Podcasts about business taxes

As an entrepreneur, you know that every dollar counts, so today we're taking a deep dive into a topic that can save business owners thousands of dollars: deductible business expenses. In this episode, we'll cover what makes an expense deductible, the savings that come with deductions, unexpected deductions, and the importance of bookkeeping. By the end of the episode, you'll have a clear picture of how to make the most of your expenses and keep your money in your business. Episode Highlights Deductible expenses must be ordinary and necessary. Deductions are powerful. Every dollar you deduct reduces your taxable income, directly lowering the amount of taxes you owe. However, in order to deduct a business expense, two key rules must be satisfied: the expense must be ordinary and necessary. To be ordinary, the expense must be common and accepted in your industry, such as a yoga mat for a yoga instructor. To be necessary, the expense must be helpful and appropriate for your business operations. Before you write off something, ask yourself whether a business like yours typically needs this type of expense and does it serve a legitimate business function? If the answer is yes, you may have a deduction on your hands. Don't forget unexpected deductions. While rent and office supplies may come to mind as deductible business expenses, consider whether these unexpected events apply to you: Pet expenses -- If a dog protects your office or warehouse, the dog's food, training, and vet bills may be deductible. Coaching -- Hiring a business coach, taking leadership training, and even going to therapy for stress management related to business all might qualify as expenses needed to run and lead a company. Your home office -- If you have a dedicated space in your home exclusively used for business, you can write off some of your rent, utilities, and internet costs. Marketing and promotions -- Hosting an industry event, running a giveaway, collaborating with influencers, and paying for digital ads all count as deductible expenses as long as they are directly tied to promoting your business. Work-related attire -- Buying branded uniforms or specialized attire for your business are legitimate business expenses. Business retreats -- If you take your team on a business retreat to strategize and improve company culture, that expense could be deductible. Make sure you document the business purpose with an agenda and good notes. Good bookkeeping is just as important as knowing the rules. Without solid record keeping, you might miss valuable deductions or struggle to justify an expense in the event of an audit. Here are some tips to keep your books in order: Separate personal and business finances -- Keeping separate personal and business bank accounts and credit cards makes tracking deductible business expenses much more manageable.  Use accounting software -- Accounting software, such as Quickbooks or Wave, can help automate tracking, helping to ensure nothing gets overlooked when tax season rolls around. Save your receipts -- The IRS requires proof of deductions, so keep digital or physical copies of receipts and invoices. Work with a professional -- A professional bookkeeper or accountant can help you keep your financial records accurate and compliant. Resources + Links Brian Thompson Financial: Website, Newsletter, Podcast Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

On this episode of *The Crownsmen Show*, Jerrod, Rory, and Roy discuss taxes, smart borrowing, ETFs, and construction site security, while also reviewing Fernie's Huck Berry. Filmed in the Petro-Canada Lubricants Studio. Watch now!Visit Crownsmen Partners to Learn More: https://www.crownsmen.com/Heavy Industry Tour Partner

It's tax season crunch time, so we are resharing a timely episode debunking the 1120-S tax return. In this episode, Brian will walk you through the S-Corporation income tax return to help you better understand what you're filing and hopefully catch mistakes before it's too late. He provides a section-by-section analysis of Form 1120-S and highlights key areas that business owners and tax professionals make mistakes. Episode Highlights Part 1: Heading, Income, Deductions, Tax and Payments Most of this information is drawn from your business's Profit and Loss Statement. Here's a breakdown of what's on the first page: Calendar year: The very top of the form asks for the calendar year. If the corporation has a calendar year-end, leave this blank. If a fiscal year or short year put in the appropriate dates. Address: Underneath the calendar year, the form asks for a name and address. Use the name set forth in the charter or other legal documents, such as your Employer Identification Number (EIN) letter. Item A: Located to the left of the address, Item A asks for your S election effective date. You should have a letter from the IRS (CP 261) with your S-Corp starting date. This date should stay the same every year. Item B: Your business activity code. This code shows the IRS exactly what you do. Item C: Item C only applies if you have assets of $10 million or more. Most of the time, Item C will not be checked. Item D: Put your EIN in Item D. Make sure to verify it's correct before you file your form. Item E: Your date of incorporation should match the articles of incorporation. This date may or may not be the same date as your S-election. Like the S-election date, the date of incorporation won't change. Item F: Total assets at the end of the year. Item G: If the corporation is electing to be an S-Corp beginning with the current filing tax year, check the appropriate box. If the S-Corp did not already file the S-Election, attach Form 2553 with the return. Item H: These boxes should be self-explanatory. Check the boxes that apply. Item I: Enter the number of shareholders in the firm (e.g. yourself and your partners). Item J: Most of the time, Item J will not be checked. If you believe that one of the Item J items applies, follow up with your tax accountant. Income: Report gross revenue your business has earned for the year and any additional income or interest income that you may have incurred. Only report trade or business income. Do not list rental income, portfolio income, or tax exempt income (those go on your Schedule K). Expenses: Report all deductions on your Profit and Loss statement. Pay special attention to the following lines: Line 7: Compensation of officers should have something on it. S-Corporations must pay shareholder/employee reasonable compensation for services rendered, and failing to put reasonable compensation could lead to an IRS audit. Also included on this line are fringe benefits, including employer contributions to health plans and group term life insurance, for shareholders/employees owning more than 2% of the corporation stock. If your S-Corp has total receipts of $500,000 or more, you'll need to attach Form 1125-E to explain what was paid to each officer. Line 8: Salary and wages paid to employees (other than officers) of the corporation. Line 17: An S-Corporation can deduct contributions made for its employees under a qualified pension, profit sharing, annuity, SEP plan, Simple plan, or any other retirement deferred compensation plan. This includes shareholders/employees owning more than 2% of the corporation stock. Line 18: Employee fringe benefits provided to officers and employees owning less than 2% go on this line, such as health insurance, disability insurance, and educational assistance. Line 19: Line 19 includes any other deductions. There should be an attached statement, and it should match your profit and loss. The numbers should be close to your Profit and Loss statement. Taxes and payments: In general, an S-Corporation does not pay taxes at the corporate level, so this section will be blank. Signature: It's important to sign the return only after verifying all of the information, including the following sections. Part 2: Schedule B This section is mostly self-explanatory questions. Make sure to read and understand each question. Below are two lines to pay special attention to: Box 1: This easy-to-miss box can change your entire return if you're not careful, since it's where you select whether you're a cash or accrual basis taxpayer. Once you choose an accounting method, you generally cannot change without approval from the IRS. Box 2: Here is where you explain what you do. Part B is an either/or question, so state whether you sell products or services. Also, if you hire contractors, say yes to question 14 -- and hopefully you got out your 1099 forms by January 31. Part 3: Schedules K and K-1 Schedule K reports the pro rata share items in total for the Corporation. Schedule K-1, which you receive in your personal name, reports the percentage of pro rata share items allocable to each shareholder.  Lines 1-17 on Schedule K correspond to Boxes 1-17 on Schedule K-1. Most items on Schedules K and K-1 are self-explanatory and come from other parts of the return. Part 4: Schedule L  This is where many taxpayers make a mistake. Schedule L matches your business' balance sheet and should agree with your books and records. If it doesn't, find out why before you file. The first two columns match what your accounts were at the beginning of the year and should match what the accounts were at the end of last year. If this is your first year filing an 1120-S return, these two columns should be blank. The second two columns are for what the accounts had on December 31 of the previous year and will carry over to next year's return. Some of the most common assets on Schedule L are: Line 1: Write the amount of cash in your bank account on the last day of the year. Line 7: Loans to shareholders are loans from the corporation to the shareholder. Keep in mind, these loans need to be documented and should have a repayment schedule and interest rate. Line 10a: Buildings and other depreciable assets are fixed assets that the business owns that have been depreciated, such as real estate, furniture, or machinery  Some of the most common liabilities on Schedule L are: Line 18: Other current liabilities are expenses incurred at the end of the year but not paid until January of the next year. Current expenses often include wages, state taxes, federal taxes, and payroll taxes payable at the end of the year.  Line 19: Loans from shareholders are loans from the shareholder to the corporation. As with the other loans, these loans should be documented and include a repayment schedule and interest rate. Line 22: The par value or stated value of the capital stock issued by the corporation. This amount stays the same each year unless the S-Corporation issues additional stock after incorporation. The corporate charter or minutes should identify the stock. Line 23: Enter the beginning and ending balances of additional paid-in capital. This includes the amount contributed to the S-Corp by shareholders for which the corporation did not issue stock or amounts contributed in excess of the stated or par value. Line 24: This section is especially tricky. You should base the retained earnings on the S-Corporation's books and records. Most of the time, retained earnings should match the Accumulated Adjustments Account (AAA), other adjustments account (OAA), and previously taxed income (PTI) balances on Schedule M-2. Line 27: This line represents the total liability and shareholders equity. This line must match line 15. If you answered “yes” to question 11 on Schedule B that your total receipts were less than $250,000 and total assets were less than $250,000, then you aren't required to file a Schedule L. However, it may be beneficial to file Schedule L anyway because it will be crucial for future balance sheets. Part 5: Schedules M-1 and M-2 Schedule M-1 helps explain discrepancies between the books and your tax return. This section should explain any differences you notice.  Some common items reported on Schedule M-2 include: Meal expenses (100% on books, 50% on taxes) Entertainment (100% on books, 0% on taxes) Life insurance premium expense (100% on books, 0% on taxes) Certain fines and penalties (100% on books, 0% on taxes) Political contributions (100% on books, 0% on taxes) Book depreciation expense (100% on books, 0% on taxes) Tax depreciation expense (%0 on books, 100% on taxes) Tax-exempt income (100% on books, %0 on taxes)  Schedule M-2 tracks the income and losses and separately states items that the shareholder should report on their tax return. Resources + Links  Bank Reconciliation 101 Lessons from the 1099-NEC deadline Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP, is a tax attorney and certified financial planner who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

In this episode of the #TalkingRecruitmentPodcast, Neil Carberry speaks with Raj Lal, Senior Sales Director at Totaljobs. They dive into the recent increase in National Insurance contributions, how these changes are affecting businesses and examine the growing disconnect between employee-valued benefits and employer offerings, considering strategies for companies to stay competitive in talent acquisition and retention.

I wish I had a dollar for every small business owner who didn't save a dime for their taxes that are due. I'd be rolling in the money! I know why it happens, but let's talk about what to do about it. You MUST be saving for your taxes each year if you want your business to survive!   ______   DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS

UK business taxes impact every company, regardless of size or industry. Accordingly, understanding tax obligations helps businesses plan effectively. Additionally, knowing the different taxes applicable ensures compliance while avoiding penalties.Types of UK Business TaxesCorporation TaxCorporation tax applies to limited companies on their profits. Currently, businesses must calculate their taxable income and file returns with HMRC. Moreover, proper record-keeping ensures accurate reporting and reduces tax liabilities.Value Added Tax (VAT)VAT applies when businesses exceed the registration threshold. Furthermore, companies must charge VAT on taxable sales and submit returns regularly. However, certain businesses qualify for VAT exemptions or special schemes, which simplify compliance.Income Tax and National InsuranceSelf-employed individuals pay income tax on profits instead of corporation tax. Moreover, National Insurance contributions (NICs) apply based on earnings. Consequently, proper tax planning helps manage cash flow and prevents unexpected liabilities.Business RatesCompanies operating from commercial premises pay business rates. Although local authorities handle business rates, reliefs exist for small businesses. Additionally, reviewing rateable values ensures businesses do not overpay.Tax Planning for EfficiencyStrategic tax planning reduces liabilities while maintaining compliance. Moreover, claiming allowable expenses, utilising tax reliefs, and choosing the right VAT scheme significantly impact finances. Furthermore, seeking professional advice ensures businesses make informed decisions.Staying Compliant with UK Business TaxesBusinesses must file returns accurately and meet deadlines. Otherwise, penalties and interest charges apply. Similarly, using digital accounting software simplifies tax management and ensures timely submissions. Significantly, keeping updated with tax law changes prevents compliance issues.Final ThoughtsUK business taxes shape financial decisions and impact profitability. Therefore, proactive tax management helps businesses operate efficiently. Moreover, staying informed and seeking expert advice leads to better financial outcomes.Listen to the I Hate Numbers podcast for more insights on managing business taxes effectively. Additionally, explore our resources to enhance your financial knowledge and strengthen your business.

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TWIRx News  NCPDP Foundation Shares Insights From a Completed Study Focused on Pharmacy Interoperability https://www.prweb.com/releases/ncpdp-foundation-shares-insights-from-a-completed-study-focused-on-pharmacy-interoperability-302307168.html SWAB‑Rx study aims to expand sexual health services in pharmacies https://www.dal.ca/faculty/health/news-events/news/2024/11/15/swab_rx_study_aims_to_expand_sexual_health_services_in_pharmacies.html  I'm a pharmacist — the best value medications at Dollar Tree, including a $1.25 ‘lifetime supply' gel https://nypost.com/2024/11/15/lifestyle/im-a-pharmacist-the-best-value-medications-at-dollar-tree/ Special Guests:  Scotty Sykes, with Sykes & Company CPA. Business Taxes, preparing for the end of the year. Amit Goldman, with DigitalDx Ventures How will Digital Health impact pharmacists? Sponsored by Sykes & Company CPA and Happier at Home.  Shout out to IPC at HLTH 2024, with iCare+ the post-show is releasing next week, the week of November 18th. 

In today's episode, I'm diving into understanding your cash flow and staying on top of taxes as a small business owner. Whether you're just starting out, a couple of years in, or haven't looked at your numbers in a while, this episode is all about getting clear on your taxes and financial basics that'll keep your business moving forward!Topics Covered:Why managing cash flow and setting aside taxes is essential for business growth.The tax challenges service-based businesses face versus product-based businesses.How ignoring tax payments can lead to debt that's harder to pay off over time.Creative solutions for paying off tax debt if you've fallen behind.Mindset shifts to help you tackle tax debt with grace and motivation .Tune in for practical advice on handling taxes and cash flow to avoid future headaches. Give yourself grace, it's never too late to get on top of your finances!Staci's Links:Instagram. Website.The School for Small Business Podcast is a proud member of the Female Alliance Media. To learn more about Female Alliance Media and how they are elevating female voices or how they can support your show, visit femalealliancemedia.ca.Head over to my website https://www.stacimillard.com/ to grab your FREE copy of my Profit Playbook and receive 30 innovative ways you can add more profit to your business AND the first step towards implementing these ideas in your business!

How to Protect Your Pension Fund from a Stock Market Crash Worried about the impact of a stock market crash on your pension fund? You're not alone. Market volatility can significantly affect your retirement savings, but there are strategies you can implement to safeguard your investments. Watch video https://youtu.be/e2iiYBYCUOw?si=enFe6LD0M8jt3hQG Diversify Your Portfolio: One of the best ways to protect your pension fund is through diversification. By spreading your investments across different asset classes—such as bonds, real estate, and cash—you reduce the risk of a market downturn affecting your entire portfolio. Diversification ensures that even if one asset class takes a hit, others may remain stable or even gain value. Regularly Rebalance Your Portfolio: Market conditions change over time, so it's crucial to regularly review and rebalance your portfolio. This involves adjusting your asset allocation to maintain your desired level of risk. Rebalancing helps you lock in gains from outperforming assets and reinvest them into underperforming ones, maintaining a balanced risk exposure. Consider Safe Haven Assets: Investing in safe haven assets like gold, government bonds, or cash equivalents can provide stability during market crashes. These assets tend to hold their value or even appreciate when stock markets decline, offering protection for your pension fund. Stay Informed and Seek Professional Advice: Keeping up with market trends and seeking advice from a financial advisor can help you make informed decisions. A professional can guide you on how to adjust your pension investments to minimize risks during turbulent times. Protect your retirement savings by taking proactive steps today! See also: Why Are UK Taxes So High? 10 Easy Tips To Drastically Reduce Your Tax Liability – Legally - https://youtu.be/PZ9IFiI2Tio How will Labour's new Renters Rights Bill 2024 affect buy-to-let landlords? The Labour Party's Renters' Rights Bill 2024 is poised to bring significant changes to the UK's rental market, impacting both tenants and buy-to-let landlords. Understanding these changes is crucial for landlords to navigate the evolving landscape effectively. Watch video version - https://youtu.be/Wx1HXgVW1bM A Lifetime of taxes Income tax, VAT, Council Tax, Car Tax, Insurance and Travel Tax, Green Energy Taxes, BBC Licence Tax, Stamp Duty, Capital Gains Tax, Section 24, Business Taxes and the final kicker; Inheritance Tax for your dependents! You can legally reduce and mitigate your taxes and inheritance tax for your dependents. Wills and Trusts New research from Canada Life reveals that over half of UK adults (51%)1 have not written a will, nor are they currently in the process of writing one. This includes 13% of people who state they have no intention to write a will in the future. Section 24 Landlord Tax Hike Interview with Chartered Accountant and property tax specialist who reveals options and solutions to move your properties from your own name into a limited company or LLP whilst mitigating the potential HMRC pitfalls. Email charles@charleskelly.net for a free consultation on how to deal with Section 24, Wills and Trusts. Watch video now: https://youtu.be/aMuGs_ek17s #UKTaxes #TaxTips #CharlesKellyMoneyTips #FinancialFreedom #LegalTaxReduction #section24 #stampduty #PensionFundProtection #StockMarketCrash #RetirementPlanning #FinancialSecurity #Diversification #SafeHavenAssets #InvestingWisely #MoneyTips #CharlesKellyMoneyTips #FinancialAdvice

Victoria Thayer - Novii CPA On Preparing For the Future: "It's always about making sure that you have time as a business owner to keep thinking about, okay, where do I think the industry is moving to? Where is the next thing?" In this insightful episode, we sit down with Victoria Thayer, the dynamic founder of Novii CPA, who has rapidly grown her CPA firm in just over a year, now boasting a team of eight. Victoria shares her unique approach to accounting that goes beyond traditional tax preparation, emphasizing the importance of marketing, long-term strategy, and creating a business that thrives on innovation and client satisfaction. Join us as we delve into Victoria's journey from solo entrepreneur to business owner, where she discusses the challenges and triumphs of managing a growing team, the significance of a well-structured sales funnel, and how her firm has successfully integrated modern marketing techniques to stay top-of-mind in the industry. Victoria also opens up about her commitment to continuous improvement, including her decision to implement a 360-degree feedback system within her team. She candidly shares the lessons learned from this process, revealing how she's working on enhancing her communication and organizational skills to better lead her team. This episode is packed with valuable insights for business owners, particularly in the accounting industry, who are looking to scale their operations, improve team dynamics, and embrace a forward-thinking mindset. Whether you're a small business owner or a seasoned entrepreneur, Victoria's story will inspire you to think critically about your business strategy and the steps you can take to reach the next level. Don't miss this episode if you're interested in learning how to combine financial expertise with business acumen, all while fostering a culture of growth and innovation. Tune in to discover: The importance of balancing short-term and long-term marketing strategies. How to effectively manage and grow a team in a fast-paced business environment. The benefits of adopting a proactive approach to client services and internal operations. Key insights into the financial forecasting and strategic planning that drive business success. Listen now and learn from Victoria's journey as she continues to break new ground in the world of accounting and business management Visit Victoria at: NoviiCPA.com Podcast Overview: 00:00 Consider short and long term marketing strategies. 07:16 Contemplating business success and personal fulfillment. 15:17 Close working relationship, delegation, and operational improvement. 16:05 Initial investment in hiring to create value. 23:15 Dealing with challenges, support is beneficial. 31:02 Improving communication and prioritizing thoughts through organization. 35:07 Improving accountability, efficiency and mindset for success. 40:27 Parenting spurs personal growth and learning. 45:22 Financial modeling helps project future costs, revenue. 48:49 Plan ahead to avoid tax bill surprises. 55:52 Consulted accountant about different tax methods, changed approach. 58:57 Plan ahead for business growth, update strategies. Podcast Transcription: Victoria Thayer [00:00:00]: And now when I have an urge to message someone that is just scattered, it's nothing very urgent, I either message myself or I email myself all my random thoughts, and then at the end of the day, I create a concise email, like, okay, these are all the marketing things or sales things that I thought of. Here it is what the idea is, the reason why, and despite the deadline, or how important it is so that they have. Because otherwise they were like, I don't know what this even mean. James Kademan [00:00:34]: And today we're welcoming, preparing to learn from Victoria Thayer of Novi CPA. And, Victoria, it's been a year. Victoria Thayer [00:00:42]: It's been a year. Yes.

Taxes in the UK can feel overwhelming, from income tax and National Insurance to VAT and council tax. There are a raft of business taxes, landlord tax hikes under Section 24, as well as taxes on your savings, Capital Gains Tax and Inheritance tax.  But why do we pay so much tax? The answer lies in funding public services like the NHS, education, and infrastructure. High taxes are designed to support the welfare state and maintain social programs. Watch video on YouTube - https://youtu.be/PZ9IFiI2Tio 10 Money Saving Tips However, there are legal ways to reduce your tax bill. Here are 10 money-saving tips from Charles Kelly Money Tips Podcast: Utilise Tax-Free Allowances: Make sure to use your personal allowance, savings allowance, and dividend allowance effectively. Invest in ISAs: Individual Savings Accounts (ISAs) offer tax-free interest, dividends, and capital gains. Contribute to a Pension: Pension contributions can reduce your taxable income. Claim Business Expenses: If you're self-employed, claim all allowable business expenses. Gift Aid Donations: Donations to charity through Gift Aid can reduce your tax bill. Marriage Allowance: Transfer part of your personal allowance to your spouse if they're a basic rate taxpayer. Make a Will and Plan for Inheritance Tax: Making a Will and planning ahead could substantially reduce taxes and stress for your dependents. Use Trusts: Protect your assets for you and your family using the laws of trusts. Avoid Section 24: Legally take steps to mitigate landlord taxes under Section 24. Take Professional Advice: Using professional advisers can save you money and even reclaim some overpaid taxes, such as Stamp Duty. By staying informed and using these strategies, you can legally minimize your tax liabilities and keep more of your hard-earned money. For more tips on managing your finances and reducing your tax bill, subscribe to Charles Kelly Money Tips Podcast on YouTube!  How will Labour's new Renters Rights Bill 2024 affect buy-to-let landlords? The Labour Party's Renters' Rights Bill 2024 is poised to bring significant changes to the UK's rental market, impacting both tenants and buy-to-let landlords. Understanding these changes is crucial for landlords to navigate the evolving landscape effectively. Watch video version - https://youtu.be/Wx1HXgVW1bM A Lifetime of taxes Income tax, VAT, Council Tax, Car Tax, Insurance and Travel Tax, Green Energy Taxes, BBC Licence Tax, Stamp Duty, Capital Gains Tax, Section 24, Business Taxes and the final kicker; Inheritance Tax for your dependents! You can legally reduce and mitigate your taxes and inheritance tax for your dependents. Wills and Trusts New research from Canada Life reveals that over half of UK adults (51%)1 have not written a will, nor are they currently in the process of writing one. This includes 13% of people who state they have no intention to write a will in the future. Section 24 Landlord Tax Hike Interview with Chartered Accountant and property tax specialist who reveals options and solutions to move your properties from your own name into a limited company or LLP whilst mitigating the potential HMRC pitfalls. Email charles@charleskelly.net for a free consultation on how to deal with Section 24, Wills and Trusts. Watch video now: https://youtu.be/aMuGs_ek17s #UKTaxes #TaxTips #CharlesKellyMoneyTips #FinancialFreedom #LegalTaxReduction #section24 #stampduty

Taxes are inevitable, but paying more than necessary isn't! Join us in this episode with Bob Gauvreau as we explore legal ways to reduce your tax burden. Perfect for individuals and business owners who want to take control of their finances. Tune in and discover actionable strategies that can help you save big on taxes.

After months of dithering, the Bank of England has finally cut the base rate to 5 per cent, the first time the central bank has voted to cut the base rate since 2020. On seven consecutive occasions the central bank voted to hold rates at 5.25 per cent between August 2023 and June 2024, despite falling inflation. There had been 14 consecutive base rate hikes since December 2021. The bank's successive interest rate rises between December 2021 and August 2023 were bad news for borrowers but good news for savers. The average two-year fixed mortgage rate is now 5.78 per cent, according to Moneyfacts, and the average five-year fix is 5.39 per cent. Right now, the lowest five-year fix is 3.99 per cent and the lowest two-year fix is 4.42 per cent, but lenders have already started cutting rates, but beware for excessive arrangement fees.  Savers Rates Say goodbye to great savers deals, including Santander's 5.2 per cent special edition easy-access rate and NS&I's one-year bond paying 6.2 per cent, which launched in September 2023. One of the best one-year fixed-rate account on the market now pays 5.4 per cent, down from a high of 6.2 per cent in October 2023. Savers should note that 1,638 savings accounts still beat inflation which is now at the Bank of England's target of 2 per cent, according to the Mail Online. This means the value of your money is growing in real terms against inflation. NS&I revealed it will offer a new one-year Guaranteed Growth Bond paying 5.15 per cent or a Guaranteed Income Bond at 5.03 per cent. The offer is exclusive to existing 6.2 per cent bond holders and will be available when their current one matures, starting from the end of next month. A saver putting £10,000 in Union Bank of India's one-year fix will earn a guaranteed £554 interest over one year. It comes with full protection under the Financial Services Compensation Scheme up to £85,000 per person. Are Buy-to-Let property deals still worth it? How will Labour's new Renters Rights Bill 2024 affect buy-to-let landlords? The Labour Party's Renters' Rights Bill 2024 is poised to bring significant changes to the UK's rental market, impacting both tenants and buy-to-let landlords. Understanding these changes is crucial for landlords to navigate the evolving landscape effectively. Watch video version - https://youtu.be/Wx1HXgVW1bM A Lifetime of taxes Income tax, VAT, Council Tax, Car Tax, Insurance and Travel Tax, Green Energy Taxes, BBC Licence Tax, Stamp Duty, Capital Gains Tax, Section 24, Business Taxes and the final kicker; Inheritance Tax for your dependents! You can legally reduce and mitigate your taxes and inheritance tax for your dependents. Wills and Trusts New research from Canada Life reveals that over half of UK adults (51%)1 have not written a will, nor are they currently in the process of writing one. This includes 13% of people who state they have no intention to write a will in the future. Section 24 Landlord Tax Hike Interview with Chartered Accountant and property tax specialist who reveals options and solutions to move your properties from your own name into a limited company or LLP whilst mitigating the potential HMRC pitfalls. Email charles@charleskelly.net for a free consultation on how to deal with Section 24, Wills and Trusts. Watch video now: https://youtu.be/aMuGs_ek17s #finance #moneytraining #moneymanagement #wealth #money #marketing #sales #debt #leverage #property #investment #Homeownership #financialplanning #moneymanagement #financialfreedom #section24tax #financialindependenceretireearly #RentersRightsBill #BuyToLet #LandlordLife #UKPropertyMarket #TenantsRights #RentalProperty #PropertyInvestment #LandlordChallenges #RentControl #PropertyStandards #interestratecut #bankofengland #mortgagerates 

If you're: -Struggling financially -Living paycheck to paycheck -Stressed out & credit cards are maxed out -Losing sleep because you're worried about whether or not you're going to be able to pay your bills... Then, the Coins, Cashflow, & Conversations Podcast is for you! Still need to file your business taxes? There's still time to file your taxes if you filed an extension. The tax deadline for extensions is October 15, 2024. However, without this one thing, you will not be able to file your business tax return. Watch the latest episode of the Coins, Cashflow, & Conversations Podcast with Dakota Grady to find out what you need to have your business tax return filed. *The Coins, Cashflow, & Conversations Podcast is sponsored and brought to you by Upstate Essential Solutions, LLC!*

Unlock the keys to effective business structuring, master tax optimization, and learn how to build solid business credit in this enlightening discussion. Gain crucial insights into protecting your assets and enhancing profitability, whether you're starting fresh or scaling up. Dive into this episode for practical advice and essential strategies that every entrepreneur needs to thrive in today's competitive business landscape.

Unlock the keys to effective business structuring, master tax optimization, and learn how to build solid business credit in this enlightening discussion. Gain crucial insights into protecting your assets and enhancing profitability, whether you're starting fresh or scaling up. Dive into this episode for practical advice and essential strategies that every entrepreneur needs to thrive in today's competitive business landscape.

Larry Pendleton - Larry Pendleton CPA On the Getting the Right People: ""I gotta be able to kind of find the right people to trust instead of finding someone that I halfway trust and I gotta oversee every every step of the way." Just about every successful business owner has learned, often the hard and expensive way, that taxes can be a heavy burden to carry.  Once your business starts bringing in some money, after going through all of the sweat and challenges, you learn that the government wants a very large piece.  But how do savvy business owners navigate the tax code? They do it with skilled CPA's that do more than just enter numbers and spit out results.  They do it with careful tax strategy to help you and your business make smart moves before it is tax time. Larry Pendleton is a CPA that went from hustling numbers like most accountants to really bringing tax strategy to his clients.  Larry shares his transformative journey from having a limited mindset to becoming an astute real estate investor, thanks to the guidance of a trusted partner. We explore Larry's first profitable residential investment, the challenges of dealing with contractors, and his strategic pivot from property flipping to new construction for better stability and lower risk. Larry sheds light on the intricacies of cost segregation, a powerful tax strategy popularized by the 2017 tax reforms, and discusses the depreciation rules that real estate investors navigate. We also delve into the concept of self-directed retirement accounts, a game-changing financial tool that allows for diverse investment options beyond traditional stocks and bonds. Listen as Larry gives details and strategies for both business taxes as well as real estate investing. Enjoy! Visit Larry at: LarryPendletonCPA.com Podcast Overview: 00:00 Former athlete advising on tax strategies and coaching. 05:15 Accountant becomes year-round adviser and coach. 13:09 Struggling with project, need trustworthy professionals. 15:57 Adapting real estate investments to market changes. 22:45 Rolling over retirement accounts, choosing short-term investments. 29:44 Lack of promotion of self-directing investments. 31:30 Investors look for credibility, security in deals. 38:05 Explore budgeting, technology, and planning for accounting. 45:27 Clients aspire to be investors, achieving freedom. 49:50 Public accounting firms specialize in different areas. 55:52 Depreciation benefits and potential government changes summarized. 57:41 Understanding tax savings and depreciation in investments. 01:04:03 Quick cost assessment for new construction. Podcast Transcription: Larry Pendleton [00:00:00]: Then you wanna know, okay, how much you how much is needed? How is secured? Like, who are you? Like like, what's your credibility and and and and what's my returns are going to be. But it's the security aspect of where like, are you sure, like like like if everything goes wrong, like am I at least gonna be like make my money back where, like, with with stocks and bonds, like, you can really lose everything. You can lose everything in real estate as well, but that's more so just not doing the proper due diligence, not, not really knowing what you're doing. James Kademan [00:00:33]: You have found Authentic Business Adventures, a business program that brings you the struggle stories and triumphant successes of business owners across the land. Downloadable audio episodes can be found in the podcast link found at drawincustomers.com. We are locally underwritten by the Bank of Sun Prairie as well as calls on call extraordinary answering service and the Bold Business Book. Today, we're welcoming slash preparing to learn from Larry Pendleton, CPA and tax investment coach. So, Larry, how is it going today? Larry Pendleton [00:01:04]: It's going great, James. Thanks for having me. How are you doing? James Kademan [00:01:07]: I'm doing well.

The IRS allows you to write your house off with no receipts. Here's how! #smallbusinesstaxes #businesstaxes #taxes #tax #taxadvice #smallbusinesstaxstrategy #taxexpert #richpeopletaxes #taxsavings #bigbirdaccounting

We check in with an old enemy of the show, Uber, to discuss it's recent battles with states over wage floors and worker rights, and get a masterclass on how Uber weaponizes complexity through it's platform to abuse workers and avoid regulation, while also wielding the threat of capital flight to great effect against politicians and governments. ••• Minneapolis just called Uber's bluff — other cities must follow their lead https://thehill.com/opinion/civil-rights/4550102-minneapolis-just-called-ubers-bluff-other-cities-must-follow-their-lead/ ••• Uber's and Lyft's ride-hailing deal with Minnesota comes at a cost https://techcrunch.com/2024/05/21/uber-and-lyfts-ride-hailing-deal-with-minnesota-comes-with-a-cost/ ••• The Gig Economy vs. America's Workers https://www.project-syndicate.org/commentary/uber-lyft-doordash-ballot-measures-massachusetts-legalize-gig-workers-by-sandeep-vaheesan-2024-05 ••• How Uber and Lyft Avoid Millions in Business Taxes https://slate.com/business/2024/05/uber-lyft-gig-economy-driver-classification-business-taxes-unemployment.html Subscribe to hear more analysis and commentary in our premium episodes every week! https://www.patreon.com/thismachinekills Hosted by Jathan Sadowski (www.twitter.com/jathansadowski) and Edward Ongweso Jr. (www.twitter.com/bigblackjacobin). Production / Music by Jereme Brown (www.twitter.com/braunestahl)

Welcome back to Passive Income Pilots! In this episode we delve into essential tax strategies tailored specifically for pilots. With the expertise of Toby Mathis from Anderson Advisors, we explore five key ways you can reduce your tax liability effectively. Toby brings his depth of tax knowledge directly to our pilot audience, discussing everything from maximizing deductions to strategic asset management. Additionally, we'll cover an intriguing opportunity for pilots interested in aircraft ownership—how purchasing an airplane can not only serve personal and professional needs but also offer significant tax advantages. If you're looking to navigate the complexities of taxes with ease and make informed decisions that could save you thousands, this episode is your must-listen guide.Timestamped Show Notes:(00:00) - Introduction to the episode with hosts Tait and Ryan.(01:29) - Introduction of the guest, Toby Mathis, and discussion on tax and legal workshops.(04:02) - Explanation of tax brackets and progressive tax systems.(05:13) - Discussion on aircraft ownership, benefits, and deductions related to taxes.(10:24) - Detailed analysis of leasing aircraft and tax implications.(17:15) - Strategies for pilots to utilize aircraft ownership for tax advantages.(23:46) - Overview of various tax reduction strategies and charitable giving.(28:36) - Introduction to tax and legal workshops offered by Toby's firm.(32:02) - Five top tax tips for pilots including HSA benefits.(44:58) - Discussion on solo 401k benefits and other tax-deferred accounts.(53:15) - Conclusion and thanks to guest Toby Mathis.Resources Mentioned:Tax & Asset Protection WorkshopDallas Conference June 27-29Remember to subscribe for more insights at PassiveIncomePilots.com!Join our growing community on FacebookCheck us out on Instagram @PassiveIncomePilotsFollow us on X @IncomePilotsGet our updates on LinkedInHave questions or want to discuss this episode? Contact us at ask@passiveincomepilots.com See you on the next one!Legal DisclaimerThe content of this podcast is provided solely for educational and informational purposes. The views and opinions expressed are those of the hosts, Tait Duryea and Ryan Gibson, and do not reflect those of any organization they are associated with, including Turbine Capital or Spartan Investment Group. The opinions of our guests are their own and should not be construed as financial advice. This podcast does not offer tax, legal, or investment advice. Listeners are advised to consult with their own legal or financial counsel and to conduct their own due diligence before making any financial decisions. The hosts, Tait Duryea and Ryan Gibson, do not necessarily endorse the views of the guests featured on the podcast, nor have the guests been comprehensively vetted by the hosts. Under no circumstances should any material presented in this podcast be used or considered as an offer to sell, or a solicitation of any offer to buy, an interest in any investment. Any potential offer or solicitation will be made exclusively through a Confidential Private Offering Memorandum related to the specific investment. Access to detailed information about the investments discussed is restricted to individuals who qualify as accredited investors under the Securities Act of 1933, as amended. Listeners are responsible for their own investment decisions and are encouraged to seek professional advice before investing.

How do you save on your taxes as a business owner or entrepreneur? That's exactly what we go over in this video. Get your FREE spreadsheet here: https://bit.ly/4a19z9z In this video Joe covers step by step how to invest in your business the right way to save money on your taxes at the end of the year. Doing this can save you tens of thousands of dollars every year that you can then invest in other areas of your business.

Empowering Small Business Owners: Tax Strategies and Philanthropic Opportunities In this engaging podcast, Karen Nowicki discusses proactive tax planning and charitable contributions for small business owners with Aldo Aprile, a CPA, and Donna Rodgers from the Society of Saint Vincent de Paul. Aldo emphasizes the importance of year-round tax advice and planning for small business […] The post Empowering Small Business Owners: Tax Strategies and Philanthropic Opportunities appeared first on Business RadioX ®.

In this episode Dr. Cozette will helps us all business owners and entrepreneurs how to maximized your business taxes and credits. Listen up! Dr. Cozette is an award winning author and business owner. I'm Yovy D, a former media broadcaster who transitioned into podcasting in 2017. My podcasting journey was driven by a series of layoffs I experienced—three times in just five years. This desire to switch careers was a long-standing passion, dating back to my high school days when I was a devoted TV viewer, particularly of talk shows. During that time, I realized my true calling was in journalism, explicitly producing content. To confirm my abilities, I decided to engage with the public and put my skills to the test. Fast forward to today, and I've successfully launched my English podcast, "The Yovy D," while wholeheartedly embracing and celebrating my unique accent. Moreover, I've ventured into creating the "Chombita Chronicles" podcast. This podcast chronicles my life journey as a Latina, Black, college-educated individual exposed to unique educational and career opportunities. The "Chombita Chronicles" primarily serves as a storytelling platform, advocating for and showcasing the personal narratives of Afrolatinx individuals. DISCLAIMER: Please be aware that the views expressed by our guests, me, or sponsors may not necessarily reflect or align with the policies and ethical standards of ALKIRIA MEDIA PRODUCTIONS, LLC. These opinions are solely those of the individuals, agencies, or businesses involved. Additionally, explicit language may be used for illustrative purposes in the content. Show notes and links: https://thetaxcurativesoftware.com/ https://linktr.ee/yovyd https://myfinancialhome.com/ https://www.patreon.com/Yovy_D PODCAST EDITING & VO SERVICES: https://linktr.ee/the.50fifty https://goomedia.io/about-us/ https://goomedia.io/services/podcast-audio-editing/ https://linktr.ee/yovyd https://www.patreon.com/Yovy_D https://yovyd.com/ #podcaster #podcast #business #cultura #diversity #spanglish #entrepreneurship #idoitallwithanaccent #frombroadcast2podcast --- Send in a voice message: https://podcasters.spotify.com/pod/show/yovy-d/message Support this podcast: https://podcasters.spotify.com/pod/show/yovy-d/support

Do you say “I don't want to pay taxes” to yourself? Did you know that this philosophy also stunts your business's growth? Listen as we discuss business taxes and the things to think about when you have those thoughts.    Is your growth stuck because you're afraid to pay taxes? Take advantage of a complimentary business strategy session to discover the opportunities in your business! https://actioncoachwi.com/podcast-ask-a-question-complimentary-session/ 

If you're feeling overwhelmed by the complexities of tax planning and financial decisions, then you're not alone! Managing your business's tax structure, retirement planning, and investment options can feel like navigating a maze of rules and regulations. David Wilcox sheds some light on how you can take advantage of legal and accounting expertise to make informed decisions and make your money count for taxes and retirement. “You're going to have a lot of tax surprises, operational surprises, things you didn't have to deal with directly as an employee.” -David Wilcox, MBA, CTP, EA Key Takeaways Maximize tax savings and financial growth with optimized tax planning strategies. Ensure legal protection and peace of mind for your business through essential documentation. Discover the best tax classification and entity selection for your business to maximize benefits. Simplify payroll taxes and efficiently manage billing to streamline your business operations. Explore retirement account options and effective tax strategies for long-term financial security. About David Wilcox David Wilcox, MBA, CTP, EA is the Founder of Numbercraft and a skilled tax professional with over 20 years of experience. He is an EA (Enrolled Agent), CTP (Certified Treasury Professional), and Licensed Tax Consultant in Oregon. Beyond the tax, accounting and finance realm, he has years of related IT experience in CRM systems. David also writes and helps others to develop their business ideas through encouraging them and helping them form strategies and identifying potential partners and customers. David obtained his MBA at the University of Barcelona and is completely fluent in Spanish. David also has five years of experience with international and multinational living and is fluent in the unique documentation challenges which this lifestyle entails. David founded Numbercraft to assist small businesses and individuals, harnessing the power of cloud based accounting and CRM systems to create efficiencies and improve data. Find Out More https://numbercraft.tax/ https://www.facebook.com/numberengineer https://twitter.com/numberengineer https://www.linkedin.com/company/numbercraft/ Key Moments 00:00:02 - Introduction to David Wilcox's expertise 00:04:28 - Setting up a Business Entity 00:09:50 - Registering with the IRS 00:11:59 - Importance of Financial Segregation 00:15:06 - Key Considerations for New Business Owners 00:15:29 - Importance of Clear Business Planning 00:19:04 - Difference in Getting Paid 00:23:00 - Deducting Business Expenses 00:27:03 - Cost of Goods Sold and Business Taxes 00:29:27 - Importance of Form W-9 00:30:11 - Tax Structure and Independent Contractors 00:31:43 - 1099 Forms and Tax Deductions 00:35:43 - Employment vs. Contractor Relationships 00:40:30 - Quarterly Tax Filing and Financial Planning 00:43:27 - Payroll Services and Payroll Tax Compliance 00:44:51 - Importance of Payroll Taxes and State Obligations 00:46:06 - Understanding Payroll Tax Liability 00:47:44 - Importance of Outsourcing Billing and Coding 00:50:30 - CEO Mindset and Business Oversight 00:55:38 - Retirement Planning and Tax Benefits for Business Owners 00:59:22 - Traditional vs. Roth IRAs 01:00:53 - Backdoor Roth Contributions 01:02:06 - SEP IRA for Self-Employed 01:04:42 - Business Succession Planning 01:07:17 - Professional Advice and Disclaimers

Kanye West is being accused of owning over $1 million in unpaid taxes after his Yeezy Apparel was hit with four liens totaling a whopping $934,033.56, RadarOnline.com has learned.Advertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

If you're a sole proprietor or have an LLC, as a business owner, it's inevitable that you'll find yourself googling “quarterly taxes explained.” We all get started needing to figure out how to pay them, but they cause so much confusion, and that can create a lot of anxiety — have I saved enough for my quarterly taxes? How do I pay my quarterly taxes? Am I paying too much in my quarterly taxes? In this episode, Sydney and Kristen explain exactly what you need to understand about quarterly taxes so you can feel confident you know what they are, how much you need to save for them, and why paying quarterly is beneficial to you, plus how to avoid penalties.

In this groundbreaking episode of the Pilla Tax Podcast, Dan Pilla, a luminary in the field of tax litigation and compliance, takes on one of the most pressing issues in modern finance: the tax implications of cryptocurrency. With the digital currency landscape evolving rapidly, Dan provides crucial insights into how these changes impact taxpayers and the IRS alike.In this episode, we delve deep into the world of cryptocurrency and its intersection with tax law:Privacy vs. IRS Oversight: Dan addresses the common belief that cryptocurrency trades are private and beyond the reach of the IRS. He explores whether the IRS can access your crypto trade history and what that means for traders.IRS Focus on Crypto Compliance: Is cryptocurrency compliance really a significant concern for the IRS? Dan examines how the IRS views crypto transactions and why understanding this perspective is crucial for anyone involved in digital currency trading.Understanding the Taxability of Crypto: What are the most common misunderstandings about the taxability of cryptocurrencies? Dan breaks down the complexities and misconceptions surrounding crypto taxation, providing clarity in a field often shrouded in confusion.Staying Compliant with Crypto Taxes: Lastly, Dan offers invaluable advice on what you need to know to stay on the right side of the law when it comes to cryptocurrency and taxes. From record-keeping to reporting, learn how to navigate these murky waters effectively.This episode is a must-listen for anyone engaged in or interested in the world of cryptocurrency. Whether you're a seasoned investor, a curious newcomer, or a tax professional looking to stay ahead of the curve, Dan's insights offer a clear path through the intricate and often misunderstood world of crypto taxation.Tune in to "Decrypting Crypto Taxes" on the Pilla Tax Podcast and arm yourself with the knowledge you need to navigate this rapidly evolving landscape confidently and compliantly.#DanPilla #TaxExpert #PillaTaxPodcast #Cryptocurrency #CryptoTaxes #IRSScompliance #DigitalCurrency #TaxLaw #Finance #CryptoTrading #TaxPlanning #IRS #TaxCompliance #Blockchain #CryptoInvestment

In this must-listen episode of the Pilla Tax Podcast, Dan Pilla, celebrated as a titan in tax consultation and strategy, delivers an exceptional deep dive into critical year-end tax planning, investment strategies, and business tax considerations. With his unique blend of expertise and clarity, Dan elucidates complex tax scenarios, offering actionable advice for our listeners.This episode covers three significant topics:Reviewing Financial Portfolios: Dan begins by discussing the crucial task of reviewing financial portfolios, focusing particularly on the tax implications of capital gains and losses. This segment is invaluable for anyone looking to optimize their investment strategy for tax efficiency, understand market trends, and navigate the often confusing landscape of investment taxation.Making Smart Equipment Purchases: Next, Dan takes us through the advantages of making business equipment purchases under Code §179. This is a goldmine of information for small business owners seeking to understand how strategic investments in their business can lead to substantial tax savings. Dan's expertise breaks down this complex code into practical, easy-to-implement strategies.Crypto Currency Tax Considerations: Lastly, addressing the burgeoning field of digital currencies, Dan provides essential insights into the key tax considerations for crypto transactions. As crypto continues to gain traction, understanding its tax implications is crucial. Dan's guidance is especially timely and relevant, demystifying the nuances of crypto taxation.Dan Pilla's ability to articulate these intricate topics in a clear and concise manner makes this episode a standout. Whether you're a seasoned investor, a small business owner, or simply keen on staying ahead in the world of finance and taxes, you'll find this episode packed with invaluable insights and tips.Tune in to this episode of the Pilla Tax Podcast for an enlightening journey through the landscape of year-end tax planning and strategic financial decision-making. And remember, for more expert insights from Dan Pilla, don't forget to like, share, and subscribe!Remember to like, share, and subscribe to the Pilla Tax Podcast for more expert insights from Dan Pilla.Be sure to check out the Pilla Tax Academy website for all your tax resources at:www.PillaTaxAcademy.comYouTube: https://www.youtube.com/@pillataxacademyFaceBook: https://www.facebook.com/pillataxacademyInstagram: https://www.instagram.com/pillataxacademy#DanPilla #TaxExpert #PillaTaxPodcast #YearEndTaxPlanning #InvestmentStrategies #BusinessTaxes #FinancialPortfolios #CapitalGains #TaxSavings #Section179 #CryptoCurrency #TaxAdvice #TaxPlanning #FinancialEducation #CryptoTax #BusinessGrowth

Welcome to a crucial episode of the Pilla Tax Podcast, especially designed for those looking to make smart tax moves as the year draws to a close. In Episode 38, we have the privilege of having Dan Pilla, a tax expert with over four decades of experience, who will provide invaluable insights into strategic tax planning as we approach the end of the year.In this episode, we're focusing on three key areas:Prepaying State Income Taxes: Dan addresses the strategy of prepaying state income taxes before December 31st. He elaborates on how this can be a smart move for some taxpayers, while also cautioning about potential downsides. It's a nuanced discussion that can help you decide if this strategy works for your situation.Wage Withholding and Estimated Payments Review: Next, we delve into the often-overlooked aspect of wage withholding and estimated tax payments. Dan guides us through the process of reviewing these payments and identifies common errors that taxpayers should avoid. This segment is essential for anyone looking to optimize their tax situation and possibly increase their take-home pay.Financial Review and Tax Liability Forecast: Finally, Dan emphasizes the importance of reviewing your financial situation before the year ends. He explains how this proactive step can be crucial in managing unexpected tax liabilities and avoiding unpleasant surprises during tax season.This episode is packed with expert advice and practical tips for both individual taxpayers and small business owners. Whether you're seeking ways to minimize your tax liability or just looking to better understand the end-of-year tax landscape, this podcast is for you.Tune in now and step into the new year with confidence, equipped with the knowledge to make informed tax decisions.Remember to like, share, and subscribe to the Pilla Tax Podcast for more expert insights from Dan Pilla.Be sure to check out the Pilla Tax Academy website for all your tax resources at:www.PillaTaxAcademy.comYouTube: https://www.youtube.com/@pillataxacademyFaceBook: https://www.facebook.com/pillataxacademyInstagram: https://www.instagram.com/pillataxacademy#DanPilla #TaxExpert #PillaTaxPodcast #EndOfYearTaxPlanning #TaxStrategies #StateIncomeTax #TaxWithholding #FinancialReview #TaxLiability #TaxTips #FinancialPlanning #TaxAdvice #SmallBusiness #PersonalFinance #IRS #TaxSeasonPrep

This week Dawn sits down with Meagan Hernandez, the visionary founder and CEO of Impactful Numbers. Meagan is a highly sought-after Professional Accountant known for her holistic approach. She bridges the gap between bookkeeping and tax expertise, providing comprehensive solutions and empowering her clients with tax strategies and education.  They navigate through tax intricacies pertinent to eComm owners. From unraveling the complexities of sales tax to uncovering crucial tax deductions, Meagan sheds light on tax tips crucial for small business owners in the eComm world.  Join Dawn and Meagan as they unravel the mysteries of taxation in the eComm landscape, providing invaluable insights and actionable advice for business owners striving for financial prowess in their ventures.   Guest website - impactfulnumbers.com Guest social media - https://www.facebook.com/meagan.w.hernandez https://www.facebook.com/groups/inentrepreneurslounge https://instagram.com/taxsavvybookkeeper Free Training - https://digitaldawn--taxsavvypros.thrivecart.com/tax-savvy-bookkeeper-order/    Digital Dawn Shopify checklist – Shopify Checklist Digital Dawn Website - Digital Dawn Connect with us - Facebook, Instagram, and Linkedin  

CBS News Business Analyst Jill Schlesinger says start planning for taxes plus rules for payment through apps.

Saving money on taxes is one of the biggest focuses of thriving companies because it's one of the only ways they can save thousands, if not hundreds of thousands, of dollars by adjusting the ways they structure their business and pay for things.In this episode, I am absolutely blown away by the tax 'hacks' that Matt Sercely brings to the podcast. The topic of taxes is truly one where you don't know what you don't know so be prepared to hear some vital tax information you haven't heard before no matter what level you're at.Matt SercelyFREE Tax Secrets Report for Pod Listeners: http://agoristtaxadvice.com/smeMain Website: http://agoristtaxadvice.com/-----Hosted by Derek VidellGet First 3 Lessons of Social Launch Formula for Free: My flagship social media growth program that has been exclusively paid for since 2018... until now!Coffee with Creators: Monthly mastermind for social media creators at all levels to network and growBook Complimentary Consultation Call: Get a free review of your current social media strategies on a 1 on 1 call with meInstagram | YouTube | Website

The Smart 7 is an award winning daily podcast that gives you everything you need to know in 7 minutes, at 7 am, 7 days a week…With over 14 million downloads and consistently charting, including as No. 1 News Podcast on Spotify, we're a trusted source for people every day and we've just won Gold at the Signal International Podcast awardsIf you're enjoying it, please follow, share, or even post a review, it all helps... Today's episode includes the following:https://twitter.com/i/status/1727320031430623688 https://twitter.com/i/status/1727325420209779158https://twitter.com/i/status/1727297116400202135 https://twitter.com/i/status/1727246380463169977https://twitter.com/i/status/1727323060825452855 https://twitter.com/i/status/1727271786847354956 https://twitter.com/i/status/1727091373143105889 https://twitter.com/i/status/1727232616544239746https://youtu.be/-EfYJWRw2FM Contact us over @TheSmart7pod or visit www.thesmart7.com Voiced by Jamie East, written by Liam Thompson, researched by Lucie Lewis and produced by Daft Doris. Hosted on Acast. See acast.com/privacy for more information.

Welcome to a new episode of the Pilla Tax Podcast, where we dive deep into one of the most talked-about topics in the tax world today: the Employee Retention Credit (ERC). With his unparalleled expertise in tax law and a knack for simplifying complex issues, Dan Pilla, America's leading tax authority, breaks down everything you need to know about the ERC. In this episode, Dan addresses the core questions surrounding this hot topic: What is the Employee Retention Credit? - Dan starts with the basics, explaining what the ERC is and its significance for businesses navigating the challenging economic landscape. Why is the IRS Concerned? - We then shift focus to understand why the IRS is paying close attention to the ERC. Dan delves into the reasons behind the IRS's concern and what it means for businesses. Safely Benefiting from the ERC - The most crucial part of our discussion revolves around how small businesses can maximize the benefits of the ERC while minimizing risks. Dan provides actionable strategies and compliance tips to ensure businesses can confidently claim the credit without fear of repercussions. Whether you're a small business owner, a tax professional, or just interested in the dynamics of tax incentives, this episode is packed with invaluable insights. Dan's detailed breakdown not only clarifies the concept and implications of the ERC but also offers practical guidance on navigating it effectively. Don't forget to like, share, and subscribe to the Pilla Tax Podcast for more expert insights from Dan Pilla. Stay informed and stay ahead in the ever-evolving world of taxation! Be sure to check out the Pilla Tax Academy website for all your tax resources at:www.PillaTaxAcademy.comYouTube: https://www.youtube.com/@pillataxacademy FaceBook: https://www.facebook.com/pillataxacademy Instagram: https://www.instagram.com/pillataxacademy #DanPilla #TaxExpert #PillaTaxPodcast #EmployeeRetentionCredit #ERCTaxCredit #SmallBusiness #TaxAdvice #IRSGuidelines #TaxIncentives #BusinessFinance #TaxCompliance #TaxStrategy #BusinessGrowth #IRSConcerns #TaxBenefits #FinancialPlanningSee omnystudio.com/listener for privacy information.

Welcome to another enlightening episode of the Pilla Tax Podcast, where today's focus is on a subject that offers hope and relief to many: Forgiveness of Tax Debt. Join us as Dan Pilla, a renowned tax litigation expert with a wealth of experience, sheds light on this critical topic. In this episode, Dan answers some of the most pressing questions about tax debt forgiveness: Qualifying for Tax Debt Forgiveness - Dan begins by explaining the specific circumstances that can lead to the forgiveness of tax debt and who typically qualifies for such relief. This segment is particularly insightful for those who feel overwhelmed by their tax obligations. The Process and Timeline - Next, we delve into the procedural aspects. What does applying for tax debt forgiveness involve? How long does the process usually take? Dan's answers provide a clear roadmap for those considering this option. Long-Term Implications - Finally, an often-overlooked aspect: the long-term consequences and considerations. Dan discusses what taxpayers need to know about the future financial and legal implications of having their tax debts forgiven. This episode is not just about finding a way out of tax debt; it's about understanding the journey through it. Whether you're a taxpayer facing daunting debt, a tax professional seeking to guide clients, or simply interested in the complexities of tax law, this podcast offers valuable insights and guidance. Tune in to gain a deeper understanding of tax debt forgiveness from one of the most knowledgeable minds in the field. Remember to like, share, and subscribe for more expert insights from Dan Pilla on the Pilla Tax Podcast. Be sure to check out the Pilla Tax Academy website for all your tax resources at:www.PillaTaxAcademy.com YouTube: https://www.youtube.com/@pillataxacademy FaceBook: https://www.facebook.com/pillataxacademy Instagram: https://www.instagram.com/pillataxacademy #DanPilla #TaxExpert #PillaTaxPodcast #TaxDebtForgiveness #TaxRelief #FinancialFreedom #TaxLaw #DebtRelief #IRSDebt #TaxResolution #FinancialPlanning #TaxAdvice #TaxStrategy #TaxLitigation #TaxGuidance #DebtManagementSee omnystudio.com/listener for privacy information.

If preparing or having your taxes prepared is stressful to you, today's episode will offer helpful tips to take the stress out of your business taxes.  In today's episode, I share 9 tips to reduce the stress surrounding your taxes so your 2023 taxes aren't as overwhelming. I hope you enjoy the episode! Tiffany   Next Steps:

Navigating Tax Implications as Your Business Grows   In today's episode, you'll be diving deep into the world of taxes and exploring the critical role they play as your business expands and evolves. I'm thrilled to have Sunita Doobay, a highly respected tax partner at Blaney McMurtry, joining me as our special guest.   Understanding the Importance of Tax Planning: As my business has grown, I've come to understand just how crucial it is to consider the tax implications and make necessary adjustments to my business structure. Having a trusted tax advisor by your side as you navigate the different stages of business growth is simply invaluable.   Navigating Cross-Border Tax Implications: Expanding my business internationally brought a whole new set of challenges, especially regarding the subject of cross-border taxes. For instance, if you're a US employer with employees working in Canada, you might run into payroll tax withholding complexities. Understanding the roles and activities carried out in different countries is important to ensure compliance and avoid any potential penalties.   Common Mistakes and Tax Planning Strategies: Many individuals make mistakes when it comes to managing their business's tax affairs. Staying up to date with changes in tax laws is absolutely critical, as failing to do so can have serious consequences. That's where a knowledgeable advisor well-versed in cross-border tax implications comes in—they can be a game-changer.   Building a Strong Advisory Team for Business Success: In the business world, having a strong advisory team is one of the most important things when it comes to success. I encourage all of you to take a close look at your current advisors and consider strengthening your advisory team.    I highly recommend seeking advice from experts like Sunita Doobay, who can provide invaluable insights and ensure your business remains compliant with the ever-evolving tax laws. Remember, understanding tax laws isn't just about compliance—it can also legally save your business money. Tune in to the full episode to learn more!     What's In This Episode Adjusting business structure as business grows Common mistakes and challenges in business taxes Importance of hiring advisors familiar with cross-border issues Value of working with knowledgeable and effective advisors     What To Do Next Visit lisalarter.com/e128 for all resources from this episode.  

Nothing induces cold sweats and sleepless nights like the thought of a letter from the IRS, or heaven forbid, an audit! After all, there are famous examples in the news about people going to prison for not paying their taxes, or being accused of tax fraud. Many new business owners needlessly worry about taxes and the IRS, however. With a little bit of knowledge, basic record keeping, and a good accountant, business owners can ensure they know their tax liability and pay taxes on time, every time, and avoid scrutiny from the IRS.   Mitchell Baldridge is a CPA and works with business owners every day to help them understand their tax situation, and file their taxes correctly and on time each time. Mitchell walks through the basic taxes every business owner needs to know about and pay, and Scott shares his experience in records management on keeping clean records and making tax time a stress-free process.   Get in touch with the hosts!   Mitchell Baldridge Twitter: @baldridgecpa https://baldridgecpa.ck.page https://baldridgefinancial.com   Scott Hambrick Twitter: @hambrickscott IG: @ogscotthambrick https://onlinegreatbooks.com

Welcome to the latest episode of the Pilla Tax Academy! As America's leading tax authority, Dan Pilla dives deep into a topic that has been causing ripples in the small business community: the increased frequency of IRS business audits. In today's episode, we tackle the pressing questions that have been on the minds of entrepreneurs and business owners: Why has the IRS been signaling an uptick in business audits for over the past year? As a small business owner, should you be alarmed? How does the IRS determine which businesses to scrutinize? Most importantly, what strategies and insights can you employ to emerge victorious in an IRS audit? With over 40 years of tax litigation expertise and a vast repository of knowledge on IRS problems, Dan Pilla unravels the nuances of the auditing process, offers preventative advice, and empowers businesses with the tools they need to face potential audits confidently. This episode of the Pilla Tax Academy is a listen to for every small business owner, tax professional, and anyone interested in understanding the inner workings of the IRS audit process. Equip yourself with knowledge straight from the industry's best, and ensure your business stands strong in the face of any IRS scrutiny. Know what to do, and if you don't Pilla Tax Academy is here to quickly help you. Don't forget to like, share, and subscribe for more invaluable insights and guidance from the Pilla Tax Academy.     #DanPilla #TaxExpert #PillaTaxAcademy #IRS #BusinessAudits #AuditPrevention #TaxCompliance #TaxLitigation #SmallBusiness #IRSProcedures #AuditStrategies #TaxPlanning #AuditTips #IRSInsights #BusinessStrategy #TaxProtection #AuditDefenseSee omnystudio.com/listener for privacy information.

What type of business structure should you use to limit your taxes and liability?    In this episode, Zacc Call and Laura Hadley discuss various business structures and their implications for your taxes and liability. They explain that most business structures are pass-through entities, except for C corporations which are subject to double taxation.  Plus they delve into sole proprietorships, partnerships, and limited liability corporations (LLCs), highlighting the risks and benefits of each.    Listen to gain insight on:   The different tax implications of Sole Proprietorships, Partnerships, and LLCs & which structure you should use in your business The benefits of S Corporations in your business structure How these different structures affect your liability (how to protect your assets if you get involved in a lawsuit!) The process of opting out of or back into Social Security as a self-employed individual And more   Connect with Capita Financial Network:   info@capitamail.com tfc@capitamail.com (801) 566-5058 Capita Financial Network LinkedIn: Zaccary Call  LinkedIn: Laura Hadley LinkedIn: Capita Financial Network Facebook: Capita Financial Network

Episode 31:  In this episode, Timalyn focuses on preventative care for business owners.  Today, she'll focus on sole proprietor taxes.  She reminds her audience that over 90% of the clients she works with, who owe back taxes they can't pay, are business owners.  Many of these clients are single-member LLCs, also referred to as sole proprietors.  Let's listen to Timalyn as she continues her mission to fill the tax literacy gap, one taxpayer at a time. Spotting the Red Flag Timalyn begins by commenting about a common question she receives.  “I've filed my personal taxes, but can you file the tax returns for my business?”  This is a red flag.  Individual tax returns are due in April, but returns for a some corporations and partnership are due earlier.  If the person asking the question is a single-member LLC, the tax information related to the sole proprietorship should have been filed as part of the individual tax returns. What is a Sole Proprietorship? This classification refers to any business that's unincorporated.  Any individual who sets up an unincorporated business is considered to be a sole proprietor.  This would apply to an Uber or Lyft driver and many other types of individuals exchanging services for payment.  Many people don't actually realize they are a business, for tax purposes.  This can lead to confusion and potential problems down the road. What's the Difference Between a Sole Proprietorship and an LLC? A Limited Liability Company (LLC) is a state-designation.  There's no actual advantage relative to federal taxes when you're a single-member LLC.    A single-member LLC is the same as a sole proprietorship, at the federal level.  It changes if there are multiple members of the LLC. Timalyn explains the Federal 1040 tax form is used for both individuals and single-member LLCs.  However, the LLC will also file the IRS Schedule C, as part of the tax return.  This is what she referred to at the beginning regarding a red flag.  There is no separate tax return for a single-member LLC (also known as a sole proprietorship). The IRS Schedule SE is also an integral part of the tax return.  This is the form used to calculate the self-employment tax liability.  Timalyn recorded an episode on self-employment tax.  You can also watch her YouTube video explaining how to calculate the self-employment tax liability.  It's roughly 15.3% of income of your net income.  The tax rate for a sole proprietor is directly related to the tax rate for the individual's ordinary income.  You can use IRS Form 1040-ES to calculate your quarterly estimated tax payments.  Timalyn explains quarterly estimated tax payments in Episode 21.  If you're going to have a tax liability of $1,000 or more, you're required to make these payments.  Remember, we have a pay as you go system.  It has nothing to do with whether you received a tax refund last year.  If you make more than the IRS standard deduction, you're going to have a tax liability.  A Quick Tip for W-2 earners with a Side Hustle One way to deal with the issue of quarterly tax payments is to adjust your withholdings taken out of your W2-based paycheck.  This can relieve the pressure of having to make these manual payments.  Remember, if you're a sole proprietor this business income and your W2 earnings all go into the same pot for tax purposes.  For more information on filling out the IRS 1040-ES, watch Timalyn's YouTube video. State Obligations with a Single-Member LLC So far, Timalyn has focused on federal taxes.  Now, let's briefly transition to state taxes.  She uses Kentucky as a basis for the following information.  It's important to note that each state is different, so check with your state's Department of Revenue.  Kentucky requires single-member LLCs to submit an Annual Report by June 30th of each year.  This enables you to update or confirm basic information about your business.  In Kentucky, it also requires a $15 fee as of the time of this recording.    Kentucky single-member LLCs also include the Kentucky Form 725 with their end-of-year tax returns.  The current fee is $175.  Additionally, you may also have local tax requirements. Be sure to check with your local tax authority.  In the Louisville area, it's the Metro Louisville Revenue Commission.  Louisville requires businesses to submit Form OL-3, which is an occupational license.  The tax rate is 2.2% on your net profit.    In summary, single-member LLCs are sole proprietors and have specific forms required for taxes.  Rather than trying to know everything you need to know about taxes, Timalyn recommends you work with a qualified tax professional whom you trust.  They will be able to make sure the proper forms are accurately completed.  If you'd like help determining which type of tax professional to hire, please listen to Episode 23 and Episode 16. If you'd like to learn more, consider purchasing Timalyn's course:  Business Taxes 101.  She'll teach you about the other business entities and the obligations required for each.  Please consider sharing this episode with your friends and family.  There are many people dealing with tax issues, and you may not know about it.  This information might be helpful to someone who really needs it.  After all, back taxes shouldn't ruin their life either.   As we conclude Episode 31, we encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Spotify, Apple Podcasts, Google Podcasts, and many other podcast platforms.   Remember, Timalyn Bowens is America's Favorite EA and she's here to fill the tax literacy gap, one taxpayer at a time.  Thanks for listening to today's episode. For more information about tax relief options, visit https://www.Bowenstaxsolutions.com/ . If you have any feedback, or suggestions for an upcoming episode topic, please submit them here:  https://www.americasfavoriteea.com/contact.   Disclaimer:  This podcast is for informational and educational purposes only.  It provides a framework and possible solutions for solving your tax problems, but it is not legally binding.  Please consult your tax professional regarding your specific tax situation.

Employee Retention Tax Credits, with Mark Campbell, Linqqs ERC Specialists (North Fulton Business Radio, Episode 670) Mark Campbell, Registered Agent with Linqqs ERC Specialists, explained what the Employee Retention Tax Credit is, who is eligible and what’s required, how he helps his clients determine eligibility, what it costs, and much more. North Fulton Business Radio is […] The post Employee Retention Tax Credits, with Mark Campbell, Linqqs ERC Specialists appeared first on Business RadioX ®.

In today's solo chat, we are answering all of your questions about LLCs and S-Corps - the difference between the two, the financial benefits, when one is better than the other, and everything in between. We're talking about paying your taxes, paying yourself, and keeping having the best business entity to CYA and protect your hard work. Grab a notebook, because you're going to want to take notes for this one! Enjoy! --- Support this podcast: https://podcasters.spotify.com/pod/show/danielle612/support

Get on the email list I'm responding to a few questions that I've received in my DMs and email from clients and listeners. Maybe one of them is yours! (And if it isn't and you DO have a burning question, please send it along and I may answer it in a future episode.) Questions answered: 1 - "How do you file taxes when you just start a business and have minimam profit? Can I still file with my spouse?" 2 - "What do you think of FlyFin and other bookkeeping AI?  3 - "What happens when you get audited by the IRS?"  Also an update on the Companion Pass with the Southwest Airlines credit card.   Connect with Erica: Instagram @erica.goode.cpa  LinkedIn: Erica Goode, CPA    

Shopify released more than 100 product updates in February 2023. From checkout to PoS and everything in between, Shopify's Vice President of Product - Glen Coates - and Vice President of Product Marketing - Desiree Motamedi - have the 4-1-1 on everything you need to know about Winter Editions 2023. They also dispel some myths about Shopify and share how their team tackles some of the biggest challenges in e-commerce today.

Clay shares the importance of always paying the taxes you owe and then answers a question from a Thriver about how to minimize your tax liability

Did you know that the way to prepare and file your business taxes can actually affect your ability to get business loans?  Ty Crandall, CEO of Credit Suite, breaks down everything you'll need to know about how your taxes can make or break your ability to finance your business.  Personal and Business taxes are both part of your businesses's Fundability™ and its an important factor that most ordinary business owners miss when applying for business credit, business loans, and credit lines.    In this episode we discuss: Business Tax Returns 101 Estimated Taxes Documentation Differences Tax Prep Cash vs. Accrual  Depreciation Decisions  Entity and Industry choices  Fundability™, Business Taxes, your EIN/SSN What are lenders looking for in your tax returns  Personal Taxes!