, what constitutes a reasonable salary for an S-corporation owner, and how to maintain an S-corporation after.

    Tune in now as Mike discusses all the details on how to minimize self-employment taxes and save money legally by electing to be taxed as an S-corporation!


    [00:28] What is an S-Corp and should I become one in 2023?

    • Today’s episode is, “What is an S-Corp, and Should I become one in 2023?”
    • Mike discusses everything you need to know about S-corporations

    [06:01] When Does An S-Corporation Make Sense?

    • Self-employment taxes are roughly 15% of business profits
    • An S-corporation makes sense when the business starts to profit around $40, 000 - $50, 000 per year
    • You pay self-employment taxes on the reasonable salary option that you take as an owner of the company
    • By electing for S-corporation status, you can avoid self-employment taxes on income over and above the reasonable salary

    [10:32] What Are The Downsides Of An S-Corporation?

    • What are the downsides of an S-corporation?
    • Having separate business tax returns which is more complex and costly
    • In order to be an S-corporation, you need to have an LLC or C-corporation set up
    • S-corporations help minimize self-employment taxes

    [16:54] Closing Segment

    • Mike discusses all the details on how to minimize self-employment taxes and save money legally through electing be taxes as an S-corporation!
    • Final Words


    Key Quotes

    “S Corp is simply a tax election. It is not an entity type. We're just electing for an LLC that we already have set up, or a C Corporation that we already have set up. We're electing for that entity to be taxed as an S Corporation. And really, the main reason for an S Corporation is to help lower the amount of self-employment taxes you pay.” – 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


    How Is My Income Taxed? May 31, 2023
    Show notes

    How Is Your Income Taxed? In this episode of the Small Business Tax Savings Podcast, Mike breaks down the basics of taxation so that listeners can create a roadmap for their own businesses.

    Mike explains two main types of tax – ordinary income tax and capital gains tax, as well as self-employment taxes and FICA taxation for W2 employees. He covers the different types of income taxes, such as earned income, passive income, and portfolio or investment income.

    Tune in now as Mike uncovers the complexities of taxation and learn how it can help you become informed on ways to pay the least amount of taxes legally possible!


    [00:25] Understanding How Taxes Work

    • Today’s episode is, “How Is Your Income Taxed?”
    • There are two main types of tax: ordinary income tax and capital gains tax
    • Ordinary income tax rates depend on factors such as marital status, household status, etc.

    [01:29] The Difference Between Ordinary Income Tax and Capital Gains Tax Rates

    • Ordinary income tax rates depend on factors such as marital status, household status, etc.
    • Capital gains tax are taxed at preferred rates of 0%, 15%, or 20% compared to the ordinary income tax rate
    • Short-term capital gains, assets held for less than a year, are taxed at an ordinary income tax rate
    • Earned income is taxed at the ordinary income tax rate and self-employment taxes may apply

    [12:40] The Benefits Of Passive Income and Investment Income

    • Passive income is not subject to FICA or self-employment taxes
    • Passive losses can only offset passive income
    • Portfolio or investment income is taxed at ordinary income tax rates
    • For assets held for more than one-year, a preferred capital gains tax of 0%, 15%, or 20% depending on the income is applicable

    [15:38] Closing Segment

    • Mike shares his knowledge in order for listeners to uncover the complexities of taxation and learn how it can help you become informed on ways to pay the least amount of taxes legally possible!
    • Final Words


    Key Quotes

    “I would never advise every business owner to fully understand taxes. That's why we have accountants. That's why, we come in and help clients in certain areas. But having a basic understanding of how tax works is so key to a really painless amount of taxes legally possible. It's important for you as a business owner to have that foundation knowledge.” – 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


    What Retirement Plan Options Are Available For My Business in 2023? May 24, 2023
    Show notes

    What Retirement Plan Options Are Available For My Business in 2023? In this episode of the Small Business Tax Savings Podcast, Mike interviews Matt Ruttenberg from Life Inc. Retirement Services about retirement plan options available for small businesses in 2023.

    Matt dives into the different types of retirement plans available for business owners, including traditional IRAs, ROTH IRAs, SEP IRAs, Solo 401Ks, Simple IRAs, and the new Starter 401K coming out in 2014.

    Tune in now as Matt discusses the importance of saving money on taxes and creating a secure future for themselves and their employees!


    [00:30] Retirement Plan Options For Small Business Owners

    • Today’s episode is all about retirement plan options that are available for your business in 2023
    • Mike interviews Matt Rutenberg, the CMO at Life, Inc. Retirement Services

    [09:00] Maximize Retirement Savings with SEP IRA, Solo 401K, and Simple IRA Options

    • The goal of a retirement plan is to save money on taxes or recruit/retrain employees
    • Traditional IRA and ROTH IRA available for personal retirement savings
    • SEP IRA option for solo business owners with employer contributions up to $66, 000
    • He hints that ROTH contributions may be allowed into SEP IRAs

    [12:30] Exploring Retirement Options For Business Owners

    • SEP IRA has a maximum contribution of $25, 000
    • Solo 401K is a better option as it allows for an additional employee contribution of $22, 500 in 2023
    • Traditional IRA and ROTH IRA are the two main retirement options for solo business owners with no outside employees
    • Payroll-directed IRA is available for business owners with outside employees or non-owner, non-family members

    [19: 00] Closing Segment

    • Matt offers his advice on the importance of saving money on taxes and creating a secure future for themselves and their employees!
    • Final Words


    Connect with Matt!
    Website: Life Inc.

    LinkedIn: Matt Ruttenberg

    Twitter: @Matt_Ruttenberg

    Instagram: @Matt_Ruttenberg

    Facebook: Life Inc. Retirement


    Key Quotes

    “If you're trying to segment out certain employees or yourself, you might have to go towards a non-qualified plan because if you have a qualified plan like a 401k, Simple, there's rules and fairness… If you are non-qualified, it removes all those fairness rules, and then you can start targeting certain individuals and so on and so forth.” – Matt Ruttenberg


    --------

    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


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