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Small Business Tax Savings PodcastAuthor: Mike Jesowshek, CPA
The Small Business Tax Savings Podcast is designed specifically for small business owners. We focus on tax savings and ways to have a financially sound back bone to your small business. Our goal is to have you paying the least amount in taxes as legally possible.Hosted by by Mike Jesowshek, CPA, this is a quick hitting podcast aimed to get you important information without all the fluff. You can find episodes, blog posts, information on our software TaxElm and more on our website: www.TaxSavingsPodcast.com Language: en Genres: Business, Entrepreneurship, Investing Contact email: Get it Feed URL: Get it iTunes ID: Get it |
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How to Hire Your Family and Save on Taxes in 2026
Wednesday, 21 October, 2026
The money you're already spending on your family could help lower your business tax billIf your family members perform legitimate work for your business, you may be able to turn some of that spending into tax-deductible wages.In this episode, Mike Jesowshek, CPA, explains how hiring your kids and other family members can help reduce your taxes in 2026. He covers who you can hire, how the rules differ for sole proprietors and S corp owners, and how much your children can potentially earn tax-free. He also walks through reasonable wages, payroll requirements, the documentation you need, and common mistakes that could put your deductions at risk.👉Find out how much your business could save in taxes:TaxSavingsPodcast.com/scorecard 🚀 Book your free demo call today. Click here or visit:https://taxelm.com/demo/00:00 How Hiring Your Family Can Help You Save on Taxes Mike explains how paying family members for real work can turn everyday family support into business deductions. He also shares how one business owner saved $12,000 by hiring his kids.04:00 How the Tax Savings WorkHow hiring family members can lower your taxes, including the 2026 standard deduction of $16,100 and potential payroll tax savings.07:00 Who Can You Hire? Kids, Spouses, and Other Relatives The rules for hiring children, spouses, parents, and other relatives, and when each option makes financial sense.13:00 The S Corp Workaround and Family Management Companies Why S corp owners face different payroll tax rules and how a separate business may help them qualify for additional savings.17:00 Setting Up Payroll and Documentation Correctly How to choose appropriate work, pay reasonable wages, and keep the paperwork needed to support your deductions.22:00 Reporting Family Wages and Calculating Your Tax Savings How to report wages correctly, handle payroll taxes, and calculate potential savings using real client examples.26:00 Using a Roth IRA to Build Tax-Free Retirement Savings How children with earned income can contribute to a Roth IRA and start building retirement savings early.29:00 Common Mistakes to Avoid and Key Takeaways The biggest mistakes to avoid, including missing records, unreasonable wages, incorrect payroll reporting, and paying for personal chores.Podcast Host:Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings PodcastJoin 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 TOUCHYou 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 REVIEWIf you enjoy the podcast, please leave a 5-star review on Apple Podcasts or Spotify—it helps more business owners find the show ⭐
