• S Corps, Gym Membership Deductions, Solo 401(k)s, and Family Hires: Listener Q&A with Mike Jesowshek CPA

  • 2024/08/14
  • 再生時間： 24 分
  • ポッドキャスト

S Corps, Gym Membership Deductions, Solo 401(k)s, and Family Hires: Listener Q&A with Mike Jesowshek CPA

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    Are you leaving money on the table when it comes to your business taxes? In this Q&A episode, Mike Jesowshek answers your tax questions! From S corporation salary conundrums to the surprising deductibility of gym memberships, Mike provides actionable insights that could save you thousands.

    [00:00 - 07:15] S Corp Salaries and Retirement Accounts

    • Can an S corporation owner take only dividends and no salary?
    • How to determine a reasonable S corp salary?
    • Can I start a solo 401k in my side hustle without breaking control group rules?

    [07:16 - 13:30] Deductible Expenses and Hiring Family

    • Is a gym membership with business offices tax-deductible?
    • How to allocate costs between personal and business use?
    • What are the tax implications of hiring my teen in a sole proprietorship?

    [13:31 - 21:00] Solo 401(k)s and Bookkeeping

    • What are the contribution options for solo 401(k)s for both spouses?
    • How to structure businesses for married couples?
    • Can bookkeeping be automated? What software is recommended?

    [21:01 - 26:30] Accountable Plans and Cash Purchases

    • Do husband-wife-owned LLCs need accountable plans?
    • How to handle partnership filing in non-community property states?
    • How to document and prove business purchases from Facebook Marketplace?

    [26:31 - 35:00] Tax Deductions and Management Fees

    • What expenses can self-employed pastors deduct?
    • Should I set aside taxes based on gross revenue or profit?
    • What's a reasonable fee for a family management company?

    Direct Quotes:

    "Don't invest something just for a tax benefit. Like they always say, ‘Don't let the tax tail wag the dog.’" - Mike Jesowshek, CPA

    Resources Mentioned:

    • Life Inc Retirement Services
    • Xero accounting software
    • QuickBooks Online


    ______


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

    Join TaxElm: https://taxelm.com/

    IncSight Packages (Full-Service): https://incsight.net/pricing/

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


    -------

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

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

    YouTube: https://www.youtube.com
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あらすじ・解説

Send us a text

Are you leaving money on the table when it comes to your business taxes? In this Q&A episode, Mike Jesowshek answers your tax questions! From S corporation salary conundrums to the surprising deductibility of gym memberships, Mike provides actionable insights that could save you thousands.

[00:00 - 07:15] S Corp Salaries and Retirement Accounts

  • Can an S corporation owner take only dividends and no salary?
  • How to determine a reasonable S corp salary?
  • Can I start a solo 401k in my side hustle without breaking control group rules?

[07:16 - 13:30] Deductible Expenses and Hiring Family

  • Is a gym membership with business offices tax-deductible?
  • How to allocate costs between personal and business use?
  • What are the tax implications of hiring my teen in a sole proprietorship?

[13:31 - 21:00] Solo 401(k)s and Bookkeeping

  • What are the contribution options for solo 401(k)s for both spouses?
  • How to structure businesses for married couples?
  • Can bookkeeping be automated? What software is recommended?

[21:01 - 26:30] Accountable Plans and Cash Purchases

  • Do husband-wife-owned LLCs need accountable plans?
  • How to handle partnership filing in non-community property states?
  • How to document and prove business purchases from Facebook Marketplace?

[26:31 - 35:00] Tax Deductions and Management Fees

  • What expenses can self-employed pastors deduct?
  • Should I set aside taxes based on gross revenue or profit?
  • What's a reasonable fee for a family management company?

Direct Quotes:

"Don't invest something just for a tax benefit. Like they always say, ‘Don't let the tax tail wag the dog.’" - Mike Jesowshek, CPA

Resources Mentioned:

  • Life Inc Retirement Services
  • Xero accounting software
  • QuickBooks Online


______


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

Join TaxElm: https://taxelm.com/

IncSight Packages (Full-Service): https://incsight.net/pricing/

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


-------

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

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

YouTube: https://www.youtube.com
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