Every business owner hits a point where the tax questions start stacking up.

Can I deduct this? Should I switch to an S Corp? Is this still a business if I have not made money yet? And what happens if I did something before I had my systems set up the right way?

In this episode, Mike opens the floor to questions from business owners and breaks down the tax answers behind them. From zero-activity LLC filings and Schedule C concerns to family payroll planning, vehicle deductions, and rental strategies like the Augusta Rule, this episode covers the practical decisions that shape how much tax you pay and how well your strategy holds up.

👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners:
https://www.taxsavingspodcast.com/starterkit

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

Chapters

(03:22) Do You Need a CPA for a Zero-Activity Partnership Return?
A new LLC owner asks about filing a Form 1065 with no business activity. Mike breaks down why even a zero return can be more complex than it looks and what to consider before self-filing.

(04:47) Can a First-Year Business Loss Offset W-2 Income?
Mike walks through hobby loss concerns, material participation rules, and when a side hustle loss may be used to reduce taxes on other income.

(06:35) Is an S Corp Worth It at $120,000 of Profit?
This section covers the tradeoff between added payroll and tax prep costs versus potential self-employment tax savings, along with the importance of setting a reasonable salary.

(12:01) Where Can You File Business Taxes Online Yourself?

For business owners thinking about self-filing, Mike shares general software options and explains why second eyes matter on more complex returns.

(13:12) Can You Deduct Business Expenses Paid on a Personal Credit Card?
Mike answers a common startup question and explains how to handle valid business expenses paid personally before a business bank account is opened.

(14:27) How Does the Family Management Company Strategy Work?
This section breaks down how business owners with an S Corp may use a separate sole proprietorship to hire children, reduce payroll taxes, and stay compliant.

(20:56) How Does the Augusta Rule Work for Business Owners?
Mike explains how the Augusta Rule works, what records you need, and how to back it up in an audit.

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.

Every year, the IRS updates important tax numbers, that most business owners miss. This leads to missed deductions, poorly timed income decisions, and unnecessary overpayments to the IRS.

In this episode, we break down the most important 2026 tax updates business owners need to know, including changes to tax brackets, standard deductions, Social Security wage caps, retirement limits, HSA contributions, mileage rates, capital gains thresholds, and Section 179 expensing.

👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners:
https://www.taxsavingspodcast.com/starterkit

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

Chapters

(00:52) Why IRS Tax Numbers Change Every Year
Tax brackets, standard deductions, retirement limits, Social Security wage caps, HSA limits, and mileage rates are adjusted annually based on inflation and tax policy changes.

(01:24) 2026 Standard Deduction and Why It Matters
The new standard deduction amounts affect whether it makes sense to itemize and also shape strategies like hiring your children, since income below the standard deduction may avoid federal income tax.

(06:12) The 2026 Social Security Wage Cap
Wages are subject to Social Security tax only up to the annual wage cap, which makes this number especially important for payroll planning and S Corp salary decisions.

(08:15) Retirement Contribution Limits for 2026
Updated IRA and 401(k) contribution limits create new opportunities for tax deductions, especially for business owners using retirement plans to reduce taxable income.

(09:43) 2026 HSA Contribution Limits and Why HSAs Are So Powerful
HSA contribution limits increased for 2026, and the account remains one of the most tax-advantaged tools available because contributions, growth, and qualified withdrawals all receive favorable tax treatment.

(11:13) 2026 Mileage Rate Increases
The higher mileage rate can create a larger deduction for business owners who use the standard mileage method, making accurate mileage tracking even more important.

(12:57) Capital Gains Tax Thresholds for 2026
Long-term capital gains are taxed under a separate set of thresholds, which makes timing important when selling investments, real estate, or a business.

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.

Estimated taxes should not feel like a guessing game, but for many business owners, they do. Underpay, and you face stress, penalties, and a big bill in April. Overpay, and you hand the IRS more cash than needed, limiting what you can reinvest in your business.

In this episode, we break down how estimated taxes actually work, why the U.S. tax system is pay-as-you-earn, and how to avoid both overpaying and underpaying. We cover the safe harbor rules, why accurate bookkeeping matters, and how to build a smarter system for quarterly payments that improves cash flow and reduces surprises.

👉 Get the Free Tax Savings Starter Kit Built for Small Business Owners:
https://www.taxsavingspodcast.com/starterkit

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

Chapters

(02:15) Why Business Owners Fall Behind on Quarterly Taxes
Without an employer withholding taxes, business owners are responsible for making estimated payments themselves, and many ignore them until penalties and interest build up.

(03:45) Why Last Year’s Income Is Not Enough
Many business owners base estimated taxes on last year’s income or send in whatever feels safe, but income, deductions, entity structure, and tax law can all change.

(04:30) The Safe Harbor Rules You Need to Know
To generally avoid underpayment penalties, you need to pay 100% of last year’s tax liability, 110% for certain higher-income earners, or 90% of this year’s tax liability.

(06:30) The Cash Flow Cost of Overpaying and Underpaying
Overpaying estimated taxes can tie up money that could be used for marketing, debt reduction, equipment, or other business needs, only to result in a refund later, while underpaying creates pressure when tax time comes, especially if business profits rise and estimated payments were never adjusted upward during the year.

(08:40) How to Calculate Estimated Taxes More Strategically
The process starts with a quarterly profit analysis, then projecting the rest of the year forward, and finally adjusting payments intentionally based on current numbers.

(10:40) Estimated Tax Due Dates Every Business Owner Should Know
Quarterly estimated tax payments follow a set schedule throughout the year, and knowing those due dates is essential for staying compliant and avoiding surprises.

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.