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Are you making the most of the new 2025 tax changes, or could a simple tax strategy adjustment save you thousands?

In this episode, Mike breaks down key tax changes for 2025 that small business owners need to know. He covers adjustments to tax brackets, increases in the standard deduction, new mileage rates, retirement contribution limits, and updates to gift and estate tax exclusions. He explains how these changes impact tax planning, emphasizing strategies to optimize deductions and avoid unnecessary tax burdens. Additionally, he highlights potential future tax changes with the incoming administration and the importance of staying updated.

[00:00 - 05:21] Understanding the 2025 Tax Brackets

• Tax brackets adjust annually for inflation, ensuring more income is taxed at lower rates.
• Mike explains how tax brackets work and why crossing into a higher bracket doesn’t mean all income is taxed at that rate.
• Knowing your tax bracket can help with strategic tax planning, such as Roth conversions and deductions.

[05:22 - 10:24] Mileage Deduction Increase for 2025

• Mike discusses when to use the mileage method versus actual expenses for vehicle deductions.
• Choosing the right deduction method (mileage vs. actual expenses) depends on vehicle costs and business mileage.

[10:25 - 14:44] Standard Deduction Updates

• The standard deduction increases to $30,000 for married filers and $15,000 for single filers.
• How can this impact taxpayers deciding between itemized and standard deductions?
• Most taxpayers will benefit from the standard deduction, but strategic "bunching" of itemized deductions can provide tax advantages.

[14:45 - 18:53] Retirement Contribution Limits Increase

• Employee 401(k) contribution limit rises to $23,500, while IRA limits remain at $7,000.
• Maximizing retirement contributions helps reduce taxable income and build financial security.

[18:54 - 21:53] Gift & Estate Tax Changes

• The gift tax exclusion increases to $19,000 per recipient.
• Estate tax exemption rises to $13.99 million, affecting wealth transfer planning.
• Strategic gifting can help reduce taxable estates and transfer wealth efficiently.
• Proactive tax planning ensures business owners take advantage of new tax laws while avoiding potential pitfalls.

Quotes:

“Simply going into a new tax bracket doesn’t mean all of your income is taxed at that higher rate.” - Mike Jesowshek, CPA

“More of your income being taxed at a lower rate is good news—it means you’re keeping more of what you earn.” - Mike Jesowshek, CPA

Click here to book a demo call or you can visit https://taxelm.com/demo/

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

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

YouTube: www.TaxSavingsTV.com

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Are you tired of overpaying on taxes and looking for straightforward strategies to save money while growing your business?

In this episode, Mike Jesowshek announces the launch of his new book, Small Business Tax Savings Handbook. The book aims to help small business owners, entrepreneurs, and freelancers reduce taxes legally and build financial stability. Designed to be accessible and action-oriented, it includes proven tax strategies, practical examples, and end-of-chapter checklists. Mike also discusses launch week bonuses, including a tax strategy checklist, a live Q&A webinar, and a bonus chapter. The episode emphasizes the importance of year-round tax planning and implementing strategies to maximize savings.

[00:00 - 05:40] What the Book Offers

• Mike explains the book’s purpose: reducing taxes and empowering small business owners.
• Understanding tax incentives is crucial for financial success.
• He shares step-by-step guides to make complex tax topics easy to understand.
• Implementing strategies leads to immediate and long-term savings.

[05:41 - 07:17] Who the Book is For

• The book is designed for small business owners, entrepreneurs, and freelancers.
• Mike highlights the need for year-round tax planning.
• Effective tax planning can create opportunities for wealth growth.

[07:18 - 09:11] Launch Week Bonuses and Call to Action

• Mike gives details about bonuses: tax strategy checklist, live Q&A, and a bonus chapter on 2025 strategies.
• He encourages listeners to purchase the book and leave reviews.

Direct Quotes:

“This isn’t just another tax book; it’s a game plan for small businesses ready to take control of their financial future.” - Mike Jesowshek, CPA

“You can learn all day, but until you implement it, you don’t see tax savings.” - Mike Jesowshek, CPA

“Effective tax planning isn’t just for tax season—it’s a year-round effort.” - Mike Jesowshek, CPA

Check out this episode’s blog post: https://www.taxsavingspodcast.com/blog/introducing-the-small-business-tax-savings-handbook

Order your very own copy of the Small Business Tax Savings Handbook: How to Save on Taxes While Growing Your Business and Wealth by visiting Amazon!

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

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

YouTube: www.TaxSavingsTV.com

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What if you could apply the wealth-building strategies of billionaires to your own small business?

In this episode, Mike Jesowshek demystifies the concept of a family office, traditionally associated with the ultra-wealthy, and explains how small business owners can adopt similar strategies to build wealth, optimize taxes, and create a legacy. He details the roles and responsibilities within a family office, such as tax strategists, attorneys, and financial advisors, and outlines actionable steps for organizing finances, assembling a team, and reviewing progress regularly. Mike emphasizes starting small, documenting plans, and growing the family office alongside business success, offering practical guidance for sustainable financial management.

Discover how to create a family office tailored to your goals by tuning in!

[00:00 - 02:11] Why Small Business Owners Need a Family Office

• Mike explains what a family office is and how it manages wealth.
• The principles of family offices can be scaled to any income level.
• Prioritize creating a financial safety net alongside business investments.

[05:13 - 10:23] Key Roles in a Family Office

• Mike breaks down the core components, including tax strategists, financial advisors, attorneys, and bookkeepers.
• A well-structured team can significantly enhance tax efficiency and wealth growth.

[10:24 - 16:12] Building Your Family Office

• Steps to get started: organize finances, fill roles, and align the team with personal goals.
• Mike stresses the importance of due diligence when selecting advisors.
• Even small steps, like self-managing roles initially, can lay the foundation for success.

[16:13 - 21:40] Continuous Improvement and Documentation

• Mike encourages regular reviews and adjustments as the business evolves.
• He suggests documenting roles and plans for clarity and legacy planning.
• Consistent reviews and clear documentation prevent stagnation and ensure long-term success.

[21:41 - 24:13] Closing Thoughts and Resources

• Mike reiterates the value of taking action and starting small.
• Proactive implementation leads to significant financial benefits.

Direct Quotes:

"A family office is kind of like a CEO-level approach to managing wealth." - Mike Jesowshek, CPA

"You get to pick and choose what your family office looks like—start small and grow as your business grows." - Mike Jesowshek, CPA

"Think of your family office as a tool belt: each role is a tool that helps you achieve your goals." - Mike Jesowshek, CPA

"Don’t just fill a role to fill a role—do your due diligence and make sure the people you choose align with your vision." - Mike Jesowshek, CPA

Check out this episode’s blog: https://www.taxsavingspodcast.com/blog/build-your-own-family-office-start-saving-taxes-and-building-wealth-today

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

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

YouTube: www.T