234: Maximizing Tax Deductions with Mike Jesowshek

Summary:
Not that anyone is counting, but there's only 145 days left until tax day in the US. To make sure we're making smart year end tax moves and setting ourselves up for success for tax season. Mike Jesowshek, CPA and owner of JETRO, shares what the 2022 tax filing season looks like for small businesses. He gives advice on how to handle health insurance, retirement savings, and what to do if you want to buy a vehicle for the business. If you hired or started selling physical goods, Mike has some tips for you to be aware of the first time your file. Stick to deducting things you're already spending money on, instead of purchasing things you don't need. By turning after-tax dollars into pre-tax dollars through your business, you'll save the most money.

Topics on this episode:

• New tax law for this year
• Accounting methods
• Health Insurance deductions
• Investing and retirement savings
• PPP and EIDL in 2021
• Vehicles and your business

Main take away? Use your business to start turning after-tax dollars into pre-tax dollars and save money!

About our guest:

Mike Jesowshek is a modern and innovative CPA, taking a new age approach to accounting, tax savings, and growing your business. He is the founder of JETRO, a digital accounting firm, and host of the Small Business Tax Savings Podcast. Mike has both a bachelors and masters in accounting.

Mike has spent the majority of his career as an entrepreneur. He was CFO and co-founded several companies and has experience in all business stages. He set out on a mission to help businesses that have seen and lived the same experiences he did in business. This is how JETRO was built. He has been in the shoes of many small business owners out there and his end goal is to help them in one area that most business owners are not familiar with, accounting and taxes.

Links:

022: www.petsitterconfessional.com/episodes/022-taxes

044: www.petsitterconfessional.com/episodes/044-coronavirus-relief-options-with-mike-jesowshek

127: www.petsitterconfessional.com/episodes/127

JETRO: https://www.jetrotax.com

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

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

IRS traveling meal deduction and what is home domicile: https://www.irs.gov/taxtopics/tc511

TaxJar- https://www.taxjar.com

Get Payroll Software like GUSTO: https://gusto.com/d/collin1453

Peisner Johnson: https://peisnerjohnson.com

Tax Minimization Program: www.taxsavingspodcast.com/tax

Relay Bank: https://relayfi.com/

Blog on PPP/EIDL Info: https://www.taxsavingspodcast.com/blog/what-do-i-need-to-know-about-the-covid-relief-bill *Note a change in what was said: "Forgiveness is not taxable and businesses ARE able to deduct expenses paid with forgiven PPP funds."

Blog on Cash vs Accrual: https://www.taxsavingspodcast.com/blog/what-is-cash-and-accrual-accounting

Blog on Hiring Employees: https://www.taxsavingspodcast.com/blog/how-do-i-hire-employees-in-my-business

Blog on Health Insurance Premiums: https://www.taxsavingspodcast.com/blog/how-does-the-deduction-for-self-employed-health-insurance-work

Blog on Sales Tax: https://www.taxsavingspodcast.com/blog/what-do-i-need-to-know-about-sales-tax

Blog on Vehicles: https://www.taxsavingspodcast.com/blog/what-do-i-need-to-know-about-purchasing-deducting-and-depreciating-a-business-vehicle

Blog on Maximizing Deductions: https://www.taxsavingspodcast.com/blog/what-can-i-deduct-as-a-business-expense

Full show notes and transcript

Sponsored By:

• Pet Sitters International Promo Code: PSC15 for $15 off
• Time to Pet Promo Code: 50% off first 3 months

Support Pet Sitter Confessional