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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/

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Are you maximizing your tax savings while building your retirement plan, or leaving opportunities on the table?

In this episode, Mike Jesowshek is joined by Matt Ruttenberg to discuss strategies for reducing your 2024 tax bill through retirement contributions and planning. They highlight key deadlines for individual and employer contributions, such as the April 15th cutoff for IRAs and the extended filing deadlines for employer contributions. They also delve into options like solo 401(k)s, safe harbor plans, and cash balance plans, emphasizing the importance of early planning and ongoing consultation to maximize tax savings and retirement benefits.

[00:00 - 02:17] Introduction

• Mike welcomes Matt Ruttenberg back to the show as a trusted retirement expert.
• Discussion begins with how the new year presents opportunities to address past tax planning mistakes.

[02:18 - 05:59] IRA Contributions

• Deadlines for Roth and traditional IRAs are April 15th.
• Contributions are based on individual earned income, not business profits.
  Lesson: Plan IRA contributions early, as extensions don't apply.

[06:00 - 10:14] Profit Sharing and Employer Contributions

• Employer contributions for profit sharing plans can be made until the extended filing deadline.
• Different strategies, such as "new comparability," can maximize owner benefits.

[10:15 - 13:28] Solo 401(k)s and New Rules

• First-year solo 401(k) participants can contribute employee portions up to April 15th.
• This rule applies to sole proprietors and single-member LLCs, not S-corporations.

[13:29 - 16:11] Safe Harbor and Compliance

• Safe harbor plans help owners and highly compensated employees avoid compliance issues.
• A 4% non-elective contribution can be made post-deadline to improve compliance.

[16:12 - 24:33] Advanced Plans: Cash Balance and Defined Benefit

• High-income businesses can use defined benefit plans for contributions up to $300,000.
• These plans require actuary involvement and multi-year commitments.

[24:34 - 31:16] Key Takeaways and Planning for 2025

• Employer contributions can be made until the filing deadline, including extensions.
• 2025 should focus on proactive tax planning to avoid last-minute issues.

Direct Quote:

"All 401(k) plans are not created equal; work with someone who knows the options available to you." - Matt Ruttenberg

Build a custom 401(k) for your business by visiting https://lifeincrs.com/tax-savings-podcast/

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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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How prepared are you to make 2025 your best financial year yet?

In this episode, Mike Jesowshek dives into strategic financial planning for 2025, emphasizing the importance of a financial summary document, proactive tax planning, and long-term strategic business planning. He explains how to create a comprehensive financial summary, differentiate between tax preparation and tax planning, and implement actionable goals to achieve financial clarity and growth. By focusing on yearly updates, tax strategies, and structured plans, listeners are encouraged to approach the new year with clarity and purpose.

Explore how a clear financial summary, tax strategies, and strategic planning can set you up for success.

[00:00 - 05:12] Creating a Financial Summary Document

• Mike explains the purpose and benefits of a financial summary document.
• Annual updates to a financial summary provide clarity and preparedness.

[05:13 - 12:39] Tax Preparation vs. Tax Planning

• Mike shares the distinction between compliance-focused tax preparation and strategy-driven tax planning.
• Implementing tax strategies is crucial for minimizing tax liability.

[12:40 - 17:20] Strategic Business Planning

• Strategic planning involves envisioning a 10-year perfect scenario and breaking it down into actionable goals.
• Clear planning transforms business goals into achievable steps.

[17:21 - 20:34] Key Takeaways and Resources

• Mike recaps the importance of financial summaries, tax planning, and strategic business goals.
• Success is intentional and requires consistent planning.

Direct Quotes:

"Success doesn't just happen. It's planned." - Mike Jesowshek, CPA

"Learning is important, but implementation is the next step." - Mike Jesowshek, CPA

"Strategic planning helps turn dreams into reality by breaking down goals into actionable steps." - Mike Jesowshek, CPA

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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