Small Business Tax Savings Podcast Mike Jesowshek, CPA

What is the most crucial for every business small business owner out there? In this episode, we discuss estimated taxes, where you’re a W2 employee, your taxes are calculated and paid by your employer, or as a business owner, it’s up to you to make sure you pay your own estimated taxes quarterly to cover federal and state agencies.


This is because the US tax system is a pay-as-you-go system where taxes are owed on earnings as they are earned.


What happens if you don’t pay enough in estimated taxes? When it comes time to file your year-end tax return, it’s simply a reconciliation of what was earned and what was paid throughout the year. If you don’t pay enough in estimated taxes, you’ll face potential penalties and interest. But don’t worry, understanding estimated taxes can help avoid big tax surprises for small business owners.


Tune in now as Mike emphasizes the importance of staying on top of estimated tax payments to avoid penalties and underpayment! 


[00:01] Understanding Estimated Taxes
What is the importance of estimated taxes for small business owners?The US tax system is pay-as-you-go, meaning you owe taxes as you earn moneyW2 employees have taxes withheld by employers, but business owners must pay estimated taxes on their ownEstimated taxes are paid quarterly to cover federal and state agencies[03:40] The Safe Harbor Method And Actual Method Explained
Year-end tax return reconciles what you earned and what you paid in taxes, resulting in either a refund or the amount owedInterest and penalties may apply if you owe taxes at year-endThe IRS recognizes four quarters for estimated tax purposes, but they differ from the normal quarter systemThere are two methods for calculating estimated taxes:The Safe Harbor MethodThe Actual Method[18:13] Closing Segment
Mike advises listeners to ensure that they stay on top of their estimated taxes and make sure that they’re avoiding interest and penalties when possible!Final Words

Key Quotes
“By understanding estimated taxes, it can really avoid big tax surprises along with penalties, interest, and various things like that. So hopefully you walk away from today knowing what estimated taxes are, how you pay them, and how you calculate them.” – Mike Jesowshek, CPA


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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax


IncSight Packages: https://incsight.net/pricing/


Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
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To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Are you unsure about the difference between trademarks and copyrights for businesses? On this episode of the Small Business Tax Savings Podcast, we are joined by Andrea Sager to discuss the crucial information that small business owners need to know.


Andrea Sager helps listeners to understand the importance of protecting your brand by filing applications and navigating copyright law.


She shares why statutory damages are essential when registering copyright, how photographers are now using cease and desist letters as a business model, and when it makes sense to register for copyright.


Tune in now as we explore how to protect yourself legally and monetize your creative works through trademarks and copyrights! 


[00:01] Understanding Trademarks and Copyrights
Mike welcomes Andrea Sager to the show!Why you need trademarks and copyrights for your businessTrademarks protect brandings, such as brand names, logos, slogans, and podcast namesCopyright protects creative work, such as blog posts, videos, photos, and recordings[02:37] How To Protect Your Work From Infringement
Federal registration is needed for trademarks to have federal rightsCopyright protection is automatic but filing may be necessary to sue for infringementStatutory damages for copyrights are important because it is hard to prove damages in a copyright caseCopyright registration varies depending on the medium, namely: blog posts, podcasts, photography, etc.Designers should send their designs to be monitored before publishing them[05:40] The Cost And Process Of Obtaining A Federal Trademark
Copyright infringement can lead to statutory damages and possibly a lawsuitThe cost of filing a copyright lawsuitThe process for filing a copyright lawsuitTrademark applications should be filed as soon as possible when a business has momentum[18:18] Closing Segment
Andrea advises listeners to protect themselves legally and monetize their creative works through trademarks and copyrights! Final Words

Key Quotes
“Trademarks are your branding, your brand identity, your brand name, your logo, a slogan, a product name, a podcast name, anything that has a unique name within your business. It can probably be protected with a trademark… So, trademarks are branding, copyrights are content.” – Andrea Sager


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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax


IncSight Packages: https://incsight.net/pricing/


Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
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To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Are you aware of the legal protections your business needs? On this episode of the Small Business Tax Savings Podcast, we welcome Andrea Sager, Andrea is a lawyer with experience in contract law. She explains the different types of contracts businesses need for protection.
Andrea Sager highlights that having a privacy policy, terms of use, service agreement, employment agreement, and independent contractor agreement are essential for most businesses.
She provides valuable advice on when to use a template or hire an attorney for custom contracts and how to protect yourself if you’re working with an LLC, she outlines her best tips for creating meaningful agreements with clients and cautions against signing any document without reading it first.


Tune in now to learn the importance of signing contracts and how to do so respectfully and professionally! 


[00:01] When To Get Custom Agreements Versus Contract Templates
Mike welcomes Andrea Sager to the show!When money or value is changing hands, a written agreement should be in placePrivacy policy and terms of use are required by federal law for websites[03:47] Why Is It Essential For You To Have Contractual Agreements
She discusses the terms of use and agreements with regard to product-based businesses and service providersEmployers need an employment agreement to lay out rights, duties, expectations, and benefits for employeesContractors need an independent contractor agreementShe recommends talking to an attorney to make sure proper contracts are in place when generating business income[08:15] Protect Your Business With Contract
An LLC provides protection from legal liability and should be included in contractsContracts should lay out the rights and duties of both partiesAn email agreement with an offer, acceptance, and consideration can form a contractRunning a business for years without contracts should consider changing into a contract-based business moving forward [12:27] Closing Segment
Andrea provides listeners reasons for having contracts include needing a line of credit from a bank or wanting to button up business operationsFinal Words

Key Quotes
“Keep in mind, anytime value is changing hands, that's when you want to have a written agreement.” – Andrea Sager


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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax


IncSight Packages: https://incsight.net/pricing/


Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale
-------
Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
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To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Why do you need to file for LLC protection for your business? On this episode of the Small Business Tax Savings Podcast, we welcome Andrea Sager, Andrea is a serial entrepreneur and a lawyer. She knows first-hand how important it is for businesses of any size or stage to have legal support.
Andrea Sager discusses the importance of filing for LLC protection from day one and how it can protect your personal assets from the debts of your company.
She explores the potential drawbacks of not obtaining an LLC, including how to combat them. Andrea sheds light on setting up a separate business banking account to properly account for finances and maintain LLC protection. Get all this helpful information and more in this episode of the Small Business Tax Savings Podcast.
Tune in now and learn how small business owners protect their businesses and maximize their tax savings! 


[00:01] The Pros And Cons Of An LLC
Mike welcomes Andrea Sager to the show!Why do you need an LLC for your business?What does an LLC stand for?[01:30] The Benefits Of LLCs For Small Businesses
An LLC will protect you personally from the debts of your companyLLCs are usually the best option for small businesses, while corporations are better for businesses with investorsMost companies file their corporations in Delaware due to its favorable laws and courtsIt is usually best to file in the state that you live in as there is no tax benefit to filing in another state[10:26] How To Setup An LLC And Protect Your Business
The only way to avoid the California franchise tax is to literally move out of CaliforniaTo maintain the protection of an LLC, separate bank accounts must be maintained and funds cannot be commingledAn operating agreement is not required by law but is recommended in case something happens to the business or its owners[16:44] Closing Segment
Andrea invites listeners to her own podcast, “The Legalpreneur Podcast”!  Final Words

Key Quotes
“You want that protection as soon as possible. You don't want to wait until you're making a hundred thousand dollars or whatever that magic number is. You want that LLC from day one because anything that happens before you're an LLC you do not get the LLC protection for.” – Andrea Sager


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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax


IncSight Packages: https://incsight.net/pricing/


Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale
-------
Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
--------
To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Are you struggling to pay your tax bill? Don’t panic – there are options! In this episode, we discuss the different ways you can pay your taxes, from having the payment withdrawn with e-filing to using a debit or credit card.
Mike Jesowshek offers advice such as how to create an IRS account and locate preferred vendors for payment processors. He explains what happens if you don’t pay the full amount on time – including interest and penalties, and how to avoid them.
He covers state payment options and shares his tips on where to help if you need it. Get all this helpful information and more in this episode of the Small Business Tax Savings Podcast.
Tune in now and learn more information on how to pay your tax bill and what happens if you don’t have the funds available! 


[00:01] Options for Those Who Can Afford to Pay and Those Who Cannot
Mike provides options to pay the tax bill in full:Withdraw with e-filing of tax returnPay online via a bank account with an IRS accountPay online via a bank account using Direct PayPay online via debit or credit cardFor those who cannot afford to pay their tax bill:Create an IRS account to view balances, payment plans, and more[06:36] Learn How to Handle Your Tax Bill When You Can't Afford to Pay
If you can’t afford to pay your tax bill, “Don’t panic, there are options available.”Make sure you are still filing your tax return or requesting an extension by the deadlinePay as much as you can with a tax return or extension filing to avoid penaltiesFailure to pay penalties[14:28] Don't Get Stuck in a Tax Penalty Situation
The interest rate on unpaid taxes is the federal short-term rate, compounded dailyOptions for paying taxes include:Borrowing fundsShort-term payment plan/installment agreementOffer in compromiseMake sure to file a tax return even if unable to pay the full amount[17:52] Closing Segment
Check the State’s website for payment plans and penalties/interest rates: https://www.irs.gov/Final Words

Key Quotes
“If you have both a failure to file and a failure to pay penalty in the same month, the failure to file penalty is reduced by the amount of the failure to pay penalty for that month.


So, it's going to be a combined penalty of 5% for each month. If after five months you still haven't paid, the failure to file penalty will max out, but the failure to pay penalty continues until those taxes are paid.” – Mike Jesowshek


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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax


IncSight Packages: https://incsight.net/pricing/


Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale
-------
Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
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To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

What do you need to know about tax extensions? On this episode of the Small Business Tax Savings Podcast, Mike provides an in-depth look at tax extensions and how they can help you.
Mike Jesowshek discusses the difference between an extension of time to file and an extension of time to pay, potential reasons for needing a tax extension, how to request one, and the associated deadlines for different business structures.
The potential risks associated with filing late and the penalties that could come with it. He provides tips on how to reduce your risk of an audit and what options are available for payment if you can’t afford to pay your tax bill. Get all this helpful information and more in this episode of the Small Business Tax Savings Podcast.
Tune in now and learn more information on how to pay your tax bill and what happens if you don’t have the funds available! 


[00:01] Securing Your Business And Personal Tax Returns With Tax Extensions
Mike talks about tax extensions can be done for both business and personal tax returnsA tax extension is an extension of time to file your taxes, not to pay taxes owed[05:08] Dates To Remember: Filing Your Tax Return Or Extensions Request
Extensions are requested from the IRS or other government agenciesHe provides reasons for needing an extension that includes:Waiting on documentsBookkeeping not being completedWanting more time to ensure accuracyFor S-Corporations and Partnerships, file a tax return or an extension request by March 15th, 2023For C-Corporations and Personal Tax Returns (including Schedule C and E), file a tax return or extension request by April 18th, 2023[09:07] File Your Tax Return by the Extended Date to Avoid Interest and Audit Risk
If you've successfully extended, make sure to file the return by September 15th (for S-Corporations and Partnerships or October 16th (for C-Corporations and Personal Tax ReturnsInterest may be added if taxes are not paid on timeFiling an extension does not increase the risk of audit and may decrease itThe extension request must be filed by the original due date, and include payment with the extension request with an estimated tax bill 

[15:50] Closing Segment
Mike will be discussing the options available to pay tax bills next week!  Final Words

Key Quotes
“We don't want to just keep pushing things back because that's going to put more stress on you if you're waiting to file your tax return because you have, “Bookkeeping not completed”, and things like that. Just take some time, get it done, that stuff that we want to be forgetting about. We want to be filing and getting it past our minds. So don't try to just push these continually to the next deadline.” – Mike Jesowshek


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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join Our Tax Minimization Program: https://www.taxsavingspodcast.com/tax


IncSight Packages: https://incsight.net/pricing/


Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale
-------
Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
--------
To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com