Podcasts about business expenses

Send us a textBuckle up, because in this episode of Investing RN, Colin and Josh sit down with tax attorney Sam Bruntz to uncover the sneaky ways you're probably overpaying Uncle Sam. Ever wondered what the difference is between a CPA and a tax attorney? Or if you can write off that "business" golf trip? Sam spills the beans on tax loopholes, audit nightmares, and the fine line between "gray area" and "prison".Oh, and don't even think about putting your toddler on payroll unless you want the IRS knocking at your door.

When it comes to tax deductions and business expenses, business owners can often fall into two extreme mindsets, either trying to deduct everything under the sun or being too conservative and missing out on legitimate tax savings. In this episode, Danielle Hayden, CEO and founder of Kickstart Accounting, Inc., and Kelsey Chester, Kickstart's Lead Account Manager, break down tax deductions in a way that's clear and strategic. They'll walk you through what truly qualifies as a business expense, how to avoid common tax mistakes, and why smart financial planning is about more than just lowering your tax bill, while still claiming the savings you deserve. Key Takeaways:  Understand the “Ordinary & Necessary” Rule: The IRS allows deductions for expenses that are common in your industry and essential for running your business. If you can clearly explain the expense's purpose in an audit, you're likely in the clear! Avoid IRS Red Flags: Overspending on out-of-the-ordinary purchases or misclassifying personal expenses as business ones can trigger unwanted IRS attention. Your Business's Health & Goals Matter: Trying to write off too many personal expenses can hurt your ability to get business loans or sell your company later.  Separate Business & Personal Finances: Keep all business expenses on a business account or card to ensure clean, organized records. Your bookkeeper can only track and make deductions based on what they see in your business accounts.  Smart Travel Deductions: Business travel is deductible, but the primary purpose must be work-related. A "board meeting" at Disney with your family? Not so much. Invest in the Right Money Team: Your bookkeeper, accountant, and tax strategist should be working to keep your finances organized, tax-efficient, and strategically planned all year long, not just at tax time. Think Long-Term with Tax Strategy: Lowering your tax bill is great, but don't do it at the expense of your business's future. Plan ahead so deductions today don't limit growth opportunities tomorrow. Topics Discussed: What Qualifies as a Business Expense? (00:00:06 – 00:02:14) Finding the Right Balance with Business Expense Deductions (00:02:14 – 00:05:37) The Importance of Paying Yourself a Reasonable Compensation (00:05:37 - 00:07:45) Common Business Expenses & What You Should Be Deducting (00:07:45 – 00:12:55) Operating & Personal Expenses: What's Deductible? (00:12:55 – 00:20:52) Travel Expenses: What's Legitimate vs. What's Risky (00:20:52 – 00:22:54) Tax Strategy & Planning with Your Money Team (00:23:39 – 00:29:25)   Resources: Episode 211 | The Smart Way to File Taxes: Why Tax Extensions Are Better Than Last-Minute Filings Episode 212 | How to Pay Yourself as an S Corp Owner: Reasonable Compensation & Payroll Setup Episode 213 | The Tax Write-Offs You're Missing as a Business Owner Episode 126 | Small Business Gift Giving: A Holiday Tax Guide Episode 136 | Health Care Tax Deductions for Small Business Owners Explained  Episode 137 | Can You Legally Hire Your Children?: How to Pay Your Kids, Get Tax Advantages, & Create Generational Wealth Episode 188 | Beyond the Business: Preparing for a Secure Retirement   KSA Tax Partners | https://ksataxpartners.com/    Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book    Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks  Facebook | https://www.facebook.com/kickstartaccountinginc  

When it comes to tax deductions and business expenses, business owners can often fall into two extreme mindsets, either trying to deduct everything under the sun or being too conservative and missing out on legitimate tax savings. In this episode, Danielle Hayden, CEO and founder of Kickstart Accounting, Inc., and Kelsey Chester, Kickstart's Lead Account Manager, break down tax deductions in a way that's clear and strategic. They'll walk you through what truly qualifies as a business expense, how to avoid common tax mistakes, and why smart financial planning is about more than just lowering your tax bill, while still claiming the savings you deserve. Key Takeaways:  Understand the “Ordinary & Necessary” Rule: The IRS allows deductions for expenses that are common in your industry and essential for running your business. If you can clearly explain the expense's purpose in an audit, you're likely in the clear! Avoid IRS Red Flags: Overspending on out-of-the-ordinary purchases or misclassifying personal expenses as business ones can trigger unwanted IRS attention. Your Business's Health & Goals Matter: Trying to write off too many personal expenses can hurt your ability to get business loans or sell your company later.  Separate Business & Personal Finances: Keep all business expenses on a business account or card to ensure clean, organized records. Your bookkeeper can only track and make deductions based on what they see in your business accounts.  Smart Travel Deductions: Business travel is deductible, but the primary purpose must be work-related. A "board meeting" at Disney with your family? Not so much. Invest in the Right Money Team: Your bookkeeper, accountant, and tax strategist should be working to keep your finances organized, tax-efficient, and strategically planned all year long, not just at tax time. Think Long-Term with Tax Strategy: Lowering your tax bill is great, but don't do it at the expense of your business's future. Plan ahead so deductions today don't limit growth opportunities tomorrow. Topics Discussed: What Qualifies as a Business Expense? (00:00:06 – 00:02:14) Finding the Right Balance with Business Expense Deductions (00:02:14 – 00:05:37) The Importance of Paying Yourself a Reasonable Compensation (00:05:37 - 00:07:45) Common Business Expenses & What You Should Be Deducting (00:07:45 – 00:12:55) Operating & Personal Expenses: What's Deductible? (00:12:55 – 00:20:52) Travel Expenses: What's Legitimate vs. What's Risky (00:20:52 – 00:22:54) Tax Strategy & Planning with Your Money Team (00:23:39 – 00:29:25)   Resources: Episode 211 | The Smart Way to File Taxes: Why Tax Extensions Are Better Than Last-Minute Filings Episode 212 | How to Pay Yourself as an S Corp Owner: Reasonable Compensation & Payroll Setup Episode 213 | The Tax Write-Offs You're Missing as a Business Owner Episode 126 | Small Business Gift Giving: A Holiday Tax Guide Episode 136 | Health Care Tax Deductions for Small Business Owners Explained  Episode 137 | Can You Legally Hire Your Children?: How to Pay Your Kids, Get Tax Advantages, & Create Generational Wealth Episode 188 | Beyond the Business: Preparing for a Secure Retirement   KSA Tax Partners | https://ksataxpartners.com/    Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book    Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks  Facebook | https://www.facebook.com/kickstartaccountinginc  

Today I discuss the common issue of commingling personal and business expenses, a practice that many entrepreneurs unintentionally fall into. While it's understandable to make occasional mistakes, it's vital to know how to handle these situations to avoid significant repercussions like audits. I'll share key pointers on why recurring personal expenses should never go through your business account and how to better manage your personal finances. Additionally, I'll explain why it's smarter to increase your salary or distributions rather than mix expenses, and how frequent usage of your business card for personal transactions can cost you more in bookkeeping fees without offering any tax benefits. Tune in to learn strategies for maintaining a clear distinction between your personal and business finances, making informed decisions, and knowing when and how to take aggressive tax positions responsibly.   What You'll hear in this episode: [0:50] The Reality of Commingling Personal and Business Expenses [1:25] Key Points on Handling Personal Expenses in Business [5:25] Mindset Differences and Financial Awareness [6:55] The Cost of Commingling and Aggressive Tax Positions   If you like this episode, check out: What Actually Happens If I Commingle Business and Personal Finances? How Can Three Simple Steps Ease Tax Season Anxiety? What Qualifies as a Deduction   Want to learn more so you can earn more?  Visit keepwhatyouearn.com to dive deeper on our episodes  Visit keepwhatyouearncfo.com to work with Shannon and her team  Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ  Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/   The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

Don't get to the end of this year wishing you had taken action to change your business and your life.Click here to schedule a free discovery call for your business: https://geni.us/IFORABEShop-Ware gives you the tools to provide your shop with everything needed to become optimally profitable.Click here to schedule a free demo: https://info.shop-ware.com/profitabilityUtilize the fastest and easiest way to look up and order parts and tires with PartsTech absolutely free.Click here to get started: https://geni.us/PartsTechTransform your shop's marketing with the best in the automotive industry, Shop Marketing Pros!Get a free audit of your shop's current marketing by clicking here: https://geni.us/ShopMarketingPros In this episode, Lucas and David are joined by Frank Scandura, owner of Frank's European Service in Las Vegas and a coach for Transformers Institute. Frank shares his insights on several pressing industry issues, including the challenges posed by increasing costs of business and the strain it puts on shop owners. He emphasizes the importance of maintaining strong ethical standards and focusing on people over profits, arguing that this approach will ultimately lead to success. 00:00 "Frank's Industry Insight"08:14 Evolving Car Industry Loyalty14:51 Impatient Car Owners16:44 The Ruthless Business Shift23:32 Balancing Coach Guidance and Growth30:44 "Planning for Business Ownership"35:38 Business Continuity Planning37:10 Uninsured Flood Devastates Businesses43:25 Is Solo Business Financially Viable?50:44 Premium Service Pitch Lacking Training54:04 Unintended Business Incentive Issues01:01:47 Advisor Troubles Reduce Shop Revenue01:03:24 Businesses Lack Flood Insurance

Are you starting your franchise journey? Avoid these common rookie mistakes that can cost you time and money!Franchise expert Giuseppe Grammatico shares his top 5 pitfalls to avoid, based on his 20 years of experience. Learn how to set yourself up for success from day one and build a thriving franchise business. Like, comment, and subscribe for more franchise freedom tips! Connect with Franchise Freedom on:Website: https://ggthefranchiseguide.com/podcast/LinkedIn: https://www.linkedin.com/in/giuseppe-grammatico/Facebook: https://www.facebook.com/GGTheFranchiseGuideX: https://twitter.com/ggfranchguideInstagram: https://www.instagram.com/ggthefranchiseguide/YouTube: https://www.youtube.com/@ggthefranchiseguideApple: https://podcasts.apple.com/us/podcast/franchise-freedom/id1499864638Spotify: https://open.spotify.com/show/13LTN5UzA57w2dTB4iV0fmThe Franchise Freedom: Discover Your New Path to Freedom Through Franchise Ownership, Book by Giuseppe Grammatico https://ggthefranchiseguide.com/book or purchase directly on Amazon.

As we kick off 2025, it's time to align our business goals with our spending. Remember when we all canceled cable to save money but ended up with ten streaming services? Yeah, subscriptions can add up, both personally and professionally! In today's episode, reformed corporate CFO and founder of Kickstart Accounting, Inc., Danielle Hayden, tackles a sneaky area of your budget: business subscriptions. They may seem small, but they can snowball into big costs, and possibly outgrow their usefulness. With this 5-step plan, let's audit those expenses and make sure every dollar spent supports your goals. Key Takeaways:  Start with Intention: Set your 2025 intentions before diving in. Clarity on your goals is essential before evaluating expenses! Step 1 - Audit Your Subscriptions:  Pull all recurring expenses using your accounting software. Include monthly, quarterly, and annual subscriptions. Organize your data: list vendors, costs, functions, and usage frequency. Step 2 - Evaluate by Asking the Big Questions:  Does this subscription align with your 2025 focus? Does it provide ROI, i.e. saving time, generating leads, or improving efficiency? Is it still suitable for your current business stage? Step 3 - Decision Time:  Cut: If it no longer serves your goals or offers ROI. Keep: If it's essential, but review it mid-year for relevance. Optimize: Train your team, use advanced features, and ensure maximum value. Step 4 - Present Your Findings: Share what you found with an accountability partner, whether it be your board, team, or bookkeeper. Step 5 - Conduct Regular Reviews: Schedule quarterly reviews to ensure your subscriptions are still aligned with your business goals and driving growth.  Pro Tip: Budgets aren't about restrictions; they're about spending intentionally. Create a plan that aligns expenses with your revenue and goals. Topics Discussed: Audit Your Subscriptions (00:01:22 – 00:06:35) Evaluate by Asking the Big Questions (00:06:35 – 00:14:35) Decide to Cut, Keep, or Optimize (00:14:35 – 00:16:37) Regular Reviews and Presenting Findings (00:16:37 – 00:17:06) Budgeting Pro Tip  (00:17:30 – 00:17:55) 5-Step Subscription Audit Plan Summary (00:17:55 – 00:18:54)   Resources: Episode 203 | Ditch New Year's Resolutions and Build Habits for Sustainable Business Growth   Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book    Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks  Facebook | https://www.facebook.com/kickstartaccountinginc  

As we kick off 2025, it's time to align our business goals with our spending. Remember when we all canceled cable to save money but ended up with ten streaming services? Yeah, subscriptions can add up, both personally and professionally! In today's episode, reformed corporate CFO and founder of Kickstart Accounting, Inc., Danielle Hayden, tackles a sneaky area of your budget: business subscriptions. They may seem small, but they can snowball into big costs, and possibly outgrow their usefulness. With this 5-step plan, let's audit those expenses and make sure every dollar spent supports your goals. Key Takeaways:  Start with Intention: Set your 2025 intentions before diving in. Clarity on your goals is essential before evaluating expenses! Step 1 - Audit Your Subscriptions:  Pull all recurring expenses using your accounting software. Include monthly, quarterly, and annual subscriptions. Organize your data: list vendors, costs, functions, and usage frequency. Step 2 - Evaluate by Asking the Big Questions:  Does this subscription align with your 2025 focus? Does it provide ROI, i.e. saving time, generating leads, or improving efficiency? Is it still suitable for your current business stage? Step 3 - Decision Time:  Cut: If it no longer serves your goals or offers ROI. Keep: If it's essential, but review it mid-year for relevance. Optimize: Train your team, use advanced features, and ensure maximum value. Step 4 - Present Your Findings: Share what you found with an accountability partner, whether it be your board, team, or bookkeeper. Step 5 - Conduct Regular Reviews: Schedule quarterly reviews to ensure your subscriptions are still aligned with your business goals and driving growth.  Pro Tip: Budgets aren't about restrictions; they're about spending intentionally. Create a plan that aligns expenses with your revenue and goals. Topics Discussed: Audit Your Subscriptions (00:01:22 – 00:06:35) Evaluate by Asking the Big Questions (00:06:35 – 00:14:35) Decide to Cut, Keep, or Optimize (00:14:35 – 00:16:37) Regular Reviews and Presenting Findings (00:16:37 – 00:17:06) Budgeting Pro Tip  (00:17:30 – 00:17:55) 5-Step Subscription Audit Plan Summary (00:17:55 – 00:18:54)   Resources: Episode 203 | Ditch New Year's Resolutions and Build Habits for Sustainable Business Growth   Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book    Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks  Facebook | https://www.facebook.com/kickstartaccountinginc  

Right About Now with Ryan AlfordJoin media personality and marketing expert Ryan Alford as he dives into dynamic conversations with top entrepreneurs, marketers, and influencers. "Right About Now" brings you actionable insights on business, marketing, and personal branding, helping you stay ahead in today's fast-paced digital world. Whether it's exploring how character and charisma can make millions or unveiling the strategies behind viral success, Ryan delivers a fresh perspective with every episode. Perfect for anyone looking to elevate their business game and unlock their full potential.Resources:Right About Now NewsletterFree Podcast Monetization CourseJoin The NetworkFollow Us On InstagramSubscribe To Our Youtube ChannelVibe Science MediaSUMMARY In this episode of "Right About Now," hosted by Ryan Alford, tax attorney Mark J. Kohler, known as the "Main Street Tax Attorney," shares actionable advice for small business owners and individuals to improve their financial situations through effective tax strategies. Kohler emphasizes the importance of understanding tax laws, treating side hustles as legitimate businesses, and taking an active role in tax planning. He discusses practical tips like documenting expenses, involving family in business activities, and leveraging tax benefits for children. The episode aims to empower listeners with knowledge to maximize financial growth and navigate tax complexities.TAKEAWAYSImportance of small businesses in the U.S. economyUnderstanding tax laws and their implications for financial successCommon tax-related challenges faced by small business ownersThe rise of side hustles and their potential for tax savingsTax strategies for maximizing financial benefits for small businessesDifferentiating between tax brackets and effective tax ratesLearning from wealthy individuals about tax engagementThe necessity of a proactive mindset in managing tax responsibilitiesPractical advice for treating side hustles as legitimate businessesThe significance of documentation and record-keeping for tax planning If you enjoyed this episode and want to learn more, join Ryan's newsletter https://ryanalford.com/newsletter/ to get Ferrari level advice daily for FREE. Learn how to build a 7 figure business from your personal brand by signing up for a FREE introduction to personal branding https://ryanalford.com/personalbranding. Learn more by visiting our website at www.ryanisright.comSubscribe to our YouTube channel www.youtube.com/@RightAboutNowwithRyanAlford.

Wondering how to achieve financial success as a rodeo athlete? Join us on Beyond the Rodeo for an enlightening conversation with Justin Bates, WSF provider and rodeo athlete turned financial planner. Justin's unique journey from bull riding in the heart of northwest Arkansas to advising athletes on financial acumen provides rare insights into the world of Western sports financial management. Through his work with Western Sports Foundation, Justin is dedicated to elevating financial literacy among rodeo athletes, especially in communities where financial resources are scarce. In this episode, Justin shares practical strategies that rodeo athletes can use to keep their finances in check. Learn about the crucial distinction between personal and business expenses and how simple actions like setting up separate checking accounts can streamline financial management. Justin provides expert advice on leveraging credit cards for travel expenses without falling into common traps, and we discuss the importance of organized record-keeping to maximize tax deductions.  Finally, Justin explores how rodeo athletes can secure their financial futures beyond their careers in the arena. From saving a portion of their winnings for retirement to investing in low-risk growth options, the episode is packed with actionable advice. We cover essential topics like tax management, budgeting, and the significant impact of financial literacy on future success. With guidance from mentors and the use of simple tools, athletes can prepare for life after rodeo, ensuring they not only compete with confidence but also thrive financially in the long run.

In this episode of the Wonderland on Points Podcast, we're joined by one of our favorite fellow podcasters, Devon Gimbel from Point Me To First Class. Devon is a master at helping business owners turn everyday expenses into thousands of dollars worth of free travel. Whether you have a high-spending business or are just getting started with a side hustle, Devon shares his expert tips for making your business spend work harder for you.We dive into the best credit card options for every type of business, including those with smaller budgets. Devon also helps us navigate the ins and outs of using credit cards for tax payments, and shares his advice for maximizing rewards no matter the size of your business. She also tells us all about her most aspirational redemptions, and we discuss sweet spots flights out of Chicago.Even if you don't own a business, this episode is full of valuable insights that anyone can apply to their personal travel goals. We talk about how “first class” isn't just about the seat—it's about making your dream travel experiences a reality.Tune in to learn how to maximize your spending, earn more rewards, and turn your dream vacation into a reality!Facebook Group | Support the Show: Buy Us A CoffeeFind Us On InstagramMary Ellen | Jo | DevonMentioned In This EpisodePoint Me To First Class WebsitePoint Me To First Class PodcastOur Family PassportHassans On HolidayAffiliate LinksCredit Card Referral LinksThe above link includes referrals for almost all travel cards (AMEX, CapitalOne, co-branded cards)If you need Chase links please reach out! We would be happy to send you our personal referral links.Using our links is an amazing way to show your support for the show at no cost to you ❤️

Today, I'm continuing my series about year-end tax saving tips and giving you some strategies on how you can maximize your tax deductions as an entrepreneur using business expenses.    Join me in this informative episode to learn how you can prioritize your bookkeeping and accelerate your expenses to make sure you get the most out of your tax deductions this upcoming year.    Also mentioned in today's episode:    The importance of bookkeeping 2:25 Expense acceleration tips 14:14 Year end spending recommendations 21:46   If you enjoyed this episode, please rate, review and share it!  Links: Free mini-course on the new LLC report  

Thanks to our sponsor Promotive! Find your dream job today: gopromotive.com/jeff Jeff Compton, George Wilkins, and Lucas Underwood discuss the importance of addressing negative behaviors early to prevent severe consequences in adulthood. Jeff vocally champions maintaining supportive relationships among colleagues and friends, emphasizing how they help overcome personal and professional challenges. Lucas elaborates on the necessity of process development and impact assessment when vetting new ideas before implementation.  Follow/Subscribe to the show on social media! TikTok - https://www.tiktok.com/@jeffcompton7YouTube - https://www.youtube.com/@TheJadedMechanicFacebook - https://www.facebook.com/profile.php?id=100091347564232

Listen as Paul Abernathy, CEO, and Founder of Electrical Code Academy, Inc., the leading electrical educator in the country, discusses electrical code, electrical trade, and electrical business-related topics to help electricians maximize their knowledge and industry investment.n this episode, Paul will talk about tips on keeping your business and personal expenses seperate using a business credit card. Making sure you have an easy way to keep track of your expenses will make like so much easier as a new or established contractor. Listen as Paul tells you how he does it.If you are looking to learn more about the National Electrical Code, for electrical exam preparation, or to better your knowledge of the NEC then visits https://fasttraxsystem.com for all the electrical code training you will ever need by the leading electrical educator in the country with the best NEC learning program on the planet.Become a supporter of this podcast: https://www.spreaker.com/podcast/master-the-nec-podcast--1083733/support.

#200: Take control of your taxes and save money with unique strategies from tax expert Jasmine DiLucci. Learn how to leverage IRS transcripts, identify misleading tax advice, and differentiate between personal and business deductions. We also cover common audit triggers and valuable tax planning advice for business owners. Jasmine DiLucci is a seasoned tax attorney, Certified Public Accountant, and Enrolled Agent with over a decade of experience. She specializes in tax controversy, litigation, IRS collections, payroll debt disputes, penalty abatements, and audit representation. Link to Full Show Notes: https://chrishutchins.com/tax-savings-2024-jasmine-dilucci Partner Deals Cultural Care: Get $250 off the most reliable and trustworthy au pairs 1Password: Free 2-week trial of my favorite password manager Mint Mobile: $15/mo for unlimited wireless on the nation's largest 5G network NetSuite: Free KPI checklist to upgrade your business performance Gelt: Skip the waitlist on personalized tax guidance to maximize your wealth For all the deals, discounts and promo codes from our partners, go to: chrishutchins.com/deals Resources Mentioned Jasmine DiLucci: YouTube | Website Request IRS Transcripts Donor-Advised Fund: Daffy (Free $25 for charity) ATH Podcast: Chris' Newsletter: Subscribe Ep #50: The Power (and Tax Savings) of Charitable Giving with Adam Nash Ep #62: Protect Your Family, Mitigate Taxes and Preserve Your Wealth with Patrick and Mani Ep #147: How to Save on Taxes with Ankur Nagpal Full Show Notes (00:00) Introduction (02:09) Why There's So Much Bad Tax Advice (05:17) Debating for Business Expenses vs. Personal Expenses (07:36) Can You Hire Your Kids to Work for You? (10:31) Ways to Identify Good and Bad Tax Advice Online (14:07) What Actually Happens When You Get Audited by the IRS (20:13) Do Credit Card Transactions Justify Receipts? (21:32) Common Things That Would Flag Audits (24:13) The Importance of IRS Transcripts (28:55) What Happens When the IRS Delays a Payment (30:33) Jasmine's Advice to Minimize Tax Penalties (32:36) What Kind of Tax Documents Can Have Errors? (34:44) Filing Using Tax Tool vs. Tax Expert (38:55) Chris' EOY Tax Checklist (43:41) Business Tax: Setting Up S Corps vs. LLCs (45:07) Changes to Expect in the Near Future (49:30) Where to Find Jasmine Connect with Chris Newsletter | Membership | Twitter | Instagram | LinkedIn Editor's Note: The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. Learn more about your ad choices. Visit megaphone.fm/adchoices

Send us a textHave you ever wondered if you could deduct a mentorship program paid for on your personal card before starting your business?In this episode, Mike Jesowshek, a CPA, hosts a listener Q&A session addressing various tax-related questions from small business owners. He covers topics such as deducting business expenses, managing mentorship payments, selling a business, and handling high medical costs for business owners. Mike provides clear guidance on tax planning strategies and the importance of keeping thorough documentation for deductions, while also offering practical advice on avoiding issues with hobby loss rules and S-Corp-specific challenges.Learn how to maximize your business deductions and avoid common tax pitfalls in this Q&A episode![00:00 - 00:40] IntroductionMike Encourages listeners to submit their tax-related questions via the website.[00:40 - 05:23] Business Deductions and Selling a BusinessMike explains that expenses can still be deducted if they're legitimate business expenses and provides guidance on using an accountable plan for reimbursement.He discusses the validity of taking business deductions even when a business has minimal income.There is a need for consistent profit to be considered a legitimate business.[05:23 - 10:23] Section 105 Plans and Ownership Draws in an S-CorpMike details how to set up a family management company to use the Section 105 plan if operating as an S-Corp and hiring a spouse.He also emphasizes that distributions must be proportional to ownership percentages in S-Corps to avoid tax issues.[10:23 - 16:11] Travel Deductions and ConsultationsMike covers travel deductions when charging clients a travel fee and offers advice on setting up tax consultations through his company. He clarifies that even if a travel fee is charged to a client, the associated travel expenses can still be deducted.[16:11 - 21:02] Business Expenses and Accountable PlansMike emphasizes that while the deductions remain the same, the IRS prefers business-related expenses to be run through business accounts.  Owner draws are not taxed directly; instead, taxes are based on the profit of the business, regardless of how much is drawn from the account.  [21:02 - 24:10] Tax Helm Services and ConsultationsMike highlights Tax Helm's services, which include consultations and comprehensive tax planning for small businesses, with a guarantee to provide tax savings that cover the cost of the service.  Direct Quotes:“Just because you paid for it personally, doesn't mean you lose the deduction—it's still a valid business expense if it's related to your business.” - Mike Jesowshek, CPA“The IRS always wants to see that you're running your business like a business, not like a hobby.” - Mike Jesowshek, CPACheck out this episode's blog post: https://www.taxsavingspodcast.com/blog/listener-q-a-with-mike-jesowshek-cpa-10-16-2024 _____Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/

In this episode of "Right About Now," host Ryan Alford sits down with Ryan Moriarty, president of Done For You Tax, to explore essential tax strategies for small businesses. Moriarty reflects on his journey from computer science to accounting, sharing how his technical background shapes his approach to tax management. He dives into the importance of accurate bookkeeping and addresses common fears surrounding taxes. Throughout the conversation, Moriarty highlights how advancements in technology and AI have revolutionized accounting, making it more accessible and cost-effective for small business owners. He also offers practical tax advice, including tips on home office deductions, vehicle expenses, and the importance of meticulous documentation to prevent audit risks. This episode is packed with valuable insights aimed at empowering small business owners with the tools and knowledge they need for smarter financial management.TAKEAWAYSImportance of tax management for small businessesRole of bookkeeping in successful tax filingCommon fears and misconceptions about taxesTarget audience for affordable accounting servicesImpact of technology on accounting efficiencyIntegration of artificial intelligence in bookkeepingClient involvement in the accounting processUnderstanding tax audits and preparationPractical tax tips for small business ownersOverlooked deductions and common pitfalls in tax filingTIMESTAMPSIntroduction to Taxes (00:00:00)Discussion on the importance of understanding taxes and maximizing savings within legal boundaries.Podcast Introduction (00:00:09)Ryan Alford introduces the podcast, highlighting its popularity and engaging tone.Welcome to the Episode (00:00:32)Ryan Alford sets the stage for the episode's focus on taxes, emphasizing its relevance.Guest Introduction (00:00:56)Ryan Alford introduces Ryan Moriarty, president of Done For You Taxcom.Personal Life Update (00:01:54)Ryan Moriarty shares his personal happiness living in Puerto Rico with family.Moriarty's Background (00:02:25)Ryan Moriarty discusses his journey from computer science to founding an accounting firm.The Nature of Taxes (00:03:27)Ryan Alford and Moriarty explore the complexities and societal implications of taxes.Maximizing Tax Savings (00:04:13)Moriarty emphasizes the importance of following tax laws to maximize savings.Fear and Trepidation Around Taxes (00:04:42)Discussion on the common fears and lack of knowledge people have regarding taxes.Target Audience for Services (00:05:20)Moriarty identifies small business owners as the primary audience for his services.Bookkeeping Advice (00:06:53)Moriarty advises new business owners to prioritize bookkeeping to simplify tax filing.Challenges of Bookkeeping (00:07:58)Ryan Alford shares insights on the difficulties of maintaining proper bookkeeping.Importance of Bookkeeping (00:08:35)Moriarty stresses that proper bookkeeping is essential for tax compliance.Technological Advancements in Accounting (00:09:13)Moriarty discusses how technology has improved efficiency in accounting practices.Role of AI in Bookkeeping (00:10:57)Moriarty explains how AI assists in bookkeeping, reducing manual labor.Business Owner Involvement (00:12:17)Moriarty clarifies the level of involvement required from business owners in bookkeeping.Tax Preparation Process (00:13:15)Moriarty outlines the steps involved in preparing taxes for clients.Client Expectations from Tax Services (00:14:13)Discussion on what small business owners seek in tax services: speed and accuracy.Audit Concerns (00:15:00)Moriarty addresses client fears regarding audits and how his service can help.Audit Likelihood (00:16:06)Moriarty shares statistics on audit chances for small businesses.Importance of Accurate Record-Keeping (00:16:58)Moriarty emphasizes the need for accurate bookkeeping to support tax filings during audits.Ongoing Client Guidance (00:18:00)Moriarty explains the continuous support provided to clients to avoid audits.Understanding Audits (00:18:09)Discussion on desk audits, specific categories audited, and the importance of being prepared.Audit Support Services (00:19:06)Explanation of how Done For You Taxcom assists clients during audits and inquiries.Avoiding Full Audits (00:19:44)Insight on how to prevent full audits by maintaining organized records and avoiding red flags.Tax Tips for Small Businesses (00:20:04)Advice on practical tax management strategies for small business owners to stay organized.Home Office Deductions (00:20:36)Importance of having a home office and how to calculate deductions based on square footage.Vehicle Expense Deductions (00:21:22)Explanation of vehicle expense deductions, including mileage tracking versus actual expenses.Real Estate Investment Strategies (00:22:11)Tax strategies for high-income clients involving real estate and the benefits of accelerated depreciation.Misconceptions About Vehicle Deductions (00:25:22)Discussion on the pitfalls of writing off luxury vehicles and their depreciation.Debunking Tax Myths (00:26:39)Clarification on common tax myths surrounding vehicle deductions and financial planning.Maximizing Home Office Deductions (00:28:12)Encouragement to accurately calculate home office expenses and potential deductions for small businesses.Writing Off Business Meals (00:29:11)Guidance on writing off meals when there is a business purpose, even during personal dinners. If you enjoyed this episode and want to learn more, join Ryan's newsletter https://ryanalford.com/newsletter/ to get Ferrari level advice daily for FREE. Learn how to build a 7 figure business from your personal brand by signing up for a FREE introduction to personal branding https://ryanalford.com/personalbranding. Learn more by visiting our website at www.ryanisright.comSubscribe to our YouTube channel www.youtube.com/@RightAboutNowwithRyanAlford.

In this episode, Steve Fretzin and Justin Krane discuss:Challenges lawyers face with managing their financesThe importance of automating financial systemsThe connection between lifestyle choices and financial healthStrategies for building a financially secure law practice Key Takeaways:Automating the transfer of funds between business and personal accounts helps remove emotion from financial decisions and ensures steady savings.Lawyers often struggle with personal finances because they lack clarity on their business model and revenue generation strategies.Over-spending on luxury items like vacations and yachts while neglecting long-term savings can disrupt financial stability.A reframe from thinking of business expenses as "spending" to viewing them as "investing" helps ensure lawyers prioritize sustainable growth and ROI. "You have to be a prosperity thinker. You have to be able to believe that you can create and manifest the financial life that you want and make things happen." —  Justin Krane Read Steve's past episodes as Blogcasts—visit now: https://www.fretzin.com/blog/ Thank you to our Sponsors!Ready to go from good to GOAT? Attend PIMCOM the inaugural personal injury mastermind conference Sept 15-17, 2024. Use promo code BeThatLawyer to get $200.00 off at https://www.pimcon.org/Rainmakers Roundtable: https://www.fretzin.com/lawyer-coaching-and-training/peer-advisory-groups/ Episode References: INspired INsider Podcast: https://podcasts.apple.com/us/podcast/inspired-insider-podcast/id729464589The Psychology of Money by Morgan Housel: https://www.amazon.com/Psychology-Money-Timeless-lessons-happiness/dp/0857197681 About Justin Krane: Justin Krane, a Certified Financial Planner™ professional, is the founder of Krane Financial Solutions. Known for his savvy, holistic approach to financial planning, he advises his clients on how to unite their business and personal money with their lives. Justin works with his clients to create purpose-driven financial plans, aiming for a "return on life." He manages his clients' investment portfolios for their long-term goals, such as retirement. Justin is the author of the book Money. You Got This. It's a book about everyday crazy, funny life experiences that we all have – with lessons for all of us. Connect with Justin Krane:  Website: https://kranefinancialsolutions.com/Personal LinkedIn: https://www.linkedin.com/in/justinkrane/Company LinkedIn: https://www.linkedin.com/company/krane-financial-solutions/ Connect with Steve Fretzin:LinkedIn: Steve FretzinTwitter: @stevefretzinInstagram: @fretzinsteveFacebook: Fretzin, Inc.Website: Fretzin.comEmail: Steve@Fretzin.comBook: Legal Business Development Isn't Rocket Science and more!YouTube: Steve FretzinCall Steve directly at 847-602-6911 Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it. 

In the States, Labor Day which means summer is UNOFFICIALLY over…This means the real work is here --getting ready for Q4.Q4 is the busiest time of year for me and my clients where:Companies are working on hitting their numbersHolidays are coming up so getting ready to deal with triggering family membersAnd more importantly making sure to have enough time for sanity lolSo how do you get ready?For me I have been using all summer prepping myself for Q4 by: Updating my systems Improving my own knowledge and skills by obtaining my PCC coaching certification with the International Coaching Federation as I've been working with more companies and executives.Looking at my numbers and making changes. For example, I have deleted a bunch of expenses because I didn't hit the numbers I wanted in the beginning of the year.There's been loads of updates and changes I've been doing behind the scenes to get ready for Q4, and I share more in my podcast.What We Cover in This Episode:Review Goals: Revisit your yearly personal and business goalsThe importance of being self-aware and leaning into what's making you feel uncomfortableHow to look at your numbers to create aligned changeIf you would like to see how to work with me to create a more sustainable life where you can be more present with yourself and create your own checklist of success that's not created by society and loved ones, then schedule a complimentary legacy business and career review at elainelou.com/callResources Mentioned:Psychologytoday.comEpisode 95. How I reduced 50% of my Business Expenses and How You can too and a business updateEpisode 38. Part 2. One Year Later, How I Became Less Dependent on Social Media with Monica SchrockEpisode 61. How I Became #1 on Google, and how you can too with Andres AgueroWhere We Can Connect:Apply to the Business & Career Mastermind: elainelou.com/mastermindSchedule a Business & Career Audit call with me to see if it's a good fit to work together: elainelou.com/callFollow the Podcast on Apple: WOC and Allies: Business and Career RealtalkFollow the Podcast on Spotify: WOC and Allies: Business and Career RealtalkFollow Elaine on Instagram: @elainelou_Connect with Elaine on LinkedIn: Elaine Lou CartasCheck out our other podcasts for Women of Color

  Tired of sifting through mountains of receipts when tracking business expenses? Save time and energy by tracking money with these apps!   Zoho Expense Official Website: https://www.zoho.com/us/expense/ Everlance Official Website: https://www.everlance.com/   Contact the Agent Survival Guide Podcast! Email us ASGPodcast@Ritterim.com or call 1-717-562-7211 and leave a voicemail.   Resources: Agent's Guide to Phone Communication Resources: https://link.chtbl.com/ASG608 Apps for Travel Deals: https://link.chtbl.com/ASGA62 Facebook Basics for Insurance Agents: https://link.chtbl.com/ASG607 How to Recruit Insurance Agents to Your Downline: https://ritterim.com/blog/how-to-recruit-insurance-agents-to-your-downline/ Signs It's Time to Expand Your Insurance Portfolio & Make the Move: https://link.chtbl.com/ASG605 The Ultimate Agent Resource List: https://ritterim.com/the-ultimate-agent-resource-list/     References: “Choose a Plan That Suits Your Organizational Needs.” Pricing Plan Comparison | Zoho Expense, Zoho, www.zoho.com/us/expense/pricing-comparison/. Accessed 12 Aug. 2024. “Integrations.” Addons and Integrations | Expense Software | Zoho Expense, Zoho Expense, www.zoho.com/us/expense/addons/. Accessed 13 Aug. 2024. “Pricing Plans.” Everlance, Everlance, www.everlance.com/pricing. Accessed 12 Aug. 2024. “Zoho Expense Integrations.” Zoho Expense, Zoho Expense, www.zoho.com/us/expense/addons/. Accessed 13 Aug. 2024.   Follow Us on Social! Ritter on Facebook, https://www.facebook.com/RitterIM Instagram, https://www.instagram.com/ritter.insurance.marketing/ LinkedIn, https://www.linkedin.com/company/ritter-insurance-marketing TikTok, https://www.tiktok.com/@ritterim X (fka) Twitter, https://twitter.com/RitterIM and Youtube, https://www.youtube.com/user/RitterInsurance    Sarah on LinkedIn, https://www.linkedin.com/in/sjrueppel/ Instagram, https://www.instagram.com/thesarahjrueppel/ and Threads, https://www.threads.net/@thesarahjrueppel  Tina on LinkedIn, https://www.linkedin.com/in/tina-lamoreux-6384b7199/

Josh and Emily talk about business accounting/bookkeeping/taxes when you have multiple income streams that overlap to some degree. Top things to think about You should have an EIN for your business; if you have a 1099 contractor job and used your EIN, then that's simple. If you have a W2 job plus self-employed income, then some expenses are deductible and some are not. If you have a CPA and provided them with all the information, you're more likely to be able to get out of trouble with the IRS because you can prove that you had good reason for doing things the way you did (aka your CPA told you to). If you have multiple, related companies that are separate entities, you should not share resources between them (have separate Zoom accounts, separate bank accounts etc.). Want help building or growing a successful financial coaching business? Find resources below based on where you're at in your journey: Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity Already decided you're going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow

The beginning of the year, it was tough. I wasn't hitting the revenue I needed, and my profit margins weren't sexy at all. I had to put my ego in check and make some hard decisions and conversations.The result → I reduced 50% of my expenses and now this year I am projected to have the highest revenue, and more importantly PROFIT MARGINS!How am I celebrating this? Well, I was just with my dad for a week where I was able to help him with recovery after his 2nd knee surgery.His recovery is going so well especially with the love surrounding him. We even got my nephew to be his physical therapist lol.This past year, I've talked to more people—myself included—about how tight money has been cause of:InflationElectionsAnd for those of us who are Millennials and Gen Xers -- we're juggling finances with our kids and parents.We were taught to hustle, work a lot, THEN the money will come.But I want to challenge you -- hard work doesn't mean working more hours.The REAL hard work is building a better relationship with money.In my 95th podcast episode, I talk about, “How I reduced 50% of my expenses, how keeping up with the Jones' was affecting me and business updates”Listen on AppleListen on SpotifyHere are the show notesSo you might be wondering what has been the results of reducing my expenses by 50% and simplifying my business?This past week while I was with my dad in surgery without even promoting anything on social media or emails I had 8 sales calls scheduled.Here's the receipts so you know I ain't lyin.Also, don't get it twisted despite getting all these sales calls in, we are selective with who we work with. We take great care in selecting clients who are genuinely committed to their results, and our reputation depends on the success of our clients. So if you are committed you can apply to work with me and my team by scheduling a call here.What We Cover in This Episode:The Importance of Going Back to BasicsHow to Adjust Your OfferHow to Simplify and Streamline Your Operations for Better Profit MarginsA Change in my BusinessIf you would like to see how to work with me to create a more sustainable life where you can be more present with yourself and create your own checklist of success that's not created by society and loved ones, then schedule a complimentary legacy business and career review at elainelou.com/callResources Mentioned:Evolved FinanceWhere We Can Connect:Apply to the Business & Career Mastermind: elainelou.com/mastermindSchedule a Business & Career Audit call with me to see if it's a good fit to work together: elainelou.com/callFollow the Podcast on Apple: WOC and Allies: Business and Career RealtalkFollow the Podcast on Spotify: WOC and Allies: Business and Career RealtalkFollow Elaine on Instagram: @elainelou_Connect with Elaine on Linked

When you're managing your business and tracking your income, business expenses can be daunting. It's easy to look at everything you've earned, and think that it isn't enough when wanting to make a big investment. But, you don't want to avoid large investments. You always want to set your business up for success. Those investments help you tremendously in the long run. In today's episode, I walk you through my business procedure. We'll be discussing: What I look at monthly, and the expenses I have coming up so that I know I'll need to set aside so that my business can continue to thrive How to set up your bank account for your business so that you aren't at the mercy of your monthly expenses and aren't feeling like your business is working paycheck to paycheck Why it's important to me that you focus on your recurring monthly revenue If you want more guidance on business expenses and your monthly revenue, then head over to join my Mastermind. We are currently in the fast action enrollment period. You can apply HERE, and due to the fast action window can be eligible for a $5,000 discount. Want to be coached by Leah directly? Head to her waitlist to be the first to know when spots open up. And get the chance to win a FREE intensive with Leah!  Leahgervais.com/waitlist If you want more inside business secrets, then head over to my Seven-Figure Secrets Podcast! There, we discuss what goes on behind the scenes of running a seven figure business, and I give you the scoop on how to make it happen for you.    (Click HERE to tune in)

In this episode of "Insurance Business Babes," hosts Kathe Kline and Joanna Wyckoff discuss Joanna's decision to hire a personal assistant to help balance her demanding work and personal life. Joanna highlights the challenges of managing her business alongside personal responsibilities, especially due to her disability. She shares her past experiences with unreliable help and stresses the importance of finding someone trustworthy and capable. The personal assistant will handle tasks such as organizing, cooking, and administrative work, giving Joanna the opportunity to focus on higher-value tasks and improve her mental health. Both hosts emphasize the significance of delegating tasks to alleviate stress and enhance business efficiency, while Kathe also notes her commitment to nurturing existing client relationships over seeking new ones. The episode ends on a hopeful note about the potential positive impact of this hiring decision on Joanna's life and business.

Unlock the secrets to achieving financial success and stability with insights from Tom Wheelwright, tax advisor extraordinaire and author of "Tax-Free Wealth." This episode of "Escaping the Drift" promises to redefine your understanding of business finance and accounting, equipping you with the knowledge needed to transform your entrepreneurial journey. Tom shares his fascinating path from humble beginnings in his father's printing company to becoming a trusted advisor to financial powerhouse Robert Kiyosaki. Learn why mastering financial statements can be a game-changer and hear eye-opening stories about entrepreneurs who discovered untapped growth potential by simply understanding their numbers.We dive deep into maximizing cash flow and mastering tax strategy. Tom demystifies the process of analyzing income statements and balance sheets, offering practical advice on managing expenses and distinguishing between offensive and defensive expenditures. Explore how to optimize your income, ensure that liabilities contribute positively to your business, and understand the importance of trusting assets when managing debt. Whether you're a seasoned entrepreneur or just starting, these insights can help you create a robust financial foundation.Finally, discover advanced tax strategies tailored for real estate professionals and family-focused financial planning. Tom highlights the benefits of having a home office, leveraging tax payments for investments, and employing your children to maximize standard deductions. Learn the intricacies of writing off business expenses and how to build your children's financial literacy from a young age. Plus, understand the value of upgrading your tax advisor to avoid costly mistakes and optimize your tax savings. With actionable tips and expert advice, this episode is a treasure trove for anyone looking to take control of their financial future. Tune in and start escaping the drift today!Highlights:(03:44 - 05:14) The Importance of Financial Literacy(12:31 - 14:09) Tax Preparation Progression(16:37 - 17:38) Choosing the Right Tax Advisor(19:20 - 21:17) Handling IRS Audits With Professional Help(24:07 - 24:49) Tax Debt Repayment Rules and Options(31:17 - 32:19) Leasing vs Buying Car Costs(34:24 - 35:28) New Mexico Travel for Tax Deduction(39:56 - 40:39) Deductions Criteria for Business Expenses(45:04 - 46:21) Tax-Free Wealth User's Manual(48:28 - 49:22) Franchise Locations and Tax TipsCHAPTERS (00:00) Maximizing Tax Savings With Tom Wheelwright(04:58) Maximizing Cashflow and Tax Strategy(14:37) Navigating Taxes With Confidence(25:06) Leveraging Tax Strategies for Real Estate(37:58) Strategies for Family and Finances(49:27) Engaging Fans for Escaping the Drift

Happy 4th of July! In this episode we are digging the entrepreneurial spirit in America and the incentives for starting a business. We talk through how America's history of entrepreneurship and capitalism has driven innovation and economic growth. We highlight tax incentives for business owners, like deductions for office space and home office expenses, and the importance of a good accountant. Jon shares the Australian perspective, touching on the "tall poppy syndrome" and lack of government support. We emphasize how you can use proactive tax planning and ethical business practices to maximize growth and success. Links ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://dropshipbreakthru.com/call⁠⁠⁠⁠⁠⁠⁠⁠ - Ready to start your high ticket dropshipping journey with Ben and Jon's guidance and help? Jump on a free call with one of our team members today to learn what that looks like. https://dropshipbreakthru.com/go - Learn how high ticket dropshipping works and how you can get started in this free training. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://dropshipbreakthru.com/shopify⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ - Get a $1 trial on Shopify and start having a play around. The best way to learn is by doing. Get familiar with the platform by being inside of it. Sponsors ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠DropshipBreakthru.com/Clearsale⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  — Add this app to your business and never worry about fraud  chargebacks again. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠DropshipBreakthru.com/Shopify⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ — The only Ecommerce platform we recommend. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠DropshipBreakthru.com/Grasshopper⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ — Get an 800 number for your business from Grasshopper ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠DropshipBreakthru.com/Rewind⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠— Automatically back up your Shopify store data ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠DropshipBreakthru.com/PrimedMind⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ — Get coached by the #1 Mindset Coach in the world, Elliot Roe Timestamps America's Incentives for Entrepreneurship (00:00:00) Discussion on America's history of entrepreneurship, the celebration of the entrepreneurial spirit, and tax incentives for business owners. Australia's Attitude Towards Entrepreneurship (00:02:14) Comparison of the attitudes towards entrepreneurs in the US and Australia, including government support and public perception. Criticism of Wealth and Taxation (00:04:11) Debate on the criticism faced by entrepreneurs and wealthy individuals regarding taxes and societal attitudes. The Burden and Rewards of Entrepreneurship (00:09:15) Exploration of the risks, burdens, and rewards of entrepreneurship, including the concept of leverage and personal responsibility. Capitalism and Entrepreneurship (00:13:03) The role of entrepreneurs in shaping America's history, the impact of capitalism, and the incentives for entrepreneurs in the US. Tax Breaks and Business Expenses (00:15:39) Explanation of tax deductions and business expenses in the US, including home office deductions and incentives for business growth. Tax Planning and Benefits (00:16:32) Discussion on tax planning, expenses, and utilizing government incentives to benefit business owners. Utilizing Government Schemes (00:17:17) Exploring ways to use companies and trusts, applying for grants, and utilizing government schemes to benefit business. Maximizing Tax Benefits (00:18:26) Exploring various ways to offset income through legal means and the importance of finding a good accountant. Ethical Entrepreneurship (00:22:35) Encouragement to start a business ethically and serve the community, with a reminder of the potential for self-development through entrepreneurship.

Thanks to our Partners, AAPEX, NAPA TRACS, and Automotive Management Network 'Business by the Numbers' Podcast host Hunt Demarest discusses common financial mistakes, emphasizing the importance of building long-term wealth through prudent financial management and investment. The conversation covers managing personal and business expenses, the impact of government programs, and the necessity of maintaining financial reserves. Hunt Demarest, CPA, Paar Melis and Associates, Hunt's previous episodes HERE Business by the Numbers Podcast Show Notes Watch Full Video Episode The Brakes for Breasts initiative (00:00:01) https://www.brakesforbreasts.com/ Rich vs. Wealthy (00:03:09) The distinction between being rich and being wealthy and the financial habits of wealthy individuals. Money Mistakes and Business Finances (00:04:55) Common money mistakes made by business owners and the importance of long-term wealth building. Personal and Business Expenses (00:06:09) The impact of blending personal and business expenses and its effect on financial statements. Year-End Financial Review (00:09:14) The importance of assessing business finances at the end of the year and avoiding unrealistic financial judgments. Impact of Government Programs (00:10:33) The impact of government programs on business profitability and the potential consequences of misusing funds. Business Trends and Demand (00:11:53) Analysis of business trends, demand, and the need for realistic profit expectations in the automotive industry. Cash Flow Management and Reserves (00:13:59) The importance of cash flow management, emergency funds, and the role of credit lines in business financial planning. AAPEX 2024 Registration (00:17:37) https://www.aapexshow.com/ NAPA TRACS Shop Management System (00:18:47) http://napatracs.com/ Labor Rate Tracker (00:19:53) http://LaborRateTracker.com Managing Credit Lines (00:20:48) Discussion on managing credit lines, including the importance of using and managing credit effectively. Cash Management and Financial Statements (00:21:49) Insights into managing physical cash, reconciling financial statements, and the importance of accountability. Overspending and Budgeting (00:23:59) Discussion on avoiding overspending, budgeting investments, and making decisions based on return on investment. Insurance and Protection (00:26:42) Importance of having the right insurance coverage and protecting assets and future liabilities. Return on Sales and Advertising (00:27:46) Explaining the concept of return on sales and the importance of evaluating advertising spending based on return on investment. Bookkeeping and Financial Timeliness (00:29:30) The impact of timely and accurate bookkeeping on business performance and decision-making. Cash Flow and Long-Term Planning...

Thanks to our Partners, AAPEX, NAPA TRACS, and Automotive Management Network 'Business by the Numbers' Podcast host Hunt Demarest discusses common financial mistakes, emphasizing the importance of building long-term wealth through prudent financial management and investment. The conversation covers managing personal and business expenses, the impact of government programs, and the necessity of maintaining financial reserves. Hunt Demarest, CPA, Paar Melis and Associates, Hunt's previous episodes HERE Business by the Numbers Podcast Show Notes Watch Full Video Episode The Brakes for Breasts initiative (00:00:01) https://www.brakesforbreasts.com/ Rich vs. Wealthy (00:03:09) The distinction between being rich and being wealthy and the financial habits of wealthy individuals. Money Mistakes and Business Finances (00:04:55) Common money mistakes made by business owners and the importance of long-term wealth building. Personal and Business Expenses (00:06:09) The impact of blending personal and business expenses and its effect on financial statements. Year-End Financial Review (00:09:14) The importance of assessing business finances at the end of the year and avoiding unrealistic financial judgments. Impact of Government Programs (00:10:33) The impact of government programs on business profitability and the potential consequences of misusing funds. Business Trends and Demand (00:11:53) Analysis of business trends, demand, and the need for realistic profit expectations in the automotive industry. Cash Flow Management and Reserves (00:13:59) The importance of cash flow management, emergency funds, and the role of credit lines in business financial planning. AAPEX 2024 Registration (00:17:37) https://www.aapexshow.com/ NAPA TRACS Shop Management System (00:18:47) http://napatracs.com/ Labor Rate Tracker (00:19:53) http://LaborRateTracker.com Managing Credit Lines (00:20:48) Discussion on managing credit lines, including the importance of using and managing credit effectively. Cash Management and Financial Statements (00:21:49) Insights into managing physical cash, reconciling financial statements, and the importance of accountability. Overspending and Budgeting (00:23:59) Discussion on avoiding overspending, budgeting investments, and making decisions based on return on investment. Insurance and Protection (00:26:42) Importance of having the right insurance coverage and protecting assets and future liabilities. Return on Sales and Advertising (00:27:46) Explaining the concept of return on sales and the importance of evaluating advertising spending based on return on investment. Bookkeeping and Financial Timeliness (00:29:30) The impact of timely and accurate bookkeeping on business performance and decision-making. Cash Flow and Long-Term Planning...

In this episode, Kathe Kline and Joanna Wyckoff discuss various aspects of running a successful insurance business, drawing from personal experiences and industry knowledge. They highlight the importance of having professional representation and the pitfalls of conflicting interests, using LegalShield as an example. They emphasize treating the business professionally, from having separate phone numbers and emails to maintaining updated professional photos and name badges. The hosts stress the importance of time management, goal setting, and adapting to industry changes, while also ensuring work-life balance through time blocking and setting boundaries. They address financial planning, professionalism, and the necessity of errors and omissions (E&O) insurance, and conclude with the importance of professionalism in managing leads and client relationships.

Bianca asks Erin how to tackle the common issue of mixing personal expenses with business accounts. Erin emphasizes the importance of keeping finances separate to simplify bookkeeping, track business performance, and ensure opportunities for growth. She shares practical advice on managing separate accounts and highlights potential pitfalls if lines are blurred. There are some essential tips here if you are an entrepreneur!  PS - Erin love dentists. Keri loves them too, but stay outta her mouth. Thanks in advance!    _______________________________

This week's podcast is sponsored by Truv. Truv lets applicants verify income, employment, assets, insurance, and switch direct deposits. Unlock the power of open finance, with Truv. 

Welcome to the Virtual Cafe where coffee meets money. This week we are chatting about The Money Barista coffee mug and how not to be 'pedestrian' or 'basic' with our beans. The discussion gets spicy when speaking of the perfect world vs when getting started it may look very different.When to separate the beansWhat to keep that are the most important thingsHow things can change over time and to know when to separate recordsMake sure what is required in your areaThe right advice from certain professionals is importantNot getting overwhelmed or sucked down the technical rabbit holeWhich tool can make things easier (or much harder)Combining your business and personal finances in accounting software may not be the right fit so knowing when it's time has some clues. Everything in business is not the same, there are different shapes and sizes. Numbers matter in whichever industry you are in and they help you understand your business finances. We would love you to tune in for this episode and future discussions in the Virtual Cafe, where you too can get in control of your flipping digits.We hope you enjoy this experience

Welcome to the Virtual Cafe where coffee meets money. This week we are chatting about The Money Barista coffee mug and how not to be 'pedestrian' or 'basic' with our beans. The discussion gets spicy when speaking of the perfect world vs when getting started it may look very different.When to separate the beansWhat to keep that are the most important thingsHow things can change over time and to know when to separate recordsMake sure what is required in your areaThe right advice from certain professionals is importantNot getting overwhelmed or sucked down the technical rabbit holeWhich tool can make things easier (or much harder)Combining your business and personal finances in accounting software may not be the right fit so knowing when it's time has some clues. Everything in business is not the same, there are different shapes and sizes. Numbers matter in whichever industry you are in and they help you understand your business finances. We would love you to tune in for this episode and future discussions in the Virtual Cafe, where you too can get in control of your flipping digits.We hope you enjoy this experience

Don't get to the end of this year wishing you had taken action to change your business and your life.Click here to schedule a free discovery call for your business: https://geni.us/IFORABEShop-Ware gives you the tools to provide your customer with a unique and immersive buying experience.Click here to schedule a free demo: https://geni.us/Shop-WareUtilize the fastest and easiest way to look up and order parts and tires with PartsTech absolutely free.Click here to get started: https://geni.us/PartsTechTransform your shop's marketing with the best in the automotive industry, Shop Marketing Pros! Get a free audit of your shop's current marketing by clicking here: https://geni.us/ShopMarketingPros In this episode of Changing The Industry Podcast, hosts Lucas Underwood and David Roman sit down with Murray Voth, a veteran consultant to the industry. Murray emphasizes the critical nature of business expenses, urging listeners to consider every aspect, like rent, insurance, and staff benefits, before jumping into business ownership. He also delves into the importance of customer service experiences and how they're shaping modern automotive shops. The trio discusses technicians' responsibilities in recommending necessary repairs and the legal and moral implications of shirking them.00:00 Plans to do something in Canada, training differences.06:05 Jeff's location is pretty, no reindeer necessary.14:34 Jeff mentioned the challenges of legalizing pot in states.21:14 Encourage friends to value their services more.25:55 Focus on efficiency to avoid burnout and struggles.30:07 Phone payments, unknown experience leads to surprise.36:44 Entrepreneurs grew with coaching and reached success.39:21 Lack of knowledge may lead to risk.44:50 To lead, go on a purposeful journey.52:34 Canadian program enables success from 10th grade.56:58 Encouraging young people to invest in careers.01:03:35 Addressing repair recommendations and taking ownership of issues.01:06:19 Same laws apply to shops and courts. The ethical obligation to inspect, not sell.

We are bringing back Rus Garofalo of Brass Taxes (where I personally do my taxes). He was a hit last year, and he's back with even more tips to help us all make this terrifying time just a little bit less scary. When it comes to taxes for creative professionals, there are so many nuisances that others don't have to deal with because it is such a volatile industry. We go into what the difficulties that come from the tax system not being designed for those in the gig economy, and answer commonly asked tax-related questions such as quarterly taxes, business write-offs, and when it's beneficial to establish an LLC or S Corp. We also talk about how we each need to find what works for us when it comes to our money, and that includes making informed decisions. So if you're stressed right now, sit back, listen in, and get your notebook ready to approach taxes from a place of empowerment. (PSST: Be sure to listen to the end for a special OBA discount!!) Watch the Full Video Podcast Here! 00:00 — Introducing Rus 02:40 — Understanding Taxes for Creatives 03:15— Changes in Tax Season from 2023 to 2024 04:50 — Preparing for Income Fluctuations 07:48 — Understanding W2 and 1099 Work 10:46 — The Importance of Business Expenses 17:20 — Understanding Estimated Tax Payments 28:09 — Write-offs for Actors 30:26 — Understanding Your Role as a Creative Professional 32:43 — Navigating the Gray Areas of Business Expenses 33:17 — Regular Record Keeping 41:09 — International Taxes 43:33 — Deciding When to Start an LLC or S Corp 45:46 — The Reality of Setting Up a Business Entity 48:28 — Making Informed Decisions that Work for YOU 52:21 — Final Thoughts on Taxes for Creative Professionals Resources Mentioned in This Episode: ★  Listen to Rus's first episode: Taxes for Actors 101 ★ NYFA: Taking Care of the Future You: Retirement for Creatives with Brass Taxes ★ Email assistant@onebrokeactress.com to get the free expense tracker and Freelancer PDF! ★ Brass Taxes FAQ “I was thinking about forming an LLC or Corporation. Is that a good idea?” ★ Brass Taxes FAQ “How do I get started” ★ Brass Taxes FAQ “Your Brass Taxes Account” ★ Brass Taxes FAQ ⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯ Want more? Join The Membership & Check out Patreon for bonus episodes! And don't miss all the content on IG and as always at, OneBrokeActress.com And if you're needing some personalized help from Sam, you can schedule a chat with her right here. Don't forget to join the mailing list here!

Are your business finances the neglected stepchild? My guest this week, Carla Moats, and I discuss the common neglect of finances in the coaching space, where revenue takes precedence, and profit becomes an afterthought. Carla emphasizes the importance of financial knowledge for small business owners, especially in coaching, to overcome the fear and intimidation associated with numbers. Do you want to improve your business's financial management and increase profitability? Learn how to achieve better financial control and organize your business finances for increased success and stability. Empower your small business's financial future as Carla dismantles the profit paradox, guiding you through the crucial steps to separate, track, and prioritize your revenue to maximize your company's success. In this episode... Carla stresses the importance of tracking revenue and expenses monthly and highlights the common oversight in the coaching space where many are unaware of their profit until year-end tax consultations. Carla suggests various tools for financial tracking, ranging from QuickBooks and Xero for larger businesses to spreadsheets, Wave, YNAB and HoneyBook for simpler needs but ultimately emphasizes the need for a system that records both income and expenses for accurate financial insights. We discuss the significance of setting profit goals for coaches and small business owners and encourage everyone to take an intentional approach to spending and investments, emphasizing the practice of deciding upfront how much profit to take. Carla advises business owners to assess their financial health regularly, considering factors like profit, cash flow, and personal income by implementing a monthly finance hour, either self-led or with a bookkeeper, to review financial statements and understand key financial metrics to guide their strategic planning. She recommends identifying 5 to 7 KPIs that directly impact revenue and expenses, tailored to the specific business model, highlighting the value of tracking KPIs alongside financial metrics to gain a comprehensive view of business performance. We conclude the episode by discussing the importance of having a mindset shift toward intentional spending and investment decisions. Carla is a fractional CFO and financial and money coach for female coaches and other service business owners who are making money, but not keeping enough. She brings her 30+ years of finance and accounting experience to her clients, helping them understand their numbers and become profitable so they can scale profitably and still have the money to live the lifestyle they dream of. Don't wait for your tax guy to tell you how much you're making. You should know every month how much money came in, how much money went out. - Carla Moats The key moments in this episode are: 00:00 - Neglecting Business Finances 07:53 - Organizing Business Finances 10:39 - Financial Tracking Tools 14:37 - Hiring a Bookkeeper and Understanding Financial Statements 16:51 - Setting Profit Goals and Paying Yourself 18:54 - Profit First Principle and Intentional Investments 23:23 - Intentional Spending and Personal Financial Goals 27:29 - Business Expenses and Costs 29:08 - Key Performance Indicators (KPIs) 30:20 - Importance of Bookkeeping Connect with Carla Moats: Website LinkedIn Facebook Ultimate Guide to Improving Your Business's Cash Flow Resources Mentioned: Organized Coach Academy  FREE Workshop: 3 Secrets to Organize Your Digital Files Idea Tracker Client Tracker FREE File Naming Formula Cheatsheet Connect with me: Website  Email  Instagram     

Today we're talking about all things Company-Paid. We're here to help you understand and navigate the world of expenses. Here are the Real Job Talk guidelines for using your company credit card. Guideline 1: Look at your company handbook/rulebook and familiarize yourself with the company's policies around expenses. There may be limits on hotels, guidelines around flights, and per diems for meals and drinks. If you see friends during time in a new city, that needs to be on your dime - just like when you see friends at home. Your per diem is to cover you because you're there for work, not for your cocktails with friends. Guideline 2: If it isn't told to you, ASK! Can you buy yourself a mouse, monitor, or new desk? Ask the recruiter or hiring manager what will be covered by the company. Guideline 3: Convenience is key. You are traveling for WORK, so any bookings you do (hotel, office etc) need to be close to the work you are doing, not to the nearby city you've always wanted to visit. If you travel to a city and you want to go sightseeing and learn about it, that's totally fine, but the time you spend as a tourist is on you -- because the company doesn't need you doing it and it's not part of your job. That said, you can extend your trip with a later flight after your personal travel (the company owes you a round trip ticket, the dates are less important), but the hotels and food during your tourism are on you. Guideline 4: Treat the company's money like your own. Want an upgrade for extra leg room, but that's not in company policy? That's on your dime. Think about saving up your per diem to buy your family dinner on your way home from the airport? The company doesn't owe your family dinner -- and they could fire you or at least lose trust in you if they find out. Bottom line: it's not smart to abuse expenses. You could get fired. Don't be fired for something so avoidable. Guideline 5: If it's not for work, it's not expensable. If you're not sure, ASK. If you choose to work at a coffee shop instead of home one day, it's not expensable. If you're having lunch with friends and they say “How's work?”, that's not expensable. If you take your team out, it probably IS expensable. And when you can expense something, don't bust the budget or order the most expensive thing you can. Don't take advantage. Guideline 6: Use the systems you're told to use. Follow Finance's guidelines. Keep receipts. Stay on top of it so that your expenses are up to date. If you pay attention to these guidelines - and to the guidelines of your company - you won't get into trouble with expenses at work.

Don't get to the end of this year wishing you had taken action to change your business and your life.Click here to schedule a free discovery call for your business: https://geni.us/IFORABEShop-Ware gives you the tools to provide your customer with a unique and immersive buying experience.Click here to schedule a free demo: https://geni.us/Shop-WareUtilize the fastest and easiest way to look up and order parts and tires with PartsTech absolutely free.Click here to get started: https://geni.us/PartsTechBrandon Dills of Jarhead Diagnostics joins David and Lucas live from ASTE. They open up a can of worms on firearm safety, the risk of complacency, and his technician's narrow escape from disaster. They dig into workshop hazards, expose the crucial significance of communicating the value of tests to customers, the dynamics of diagnostic fees, and the hidden layers of revenue generation in shops. Topics discussed:03:01 Nightmares of potential crisis, business owner's realization.09:36 Rescue man from the car and check he's okay.13:18 Truck falls, legs trapped, narrowly escapes injury.17:25 NC law requires Workman's Comp for 4+ employees.21:39 Shop didn't finish the car and gave a false excuse.27:02 Tech shop owners collaborate with used car dealers.32:48 Sudden realization of miscommunication during pricing.39:53 Consumer informed of non-warranty repair options.44:29 The Line wasn't replaced and leaked fuel due to damage.48:51 Employee bragged about unethical practices, then left.55:00 Charging for information access: a necessary step.01:01:22 Large operations prioritize reputation and profitability, often clandestinely.

Financial Coach Gina Knox interviews her client Alora Rachelle who thought she was just bad with money until she saved 25k in less than a year in 6 Figure Saver! Check out Alora: https://www.alorarachelle.com/ Learn more about 6 Figure Saver: https://ginaknox.co/6-figure-saver Join the 7 Figure Wealth waitlist! https://ginaknox.co/mastermind

In today's episode, we're delving into the realm of tax deductions tailored for entrepreneurs. For those steering their own business ship, discerning the deductibles from the non-deductibles can be a game-changer when it comes to maximizing your earnings.   We'll decipher the intricate world of deductions – how they function, what classifies as a legitimate deductible expense, and what falls under the umbrella of your business-related costs.   Understanding the fine lines and potential pitfalls when claiming deductions is essential, so we'll offer some strategic insights to minimize the risk of drawing unwanted attention from the taxman. Additionally, we'll emphasize the significance of presenting a strong case to substantiate the expenses you intend to write off.   Join us as we navigate the labyrinth of tax deductions designed especially for entrepreneurs, equipping you with the knowledge to harness the available deductions to your advantage.   What you'll hear in this episode: [3:00] Unraveling the Enigma of Tax Deductions [4:53] The Anatomy of Deductibility: Unveiling the Truth [6:26] Navigating the Terrain of Business Expenses [8:53] Walking the Line: Risks and Boundaries in Deduction Claiming [10:00] The 3 D's: Essential for Deduction Success [12:23] A Tactic to Diversify Your Expense Allocations [15:30] Safeguarding Your Business Case: The Unsung Hero of Deductions   If you like this episode, check out: What is a W-9 and Who is Required to Have One Business Boredom - Does it Need Fixing? Building Systems Based on Problems   Want to learn more so you can earn more? CFO On Demand click here Visit keepwhatyouearn.com to dive deeper on our episodes Visit keepwhatyouearncfo.com to work with Shannon and her team Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/   The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.

I'm not afraid to spend money to help my business run for me - to save my sanity and give me time to do more of the things I actually want to do. And after all, you do have to spend money in order to make money. So today, I'm breaking down exactly how much I spend in a month on my creator business. Learn more about this episode's news ↓ Episode 117 Shownotes Join 130+ other creators in our private creator community, Soulcial Suite ✨ Use code SCOOP to get a special discount on your first month! Follow Soulcialmate

Are you an entrepreneur trying to navigate the financial maze of your online business? You're not alone. Many of us jump into the entrepreneurial world, passionate about our products and services, but often find ourselves lost when it comes to understanding the financial aspects. Today, I'm diving deep into the world of business finance, shedding light on areas where many entrepreneurs, even the seasoned ones, often falter.In this episode, you'll hear…The significance of financial literacy for entrepreneurs and how it can influence business decisionsStrategies for understanding and optimizing business finances, ensuring you're not just running a business, but a profitable oneThe art of being resourceful: how to make the most of available resources and investments to grow your online businessThe shift in online marketing strategies: the declining efficacy of Facebook ads and the resurgence of traditional organic growth methodsInsights from Evolved Finance's journey: the importance of perfecting a core offering before branching out and the value of patience in business growthIf you'd like a shoutout (and a chance to win a $20 gift card), just leave a review on Apple Podcasts and send a screenshot of it to me on Instagram via DMs!Click here to find the full show notes and transcript for this episode.RESOURCES:Learn more at EvolvedFinance.comTake the FREE Evolved Finance Audio CourseListen to the Evolved Finance PodcastFollow Parker on Instagram: @evolvedfinanceEpisode 77. Small Business Taxes 101 [Guest Interview with Little Fish Accounting]CONNECT:Sam on InstagramSam on FacebookOn Your Terms on InstagramDISCLAIMERProduced by NOVA Media

On today's Tax Tuesday, host Troy Butler, Senior Manager of Bookkeeping at Anderson, speaks with Jeff Webb, CPA, Vice-President of Professional Services at Anderson about some timely tax questions around deductions and payroll. The discussion also addresses some detailed information around bookkeeping including services offered by Anderson, and other apps and software that are best for certain situations. Submit your tax questions to taxtuesday@andersonadvisors. Highlights/Topics: "How do you write-off classes or courses, cars, equipment, or anything in general? What is the process? What do you keep? How do you show your proof of funds spent?" In a C-corp, you're allowed to take education for new lines of business. Other entity types, you're only allowed to deduct education for business tha you're already doing. "What's the best way to get payroll started? I want to start with hiring a couple of part time employees." - I highly recommend using a third-party for payroll. I don't recommend that you do it yourself, unless you have a full-time dedicated bookkeeper that this is their job. "Can I deduct expenses for working from home, and what forms can I use?" - What we recommend, typically, is that if you have an entity such as a corporation or even a partnership, you do administrative home reimbursement. "What's the best way to record startup expenses incurred on your private accounts?" There's a lot to read there, so we'll go on to the next one. - Startup costs, organizational costs are actually intangible assets, and those intangible assets get amortized. "Which bookkeeping app would you recommend for four units or less landlords to make our tax preparation easier for all of us?" - QuickBooks is always good. I like QuickBooks Online. "Can we discuss how our bookkeeping service works?" I can do that pretty well. "We're drowning in Excel and Quicken." - We have several different services we offer here at Anderson. The flagship one is called full service bookkeeping, and that's where we're going to do your books on a monthly basis. "What are common expense categories I should use?" - There are lots and lots of templates of charts of accounts out there that can give you a good baseline. For our Platinum members, we offer some generalized templates. "Can I discuss some big picture strategies to help with bookkeeping automation/AI?" “We have a physician set up their PLLC in New York State. Do I need to set up payroll, give myself W2? How much do they pay themselves to avoid an IRS audit? What's the bookkeeping needed? How do I take the remaining money out as a distribution?" That's seven questions in one. They're getting their money's worth out of that one. “What are the minimum requirements to do so and suggested curiosity of tasking?" – If you have a ton of activity, and a week's worth of transactions takes you four hours to do, then you probably shouldn't wait a whole lot of time to do your bookkeeping. At the minimum, I would recommend doing your books quarterly. "If our business is still paying off business debt from previous tax years, how do we account for that as far as bookkeeping and reporting?” - If you take out a loan, and you're making payments against that loan, those loan payments aren't expenses, except for the interest on that loan. “How does the bookkeeping service integrate with the accounting service?" – If you're using us for bookkeeping and using us for tax, we will coordinate your tax return with your tax preparer. Your bookkeeping team will work with your client tax coordinators/tax preparer Resources: Infinity Investing https://infinityinvesting.com/ Email us at Tax Tuesday taxtuesday@andersonadvisors.com Tax and Asset Protection Events https://andersonadvisors.com/real-estate-asset-protection-workshop-training/?utm_source=aba&utm_medium=podcast&utm_content=how-to-write-off-general-business-expenses Anderson Advisors https://andersonadvisors.com/

There are many things we figure as a cost of doing business, but these four are missed nearly every time. Any and all of them can be a very costly mistake. Audio Production by Podsworth Media - https://podsworth.com 

How should you reimburse yourself for business expenses? The truth is the answer will depend on what kind of business you have. In this episode, Mike dives into reimbursing oneself for business-related costs and introduces an accountable plan; What is it and why you might need it? He also covers the four major requirements for this plan to ensure the IRS will accept reimbursements as legitimate. This episode is a must-listen for business owners aiming to navigate the often tricky terrain of personal and business expense separation! [00:25] Reimbursing Yourself As a Sole Proprietor or Single Member LLCHow you reimburse yourself depends on how your business is organized.As a sole proprietor or single-member LLC, you simply take the deduction for thebusiness portion of an expense on your Schedule C when filing your taxes.For mileage or home office expenses, report them on Schedule C. For others, like an 80% business-used cell phone, add them to Schedule C or transfer the cost from business to personal account and claim it.[03:45] Reimbursing Yourself As A S-Corporation or C-CorporationRemember:Operating as an S-Corp means you're an employee of the corporation. The IRS requires you to have an "Accountable Plan" in place.When you pay an employee, you pay them wages which are subject to both employment and income taxes. With a reimbursement we want to ensure employees (including you) do not get hit with taxes on reimbursements.An Accountable Plan lets owners and employees submit expenses for business reimbursement without it being taxable income. [05:36] How to Set Up An Accountable Plan A written accountable plan is advised for clarity and ease during audits. It must adhere to four key principles:Business ConnectionSubstantiationNo Excess PaymentTimelinessAs part of our Tax Minimization Program we have a full section on the Accountable Plan and we discuss how to: 1. Adopt a Written Reimbursement Policy (Accountable Plan)2. Create an Accountable Plan Template / Expense Report 3. Make the Reimbursement Payment Some common accountable plan expenses include home office, personal automobile usage, office expenses, travel, parking/tolls, business meals, tools, dues, licenses, cell phone/internet, and training.[12:30] Closing SegmentMake sure you set up and use the reimbursement system before year-end for timely expense recording!Key Quotes“How we reimburse ourself is going to depend on how our business is organized.” – Mike Jesowshek, CPA“An accountable plan is just a fancy word for reimbursement policy…it's a tool to make sure that reimbursement is being done according to law and that the IRS will accept it." – Mike Jesowshek, CPAPodcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin Our Tax Minimization Program: https://www.taxsavingspodcast.com/taxIncSight Packages: https://incsight.net/pricing/Book an Initial Consultation: https://app.simplymeet.me/o/incsight/sale-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/--------To find out more on this topic and many others visit our website at www.TaxSavingsPodcast.com. You can also give us a call at 844-327-9272 or send your questions to us at: Ask@TaxSavingsPodcast.com

Today's episode is a subject that's really never touched upon..expenses. Habib and Tracey go into the details of what is considered a business expense and a personal expense, how to incorporated into your business and also how to make sure you understand the steps for a successful business outcome.

Have you ever found yourself tangled in a mix of expenses between your life and business? In this episode, we tackle the common struggle of separating personal and business expenses that many creatives and entrepreneurs face and I outline five actionable steps to achieve financial clarity. Join me as we embark on a transformative journey to take control of our finances and elevate our professional creative game on the Professional Creative podcast.

When you're beginning your entrepreneurial journey, I want you to avoid comparing your business expenses to personal expenses. Running your finances for your business is a different game and your have to draw a hard line in the sand. In this episode, I talk about how you can have a better mindset when it comes to your expenses.    ⬇️ Click to view my available resources! https://andyisom.com/   Some products and resources mentioned in this episode may no longer be offered. Please visit my website or DM me on social media for currently available downloads, resources, and coaching programs!