Can you deduct your dog, pay your child tax-free, or claim the kitchen table as a home office? Tax rules for small business owners aren’t always straightforward. Wrong assumption could lead to missed deductions or problems with the IRS.

In this Q&A episode, Mike answersyour questions. He explains which expenses may qualify when a dog is used for marketing, how hiring children differs between an S corporation and a sole proprietorship, and what happens when a child turns 18.

He also covers mileage tracking, missing receipts, home office requirements, unreported Venmo income, retirement plan deadlines, college funding strategies, and whether health-sharing payments qualify for the self-employed health insurance deduction.

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Chapters

00:45 Hiring Your Children Through an S Corporation
Mike explains how a child’s age and the business entity affect income tax, FICA withholding, W-2 employment, and 1099 contractor treatment.

05:03 Deducting Your Dog and Tracking Business Mileage
Learn which dog-related marketing expenses may qualify as deductions, which personal pet expenses typically don’t, and how to document business mileage.

09:10 Missing Receipts and Paying for College Through Your Business
Mike covers the documentation needed for expenses under $75, reimbursing personally paid business costs, and hiring a child to help fund college.

13:55 Retirement Deadlines and the Home Office Deduction
Review important retirement contribution deadlines and find out why working from the family kitchen table generally doesn’t qualify for a home office deduction.

16:28 Hiring a Teenager and Reporting Venmo Income
Mike explains W-4 and payroll requirements when hiring a 15-year-old, along with why business income must be reported even when no 1099 is received.

19:26 Health-Sharing Plans and Insurance Deductions
Find out whether health-sharing payments qualify for the self-employed health insurance deduction and how to compare their cost with potential tax savings.

Podcast Host:

Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast
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🎙 ABOUT THE PODCAST
The Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.