How to Maximize Tax Deductions in Your Business with Mike Jesowshek TB

Mike Jesowshek on Business Tax Savings

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Welcome back to the Daily Mastermind. George Wright III with your daily dose of inspiration, motivation, and education. We're joined today by an expert, a guy that I've really enjoyed speaking with, Mike Jezichek. How are you doing today?

Good, George. Thanks for having me.

‍Listen, man, I'm super glad to have you here because I want to talk today with the audience about a topic, which not everybody gets excited about, which is taxes, but they do get excited when they talk about things on how they can really maximize their benefits.

I hit all the time that saving money is a lot easier than making money. And before we get rolling, I just wanted to let them know a little bit of your background. Mike has been a CPA, owned his own business, owned multiple companies, actually. And he's also the host of the Small Business Tax Savings Podcast and has some incredible resources for small businesses, investors, and larger businesses as they scale, for information on how to minimize and eliminate taxes.

Minimize taxation, maximize deductions, and things like that. So we're going to talk about everything related to that today. But before I do, Mike, can you just give our audience a quick brushstroke of your background? Because it's not just accounting, but you're really deep in that vein. So tell us what brought you into doing your own podcast and really the business part of it, the business side of it, when you have this background in tax.

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Mike's Entrepreneurial Journey

Yeah. It's funny, I've been an entrepreneur pretty much my whole life. So I was always working for myself but started at a young age of 14 in the online marketing industry.

I was in different parts of that industry—affiliate marketing, different parts of the online marketing industry. Eventually, I got to college and thought, "Okay, I'm going to go for accounting as my backup plan." I went for accounting and started a couple of businesses.

We had businesses with a bunch of partners, and I started to then get into the finance side of that online marketing industry. I got the CPA, and then we got into a business that had seven partners. We were all really good at different things and trying to pull this company in a bunch of different directions, which led to frustration for everybody because we couldn't focus on what we did best.

So we decided to go off and do our own things. At that point, I started a digital online accounting firm back in 2013. And now, when you say "digital accounting firm," it's a pretty common idea—especially after COVID.

But that was early on, in 2013. Nobody was really doing that.

The industry I was in was a younger generation, all working remotely. We had a good reputation in that industry, so it was an easy entrance for me to start that firm. We started off with bookkeeping, partnered with tax people to whom we’d send our bookkeeping clients, and really got frustrated because I could never get a clear answer from those partners.

I'd ask a tax planning question, like, "How would our client do this?" And they'd respond with, "It depends." I could never really get a clear answer.

Eventually, that led me to do my own research, start doing taxes, and really find a love for the tax planning space, which is where we are now.

The podcast started almost by accident. We were doing some YouTube videos on different tax strategies. One of our team members said, "Hey, why don’t you try putting this on a podcast?"

I wasn’t a podcast listener back then—this was a little over five years ago. But I thought, "Okay, let’s try it." We put three videos up, turned them into audio for a podcast.

Six months later, someone reached out and said, "Hey, I love your podcast. How do I work with you?" And I thought, "What podcast?" I had no clue what they were even talking about.

Then it clicked—oh yeah, we put those three videos up six months ago. That was our cue to start doing this. It really turned into a passion project. My goal is to help business owners understand the tax strategies available to them.

So we started doing weekly episodes, creating videos with accompanying blog posts, and everything like that. That’s how we started growing from there.

That’s awesome. So what’s nice about your background is you come from business into accounting, and you have the mix of both, right? You understand the day-to-day workings and the operations of growing and scaling a business, which is great.

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The Importance of Tax Planning

It brings up this topic that I’ve hit on a few times, and I know you’re a big advocate of distinguishing between tax preparation and tax planning, right? People think of "my accountant" and don’t realize, as they grow their wealth, they need a team of specialists. The tax code is so completely overwhelming that nobody could understand all of it anyway.

You, I feel, dig deep into areas you specialize in. Help us understand from your perspective the difference between tax planning and tax prep—and the importance of each.

Tax prep is obviously required by law. It’s just taking information, sending it to the IRS and state agencies. That gets done after the year ends.

Tax planning, on the other hand, is what you do throughout the year—January to December—to ensure you’re paying the least amount of taxes legally possible. Then, when you meet your accountant in February or March, you’re simply taking that information and submitting it to the agencies.

So many business owners don’t think about tax planning because they don’t get the answers they need. They might ask, "How do I hire my kids?" and get the answer, "It depends." That discourages them, and they walk away from the idea of tax planning.

But whether you’re making $1,000 or $10 million a year, there are plenty of tax strategies that are easy to understand, fairly easy to implement, and completely legal.

That’s a great distinction—planning versus preparing. And I feel like so many business owners don’t realize they could save significantly just by being proactive.

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Maximizing Deductions: Strategies and Mindset

So let’s get to the million-dollar question. Most people just want to know how to pay less taxes and maximize their deductions. I know we don’t have all the time in the world today, but where would someone start? Help us understand your mindset around maximizing deductions for businesses.

Yeah. This idea of maximizing deductions is exactly that—it’s a mindset shift. We have to walk business owners through it because many think of maximizing deductions as going out and buying things they don’t necessarily need, just to get a tax benefit.

For example, a traditional accountant might say, "It’s close to year-end, you should buy a truck and take some bonus depreciation." The business owner might think, "I don’t really need a truck, but if it helps with taxes, I guess I’ll get one."

That’s the common perception—buying things you don’t need to save taxes. But it doesn’t really make sense. If you buy a $100,000 truck, even if you’re in the highest tax bracket, you’re only saving a percentage of that cost in taxes. You’re still spending money you didn’t need to spend.

When we talk about maximizing deductions, we want to shift the mindset. Instead of spending unnecessarily, we focus on how to take spending you’re already doing and turn it into pre-tax spending.

I love that distinction. It’s about turning after-tax spending into pre-tax spending. That’s a really important shift for business owners to understand. So, what are some examples or tips for how to do that?

One example is thinking about home office expenses. Let’s say you’re working from home and buy a desk, a chair, or a computer. As a W-2 worker, you don’t get any tax deductions for those items. But as a business owner, those same expenses can become pre-tax deductions.

The IRS and Congress actually encourage business owners to use the tax code to their advantage. That’s one of the greatest advantages of being a business owner.

I love the way you frame that. It’s about being intentional and proactive—thinking pre-tax, not after-tax. But some business owners worry about being "too aggressive" with deductions or triggering an audit. How do you handle that concern?

Absolutely, and it’s a common concern. Many business owners feel nervous about taking deductions, thinking it might be "shady" or risky. But the truth is, the tax code is written the way it is for a reason. It’s our job to take advantage of the opportunities it provides.

The IRS isn’t going to advertise ways for you to save money—it’s up to us to dig into the code and apply it. If you’re following the rules, you have nothing to worry about. The key is documentation.

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Documentation and Compliance

So, documentation is critical. Can you give some examples of what that looks like in practice?

Absolutely. Let’s say you’re going out to a meal with a client. That’s a valid business expense, but you need to document it. Write down who you met with, why you met with them, and keep the receipt. Take a picture of it and store it. You might never need it, but if the IRS comes knocking, you’ll be prepared.

Another great example is hiring your kids. Many business owners support their kids financially. Why not turn that into a business deduction? But it’s not as simple as just writing them a check. They need to be doing actual work, earning a reasonable wage, and you need documentation—job descriptions, employment agreements, and records of hours worked.

That way, if the IRS ever questions it, you have everything ready to back it up. Most of the time, you’ll never need it, but having that peace of mind helps business owners feel confident about taking deductions.

I think you’re absolutely right. It’s about being prepared and having a plan. And the benefits of proactive tax planning go beyond just saving money—they compound over time.

Exactly. Reducing your tax liability doesn’t just save you money—it gives you more to invest back into your business or other opportunities. Those savings can grow and multiply over time.

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Resources and Final Thoughts

Mike, you’ve provided so much value today. Where can people connect with you and learn more about your resources?

The best place is TaxSavingsPodcast.com. We release weekly episodes, blog posts, and videos—all free content designed to help business owners pay the least amount of taxes legally possible.

For those who want to go deeper, we’re also launching a new software called Tax Elm, which helps users build out custom tax plans and get more advanced training on tax strategies.

That’s awesome. I’ll include links to your site and resources in the show notes. And I think the key takeaway for listeners is that tax planning isn’t about replacing your accountant—it’s about adding to your arsenal and being proactive about growing your wealth.

Exactly. Many of our listeners work with their existing accountants and just use our resources to bring new strategies to the table. It’s about collaboration, not replacement.

Mike, this has been such a valuable conversation. Thanks so much for being here today. And for everyone listening, share this episode with others who need to hear it. Tax planning is such a critical part of growing your business and building wealth. Take action and start planning now. Thanks again, Mike!

Thanks, George.

Once again, this has been the Daily Mastermind. I’ll see you back here tomorrow. Take care and have a great day!

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About Mike Jesowshek:‍

Mike is a true expert in making tax savings simple for small business owners. As an entrepreneur, speaker, author, and podcast host, he's all about breaking down the complex world of taxes into easy-to-understand strategies.

Mike's main goal? To help you, the business owner, learn how to pay the least amount in taxes as legally possible.

Having educated thousands of entrepreneurs nationwide, Mike's expertise makes navigating tax savings accessible, empowering business owners to take critical steps toward business growth and enhanced wealth.

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Guest Resources:

Website: https://www.taxsavingspodcast.com/

Instagram: https://www.instagram.com/taxsavings/

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

X: https://x.com/tax_podcast

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About George Wright III:

George Wright is a Proven, Successful Entrepreneur- and he knows how to inspire entrepreneurs, companies, and individuals to achieve Massive Results. With more than 20 years of Executive Management experience and 25 years of Direct Marketing and Sales experience, George is responsible for starting and building several successful multimillion-dollar companies. He started at a very young age to network and build his experience and knowledge of what it takes to become a driven and well-known entrepreneur. George built a multi-million-dollar seminar business, promoting some of the biggest stars and brands in the world. He has accelerated the success and cash flow in each of his ventures through his network of resources and results driven strategies. George is now dedicated to teaching and sharing his Prosperity Principles and Strategies to every Driven and Passionate Entrepreneur he meets. His mission is to Empower Entrepreneurs Globally to create Massive Change and LIVE their Ultimate Destiny.

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