Ultimate Tax Strategy Checklist for Year-End Success (2024)

Small Business Tax Savings Podcast

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Are you making the most of your tax-saving strategies before the year closes?

In this episode, Mike Jesowshek provides a comprehensive checklist of essential tax strategies to implement before the end of 2024. As a CPA and founder of Tax Helm, he emphasizes maximizing tax deductions, making necessary payments, and properly documenting strategies to avoid IRS issues. Mike covers everything from pre-tax versus after-tax spending and utilizing the Augusta Rule to managing self-employed health insurance and year-end retirement contributions. With a focus on practical application, he also offers advice on planning for business expenses, using credit cards strategically, and the importance of completing necessary documentation, like the BOI report, before December 31st.

Discover practical steps to keep more of your hard-earned income in this essential episode!

[00:00 - 05:10] Pre-Tax vs. After-Tax Spending

• Mike gives a reminder that most tax strategies must be implemented by December 31.
• He explains how business owners can convert personal spending to business expenses.
• Utilize pre-tax spending opportunities for valid business expenses like meals, travel, and more.

[05:11 - 11:45] Travel, Augusta Rule, and Implementing Board Meetings

• Business-focused travel, where the majority of the day is spent on work, can qualify as a deductible business day.
• The Augusta Rule allows homeowners to rent their home tax-free for up to 14 days.
• Mike shares the importance of board meetings for accountability and tax deductions.
• Even solo business owners can benefit from holding board meetings and documenting them.

[11:46 - 19:20] Hiring Your Kids, IRAs, and Health Savings Accounts

• Hiring children allows for tax-free income for children and provides eligibility for Roth IRA contributions.
• HSAs offer tax-deductible contributions and tax-free withdrawals for medical costs.

[19:21 - 230:20] S Corporations and Self-Employed Health Insurance

• Health insurance premiums must be included on W-2s for valid deductions.
• Mike gives a reminder to organize receipts, log business mileage, and complete the BOI report.
• Proper documentation ensures compliance and peace of mind during IRS reviews.

Direct Quotes:

“Let this serve as your final reminder—implement these strategies by December 31st to keep your hard-earned money.” - Mike Jesowshek, CPA

“A valid tax strategy, incorrectly implemented, becomes illegal. Understanding and correct implementation are key.” - Mike Jesowshek, CPA

“Hiring your kids in your business not only provides a tax deduction but allows them to start growing a tax-free retirement account.” - Mike Jesowshek, CPA

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

Join TaxElm: https://taxelm.com/

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