Small Business Tax Savings Podcast

Latest Episodes:

How to File a Late S Corporation Election and Still Save on Taxes Jun 11, 2025

Show notes

Missed the S Corp deadline? Don’t panic. In this episode, Mike breaks down how to file a late S Corp election the right way so you can still unlock major tax savings. You’ll learn what an S Corp really is, who qualifies, how to calculate your savings, and what to watch out for when making the switch. Plus, the exact steps to file a late election with the IRS, without triggering a red flag.

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/

Chapters:

(00:57) What Is an S Corp?

An S Corp is a tax status that lets you split income into salary and distributions to lower your self-employment tax.

(02:36) S Corp vs. Sole Proprietor: Tax Savings Example

Mike walks through an $80K income example showing how S Corp status can save over $5,000 in taxes every year.

(05:25) When Should You Elect S Corp Status?

If you’re earning $50K+ in profit and expect to grow, it may be time to switch, but only if you can handle the added costs.

(08:06) Common Mistakes with S Corps

Avoid these pitfalls: no LLC, premature elections, and not paying yourself the right salary.

(12:11) How to File a Late S Corp Election

The IRS allows late elections. Just file Form 2553 with a proper reason and follow the Rev Proc 2013-30 guidelines.

(16:32) Payroll Is Not Optional

If you backdate your election, you must also backdate your payroll. The IRS checks for this, so don’t skip it.

Podcast Host:

Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com

🚀 Visit: https://www.TaxSavingsPodcast.com

🚀 Check Out TaxElm: https://taxelm.com/

🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/

🚀 YouTube: www.TaxSavingsTV.com

👋🏼 GET IN TOUCH
You can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏

🙏 LEAVE A REVIEW
If you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐

🎙 ABOUT THE PODCAST
The Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.

Do You Need Tax Planning (Spoiler: You Might Be Missing Out) Jun 04, 2025

Show notes

Most people think tax planning is only for big corporations. But it’s one of the most powerful tools any small business owner can use to save money.

In this episode, Mike breaks down how tax planning is different from just filing your taxes, and why even brand-new business owners should be thinking about it. He also shares a real case study showing how one small business went from guessing on taxes to saving over $15,000 a year, just by planning ahead.

If you’ve ever wondered whether tax planning is for you, this episode is the place to start.

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/

Chapters:

(00:56) Tax Planning vs. Tax Prep
Mike breaks down the difference between filing taxes and making proactive decisions to lower your bill.

(05:11) Who Really Qualifies for Tax Planning
Whether you're a freelancer, side hustler, or growing business, tax planning applies to you.

(07:21) Why Tax Laws Exist
The government uses tax laws to encourage business ownership, investing, and spending in key areas.

(09:15) What Real Tax Planning Looks Like
Learn the 3 steps of tax planning: learn the strategy, implement it right, and lock in the savings.

(13:56) Case Study: How One Client Saved $15K
Mike shares a real story of a business owner who dropped their tax bill from $24K to $9K in just one year.

(19:06) How to Start Planning Today
Mike explains how to take the first step, even with free tools, and how to work with the TaxElm team.

Podcast Host:

Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com

🚀 Visit: https://www.TaxSavingsPodcast.com

🚀 Check Out TaxElm: https://taxelm.com/

🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/

🚀 YouTube: www.TaxSavingsTV.com

👋🏼 GET IN TOUCH
You can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏

🙏 LEAVE A REVIEW
If you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐

Want Tax-Free Income in Retirement? Start with a Roth Conversion May 28, 2025

Show notes

You’ve heard of Roth IRAs, but no one talks about when and how to convert.

In this episode, Mike breaks down exactly how a Roth conversion works, when it makes sense, and how to use it to build tax-free income in retirement.
He also unpacks the key differences between Traditional and Roth accounts, plus real-life stories of business owners who used this strategy to grow wealth the IRS can’t touch.

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/

Chapters:

(00:00) Roth vs. Traditional IRA
What’s the difference between Roth and Traditional retirement accounts, and how do taxes work with each?

(03:47) What a Roth Conversion Really Means
Learn what a Roth conversion is and why you pay taxes now in exchange for tax-free growth later.

(07:00) How to Do a Roth Conversion Smart
Mike shares five simple steps to do a Roth conversion and how to avoid paying too much tax.

(07:57) Strategic Roth Conversion Tips
He shows how converting in chunks and using lower tax brackets can save thousands over time.

(09:22) When a Roth Conversion Makes the Most Sense
Find out the best timing like low-income years, business loss years, or market dips.

(16:13) Real-Life Examples That Saved Big
Mike shares client stories showing how people used Roth conversions to save on taxes and grow money tax-free.

Podcast Host:

Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com

🚀 Visit: https://www.TaxSavingsPodcast.com

🚀 Check Out TaxElm: https://taxelm.com/

🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/

🚀 YouTube: www.TaxSavingsTV.com

👋🏼 GET IN TOUCH
You can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏

🙏 LEAVE A REVIEW
If you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐

Business Entity Compliance 101: What You MUST Know May 21, 2025

Show notes

Are you 100% sure your business entity is compliant? In this episode, Mike is joined by Nellie Akalp, CEO of CorpNet, to break down what compliance really means for LLCs and corporations. They cover everything from annual reports, meeting minutes, and registered agents to BOI reporting and choosing the right state to form your entity. You’ll also learn when it makes sense to do it yourself, hire a service, or bring in a lawyer and what mistakes could cost you your limited liability status. If you want to avoid penalties, fees, or even losing your business, this is a must-listen.

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/

Chapters:

(00:00) Why Entity Compliance Matters
Mike opens the episode with a warning: failing to stay compliant can result in fines, lawsuits, or even the loss of your business.

(01:40) Internal vs. External Compliance Explained
Nellie explains what most business owners miss after forming an LLC or corporation—and the filings you must keep up with.

(06:02) The Power of a Compliance Checklist
A simple checklist can save your business's status and reputation. Nellie shares how CorpNet helps clients stay in good standing.

(10:19) 3 Mindsets When Starting a Business
Do-it-yourself, hiring a service, or using an attorney; which is right for you? Nellie breaks down the pros and cons.

(22:30) Why Filing in Wyoming Might Hurt You
Nellie debunks the myth that forming your LLC in Nevada or Wyoming saves you money if your business operates elsewhere.

(28:46) Remote Employees and State Compliance
Hiring out-of-state? Here’s what you really need to know about payroll accounts and why you likely don’t need to be foreign qualified.

Need help staying compliant?
Check out CorpNet, they make it simple to handle filings, BOI reporting, and more.
👉 https://www.corpnet.com/?PID=1071

Podcast Host:

Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com

🚀 Visit: https://www.TaxSavingsPodcast.com

🚀 Check Out TaxElm: https://taxelm.com/

🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/

🚀 YouTube: www.TaxSavingsTV.com

👋🏼 GET IN TOUCH
You can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏

🙏 LEAVE A REVIEW
If you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐

Too Much Profit? Double Your Income Without Doubling Your Taxes May 14, 2025

Show notes

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/

Too many business owners think they should avoid making more money just to lower their tax bill. In this episode, Mike shares why that mindset is costing you far more than taxes ever will. He breaks down why taxes are just a percentage, how fear leads to bad decisions, and the smart tax strategies that let you keep more of your income legally. You’ll learn how to shift from fear-based spending to strategy-first planning and start building real wealth.

Chapters:

(00:00) The Most Dangerous Tax Mindset
Mike explains why being afraid to earn more profit is the biggest mistake business owners make.

(02:00) How Taxes Actually Work
A simple breakdown of why taxes are just a percentage and why earning more still puts money in your pocket.

(03:04) How Fear of Taxes Leads to Bad Choices
From underreporting income to wasting money on things you don’t need, fear of taxes leads to poor decisions.

(07:55) After-Tax vs Pre-Tax Spending Explained
Learn how to move personal spending into your business legally to lower your taxable income.

(10:58) Smart Tax Strategies That Actually Work
Mike covers powerful tools like S-Corp election, retirement plans, HSAs, and more that reduce your taxes the right way.

(17:07) Why More Income Should Empower You, Not Stress You
Mike shares how his client doubled income and paid less in taxes by switching from fear to smart planning.

Podcast Host:

Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com

🚀 Visit: https://www.TaxSavingsPodcast.com

🚀 Check Out TaxElm: https://taxelm.com/

🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/

🚀 YouTube: www.TaxSavingsTV.com

👋🏼 GET IN TOUCH
You can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏

🙏 LEAVE A REVIEW
If you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐

How to Turn Your HSA Into a Tax-Free Retirement Fund May 07, 2025

Show notes

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/

Most people think an HSA is just for doctor visits—but it’s actually one of the most powerful retirement tools available. In this episode, Mike breaks down how to use your Health Savings Account to save on taxes, grow your money, and even invest for the future. If used right, it’s like a secret weapon for building wealth.

Chapters:

(00:32) What is an HSA?

Mike explains how an HSA works, what makes it different from an FSA, and what medical expenses qualify.

(01:35) The Triple Tax Benefit

You get a deduction when you put money in, tax-free growth, and tax-free withdrawals if used right.

(03:50) HSA Contribution Limits for 2025

Learn how much you can contribute depending on whether you have an individual or family plan.

(05:04) HSA Eligibility Rules

Mike walks through what qualifies as a high-deductible health plan and other requirements you must meet.

(07:23) How to Use an HSA for Retirement

This part explains how to grow your HSA like a retirement fund by investing and saving receipts.

(10:05) Avoid the Withdrawal Penalty

If you withdraw funds the wrong way, you’ll pay penalties—unless you follow these simple rules.

Podcast Host:

Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com

🚀 Visit: https://www.TaxSavingsPodcast.com

🚀 Check Out TaxElm: https://taxelm.com/

🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/

🚀 YouTube: www.TaxSavingsTV.com

👋🏼 GET IN TOUCH
You can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏

🙏 LEAVE A REVIEW
If you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐

Big Announcement: The Future of Tax Planning is Coming May 01, 2025

Show notes

🚀 Visit https://taxelm.com/webinars/ to save your seat!

On May 14 at 2 PM EST, join Mike for a live webinar to unveil a brand-new feature inside TaxElm that will transform the way small business owners approach tax planning. It’s simple, powerful, and built specifically for real business owners who want less stress and more clarity when it comes to their taxes.

Here’s what you’ll learn in the webinar:

How this new TaxElm feature simplifies your tax planning process
Why it’s designed for entrepreneurs—not accountants
How to use it to build a smarter, more proactive tax strategy

🎯 Save your spot now: www.taxelm.com/webinars

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

Join TaxElm: https://taxelm.com/

-------

🚀 Visit: https://www.TaxSavingsPodcast.com

🚀 Check Out TaxElm: https://taxelm.com/

🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/

🚀 YouTube: www.TaxSavingsTV.com

👋🏼 GET IN TOUCH

You can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏

🙏LEAVE A REVIEW

If you enjoy the podcast, we'd love for you to leave a 5-star review on Apple Podcasts or Spotify to help others discover the show ⭐

🎙 ABOUT THE PODCAST

The Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies designed to help entrepreneurs and small business owners legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this podcast breaks down complex tax topics into clear, actionable, no fluff insights, so you can maximize your savings and keep more of your hard-earned money.

Case Studies in Advanced Retirement Planning (Strategies That Go Beyond the 401(k)) Apr 30, 2025

Show notes

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/
What if everything you thought you knew about retirement planning was just scratching the surface? In this episode, Mike sits down with retirement expert Matt Ruttenberg to break down advanced retirement strategies that go way beyond the traditional 401(k).

Chapters:

(01:22) Understanding the Retirement Plan Stack
How business owners can layer a safe harbor 401(k), profit sharing, and cash balance plan to maximize tax savings while customizing benefits for themselves vs. employees.

(04:55) High-Income Dentist Case Study ($750K Income)
How a 50-year-old dentist can contribute over $200K pre-tax annually, avoid costly employee contributions, and potentially boost deductions by another 35% using life insurance inside a cash balance plan.

(11:36) The Qualified Swap Strategy
Using IRS Code §7702 to mimic a Roth account by funding a life insurance policy inside a qualified plan, then legally moving it out tax-free after five years.

(15:20) Online Consultant Case Study (Retire by Age 50)
How a 42-year-old solo S-Corp owner can combine a self-directed solo 401(k), mega backdoor Roth, and future Roth conversions to retire early while minimizing taxes on withdrawals.

(21:40) Real Estate Investing Inside a 401(k)
How self-directed plans can allow for non-traditional investments like crypto or property.

(26:44) Real Scenario #3: Seasonal Landscaping Business

How solo 401(k)s can be used even with employees (if structured right)

(34:12) When to Use Non-Qualified Retirement Plans
Non-qualified plans can help business owners bypass traditional testing requirements and reward only specific employees, without triggering mandatory contributions across the board.

(39:01) How to Properly Design a Life Insurance Plan
Why poor design ruins tax benefits and how to build a policy that acts like a Roth

(45:30) Common Misunderstandings Around 401(k) Plans
Why many business owners avoid retirement plans due to misconceptions about complexity or cost.

(48:16) Matching the Right Plan to the Right Goal
How to choose between a traditional 401(k), profit sharing, cash balance, or non-qualified plan depending on your goal.

-------

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

Join TaxElm: https://taxelm.com/

-------

🚀 Visit: https://www.TaxSavingsPodcast.com

🚀 Check Out TaxElm: https://taxelm.com/

🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/

🚀 YouTube: www.TaxSavingsTV.com

👋🏼 GET IN TOUCH

You can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏

🙏LEAVE A REVIEW

If you enjoy the podcast, we'd love for you to leave a 5-star review on Apple Podcasts or Spotify to help others discover the show ⭐

🎙 ABOUT THE PODCAST

Why Every Business Owner Needs a Board of Advisors (Even Solo Entrepreneurs) Apr 23, 2025

Show notes

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/

Having a board of advisors isn't just for big companies. Even small business owners and solo entrepreneurs can use it to grow smarter and save money on taxes. In this episode, Mike shares how a board helps you deduct meals, travel, and even your home—plus how it keeps you organized and protected.

Chapters:

(00:58) What’s a Board of Advisors?
It’s a group of people who give advice and support for your business—even if you’re running solo.

(02:18) How to Set It Up
Add it to your business documents, pick people you trust, and plan regular meetings.

(04:48) Tax Write-Offs You Can Claim
Board meetings can make meals, travel, and even home use partially or fully deductible.

(05:38) The Augusta Rule Trick
Rent your home to your business for board meetings and pay zero tax on that rental income (if done right).

(08:15) More Benefits Than Just Tax
It helps with accountability, planning, outside feedback, and even audit protection.

(11:12) Keep Records That Count
Document every meeting with notes, receipts, and details to stay safe and get the most tax savings.

Podcast Host:

Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com

🚀 Visit: https://www.TaxSavingsPodcast.com

🚀 Check Out TaxElm: https://taxelm.com/

🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/

🚀 YouTube: www.TaxSavingsTV.com

👋🏼 GET IN TOUCH
You can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏

🙏 LEAVE A REVIEW
If you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐

Q&A: Are Beers with Clients Write-Offs? Augusta Rule, Home Office, and Missed Deductions Apr 16, 2025

Show notes

🚀 Book your free demo call today! Click here or visit: https://taxelm.com/demo/

Have you ever wondered if you can write off beers with a client? Or claim mileage between your home and office? In this special Q&A episode, Mike answers real questions from small business owners across the country — tackling topics like the Augusta Rule, tax deductions you're probably missing, how to handle multi-state operations, and even the proper way to record equipment purchases in your books.

Chapters:

(01:16) What is the Augusta Rule?
Rent your home to your business for 14 days or less, and pay zero tax on that income — here’s how it works.

(02:29) Can You Deduct Beers with Clients?
Yes, you can — but only if there’s a valid business reason and proper documentation.

(05:17) Home Office Deduction and Mileage Explained
Mike clears up confusion about home offices, commuting, and how an accountable plan changes what you can deduct.

(08:00) Does TaxElm Make Sense for Me?
If you’re a small business owner or a high-income earner with a side hustle, here’s how TaxElm could help.

(10:32) Where to Incorporate if You're in Multiple States
Learn how tax nexus works and why forming your LLC in a random state could backfire.

(12:16) How to Record Equipment Purchased with a Loan
Breaking down how to properly track assets, liabilities, and depreciation in your bookkeeping.

(14:30) What is a Family Office and Do You Need One?
Mike shares how to build a “family office” strategy — even if you’re not ultra-wealthy.

(16:00) Tax Deductions Most Business Owners Miss
From hiring your kids to internet bills, here are deductions you might be overlooking.

Podcast Host:

Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com

🚀 Visit: https://www.TaxSavingsPodcast.com

🚀 Check Out TaxElm: https://taxelm.com/

🚀 Join our Free Facebook Group: https://www.facebook.com/groups/taxsavings/

🚀 YouTube: www.TaxSavingsTV.com

👋🏼 GET IN TOUCH
You can Tweet @MJesowshek with any feedback, ideas, or thoughts about the lessons you've learned from the episodes. We want to thank you personally for tuning in 🙏

🙏 LEAVE A REVIEW
If you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐

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