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🚀 Ready to stop overpaying the IRS? Sign up for my free webinar on July 15th! Click here or visit: https://www.taxsavingspodcast.com/webinar

Got a question about taxes, business expenses, or running your LLC? You’re not alone.
In this Q&A episode, Mike tackles common questions from real business owners — covering topics like closing a business, low-income LLCs, vetting tax pros, and how to treat certain deductions.

Whether you’re just starting out or already scaling, these answers can save you time, money, and legal headaches.

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

Chapters:

(01:07) Should I Close My LLC or Just Repurpose It?
Mike explains when to shut down your LLC vs. when to reuse it for another business.

(04:18) Is It Bad If My LLC Made Less Than $3K?
Low income doesn’t mean you’re in trouble — but watch out for hobby loss rules.

(06:22) How to Vet a Tax Strategist (Beyond TikTok Tips)
Not all flashy advice is safe. Here’s how to find a real expert who won't put you at IRS risk.

(09:48) Do I Still Need to Pay Estimated Taxes?
Mike explains the IRS “safe harbor” rule and how to avoid penalties — even if you expect a refund.

(18:58) Should I Track Mileage If I Use the Actual Method?
Yes! Even without the standard mileage deduction, the IRS still expects a log.

(21:46) Can I Deduct Clothing With My Logo On It?
Branded gear might be deductible — but there’s a right (and wrong) way to do 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.

Send us a text

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.

Send us a text

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 ⭐

🎙 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.