Build Your Wealth Muscle

In this episode, Patrick Darby welcomes back recurring guest Stephen Kopshaw, a seasoned COO with extensive experience in helping businesses scale and optimize their operations. Stephen discusses the pivotal role of a COO, emphasizing how this position orchestrates team productivity and efficiency. They explore the common pain points businesses face, such as slowdowns in project completion and lack of team accountability, and how a COO can address these issues by implementing better communication, project management systems, and meeting cadences. Stephen explains the financial rationale behind hiring a COO, suggesting that a COO should help increase a company's revenue by at least four times their salary. They also delve into the nuances of knowing when to hire a COO full-time versus on a project basis and the importance of having clear, measurable outcomes for team members.  Episode Highlights: What roles and duties does a COO perform in your business? When is the right time to hire a COO? How to calculate the Return/Value you get from your COO! LINKS: https://www.instagram.com/stephenkopshaw/ Profit & Loss Template Save Taxes: Free Discovery Call  Follow me: https://www.instagram.com/thepatdarby #BuildYourWealthMuscle #BusinessGrowth #COO #OperationsManagement #BusinessEfficiency #Entrepreneurship #Leadership #BusinessStrategy #BusinessPodcast #TeamManagement #OperationalExcellence #BusinessDevelopment #StartupGrowth #BusinessOperations #ScaleYourBusiness #SmallBusinessTips #BusinessAdvice #BusinessSuccess #FinancialPlanning #BusinessOptimization

In this episode, we explore how to manage quarterly tax payments without a CPA. I offer a detailed guide on their importance, calculating payments based on last year's taxes, and using IRS and state portals. Key points include avoiding underpayment penalties, tracking payment confirmations, and setting up an IRS account. This episode aims to help business owners manage their taxes effectively while highlighting the value of professional tax advice for filings and deductions. Episode Highlights: Why we owe Quarterly Tax Payments? How to Calculate the payments? How to login and Pay the Tax payments each quarter? Links: IRS Direct Pay IRS EFTPS Profit & Loss Template Save Taxes: Free Discovery Call  Follow me: https://www.instagram.com/thepatdarby #QuarterlyTaxes #TaxPayments #BusinessFinance #TaxTips #DIYTaxes #TaxPlanning #IRS #TaxAdvice #SmallBusiness #FinancialManagement #TaxObligations #TaxSeason #AvoidPenalties #TaxGuide #BusinessOwners #TaxKnowledge

In this episode, Patrick delves into the complexities of state taxes, focusing on unexpected state tax liabilities and the concept of nexus. He covers who owes state taxes and under what conditions, including economic activity in a state without physical presence, dubbed as 'nexus'. Key nexus triggers are explored, such as W-2s from another state, owning rental property, business operations in other states, and sales without a physical presence. The episode also touches on gray areas in nexus laws and offers insights into how business owners can manage liabilities and avoid unexpected taxation. This episode aims to equip listeners with the knowledge to navigate state taxes more effectively and make informed decisions about their businesses and personal finances. Episode Highlights: How to avoid state tax! What is Nexus & why that is very important? How to properly move to a No Tax State! LINKS: Profit & Loss Template Save Taxes: Free Discovery Call  Follow me: https://www.instagram.com/thepatdarby #StateTax #TaxLiabilities #Nexus #StateTaxes #BusinessOwners #Taxation #NoTaxState #TaxPlanning #TaxationLaws #FinancialEducation #SmallBusiness #TaxSeason #EconomicActivity #GrayAreas #TaxStrategies #BusinessInsights #TaxManagement #PersonalFinance #W2 #RentalProperty #BusinessOperations #SalesTax #AvoidTaxation #FinancialDecisions

In this episode,  we're breaking down essential insights to ease your worries. Discover the IRS penalty that's a whopping 10 times higher than failing to pay, explore the two main payment plans offered by the IRS, and learn what activities are off-limits while you're on an IRS payment plan. Tune in for expert advice on navigating taxes with confidence! Episode Highlights: What IRS penalty is 10X higher than failing to pay? 2 types of payment plans by IRS What is prohibited while you are on an IRS payment plan LINKS: Profit & Loss Template Save Taxes: Free Discovery Call  Follow me: https://www.instagram.com/thepatdarby #NoFearIRS #IRSInsights #TaxConfidence #IRSMythsBusted#PaymentPlansDemystified #AvoidThePenalties, #TaxNavigation, #InformedTaxpayer, #IRSProhibitions, #FinancialFreedomJourney, #UnderstandingTaxes, #TaxAdvice, #NoMoreTaxFears, #IRSExplained

In this episode, we uncover why self-directing, or managing your investments, often gets a bad rap. We explain why paying attention to this topic matters for your financial well-being. Plus, we outline three types of investments you should avoid when self-directing: risky ventures, complicated financial tools like derivatives, and unconventional assets such as collectibles or cryptocurrencies. Tune in for practical insights on avoiding common pitfalls and making smarter investment choices. Episode Highlights: What is Self-Directing? Why you should care about it? What are 3 investments you can NOT make? LINKS: Profit & Loss Template Save Taxes: Free Discovery Call  Follow me: https://www.instagram.com/thepatdarby #SelfDirecting #InvestmentKnowledge #FinancialSecurity #InvestmentRisks #SmartInvesting #AvoidingPitfalls #MoneyManagement #FinancialWellness #InvestmentEducation #DIYInvesting

In this episode, we delve into the three cutting-edge retirement strategies currently available, each offering unique advantages and unparalleled benefits. From the exclusive realm of the only Triple Tax Free Strategy to unlocking the holy grail of Retirement Vehicles, and not forgetting the significant perks tied to Solo 401Ks, we navigate through the intricacies of these options to empower you in making informed decisions for your retirement planning. Join us as we explore these innovative approaches that could redefine the way you envision and achieve your retirement goals. The only Triple Tax Free Strategy The holy grail of Retirement Vehicles The major perk of Solo 401Ks LINKS: Profit & Loss Template Save Taxes: Free Discovery Call  Follow me: https://www.instagram.com/thepatdarby #RetirementStrategies #TripleTaxFree #HolyGrailRetirement #Solo401K #FinancialPlanning #SecureFuture #TaxFreeInvesting #WealthManagement #FinancialFreedom #RetirementGoals

In this episode, we demystify the key questions accountants need answers to, empowering individuals to proactively engage with their financial professionals. Additionally, we unveil three invaluable templates designed to streamline the tax-filing process for clients, providing practical tools for organizing financial information effectively. Join us as we unravel the complexities of tax preparation, offering valuable insights to ensure a smooth and informed filing experience. LINKS: Profit & Loss Template Save Taxes: Free Discovery Call  Follow me: https://www.instagram.com/thepatdarby #TaxPrep101 #FinancialWisdom #1099Insights #AccountingKnowHow #TaxFilingTips #ClientTemplates #MoneyMatters #FinancialOrganization #TaxSeasonReady #SmartFinances #AccountantAdvice #FiscalClarity

In this episode, we explore S-Corporations' intricacies and their substantial potential for tax savings. Uncover the critical areas where S-Corps can significantly decrease taxes for business owners, unraveling the complexities of tax minimization strategies. The spotlight will also be on common mistakes entrepreneurs often make when establishing an S-Corp, presenting valuable insights to assist listeners in navigating potential pitfalls. From grasping the tangible benefits to delving into the potential drawbacks, we'll thoroughly analyze the costs of establishing and maintaining an S-Corp.  Episode Highlights: What tax S-Corps reduce! Mistake Business Owner's make setting up an S-Corp What it costs to have an S-Corp LINKS: Profit & Loss Template Save Taxes: Free Discovery Call  Follow me: https://www.instagram.com/thepatdarby #SCorporationsSavings #TaxMinimizationStrategies #EntrepreneurMistakes #SoleHostInsights #BusinessTaxTips #FinancialWellBeing #TaxEfficiencyGuide #SavingsUnveiled #BusinessFinance101

In this episode, I delve into crucial tax-related tasks for individuals and businesses as we step into the new year. I emphasize the importance of updating payroll providers and staying informed about evolving regulations. The discussion also covers a critical January tax filing deadline, offering key insights for effective financial planning. Furthermore, I present four strategic tax approaches, providing valuable advice to enhance fiscal responsibility. Whether you're an individual taxpayer or a business owner, this episode is packed with actionable tips for proactive tax management and informed decision-making in the dynamic realm of tax regulations. Episode Highlights: What you need to update with your payroll provider! 1 Critical tax filing in January 4 Tax Strategies to consider LINKS: Profit & Loss Template Save Taxes: Free Consultation  Follow me: https://www.instagram.com/thepatdarby #TaxTips2024 #NewYearTaxChecklist #FinancialPlanning #TaxStrategy #PayrollUpdates #FiscalResponsibility #JanuaryDeadline #TaxManagement #SoloEpisode #InformedDecisions #TaxToDoList #MoneyMatters #BusinessFinance #PersonalFinance #TaxInsights #PodcastWisdom #FinancialWellness #TaxResponsibilities #2024TaxSeason #EpisodeHighlight

In this episode, we delve into crucial aspects of financial planning and taxation that entrepreneurs and business owners often overlook. Our discussion unravels the intricacies surrounding the problem with LLC, shedding light on common pitfalls and offering strategic insights for better decision-making. We also tackle a rarely discussed but significant issue concerning the hiring of employees, providing valuable perspectives to navigate potential pitfalls. Additionally, our exploration extends to the often misunderstood realm of tax write-offs, as we demystify why a luxury vehicle may not be the advantageous deduction it seems to be.  Episode Highlights: Problem with LLCs 1 Problem with Hiring Employees that is rarely discussed Why a luxury vehicle can be a bad write-off LINKS: Year-End Tax Saving Consult Profit & Loss Template Save Taxes: Free Consultation  Follow me: https://www.instagram.com/thepatdarby #FinancialPlanning #TaxationInsights #EntrepreneurshipTips #BusinessOwners #LLCStruggles #EmployeeHiring #TaxWriteOffs #SmallBusinessAdvice #FinancialEducation #StrategicInsights #BusinessDecisions #EntrepreneurialMinds #TaxationTips #AvoidingPitfalls #LLCProblems #EmployeeManagement #LuxuryVehicleDeductions #PodcastWisdom #MoneyMatters #SmallBizSuccess #TaxPlanning101 #BusinessStrategy #FinancialAwareness #PodcastEpisode #TaxDeductionMyths #MoneyTalks #BusinessPodcast

In this episode, we break down common misunderstandings about taxes. We explain the differences between tax preparation and tax planning in simple terms. Learn two practical strategies to pay less in taxes and get insights into making smart financial decisions. The episode also covers some strategies that don't require complicated tax planning. Whether you're a tax pro or just getting started with your finances, this episode gives you a straightforward perspective on optimizing your tax approach and debunking common myths. Don't miss this helpful session to gain control of your financial future. Episode Highlights: The misconception of tax planning! What are 2 ways to pay less taxes? What strategies do NOT need tax planning? LINKS: Year-End Tax Saving Consult Profit & Loss Template Save Taxes: Free Consultation  Follow me: https://www.instagram.com/thepatdarby #TaxTalks #FinancialInsights #TaxMythsDebunked #SmartFinance #TaxPlanningSimplified #MoneyMatters #TaxProTips #FinancialWisdom #TaxOptimization #MythsVsReality #MoneySmart #TaxStrategies #FinancialFreedom #TaxPrepVsTaxPlanning #SavingsStrategies #Finance101 #TaxBreakdown #WealthBuilding #MoneyManagement #TaxSavingsTips #FinancialEducation #MythBustersFinance #TaxMythsExposed #FinancialEmpowerment #SmartTaxDecisions #OptimizeYourTaxes #FinancialClarity #TaxEfficiency #MythsofTaxPlanning #MoneyMindset #FinancialStrategy101

In this episode, we're delving deep into the essential strategies and insights you need to make sure your year-end tax planning is on point. We'll discuss the intricacies of pre-paying expenses, explore the savvy ways to legally minimize your tax burden in a down economy, and uncover the common missteps that often go unnoticed with your current business entity. Don't miss out on this valuable information as we guide you through the year-end tax mistakes to avoid, ensuring your financial future is brighter than ever. Episode Highlights: What expenses should you consider Pre-Paying? Ways to legally avoid taxes in a down economy? What are common mistakes with your current Business Entity? LINKS: Profit & Loss Template Save Taxes: Free Consultation  Follow me: https://www.instagram.com/thepatdarby #TaxPlanning #YearEndTax #TaxStrategies #FinancialInsights #TaxSavings #ExpensePrepayment #TaxMinimization #EconomicDownturn #BusinessEntity #TaxMistakes #FinancialFuture #SavvyFinance #EpisodeHighlights #MoneyManagement #TaxTips #AvoidMistakes #FinancialPlanning #TaxSeason #SmartFinance #MoneyMatters

In this episode, we delve into a crucial question: Can health insurance truly prevent bankruptcy? Join us as we explore the top two leading causes of bankruptcy, revealing the financial pitfalls that many unsuspecting individuals face. Discover ingenious strategies to navigate open enrollment deadlines and rules, ensuring you're never left without the coverage you need when you need it most. Plus, we unveil a game-changing secret on how to work within the Obamacare system, offering a lifeline for those seeking affordable, reliable healthcare solutions. Don't miss this essential episode on the intersection of health insurance and financial security. Episode highlights: Top 2 causes of Bankruptcy! How to get around Open Enrollment Deadlines & Rules! 1 Way to game the Obamacare system! LINKS: Profit & Loss Template Save Taxes: Free Consultation  Follow me: https://www.instagram.com/thepatdarby Hashtags: #HealthInsuranceMatters #BankruptcyPrevention #FinancialPitfalls #OpenEnrollmentStrategies #CoverageWhenYouNeedIt #ObamacareInsights #AffordableHealthcare #FinancialSecurity #BankruptcyCauses #HealthcareSolutions #PodcastEpisode #InsuranceTips #NavigatingOpenEnrollment #FinancialWellness #HealthcareLifeline #ObamacareHacks #InsuranceInsights #ProtectYourFinances #EpisodeHighlights #FinancialFreedom

In this episode, we delve into the world of tax strategies for W2 employees, unveiling five invaluable tactics to help you optimize your financial situation. Join us as we explore everything from tax-deferred savings accounts to deductions and credits that can put more money back in your pocket. Episode Highlights: How you can utilize tax perks at your office Which tax strategy can be great but also highly predatory? Don't let the taxes be more important than the purchase? LINKS Profit & Loss Template Save Taxes: Free Consultation  Follow me: https://www.instagram.com/thepatdarby #TaxTips #W2Employees #TaxStrategies #TaxPlanning #FinancialWellness #MoneyManagement #TaxSavings #FinanceFriday #IncomeTax #SmartMoney #FinancialFreedom #TaxSeason #MoneyMatters #Budgeting #PersonalFinance #TaxEfficiency #TaxAdvice #FinancialPlanning #TaxSeasonPrep #TaxDeductions

In this episode, we delve into the Solo 401K retirement plans, shedding light on crucial eligibility criteria and often overlooked deadlines. Join us as we demystify the world of Solo 401Ks, discussing who qualifies for this powerful retirement savings option, the commonly missed deadlines that can impact S-Corp owners, and the situations in which a Solo 401K might not be the best choice.  Episode Highlights: Who is eligible for Solo 401K? The deadline that many S-Corp owners miss! Who should NOT use a Solo 401K! LINKS: Profit & Loss Template Save Taxes: Free Consultation Follow me: https://www.instagram.com/thepatdarby

Benoy Thanjan is the Founder and CEO of Reneu Energy and he is also an advisor for several solar startup companies. He has extensive project origination, development, and financial experience in the renewable energy industry and in the environmental commodities market. Tune in to discover the average breakeven period for homeowners embracing solar power, gaining insights into when your investment starts paying off. Benoy also reveals the essential factors to consider when determining who should refrain from adopting solar for their house, shedding light on the situations where it might not be financially viable or practical. Plus, don't miss out on the invaluable advice Benoy shares regarding the biggest mistake to avoid when venturing into the world of solar energy, ensuring that you make informed and cost-effective choices for a sustainable energy future. Episode Highlights: How long is the average breakeven for Residential Solar energy? Who should NOT get Solar for their house? Biggest mistake to avoid with Solar. LINKS: Benoy's Solar Maverick Podcast Renue Energy Profit & Loss Template Save Taxes: Free Consultation  Follow me: https://www.instagram.com/thepatdarby

In this episode, we delve into the fundamental principles of asset protection. Discover the essential distinctions between those who require asset protection and those who might not, shedding light on the situations where these measures may not be as pertinent. Whether you're a seasoned investor or just starting on your financial journey, understanding the basics of asset protection is essential for securing your future. Tune in now to safeguard your assets wisely! Episode Highlights: What are the 3 levels of asset protection? Who doesn't need asset protection? Who does asset protection strategies not apply for? LINKS: Profit & Loss Template Save Taxes: Free Consultation  Follow me: https://www.instagram.com/thepatdarby #tax #savetax #wealth #asset #protection #AssetProtection #WealthManagement #FinancialSecurity #InvestmentStrategies #ProtectYourAssets #FinancePodcast #AssetSafety #WealthPreservation #MoneyManagement #FinancialPlanning

Join us today as we dive into savvy strategies for maximizing your tax deductions during the second half of the year.  We'll review five crucial tax deductions that deserve your planning attention, shedding light on overlooked opportunities that could save you money. Additionally, learn about a tactical tax strategy that might be better suited for execution in January, allowing you to start the new year with a stronger financial footing. Tune in to gain expert insights and practical tips that will empower you to navigate the tax landscape with confidence. Episode Highlights How to find more personal expenses to deduct? 5 Tax deductions you should plan for! What tax strategy might need to wait until January LINKS: Profit & Loss Template Save Taxes: Free Consultation  Follow me: https://www.instagram.com/thepatdarby #tax #savetax #wealth

Whether you're a startup or an established enterprise, having a board of advisors can make a significant impact on your success trajectory. Join us as we explore five reasons to consider forming a board of advisors. Episode Highlights: What business entities can use a board of advisors? What tax strategies can be added to your Board meeting? Answer what to do if you have nobody for your board LINKS: Profit & Loss Template Save Taxes: Free Consultation  Follow me: https://www.instagram.com/thepatdarby

One challenge that entrepreneurs often face is choosing the right business entity for their operations. In this article, we will explore some common errors made when selecting a business entity and provide insights on how to avoid them. Episode Highlights: The difference between an LLC & S-Corp Bad S-Corp advice to avoid! What to do each year to maintain your business entity? LINKS: Profit & Loss Template Save Taxes: Free Consultation  Follow me: https://www.instagram.com/thepatdarby

In this episode, we'll dive into the Augusta Rule, which allows you to rent out your vacation property for up to two weeks without paying taxes on the rental income. Learn how to take advantage of this rule to boost your earnings while enjoying your own vacation home. Tune in now to take your financial journey to new heights! Episode Highlights: What is Tax Deferral vs Tax Avoidance? How does the Augusta Rule work? How to rent out a Vacation Property! LINKS: Profit & Loss Template Save Taxes: Free Consultation  Follow me: https://www.instagram.com/thepatdarby #tax #savings #wealth

In this episode, we also delve into the notorious "Dirty Dozen" list compiled by the IRS, unveiling the most prevalent tax scams that individuals and businesses need to be aware of. To add to the intrigue, we explore the fascinating concept of Offer in Compromise, guiding you on how to determine if you qualify for this potential lifeline in resolving your tax liabilities. Episode Highlights: The Difference between tax avoidance & tax evasion! What is the Dirty Dozen? How to know if you qualify for an Offer in compromise? LINKS: Profit & Loss Template Save Taxes: Free Consultation  Follow me: https://www.instagram.com/thepatdarby IRS dirty dozen IRS pre-qualifier

We discuss buying real estate within retirement accounts. We'll explore the recommended entity structure for retirement accounts, uncover a tax you can easily avoid, and unveil the biggest risk to steer clear of. Whether you're a seasoned investor or just starting out, this episode will provide you with valuable insights and strategies using your retirement savings for real estate investments. What entity structure is recommended for Retirement accounts? What is a tax you can easily avoid? The biggest risk to avoid LINKS: Profit & Loss Template Save Taxes: Free Consultation  Follow me: https://www.instagram.com/thepatdarby #tax #realestate #savings #wealth

In this episode,  we delve into the significance of hiring your first employee and its impact on your retirement plan. We discuss the benefits and features of a Solo 401K. Additionally, we address the question of when it may become necessary to shut down your Solo 401K. Furthermore, we examine the tax savings associated with a 401K plan for employees, highlighting the potential tax deductions and deferrals that can be obtained, providing valuable insights for entrepreneurs navigating retirement planning while expanding their workforce. Episode Highlights: What is a Solo 401K? When do you need to shut down your Solo 401K? What tax savings can you get for a 401K plan for employees? Links: Profit & Loss Template Save Taxes: Free Consultation  Follow me: https://www.instagram.com/thepatdarby #retirement #tax #savings

Discover what qualifies as a business trip, ensuring you never miss out on deducting your meals. Uncover strategies on how to effectively document your meal expenses, allowing you to confidently navigate the complex world of tax deductions. And most importantly, how you can write off 100% of your food expenses, unlocking valuable savings. Tune in and take control of your meal deductions today! Episode Highlights: What counts as a business trip? How to document your meal deduction! When can you write off 100% of your food! Links: Profit & Loss Template Save Taxes: Free Consultation  Follow me: https://www.instagram.com/thepatdarby #tax #savetax #wealth

In this episode, Jon McMahon joins us to discuss the financial challenges involved in running outdoor events. From understanding the intricacies of hosting large-scale outdoor events to navigating the potential financial risks, Jon shares invaluable insights. One key point highlighted is the importance of careful planning to address the cash flow problem that often arises during these events. Listeners will gain practical advice on securing sponsorships, budgeting, and managing cash flow to ensure a successful and financially stable outdoor event. Tune in to gain expert knowledge and strategies for overcoming the financial hurdles of hosting outdoor events with Jon McMahon. How to host a large outdoor event! Financial risks in these outdoor events! Cash flow problem you need to plan for! Links: Hudson Valley Rodeo Elements Music Email Jon Profit & Loss Template Save Taxes: Free Consultation  Follow me: https://www.instagram.com/thepatdarby #tax #taxsavings #savings #wealth

In this episode, we dive into three powerful strategies to help you declutter and streamline your business finances. Join us as we explore practical tips and expert advice to enhance your financial management skills and take control of your business's economic well-being. Episode Highlights: How to pay yourself! When to switch to an S-Corp! 1 way to decrease your bookkeeping costs! Links: Profit & Loss Template Save Taxes: Free Consultation  Follow me: https://www.instagram.com/thepatdarby #finance #savetax #tax #taxsavings #business

In this episode, we have a special guest, Ryan Bakke, CPA, who specializes in helping Real Estate Investors become Tax Smart. Together, we delve into the intriguing world of taxes and real estate investment strategies. Episode Highlights: How the Trump tax deduction works! When to use Cost Segregation? What tax strategy is often missed? Links: Ryan's FB Group Learning Bundle HOME OFFICE DEDUCTION TEMPLATE Save Taxes: Free Consultation  Follow me: https://www.instagram.com/thepatdarby

In this episode of the podcast, we explore important topics related to taxes. We discuss the difference between tax avoidance and tax evasion, highlighting the need to understand the distinction between the two to avoid legal complications. We also examined the reasons why your accountant might be giving you bad advice, emphasizing the importance of identifying and addressing any issues with your accountant's advice. Lastly, we explored strategies for legally avoiding capital gains taxes, which can significantly impact investment returns. By utilizing these approaches, you can reduce your tax liability while still complying with tax laws. Episode Highlights: Difference between Tax avoidance & Tax Evasion Why your accountant might be giving you bad advice? How to legally avoid capital gains taxes! Links: HOME OFFICE DEDUCTION TEMPLATE Save Taxes: Free Consultation  Follow me: https://www.instagram.com/thepatdarby

As an entertainer, there are certain tax deductions that you may be able to take advantage of. While the rules can be complex, it's important to keep detailed records and work with a tax professional who can help you navigate the process.  In this episode, we will be discussing tax deductions for entertainers. If you're a performer or entertainer, there are certain expenses that you may be able to deduct on your tax return. Here are 5 tax deductions you may be able to take advantage of: Can you write off your haircut? The exception for deducting makeup The 1 time breast implant deduction was allowed Links: HOME OFFICE DEDUCTION TEMPLATE Save Taxes: Free Consultation  Follow me: https://www.instagram.com/thepatdarby

In this episode, where we dive into the valuable Home Office Deduction. But who is eligible for this deduction, and how can you maximize it without raising any red flags with the IRS? In this episode, we explore the key points you need to know about the Home Office Deduction. We'll discuss who can take advantage of this deduction and provide insights into the rules and guidelines that need to be followed. Lastly, we'll explain why S-Corps need to pay extra attention to this deduction and provide tips on how to stay compliant. By the end of this episode, you'll have a better understanding of the Home Office Deduction and how to make the most of it. So, sit back, relax, and tune in to this informative episode on maximizing the Home Office Deduction. Who can take the Home Office Deduction? What happens to Home Office losses? Why do S-Corps need to pay close attention to this deduction? Links: HOME OFFICE DEDUCTION TEMPLATE Save Taxes: Free Consultation  Follow me: https://www.instagram.com/thepatdarby #savetax #tax #taxsavings #wealth

On the show today, Katie Nentwick, the owner of Nentwick Legal Services, LLC. Katie is a business, tax, and estate planning attorney who assists business owners, real estate investors, and families all over the country. In this episode, we discuss the topic of trusts, specifically revocable and irrevocable trusts. Katie provides us with a thorough explanation of what a revocable trust is and when it might be useful to have one. She also explains what an irrevocable trust is and the circumstances under which it would be necessary. Katie offers valuable insights into the different types of trusts that you should avoid and why. She also discusses the importance of choosing the right trustee for your trust and the considerations that should be taken into account when making this decision. Whether you are a business owner, real estate investor, or simply looking to protect your family's wealth, this episode is a must-listen. So, tune in and join us as we delve deeper into the world of trusts, and learn how you can use them to build your wealth and secure your financial future. Episode Highlights: What is a Revocable Trust? When do you need an Irrevocable Trust What type of Trust should you avoid? Links: Katie's Website Email: Katie@nentwicklegal.com  Save Taxes in your business: Free Consultation  Follow me: https://www.instagram.com/thepatdarby Weekly Tax Tips & Deadline Reminders: Get Tax Reminders

In this episode, I discuss my experience setting up a parent company for my firm. I share the reasons why I changed the ownership structure of my firm. Additionally, I delve into the tax benefits of having a subsidiary company and provide some practical tips on how to optimize tax savings through careful planning and structuring. Finally, I share a mistake I made during the process of setting up my parent company and the lessons I learned from it. This episode provides valuable insights and information for those considering setting up a parent company and subsidiaries for their business. Episode Highlights: Why I changed the owner of my firm? The Tax savings by having a subsidiary company! The mistake I made during this process! Links: Save Taxes in your business: Free Consultation  Follow me: https://www.instagram.com/thepatdarby Weekly Tax Tips & Deadline Reminders: Get Tax Reminders #taxsavings #savetax #tax #finance

With the right knowledge, you can also save money on your taxes by deducting some of the costs associated with fitness programs. Knowing what qualifies and how to properly document your expenses is essential for claiming tax deductions. In this episode, you will learn the rules for deducting fitness program expenses from your taxes and how to maximize your tax savings. Episode Highlights: How clients can deduct your program! What type of therapy is NOT deductible? How to deduct your gym membership! Links: Save Taxes in your business: Free Consultation  Follow me: https://www.instagram.com/thepatdarby Weekly Tax Tips & Deadline Reminders: Get Tax Reminders Publication 502 IRS FAQ Update

When it comes to planning for your financial future, two of the most important taxes to consider are capital gains tax and estate tax. These can have a significant impact on both your current and future finances, so understanding the differences between them is essential. This episode will explain the key differences between avoiding capital gains tax versus avoiding estate tax, including what each entails and the potential implications for you. Episode Highlights: What are Estate Taxes? When Capital Gains Tax is better than Estate Tax? How to reduce overall taxes at death! Links: Save Taxes in your business: Free Consultation  Follow me: https://www.instagram.com/thepatdarby Weekly Tax Tips & Deadline Reminders: Get Tax Reminders #EstateTax #SaveTax #SaveTaxes #CapitalGains

Dan Duran is the Vice-President of Content & Partnerships with the International Sports Sciences Association (ISSA). Dan is an ultra-triathlete, having completed numerous Ironman's, two Double Ironman's, a Triple Ironman, and a Quintuple Ironman.   Dan shares what makes ISSA different from its competition and how they're helping fitness professionals succeed in a highly competitive industry. With a focus on education and providing support for their coaches, ISSA is helping to elevate the standard of the fitness industry. If you're a new coach looking to build a successful and sustainable business, or if you're interested in learning more about the fitness industry, you won't want to miss this episode. Let's dive in! Episode Highlights: What is the biggest mistake that causes 70% of new coaches to quit after 90 days The 3 Ps to having a long-lasting business in fitness What makes ISSA different than their competition Links: www.issaonline.com dduran@issaonline.com Podcast: Trainers Talking Truths Dan's Linkedin Save Taxes in your business: Free Consultation  Follow me: https://www.instagram.com/thepatdarby Weekly Tax Tips & Deadline Reminders: Get Tax Reminders #tax #savetax #DanDuran

As an Online Entrepreneur, you likely do a fair amount of traveling for business, whether it's attending conferences, meeting with clients, or collaborating. But did you know that many of these travel expenses are actually tax-deductible? In this episode, we'll be sharing some valuable tips and tricks for getting the most out of your travel deductions. We'll discuss how to write off a weekend getaway, even if it includes some personal leisure time, as well as how to write off food expenses when you didn't actually eat. We'll also cover important retirement deadlines that you need to be aware of as a business owner. If you're looking to maximize your deductions and keep more of your hard-earned money in your pocket, you won't want to miss this episode. Let's get started! Episode Highlights: How to write off a weekend getaway! How to write-off food when you did NOT eat! Important Retirement Deadlines Links: Save Taxes in your business: Free Consultation Follow me: https://www.instagram.com/thepatdarby Weekly Tax Tips & Deadline Reminders: Get Tax Reminders Look up Per Diem Rates #taxdeduction #savetax #tax #taxexpert

Many business owners are looking for ways to reduce their overhead costs, and one often overlooked way to do this is to pay less payroll tax. Business owners can use several strategies to minimize the amount they owe. This episode will provide an overview of how online business owners can save money on payroll tax. Episode Highlights: Are your workers really W2 employees? Which states are toughest against 1099 Contractors 11 Ways to reduce Payroll taxes Links: Save Taxes in your business: Free Consultation Follow me: https://www.instagram.com/thepatdarby Weekly Tax Tips & Deadline Reminders: Get Tax Reminders Department of Labor link

As an online entrepreneur working with a business partner, making the decision between forming an S-Corporation or a Partnership can be daunting. With both entities offering advantages and disadvantages, it is important to consider which option best suits the specific needs of your business. To provide clarity, this episode covers the distinctions between S-Corp and Partnerships for online entrepreneurs so that you can make an informed decision when structuring your business. Episode Highlights: Perks of S-Corps Problem with Non-Spousal S-Corps How to do tax planning with a business partner Links: Save Taxes in your business: Free Consultation Follow me: https://www.instagram.com/thepatdarby Weekly Tax Tips & Deadline Reminders: Get Tax Reminders

If you get stressed thinking about the Internal Revenue Service (IRS), it might help to think about them like a bank. In this podcast episode, we explore the concept of using the IRS payment plan options rather than “hiding” from them. We'll cover topics such as: Episode Highlights: Should you File your taxes if you can't pay? How much interest does the IRS charge? What to do if you can't pay the IRS? Links: Save Taxes in your business: Free Consultation Follow me: https://www.instagram.com/thepatdarby Weekly Tax Tips & Deadline Reminders: Get Tax Reminders

For over 15 years, Steve Kopshaw, has helped businesses grow their customer bases and developed the infrastructure needed for them to thrive. He is an accomplished entrepreneur and business leader who has a long history of success in transforming struggling operations into profitable ventures. He is the current COO of Nutritional Coaching Institute. Nutrition Coaches have the power to improve people's lives through healthy eating and lifestyle choices. However, setting up a successful business as a nutrition coach can be tricky, especially when it comes to finances. In this episode, we will explore the financial metrics for Nutrition Coaches with Steve. Episode Highlights: Why you need to understand Cash Management 3 Components of Profit Per Acquisition Formula How to prepare your business for a recession Save Taxes in your business: Free Consultation Follow me: https://www.instagram.com/thepatdarby Weekly Tax Tips & Deadline Reminders: Get Tax Reminders Links to Steve: @nci_steve (IG) @kopshaw (linkedin) @kopshaw (facebook) @nutritionalcoachinginstitute (IG) https://ncicertifications.com/

Do you ever wish you had someone to help manage your finances? Being your own CFO is easier than you think! As the Chief Financial Officer (CFO) of your business, it's important to take control of your finances and make sure you are taking the right steps toward achieving financial success. In this episode, we'll discuss how to be your own CFO and provide tips for managing your finances effectively. Episode Highlights: What is a Fractional CFO? The 3 OTHER Financial Roles you need in your business 3 reports you should read each month 2 Non-Financial benefits to CFOs Links: Save Taxes in your business: Free Consultation Follow me: https://www.instagram.com/thepatdarby Weekly Tax Tips & Deadline Reminders: Get Tax Reminders

As a fitness entrepreneur, you know that managing your finances is a top priority. Filing taxes is an unavoidable part of the process and can be expensive if not done properly. Fortunately, there are ways to save on tax filing costs and ensure that you are staying in compliance with applicable laws. In this episode, we'll explore how to streamline your tax filing process while reducing your overall costs. Episode Highlights: Should you use a Professional Tax Preparer? What 1099s do you need to bring? The benefit of filing an extension Links: Map How Your Money Flows: Map My Money Save Taxes in your business: Free Consultation Follow me: https://www.instagram.com/thepatdarby Weekly Tax Tips & Deadline Reminders: Get Tax Reminders

Fitness entrepreneurs can strive for a tax-free retirement if they take advantage of the new strategies in Secure Act 2.0. Retirement planning is an important part of any entrepreneur's financial journey. This episode will discuss some of the new ways entrepreneurs can plan for their future and aim for a tax-free retirement. Episode Highlights: How SEP IRAs just got better College Saving can now be retirement saving How to get money out of a 401K PENALTY FREE! Links: Email Pat for copy of Budget discussed: info@darbyba.com Map How Your Money Flows: Map My Money Save Taxes in your business: Free Consultation Follow me: https://www.instagram.com/thepatdarby Weekly Tax Tips & Deadline Reminders: Get Tax Reminders

For Fitness Entrepreneurs, managing your finances can be a challenge. Cash flow is often uneven and unpredictable, making it difficult to manage budgets accordingly. Knowing the best ways to plan for the future and budget for these uneven cash flows is key to success in being able to manage finances over time. In this episode, we will explore how fitness professionals can use budgeting strategies to manage their finances and anticipate periods of uneven cash flows. Episode Highlights: What is a Fixed vs Variable Expense? 2 more ways to the budget that are rarely discussed What to remove from your Emergency Fund Links: Email Pat for copy of Budget discussed: info@darbyba.com Map How Your Money Flows: Map My Money Save Taxes in your business: Free Consultation Follow me: https://www.instagram.com/thepatdarby Weekly Tax Tips & Deadline Reminders: Get Tax Reminders

There are many ways to save on taxes, but some strategies must be addressed at the beginning of the year. In this episode, we will discuss three tax savers to maximize your savings. Episode Highlights: What tax tips are NOT time sensitive 3 Tax strategies that you must look into now 1 problem with Sole Proprietorships Links: Map How Your Money Flows: Map My Money Save Taxes in your business: Free Consultation Follow me: https://www.instagram.com/thepatdarby Weekly Tax Tips & Deadline Reminders: Get Tax Reminders

Setting business goals is an important part of achieving success in business. In order to make sure you are on the right track, it is essential to be proactive and plan ahead. Now is the perfect time to start planning your 2023 business goals. In this episode, I will provide you with a helpful guide on how to set your objectives and create a roadmap to define & measure your progress. Episode Highlights: What a Fractional CFO does? Why Revenue Goals are useless? How to breakdown your business goals Links: Map How Your Money Flows: Map My Money Save Taxes in your business: Free Consultation Follow me: https://www.instagram.com/thepatdarby Weekly Tax Tips & Deadline Reminders: Get Tax Reminders

The start of a new year is the perfect time to refocus and get your finances in order. With the right strategies and dedication, you can put yourself on track to achieve your financial goals. Here are three ways to organize your money for the New Year that will help you save more and spend smarter. These tips can help you have a financially successful 2023. Episode Highlights: How to Separate your personal expenses How to divide up your Business Revenue & expenses When to look for an Accountant Links: Map How Your Money Flows: Map My Money Save Taxes in your business: Free Consultation Follow me: https://www.instagram.com/thepatdarby Weekly Tax Tips & Deadline Reminders: Get Tax Reminders

Zach Mobius is the Founder of Duxata - software for fitness coaches who want to sell once and get paid for life. It helps coaches consistently grow revenue through improved client retention and referral generation. In today's fast-paced world, it is essential for businesses to find ways to ensure their clients have a smooth and efficient experience. One way of doing this is by reducing client check-in times. This episode will discuss the various strategies businesses can use to minimize client check-in times, as well as explore how these strategies can benefit both the business and the customer. Tune in to find out more! Links: https://duxata.com/ @zachmobius Map How Your Money Flows: Map My Money Save Taxes in your business: Free Consultation Follow me: https://www.instagram.com/thepatdarby Weekly Tax Tips & Deadline Reminders: Get Tax Reminders

As the end of the year approaches, fitness professionals should be aware of the various tax decisions that need to be made in order to stay on top of their taxes. With several potential strategies for making the most out of any given tax situation, it can be difficult to know which ones are the most critical. This episode will provide an overview of five key decisions that fitness professionals should consider when preparing for the upcoming year-end taxes. Episode Highlights: 5 Year-End tax decisions due before December 31st Why the SEP IRA is overused The big reason I get in arguments with CPAs Links: Map How Your Money Flows: Map My Money Save Taxes in your business: Free Consultation Follow me: https://www.instagram.com/thepatdarby Weekly Tax Tips & Deadline Reminders: Get Tax Reminders #taxes #finance #yearendtax

Noah Defraties is the VP of Crypto Education at DRIVEN Trading. Tune in and find practicals on many levels and strategies for trading and hear the story of his experience in the industry of finance. Noah also has online fitness coaching: https://www.noahfitness.com/ Episode Highlights: What happened with FTX scam What Noah sees as the future of crypto Ways to do due diligence with crypto Links: https://www.instagram.com/noahdefraties/ Driven Trading https://www.noahfitness.com/ Map How Your Money Flows: Map My Money Save Taxes in your business: Free Consultation Follow me: https://www.instagram.com/thepatdarby Weekly Tax Tips & Deadline Reminders: Get Tax Reminders FitPro Business Survey: Take 5-Min Benchmark Survey #crypto #ftx #scam