Podcasts about cpas

Kiera is joined by Alexis Gallati, founder and lead tax strategist at Cerebral Tax Advisors, to talk about tax strategy not just for 2025 success, but 2026 and beyond. They discuss asking your CPA the right questions, shifting income from your higher tax bracket down, the Augusta rule, and a ton more. Episode resources: Subscribe to The Dental A-Team podcast Schedule a Practice Assessment Leave us a review Transcript: The Dental A Team (00:00) Hello, Dental A Team listeners. This is Kiera and today I am super jazzed. I have an incredible guest joining us on the podcast today ⁓ to talk about last minute tax strategies before April 15th. Like why not? I mean, hey, maybe you were like, you're not the early bird. You were like, shoot, I forgot. Like what things can I do? And so I'm super excited. Alexis Gallati, she reached out to us. ⁓ She is founder and lead tax strategist at Cerebral Tax Advisors.   Ansari Real Wealth Academy. And I was so excited about this topic because I know you guys know I love to geek out about this and I have it on my vision board of tax expert ahead. Like I hate taxes. I love taxes. I believe that taxes are such a beautiful way for us to pay to be in this incredible country. But you better believe I don't want to pay a penny more than I need to. So really figuring that out just a little bit about her is she is got a dual master's degree in business administration and taxation, which is super rad because   Let's be real, she gets the business side of it. She gets the taxation and we were chatting before and she was like, what people make like their top line revenue versus their take home pay are two different things. And I was like, amen sister, preach on. She's enrolled agent, NTPI fellow and certified tax strategist. She also is the author of advanced tax planning for medical professionals. She specializes in high level strategic tax planning and multi-state tax preparation for healthcare professionals and business owners. She's raised in a family of physicians and married to one.   She empathizes with the financial challenges medical professionals face. This personal connection inspired her to create accessible, unbiased tax solutions tailored to their busy lives. Driven by passion and guided by cerebral thinking, Alexis forms Cerebral to help professionals keep more of their hard earned money. Amen sister. That's what we want. That's why you're here. Their approach breaks the mold of traditional financial advice, offering a unique perspective for medical professionals and business owners. So while yes, she's not 1000 % dental guys were in the healthcare world and she's so brilliant. So Alexis, welcome to the show today. How are you?   Alexis Gallati (01:54) Thank you so much for having me. I'm doing very well. Hope you had a wonderful holiday season.   The Dental A Team (01:58) Yes, likewise. And I was so excited when I heard that you would be a guest on our podcast. I geek out about this, Alexis, I know it's like our first day meeting, but ⁓ I just think the world of tax is such the game of monopoly. And I'm like, if you would have just told me that rule, I could have played and won the game better. But I feel like it's always as ever changing, ever evolving. And I know there were some big things that happened in 2025 that are impacting like our our taxes. And so, yeah, definitely a timely and   exciting podcast to throw out there. So Alexis, I know I gave you a very welcomed ⁓ bio and intro, but yeah, tell us a little bit about who is Alexis. You're married to a physician. You're in this world of tag. How does one become obsessive about CPA? I'm truly just curious. How do you like, how does this happen? How did you become this?   Alexis Gallati (02:49) Yeah, so I love law and I love money. And so when I was in undergrad, I took a tax and accounting class and loved more the tax side than the accounting side, I do admit. And so after meeting my husband in college and us starting to go through that full medical journey, was about a year and a half out from him.   The Dental A Team (02:54) you   Alexis Gallati (03:18) from him finishing his residency. And I really saw the writing on the wall. Even at that time, with him being in residency, about four months of his salary was going towards taxes. And I was like, that's not right. That's not right. With   The Dental A Team (03:36) No.   Alexis Gallati (03:38) hard he works and how hard   medical community works in general. ⁓ my gosh, that's not right. So that's when I really dedicated myself to   finding out, why do the Warren Buffets and the Bill Gates of the world have this really low to sometimes non-existent tax bracket? And I really dove into that tax planning. ⁓ And so, you know, what's very unique about, ⁓ you know, the way that I work and my business is that my husband and I are in the same exact position as majority of our clients. And so, yes, I'm looking for   strategies for my clients, but I'm also looking for those strategies for myself.   The Dental A Team (04:19) You're like, hey,   it's me. I'm going to help myself out. I'm very motivated to do this.   Alexis Gallati (04:25) Very motivated. And I love it. I love it. It's like you said, it's ⁓ Congress keeps us on our toes, changing the laws consistently year after year. ⁓ it's like a puzzle. Like, hey, how can I just keep more of what I'm earning?   The Dental A Team (04:43) Yeah, and I, this is what I get obsessed about. what I learned, gosh, it's like, I was so naive when I started the company. was like, marketing is marketing. I just need to hire a marketer they can do everything. And then I was like, oh, there's a content marketer. There's a copywriter marketer. There's a strategist. There's a growth marketer. There's like an AEO marketer now. There's an SEO. Like you guys, this thing is like a web. They're a content marketer. And then I started realizing it's similar to CPAs and financial planners that like,   I thought you hire a CPA, Alexis. Like I'm so naive to business. I'm shocked that I've made it this far. Like truly I'm proud of like the journey we've been on, but like not all CPAs are created equal. And then I realized like CPAs play by different rules. Like it's the same rule, but there's shades of gray. They're how comfortable are you with this and how uncomfortable are you with it? Like there's one CPA that told me like, here, you can totally go skiing in Tahoe. Just like put your logo on your skis and you can totally ride it off and like put your logo on your boat and you can ride it off.   And then there's like the Alexis of the world was like, oh, hard pass. No, you're going to like totally get flagged. But I'm like, what rule is right? And so I realized that there are, like you said, tax strategy and for higher wealth earners. I do believe that there's a game, like you said, how did the Warren Buffett's, how did the Bill Gates, like they're not paying this. And then you get into the real estate game and you get into all these other things. You're like, how can we do this? And so Alexis, I'm just jazz. This is me being nerdy. And I'm going to ask you a bajillion questions and I can't wait.   to learn. So let's kind of talk about most of your clients, what's the size of take home net pay that they do. So that way we know like what brackets were in. So that way right clients come to you. I also learned not all financial advisors take all people. I was like, I make 30 grand. They're like, great. So we're going to help you out just a little bit. And then like, when you get to this level, we'll chat with you. ⁓ tell us kind of that. And then let's dig into how do we keep more money, Alexis, legally.   Alexis Gallati (06:10) I love it.   The Dental A Team (06:39) I'm here for legal advice. I'm willing to go gray, but not go to jail. So that's my line. So as long as we're on the same page, I think we are, I'm here for it.   Alexis Gallati (06:40) Yes.   Definitely, yeah. I am more than happy to play in the gray areas. We just have to feel comfortable defending it in an audit. And so that's our line in the sand. ⁓ But yeah.   The Dental A Team (06:55) Mm-hmm.   She's like, this is why I went to law guys. This is why I like the law side and the CPA.   I like it. I like your style. It's so unique and I just am excited. So, okay, I'm ready.   Alexis Gallati (07:07) Yeah.   Yeah. at Cerebral, we work with those that earn at minimum $400,000 per year in taxable income. So we have lots of businesses, which by the way, 99.9 % of our clients are medical professionals. I think we have like maybe two clients that have zero ties to the medical industry. And so the practices we work with, you know,   generally range from anywhere from maybe about $700,000 in gross revenue all the way up to eight figures. So we tend to not work with those that are larger practices, that usually over 50 employees. And that's just because once you get above 50 employees, yeah, it changes quite a bit. So we're definitely in there with those smaller to medium sized practices.   The Dental A Team (07:56) Tax co-changes. Yep.   Amazing. No, that's super helpful. And I know we were talking before, like the average of your clients, about 700,000 like net pay is typical where you guys are at. You have some that are higher, but that minimum of 400,000, which is great because I do think that there are thresholds. ⁓ And I did learn through going through business that who Kiera needed as a tax support and advisor when I was in that 30,000 range compare and as a business owner, I thought it was so funny.   Gosh, taxes, like they hurt so bad sometimes. Like, whoa, easy come, easy go. Like I've never, I've always been a W-2. So that was such a fascinating world for me. But yeah, let's dig into some of the things you've seen for the medical world. Cause I know I have friends that were physicians and they're really big on real estate. And like I took the real estate Kool-Aid and I'm just like, is this really real? There's gotta be easier ways than doing this. And so I'm just jazzed to kind of go through what are some of the things we can do now before April 15th.   What are things that we can do even past April 15th to set us up for great success for 2026? So Alexis, this is your show. I'm just excited, kind of riffed us through it. Of course, I'm gonna geek out and ask probably about way more questions than you care to even be asked, but I'm really excited to learn more today.   Alexis Gallati (09:20) Yeah, great. Well, yeah, I hate to be a little bit of a Debbie Downer in the beginning and that when your past December 31st, ⁓ the number of tax strategies that are available to you are before you actually go to file your tax return are limited. It's just the nature of the code.   The Dental A Team (09:37) I agree. was super, when you were   like, what are the tech? I was like, I want to know because most of the times like when the clock strikes midnight on December 31st, it's like game over and we start again. But yes, which is why I want to know what are like the small ones, but then also Alexis like, let's set our listeners up for like, what things can they do this year to be better prepared for it in conjunction? So yes, before April 15th, but selfishly I want to know what else can I do this year that maybe I haven't thought of.   Alexis Gallati (09:52) Yeah.   you   The Dental A Team (10:06) because the clock hasn't struck midnight in 2026. So like we've got time. So yeah, for 2025 filing, but also for 2026 as well.   Alexis Gallati (10:09) Yeah.   Yeah, so let's talk about 2025 filing first. Especially if you're a business owner, there are actually a number of things that you could still put together for yourself that can impact your 2025 financials. ⁓ So even basic things like if you haven't been taking advantage of your home office deduction or ⁓ vehicle expenses ⁓ and unreimbursed business expenses. So those are expenses that you paid   personally, but our business expenses. So all of those items, you can still go and report on your 2025 return. So if you haven't taken the time to sit down and say, how much should I pay in my home utilities or insurance, repairs, et cetera, and take the percentage. So let's say your home office is 7%.   of your total square footage of your home. Well, then you can write off 7 % of your home expenses on your taxes. the treatment's a little bit different depending upon if you're a sole proprietorship or an S corporation. But in general, you still have that time to take advantage of that. And a lot of you might be like, oh, Alexis, it's such a little amount. I don't even know if it's worth it. Believe me.   All these little things can really add up together. And easily, I usually see between $10,000 to $20,000 of really ⁓ easy to grab savings for yourself if you just take even a few hours to gather all the information. ⁓ And you can even use ⁓ personal financial apps like Monarch Money or You Need a Budget, things like that to help.   organize that information for you throughout the year so it's a little more automated.   The Dental A Team (12:10) Yeah, that's amazing. I do love the YNAB. You're throwing me back to like pharmacy school days of you need a budget. I was like, oh my gosh, got to answer this every time. They have updated so much, but I love that you said like 10 to 20 grand, I think is worthwhile, but more than it being pennies or dollars, I think it's the discipline of having it prepared for next year too. So that way we don't, I think it's like, well, it might not be enough this year, but I'm like, you take that this year and we compound over the next year and the next year and the next year. I think these little things to me at least,   Alexis Gallati (12:15) Ha ha ha.   The Dental A Team (12:41) Like I said, it's their game of monopoly. And I'm like, okay, maybe I didn't get it that time, but I'm going to take that rule and I'm going to apply it this year and the next year and the next year. So I'm even taking notes over here, guys. So Alexis, if you see me, I'm writing it like, okay, I'm going to check in on that, check in on that. So make sure, make sure that they're being taken into consideration because I don't prep my own taxes. I don't even know half the stuff. Like they just tell me. So I also think being a good steward as well and always double checking your CPA to make sure like, are we maximizing every deduction we can?   Alexis Gallati (12:53) Good, I like it.   Of course.   Yeah. And being proactive is like you said, the number one thing because the IRS can deny deduction if you don't have that itemized receipt or you don't have the proper documentation. And 99 % of any fight with the IRS is that documentation. And I did a three year fellowship in IRS representation. So I'm obviously very focused on that tax savings, but also very focused on making sure   that everything's set up properly. So if the IRS were to challenge it or even the state, you're in good hands. then that way, you can just give them the stuff and say, go away.   The Dental A Team (13:51) Exactly. And I heard somebody once tell me, they're like, Kiera, it's not a matter of if I'll be audited, it's when. Like every business will most likely be audited at some point. I hope and pray like we're not. I think about that a lot of like cross my T's, dot my I's, make sure that I'm constantly trying to be compliant with things. But your wealth of knowledge on that Alexis of what things and how to become, I mean, shoot three years of IRS. Girl, you got my vote. That's impressive. And like love the love the authority piece that you're bringing to our podcast today.   Alexis Gallati (14:20) Thank you. Thank you. So some other things that you're able to do before you file that tax return, and this is a big one, is retirement. So you actually have until the filing of a tax return, and that includes extensions. So for example, if you're an S corporation or a partnership, have the original due date, which is March 15th, or the extended due date, which is September 15th, to go and   open and fund that retirement plan. So if you have employees, it can get obviously a little bit more complicated, but you still are able to do it and ⁓ do that employer contribution. And that's obviously really one of the lower hanging fruits when it comes to not only tax savings, but also wealth generation.   The Dental A Team (15:12) Yeah, no, I love that. That's a great idea. And I think a lot of people miss that. And again, CPAs, tax strategists, wealth advisors, they're all playing in their own lanes, but how can we make sure all of them are maximizing together? Because you as a human are trying to build that wealth. So I love that.   Alexis Gallati (15:30) Yeah. And don't forget as well, you know, kind of in the same vein as retirement is that health savings account. So if you had a high deductible plan throughout the year, but maybe your employer didn't actually provide a ⁓ health savings account, like so if you're a W-2, for example, or even if you're self-employed, you can still go open up your   own Health Savings account through, I think Fidelity has some, ⁓ Optum Bank, HSA Bank. So there's a whole bunch of different providers out there. can just Google and find the provider that works best for you.   The Dental A Team (16:07) Interesting. And I know like I just wrote that down because a lot of dentists don't have HSA. Like we are the providers for it. But hearing that that might even be a resource to attract people into your business if you were able to like, don't necessarily provide it, but these are some companies that we could help our employees get if they wanted to have an HSA because I know that that's something that my husband works at a hospital. So there's an HSA there, but as sole proprietors and S-Corps, a lot of times they aren't provided. That's actually really like, I think just a great tool and resource to   possibly provide to our employees, depending upon what it looks like for your business.   Alexis Gallati (16:40) Yeah, definitely. And then one other thing that you ⁓ may be able to do, depending upon your state, ⁓ to help with state taxes, is go and contribute to a 529 plan, which is for education for yourself or other dependent. And some states like Georgia, Indiana, Michigan, South Carolina, there's a number of them. They allow you to make that contribution all the way up to the   filing of the tax return.   The Dental A Team (17:13) Interesting. I did not know that I wrote that down. That's fascinating. I love this. This is like so fun. Keep going.   Alexis Gallati (17:20) Yeah. Yeah. So that, you know, is, a good, especially for, you know, higher earners. ⁓ that's kind of a good summary of what you can be doing before this, ⁓ April 15th or even the extended due date as well. ⁓ but when you start looking into 2026, who, that book, that book opens up, there is.   The Dental A Team (17:39) It does, right? It's like the   monopoly Bible. Like it's so big. Like how do I play the game of taxes? So I truly, and I think like for all the listeners, like the home office, the HSA, ⁓ retirement, the 529 plan, like there's still time. So go look at those things. And even if you can't contribute or do those things now, having that set up for next year, like, Alexis, truly, I'm like, I'm getting the popcorn. I'm getting my notepad. Like,   I am so excited because half these things I haven't heard of. And so it's very fun to just hear different perspectives. And I do love that you've got a legal background too. I love that you're in IRS. I love that you're in medicine and healthcare and like for your own personal savings too. It's like you're the Nancy Drew of like, how can I do the most amount through all of this? It's a very fascinating perspective you bring today.   Alexis Gallati (18:27) thank you. I appreciate that. yeah, when obviously when you are a W-2 employee still that your options are not as open for those that have a business. But ⁓ besides obviously retirement HSA that you can do all year, one thing that a lot of W-2 employees forget is to actually check with your employer to see what their reimbursement policy looks like.   The Dental A Team (18:29) course.   Alexis Gallati (18:55) because if you're maybe in a private practice with a large group, and I mean, these could even be groups that have sometimes hundreds of physicians in it, or even if it's just a hospital system, they'll have actually pretty generous reimbursement policies for things like your CME, your new loops, or going and   doing your mileage in between different hospitals or clinics, things like that. So making sure that you are keeping track of those things. Obviously, if you're a business owner, you definitely want to keep track of those. But some of my favorite for those that own their own practices, my absolute favorite is hiring your kids.   The Dental A Team (19:36) Of course, yeah.   Alexis Gallati (19:48) It seems so basic, but believe me, there are definitely steps in place that have to be done in order to make sure they ⁓ qualify. for me, the ⁓ court tested age is seven. So I usually don't recommend my clients going and hiring their kids until they're at least that age. You can do it younger, but the old my kids are models strategy is kind of ⁓ antiquated now just because ⁓   everybody has these great cameras now on their phones. And so it's kind of devalued, being a model ⁓ for those that aren't professionals basically. ⁓ But that's a really great way to shift income from your higher tax bracket down to their non-existent tax bracket.   The Dental A Team (20:21) Totally.   Right?   Alexis Gallati (20:40) and you can then put that money into a Roth IRA for them. And if you do that, let's say over like a 10 year period in 2026, that amount is 7,500 is the max you can put in. They're easily, by the time they're age 65, gonna have at least 2 million plus dollars in savings. So it's a really great way to create a legacy for your kids and give them a little headstart.   The Dental A Team (20:48) Mm-hmm.   Yeah, that's amazing. And I think so many people are like, I don't know how to help my kids with college or different things like that. And it's like, these are great ways to prepare them for the future for when they retire for things like that. I mean, how awesome I know a couple of ⁓ doctors because   The bulk of our audience, Alexis, are not W-2 earners. They are self-employed, like dental practice owners. ⁓ But I know that there were several that didn't tell their kids that they had done this for them. And then the surprise when they graduated college of, we've been putting this into place for you. I mean, shoot, that money's going to go to the government or to your kids. Why not invest in your children? You're going to pay that money regardless. So ⁓ definitely think that that's such a brilliant idea. And I've heard people, they're like,   their real job, like they have to have a real job. They're like a paper shredder. Like they like literally shred the paper or they open the mail or they like pick out the cards or they pick out the toys for the prize boxes, like actual legit jobs that they employ them for. But I think what an amazing gift and legacy to give your kids as well.   Alexis Gallati (21:51) they   Yeah, exactly. All four of my children are, obviously cerebral isn't a dental practice, but they're hired through cerebral. So that way they are earning enough to put that money into their Roth IRA. ⁓ And a lot of ⁓ my clients are like, man, I don't know what my kids can do. And like you said, there's a lot of admin work that they can do. Even a seven-year-old can.   like you said, shred paper, stamp envelopes. They can help with doing their ABCs and filing things away if you're an older ⁓ practice owner and they have ⁓ still the paper file system. ⁓ yeah, it really is a wonderful way to not only teach responsibility, but also to save. ⁓ I highly recommend ⁓ doing that. And even if you have parents that you financially support, you could even   The Dental A Team (22:45) Yeah.   Yeah.   Alexis Gallati (23:02) go and hire your parents through your practice ⁓ and write off their support. Of course, again, they need to also have a legitimate job in the business. with parents, you have to be careful if they have any benefits like social security or Medicare. Then you just want to make sure that you're not pushing them out of those benefits because of their income ⁓ or making any part of their social security taxable. So that takes a little bit more. ⁓   finesse than hiring a child.   The Dental A Team (23:36) No, that's great. That's a really good idea too, because I hadn't thought about parents. I have heard about children, but you're right, parents are retired. And if there's ways that you can support and give back rather than like, again, I love the government. I am happy to pay taxes, but if there's ways that I can support my own family, ⁓ I think it's great because I'm going to pay that money anyway, but paying it to people that I love and care about is really a great idea.   Alexis Gallati (24:00) Yeah. Another popular one I'm sure that you've seen on TikTok or other social media is the Augusta rule. ⁓ and this is where you're renting your home to your business. ⁓ and this is perfect example where documentation is absolutely critical. ⁓ but basically what happens is you rent your home to your business for 14 days or less. Those days do not have to be consecutive and your business gets to   The Dental A Team (24:07) Mm-hmm.   Alexis Gallati (24:28) right off the cost of that rent. So obviously lowers your taxes. But then you as the individual do not have to pay tax on that rental income. Now, if you do it for 15 days and you've ruined the strategy and you have to pay tax on all 15 days. So that's really important you do 14 days or less. But this is again a really great way if you have monthly board meetings, that's 12 days right there.   Or if you have employee parties, if you have colleagues over in discussing business, though, as long as you have a rental agreement in place between yourself and your business, and you document through meeting minutes everything that occurred during that event, then that is the documentation that the IRS would need in order to substantiate that.   strategy. And obviously a reasonable rental rate as well.   The Dental A Team (25:27) Yeah, no, didn't realize,   I did not realize that you needed a rental agreement. Can you expand more on that? like we check all the Airbnb's and the VRBO's in the area to see what does our house actually go for and like keep that documented every single year and then have an actual agenda and like have it in the calendar. So it's in our Google calendar. It's got an agenda. It's got a PDF didn't attach. But how does the rental agreement work? like, yeah, how do you, I didn't realize that that was a necessary piece to it.   Alexis Gallati (25:57) Yeah, so you can even just use ChatGPT to create it. ⁓ But essentially what you do is it's just that agreement between the business and personal. So ⁓ you just want to think about it like any other rental that you would do. If you were to go to a conference room in a hotel, for example, or go rent that Airbnb, you're going to be signing some sort of agreement saying that this can happen.   that this event can happen on this date. ⁓ you can either do one agreement for the entire year, spelling out like, here are the days that we're going to be doing these things, ⁓ or you can have an agreement for each time that it happens.   The Dental A Team (26:43) Very cool. That's super helpful. Yeah, I do love the addresses for all anything people. And I mean, I've had CPAs and like, don't go crazy. Like that's where I say like check Airbnb, check VRBO like what you think your house is worth versus what market value says your house is worth. Like, let's make sure that we are accurate on that. But yeah, that's definitely an amazing one that I think is great for offices to surely do.   Alexis Gallati (26:51) Yes.   Yep. Go and get two to three comps. So then that way can just take an average. I feel like that's a very safe way to, ⁓ show reasonableness. You're not just like, Hey, I'm taking the highest one on the block. You know, it's taking a few of them.   The Dental A Team (27:21) Totally. No, definitely agree. I love that. Okay, Alexis, what other ideas? know we're, I'm like just like sitting here. I'm like, I love this writing it down. Great ideas. What are some of the ones that like, yeah, anything else that's going to save us? Um, because like taxes are taxes and we are going to pay them, but like, what else can we do to, like you said, Bill Gates or, um, like Warren Buffett, what are the things that you found for like these higher net worth earners? Like, do they need to get into real estate and like use the big, beautiful tax bill or like,   Alexis Gallati (27:23) Yeah.   Okay.   The Dental A Team (27:50) anything else that you've seen that like really moves the noodles or is like, no, just the small consistent things are really going to help them out.   Alexis Gallati (27:57) Yes, well, they all help out. ⁓ But if you are looking for more of that, hey, Alexis, what's like Hail Mary that I can be doing to act to really save? ⁓ You can look at real estate. ⁓ That could be a whole podcast by itself. ⁓ But in general, you you tend to ⁓ get into real estate when you're not talking about like reets or things I can do through the stock market.   The Dental A Team (28:14) Right.   Alexis Gallati (28:26) ⁓ You're either doing like real estate syndications, ⁓ direct ownership, like long-term rentals or short-term rentals. And ⁓ each of those are treated differently and have different ways of making that ⁓ a tax deduction for yourself. So when it comes to, in general, ⁓ real estate syndications, this is where you're   The Dental A Team (28:49) Mm-hmm.   Alexis Gallati (28:54) buying into a partnership that maybe owns an office building. And you go in with other partners and ⁓ it's syndicated. So it's very passive. There's no way for you to write off any losses in that current year. ⁓ When it comes to direct ownership, the IRS basically says, hey, that real estate is considered passive unless you have real estate professional status or you do that short-term rental   deduction or excuse me, short-term rental exclusion. And so what ⁓ happens if you can qualify for the short-term rental exclusion or real estate professional status is that those what would have been passive losses that you can't use against your current income will be considered active losses. And then you can use it against your   active income, when I say active income, things like your W-2 or your business. So you're getting a current year deduction from that. And you can do cost segregation study to help accelerate depreciation. ⁓ So this is very, very much in the nutshell sort of explanation. ⁓ But it can really be a great way to lower your taxes if   The Dental A Team (29:57) Mm-hmm.   Yeah.   Alexis Gallati (30:16) you essentially want a second job. Just know that real estate is not as passive as the social media gurus go and ⁓ try to glamorize. It really does take a lot of extra work. You want to make sure that you are following the rules properly so that you can get that tax benefit in the current year. ⁓ But if you   The Dental A Team (30:19) Yeah.   Alexis Gallati (30:41) do have that prerogative and you want to learn and get do things properly, then it can really save you quite a bit of money.   The Dental A Team (30:48) Yeah. Are there any other things, Alexis, that are like real estate that save that much but don't require that much work? I'm asking you for the weight loss drug of taxes, please. What's our easiest way with the most amount of bang for buck that you've seen? These are the big hits that if you want, because agreed, real estate's great. If you do that short-term thing, but it is a lot of work. With the big, beautiful tax bill that came through, that 100 % depreciation is pretty fantastic. But like you said,   Alexis Gallati (30:54) Yes.   Mm-hmm.   The Dental A Team (31:17) got to have it rented out, you got to have the pieces, you got to like reno it like there are and you have to have it done by the end of the year and like it's a stressful zone. ⁓ So are there other things that you've seen that might be like 50 or 100 or 200,000 off taxes that aren't necessary real estate? The Augustus one, yes. Like paying people, there's things but is there anything else you've found that are like some of those bigger chunks that maybe people don't think about they don't recognize? Yes of course they're going to take a little bit more work but...   Alexis Gallati (31:17) You gotta work for it.   The Dental A Team (31:45) that you found that could be benefits to our audience.   Alexis Gallati (31:48) OK, so let's talk about my Hail Mary for tax savings. I   love this one towards the end of the year because you're going to want to know, have a good idea of where your tax situation is going to end up. So I use this a lot for year end planning. And this is oil and gas. When you ⁓ invest in oil and gas, again, just like with real estate, there's a lot of different options.   But my favorite is our drilling funds and this is where you invest in a partnership that owns oil and gas wells and these this allows you in that first year to Essentially write off usually somewhere between 80 to 95 percent of the investment that you've put in So let's say you invest a hundred thousand dollars Then you're getting about and let's say conservatively an eighty thousand dollar deduction that can go a   against your ordinary income. So if you're W2 or your business. usually, a good rule of thumb is that, let's say, if you're putting in $100,000, you're saving $30,000 in tax. You're putting in $200,000, you're saving $60,000 in tax. And then after year one, you're earning overall, during the life of the investment, about a 2x   The Dental A Team (33:10) Bye.   Alexis Gallati (33:11) you put   100,000, you're getting about 200,000 back. And so it's considered a very conservative investment. And just because the length of the investment, and this is one of the cons of it, is that it's usually about a 10 to 12 year period. So it's generally only about a 7 % return on investment over the life of the investment. the great thing about it is that   you let's say if you did put in that hundred thousand, you're getting that 30,000 in savings, and then you can go put that into something else that will earn you even more money. So then this is something that you can do every single year. And, you know, just depends on how much money you want to save and so that how much you put in for that investment.   The Dental A Team (33:57) Gosh, that's such a good one. And these are things of like just fun, like tips and topics. Like I said, it's the rules of monopoly. I caught like, how do we play tax strategy better? Alexis, what are any like resources? I feel like you guys have some resources. Like I feel the world of tax is so daunting. And so it's like, we hear from podcasts and we hear snippets and we see TikTok and it's like real estate games. like, where do people go if they like want to dig a little bit deeper and really become like more tax expert and more tax savvy and.   like tax strategy, like what are any resources you found or ways for people just to become a little bit more literate in the tax world.   Alexis Gallati (34:33) Yes, so ⁓ of course I'm to do a little shameful plug. My book, The ⁓ Advanced Tax Strategies for Medical Professionals, it's really just that it's a brain dump of all different types of strategies, whether it's for your business or W-2 only, charitable, these alternative investments. And so it's really a space.   The Dental A Team (34:36) as you should.   Alexis Gallati (34:58) for readers to learn more about their options. So then that was the way they can go online and do more research or bring it to their current advisor. So, you know, it's just about opening those possibilities. Otherwise, you know, one resource that is really great for especially medical professionals is the White Coat Investor that Dr. Dali, he has a wonderful, wonderful site and he puts out really good material.   The Dental A Team (35:11) Yeah.   Alexis Gallati (35:25) when it comes to not only taxes, but also for ⁓ just finances in general. And then, of course, on ⁓ CerebralTaxAdvisors.com, our website has wonderful ⁓ material that I put out all the time. There's lots of goodies there, as well as ⁓ different resources and worksheets and stuff like that.   The Dental A Team (35:52) Yeah, no, that's super helpful.   But Alexis, what do you find ⁓ as you go through this? Like one, how often are you meeting with your clients? Because I feel like so many CPAs and tax strategists meet with them in like December 1st and they're like, hey, you owe this much money. Is that how you guys plan? Like how should tax planning actually work?   or is that normal? Like I'm just trying to find a vibe of how this should work in the industry.   Alexis Gallati (36:15) Yeah.   Yeah. So when a medical professional first starts working with us, I design a tax plan for them. And that's really critical because right then and there, OK, what can we be doing to dramatically lower your taxes, legally, of course, and set you up for success? And then we meet with our clients at minimum twice a year. So we do a mid-year tax projection and a year-end tax projection.   The Dental A Team (36:34) course.   Alexis Gallati (36:45) And especially with medical professionals, your income is so variable throughout the year, depending upon insurance reimbursements or seasonality and things like that. And so we really want to make sure that we have a good, clear understanding, good six plus months in advance. Hey, what are you going to be owing tax wise? What does cash flow look like? What quarterly estimated payments do you need to make?   All of these things should not be a surprise. So that's why when I built Cerebral in the packages we have, I was really focused around how do we eliminate those surprises.   The Dental A Team (37:23) Yeah, no, I love that. that's super helpful because I feel like so many just wait till December and it's like, no, like there's things I could have been doing and if I would have known. So that's super helpful. And then I think the other question is like, okay, you guys are tax strategy. Are you CPA? Are you bookkeeping? Like kind of differentiate. Are you in the financial advisor world? Like what specifically would we say I need you for XYZ, but I'm going to need these people again, like marketing, right? Like what facet of my wealth management are you?   and who do I need paired with you?   Alexis Gallati (37:54) Yep, so we are your tax compliance, tax planning, your bookkeeping, and CFO services, and also business advising as well. So we're able to set up entities for you ⁓ as well as provide ⁓ just a lot of the years and years of experience that we have in running businesses and seeing different types of practices, et cetera. ⁓ We are not investment advisors, so we won't   say, buy Coca-Cola versus Pepsi. But we will introduce you to different investments that have tax benefits. And one very unique quality of Cerebral that's very different from other firms is that we do not take any commissions or kickbacks on any strategies we recommend or vendors we recommend. And we don't sell any products. So we're very education-based. I'm very focused on   you understanding your options so you can make a educated decision on what you want to move forward with. And then we are a white glove done for you firm that will implement those strategies on your behalf and make sure they're reported properly on your tax returns. Because that's what we've found being in this industry, especially specializing in medical professionals, is there's a lot of people out there that know about these strategies.   but they do not know how to implement them properly. And that honestly is 80 % of the fight when it comes to doing any of these strategies.   The Dental A Team (39:26) Yeah, no, that's incredible. So, and again, this is just like naiveness on my side. Do I need a CPA or are you guys the replacement of a CPA?   Alexis Gallati (39:35) Yeah, we're the replacement of CPA. We are CPAs. We are EAs. So we are taking care of your tax preparation, so personal and business. We do it all. I try to keep these packages as comprehensive as possible because I hate being nickel and dined. communication's a top priority for us. And so we don't want our clients to hesitate whatsoever to connect with us. And so that's why we don't.   The Dental A Team (39:56) Totally.   Amazing.   Alexis Gallati (40:05) shot like I, my gosh, I just got like a bill from my attorney the other day and it was for stuff that I talked to him about like in August. I'm like, I hate those pop-up bills. So that's yeah, that's, why I try to make it as comprehensive as possible.   The Dental A Team (40:10) Yep.   Right.   Awesome.   No, that's fantastic. That's really helpful. And I know a lot of people are very nervous to switch from their CPA. CPAs, feel like we're so embedded and we trust them with our souls. Truly, I see this. ⁓ So is there complementary calls we have with you? how do we start with that? Because I know, honestly, untangling from a CPA is such a pain. It is so annoying. so ⁓ how does that process work if people want to work with you, Alexis?   Alexis Gallati (40:46) So the best thing you can do is go to our website and go to the contact page. And you will ⁓ go through a very quick questionnaire to make sure that you're a good fit for us, because we also want to make sure we're a good fit for you. And we will ⁓ have a tax discovery session. And during that session, we will. We'll talk about what your needs are and what it's like to work with us. ⁓ I'm very focused on that return on investment. We actually have a guarantee.   with the design of our plans that I will save you at least two times what you pay us in ⁓ tax savings or you get the plan for free. And on average, our clients actually achieve 4.5 multiple with the design of our plans. So again, it doesn't make sense for us to work together if I can't save you more than what you're paying us.   The Dental A Team (41:39) That's amazing. No, that's incredible. And that's a great guarantee. And ⁓ then let's say hypothetical, we do get audited. How often do you guys go through audits and like success rate? Like I'm imagining if you were three years in IRS, you're probably pretty fantastic at that. But these are always things that I'm just curious. Like how does that work? And how often are your clients audited? And like, how is your success rate on that? And if you don't want to share this, I hope you do. We're just going to go for it. Like, yeah, I'm just going to ask the weird questions. Why not?   Alexis Gallati (42:01) Yeah.   I love the weird questions. They're the best. So yeah, that's one thing I can never guarantee that you won't be audited because of course there are always random audits that happen. We've only had three audits since I started Cerebral over 10 years ago. In 2014, I started Cerebral. ⁓ And ⁓ one of them was for the mortgage interest deduction. there's a limitation in that.   The Dental A Team (42:18) It's incredible.   Alexis Gallati (42:28) Um, and that was just, unfortunately, a client had not provided the correct information. And so we were easily able to just change it and be on our way. Um, and then another two were regarding actually real estate professional status. And that was just New York state saying, Hey, like we don't, we don't think that you're actually qualified for this. we're like, Oh, yeah, we do. Here's the paperwork. And they're like, Oh, okay. See you later. So yeah.   The Dental A Team (42:50) Yeah.   That's amazing.   That's a huge thing. And I'm so glad I asked the question because I think for me, that's something I'm curious on of like, I get it. Like you said, you can't guarantee that, but as long as you back in, do you guys charge extra for those audits or is that part of the plan? Like, nope, we stand behind it. Like, how does that work? Cause I know there's some firms that I have chatted with and if we do get audited, it's like 375 an hour for the audit. And I'm like, okay, like I'll just plan for that. But how does that work for you guys?   Alexis Gallati (43:18) Yep, so we back up all of our work and all of our packages. If you do receive a notice for anything that we prepare, you send it to us and we help you take care of it. So yeah, we 100 % back up our work. If you come start working with us and you have some a notice from a year that we didn't handle, like we didn't prepare, we'll still help you handle it. But that would be just.   at our hourly rate, depending upon the extensiveness of the notice. But to go back to your original question about making that change, I 100 % get it, especially if you've been with somebody for so long. And so you just have to look at that cost benefit and see, hey, staying with this person, how much is that costing me in tax savings versus   The Dental A Team (44:01) Right.   Alexis Gallati (44:12) going with somebody like cerebral and we try to go and make that process as seamless as possible when it comes to getting ⁓ up to date in your history and then ⁓ getting access to your bookkeeping and getting your tax returns. ⁓ And so, because I completely understand it can be daunting, but. ⁓   Happy to have a conversation around it when we meet about the discovery session and to see if it's something you'd want to move forward with.   The Dental A Team (44:43) Amazing. Alexis, has been such a great podcast and I just love meeting great individuals. I love how much you have a passion for the law and for the tax wealth and it's your own life and your own livelihood. So if people want to reach out, I know you said it before, how do they connect with you? So yeah, they can get started if they're interested.   Alexis Gallati (45:01) Yeah. So you can Google us or just go to CerebralTaxAdvisors.com. And which by the way, the reason why I have cerebral is because my husband is a private practice neurosurgeon and my dad's a retired private practice neurologist. hence cerebral in the brain. So if y'all can remember. But yeah, so CerebralTaxAdvisors.com is the best way to get a hold of us.   The Dental A Team (45:14) There you go.   I love it. Yeah.   Alexis Gallati (45:27) ⁓ And I look forward to potentially talking with y'all.   The Dental A Team (45:32) Well, Alexis, thank you so much for this. And for all of you listening, I hope you take advantage between now and April 15th. I hope you just like have a conversation. I'm always pro. I love CPAs. My CPA listens to this podcast and I'm always interested in meeting new people like Alexis, chatting with them. Are there different ways that they can benefit me? Because yes, I love my CPA, but I love more than that saving money and learning new strategies that maybe I didn't know about. So Alexis, I really hope a lot of them reach out to you, connect with you and for   All of you listening, thank you for listening. I'll catch you next time on the Dental A Team Podcast.  

This episode reveals the major CPA shortage happening right now and why it matters for business owners. You'll learn why so many CPAs are retiring, why new graduates are leaving the profession, and how this creates real problems for anyone who relies on basic tax prep. We talk about the difference between compliance and tax planning, and why tax savings come from strategy—not old-school accounting. You'll hear real stories of business owners who saved tens of thousands once they stopped relying on outdated firms. This episode shows you what to look for in a tax partner and why getting help now can protect your business and your money. Listen to learn how to keep more of what you earn before it's too late.   Next Steps:

Do you ever feel like you're doing everything right – solid clients, fair prices, full days – and yet the hours and money still aren't quite where you want them?That tension usually isn't about missing one thing.It's the accumulation of small leaks most CPAs learn to live with: time lost re-reading emails, tracking tasks in your head, chasing clients for missing info, and doing quiet cleanup work that never shows up on an invoice.Pricing is one major leak.Systems is another.In this episode, Suzanne Green shares how tightening a few simple systems – not adding software or staff – helps her save 8–10 hours a week.Same clients, same output, less mental load, and the equivalent of a 17% higher effective hourly rate.It's a grounded, relatable conversation about where hours really go when your systems aren't doing their share of the work.…Link to full shownotes: https://www.businessstrategyforcpas.com/383…Want Pricing Essentials?If you feel trapped by your own accounting firm, it's not because of the work – it's how you've priced the work. Too many accountants are stuck in undercharging, overdelivering, and people-pleasing cycles. Break the pattern with my short PDF guide: 7 Pricing Essentials »It's free and you can read it in 5 minutes.I want to help you get your prices up without losing loyal clients.  …Want client interviews?310 From Exhausted to Having Her Life Back: Wendy Norman, CPA304 From 55 Down to 15 Hours; Same Take-Home Pay with Melissa Downs, EA293 What it Takes to Work 15 Hours per Week with Erica Goode, CPAComplete list:geraldinecarter.com/client-interview-episodes…FOUR ways I help overworked CPAs go down to 40 hours without losing revenue or hiring:THE EMAIL COURSE – Freegeraldinecarter.com/stop-working-weekendsStop Working Weekends will teach you how to reduce your hours without giving up revenue. THE BOOK – $9.99geraldinecarter.com/bookDown to 40 Hours – A Roadmap for CPAs to End Overworking Without Losing RevenuePEAK FREEDOM COMMUNITY – $197/mogeraldinecarter.com/peak-freedomFor solo and small accounting firm owners who want to rise above the insanity of hustle-cultureDOWN TO 40 HOURS ACCELERATOR – $995/mogeraldinecarter.com/40For the overworked CPA at multiple six figures of revenue who is ready to stop working weekends, wants to implement overdue changes, and doesn't want to do it alone. You'll make progress faster and with more confidence. …

Nobody talks about their diversified asset allocation at a dinner party, but they do talk about the tax strategy their advisor helped them implement to save thousands. In this episode, host Wes Young and co-host Justin Lakin dive deep into why most advisors are missing the boat on one of the biggest opportunities in holistic planning: proactive tax intelligence. You'll hear why tax strategy often falls in the “too hard” pile, how to shift from avoidance to opportunity, and what tools and frameworks you can use to bring immediate value to clients, without crossing compliance lines or becoming a CPA. Wes also shares a powerful mindset shift: when you start seeing the tax code as a playbook instead of a problem, you unlock a new level of client transformation and professional referability. What to expect from their conversation: Why most advisors avoid tax planning (and how to stand out if you don't) Tools like Holistiplan, narratives checklists, and Q4 strategy sessions Tips for integrating CPAs and navigating pushback with confidence Practical tax concepts to build referability and efficiency Resources: Submit your podcast question here! Transform your practice! Previous Episodes of Interest: Setting Expectations: How to Define Planning ROI Early Heritage vs. Inheritance: Legacy Conversations That Stick Making a Family Bank Work for Real Life Other Listening Platforms: Listen on Apple Podcasts Stream on Spotify Watch on YouTube Connect with Us: Instagram X Facebook LinkedIn Youtube Wes Young Live Website

EPISODE SUMMARYMost roofers think they need more leads.In reality, most have a foundation problem.In this episode, Dave Sullivan explains why missed calls, weak follow-up, messy books, and lack of planning are the real reasons roofing companies struggle — and why buying more leads only makes the problem worse.EPISODE DESCRIPTIONRoofers are obsessed with leads.But more leads won't fix a broken business.If your roofing company feels busy but broke, the problem usually isn't marketing — it's systems, sales process, job costing, and financial clarity.In this solo episode, Dave Sullivan walks through his Roofing Business Success Audit and One-Page Business Plan, and explains why every contractor must master the fundamentals before trying to scale.Dave breaks down:Why most roofing companies aren't ready for growthHow to improve results by raising your close rateWhy missed calls and poor follow-up quietly kill profitsThe Three-Legged Stool: Sell Work / Do Work / Keep ScoreWhy messy books force CPAs to file extensionsHow bad job costing destroys pricing and marginsWhy top-line revenue is vanity and profit is realityIf you want a business that actually makes money — not just looks busy — this episode is your reality check.YOU'LL LEARNWhy more leads won't solve your problemsHow to close more deals without spending more on adsWhy sales process matters more than marketingHow job costing affects your pricingWhy QuickBooks out-of-the-box doesn't work for contractorsHow to use financial statements to make decisionsWhy planning beats reactingHow to use the Roofing Business Audit as a diagnostic toolTIMESTAMPS00:00 – Sponsor: Ruby Receptionists01:25 – Busy but broke: the real problem04:16 – Why leads aren't the issue05:46 – Close rate and sales fundamentals08:05 – Back to basics (golf analogy)09:05 – The business checkup mindset09:49 – Sponsor: ProLine CRM11:00 – Sell Work: sales process and follow-up14:20 – Do Work: production and job costing15:23 – Keep Score: financials and reports17:06 – Why QuickBooks isn't set up for contractors18:09 – Bookkeeping cleanup and Tisha19:20 – Workers' comp and miscategorized job costs21:25 – Sponsor: SMA Support22:19 – Why business plans matter23:46 – Why scaling without profit fails26:21 – Scott Tebay story on success27:43 – John DeLorian and annual planning29:36 – Mike Tyson quote: planning vs reacting32:02 – Download the Audit and Plan33:02 – Tax season warning: extensions34:05 – Final takeaways and contact infoRESOURCESThe Roofer Coachhttps://theroofercoach.comFree 1-Page Business Planhttps://theroofercoach.com/plan2026 Roofing Business Success Audithttps://theroofercoach.com/resources/LINKSWork with Dave / Mentoringhttps://theroofercoach.com/mentoring/Free Resourceshttps://theroofercoach.com/resources/Text Dave(510) 612-1450Free Strategy Call

Most dentists assume that paying massive tax bills is just part of success — but that belief could be costing you millions. In this episode, Dr. Len Tau sits down with tax strategist Rachel Michaelov, Founder and CEO of Practice Wealth Partners, to uncover the most common (and costly) tax mistakes dentists make — and how proactive planning can legally reduce tax liability, sometimes all the way to zero. If you've ever written a painful check to the IRS and wondered if there's a better way, this episode is a must-listen.   What You'll Learn Why most dental CPAs are reactive — not strategic The dangers of disconnected bookkeeping, payroll, and tax prep How improper entity structure and payroll decisions raise audit risk Why buying equipment last-minute isn't real tax strategy How quarterly tax planning can dramatically reduce liability Common myths around audits, R&D credits, and tax strategies What dentists should demand from their accounting professionals   Key Takeaways 01:55 Top Tax Mistakes Dentists Are Making 03:00 Why Dentists Overpay Even With a CPA 03:40 The Cost of Disconnected Financial Teams 04:40 Enrolled Agent vs CPA: What's the Difference? 12:10 Why Retirement Plans Alone Aren't Enough 14:40 Buying Equipment vs Strategic Tax Planning 15:58 Choosing the Right Business Entity 20:05 Cost Segregation, R&D, and Advanced Strategies 24:40 How to Challenge Your CPA (Without Fear) 28:35 Do Tax Strategies Increase Audit Risk? 32:34 The Biggest Tax Myths Dentists Believe 34:00 Lightning Round with Rachel Michaelov   — Connect with Rachel

If your revenue is growing but your profit isn't, your business isn't scaling—it's sinking. In this episode, I break down why “growth at all costs” is one of the most dangerous mindsets for business owners and how I learned that lesson the hard way while scaling a high-volume real estate company.I walk through why revenue alone doesn't create freedom, how hiring, systems, and expansion can quietly kill your margins, and what it actually takes to grow profitably. We talk about building profit into the business from the start, using systems like Profit First, and why focusing on what you keep—not just what you make—is the only way to scale without burning out or going broke.Timeline Highlights:[0:00] Why growing revenue without profit is a losing strategy[0:47] Scaling deal volume fast—and why the bottom line never showed up[1:27] The difference between making money and building a real business[2:07] Why “I want to scale” usually means “I want more freedom”[2:56] How hiring and growth can quietly destroy profit margins[3:36] Why higher revenue doesn't automatically mean higher profit[3:58] What actually protects your bottom line as you scale[4:23] Why Profit First forces profitability into your business[5:38] Why bookkeepers and CPAs don't protect margins[6:10] Using systems and accountability to scale profitably[7:54] Revenue is vanity, profit is sanity, and cash is king[9:24] Why intentional cash allocation is required to grow[10:05] The real reason business owners feel broke as they scaleKey TakeawaysRevenue growth without profit is not real scaling.Freedom comes from what you keep, not what you make.Hiring and expansion must be planned around profitability.Profit must be designed into the business—not hoped for later.Systems like Profit First force discipline as revenue grows.Scaling profitably requires focus, structure, and accountability.Without intentional cash allocation, growth will control you.Links & ResourcesBook a free discovery call and get help scaling profitably: profitrei.comClosing:Thanks for spending time with me today. If this episode helped you rethink how you grow your business, make sure to follow the show, leave a review, and share it with another business owner chasing growth. And if you're ready to scale revenue and protect your profit with real guidance and accountability, visit profitrei.com and book your free discovery call to start building financial clarity and freedom.

In this episode, host April Walker, CPA, CGMA, Senior Manager — AICPA & CIMA, is joined by Edward Jenkins, CPA, CGMA, Professor of Practice in Accounting — Penn State University, to discuss name, image and likeness (NIL) taxation issues for student athletes. Together they unpack common misconceptions, emerging revenue streams, unresolved classification issues and the growing complexity of state taxation. Highlights include key considerations — and opportunities — for CPAs advising clients in this rapidly changing area.   What you'll learn from this episode:  Understand how NIL income is taxed — and why student athletes are often surprised at filing time Learn where the biggest compliance risks and reporting pitfalls are for student athletes Explore the unresolved questions around worker classification and self‑employment (SE) tax Hear why state tax, dependency and multi‑state issues make NIL especially complex Resources ·       State and Local Tax (SALT) Resource Center ·       Student Athlete Income Recognition: State and Federal Tax Care Required   Keep your finger on the pulse of the dynamic and evolving tax landscape with insights from tax thought leaders in the AICPA Tax Section. The Tax Section Odyssey podcast includes a digest of tax developments, trending issues and practice management tips that you need to be aware of to elevate your professional development and your firm practices. This resource is part of the robust tax resource library available from the AICPA Tax Section. The Tax Section is your go-to home base for staying up to date on the latest tax developments and providing the edge you need for upskilling your professional development. If you're not already a member, consider joining this prestigious community of your tax peers. You'll get free CPE, access to rich technical content such as our Annual Tax Compliance Kit, a weekly member newsletter and a digital subscription to The Tax Adviser.

On today's episode, Dr. Mark Costes sits down with longtime friends and financial experts Brent Saunier and Chris Sands of Profi2020 to unpack some of the most overlooked yet critical financial decisions dentists face. From the often misunderstood process of switching CPA firms and the emotional roadblocks that come with onboarding, to the dangers of outgrowing your entity structure without knowing it, this episode is packed with practical advice and real client stories.   The trio dives into why clarity around your finances is essential for long-term success, how to vet a great CPA, and why early education for newer practice owners is now more accessible than ever. Whether you're a new owner or a seasoned practitioner, this conversation will help you assess your financial infrastructure and avoid common mistakes that cost dental entrepreneurs time and money. Be sure to check out the full episode from the Dentalpreneur Podcast! EPISODE RESOURCES https://www.profi2020.com https://www.truedentalsuccess.com Dental Success Network Subscribe to The Dentalpreneur Podcast

Setting up an IC-DISC the right way can mean the difference between maximizing tax savings and having issues down the road. In this episode of The IC-DISC Show, I sit down with Brian Schwam, IC-DISC specialist and tax attorney, to walk through the complete IC-DISC setup and compliance process from start to finish. This conversation was inspired by a CPA request for a comprehensive guide covering every step of the IC-DISC journey. Brian breaks down the entire process chronologically, from the initial consultation to determine if a business qualifies, through the critical formation steps that can make or break your IC-DISC. We cover proper capitalization requirements, the infamous 90-day election window, why non-interest bearing bank accounts matter, and the draconian 60-day payment rule that catches many businesses off guard. He explains the difference between simple and transaction-by-transaction calculations, sharing an example where detailed analysis increased a client's commission from $4 million to $17 million on $100 million in export sales. Whether you're a CPA learning about IC-DISC for the first time or a business owner considering this strategy, Brian's systematic approach demonstrates why working with a true specialist matters when navigating these complex regulations.     SHOW HIGHLIGHTS A detailed transaction-by-transaction calculation increased one client's IC-DISC commission from $4 million to $17 million on the same $100 million in export sales. Missing the 90-day election filing window requires a private letter ruling costing $35,000-$40,000 to fix, making it cheaper to just set up a new IC-DISC. The 60-day payment rule requires paying at least 50% of your estimated commission in cash or promissory note within 60 days of year-end to avoid disqualification. Setting up an IC-DISC with no par value stock is a fatal error that will cause the IRS to reject your election, regardless of everything else done correctly. A non-interest bearing bank account is essential because even $1.50 of interest income can disqualify your IC-DISC if no commission is paid that year. Export sales typically need to reach $3-5 million before an IC-DISC makes economic sense, though exceptions exist for businesses with exceptionally high profit margins.   Contact Details LinkedIn - Brian Schwam LINKSShow Notes Be a Guest About IC-DISC Alliance Brian SchwamAbout Brian TRANSCRIPT (AI transcript provided as supporting material and may contain errors) Dave: Good morning, Brian. Welcome to the podcast. Brian Hey, good morning David. Good to be here. Dave: So I, I now refer to you as the Bob Hope of the podcast because I believe that Bob Hope holds the record for the most appearances on the Johnny Carson Show. So that's why you're like the Bob Hope of the podcast. You have more appearances than anyone else with today's appearance. Brian That's good company to be in if you're of a certain, if you're of a certain age. Dave: Yeah. And I'm not even sure you and I are quite old enough to even be of that certain age. Brian I probably never saw him on Johnny Carson. Dave: Yeah, me too. So this is an episode that was requested by a CPA of one of our clients who was retiring and he had a new. Partner taken over and he said, Hey Dave, can you send over a link to the episode that just goes through all the details of the IC disc from start to finish? And I'm like, well, we don't have that episode, but it's a great idea. So that's what's behind this. So let's start at the very beginning. Somebody calls you up and says, Hey Brian, I need an IC disc, or I want an IC disc. What's the very first step? Brian Very first step for me is to say why. Dave: Okay, Brian tell me about your business. Dave: Okay. Brian You know, do you have qualified export receipts? Do you have qualified export property? That those are very complex areas. And some people might think they do when they don't, and others might think they don't when they do. Dave: Okay. Brian And more likely than not, they heard about IC disc from. Somebody they met at a, you know, business leader meeting or something and somebody said, oh, hey, I have an IC disc. You should have one. Dave: Okay. Brian And not everybody can utilize one, but there's many out there that can utilize 'em that do not. Dave: Okay. And do you charge anything for that consultation? Brian No, because to me it's just a fact finding. Dave: Okay. So step one, figure out if their fact pattern warrants having an IC disc. Brian Right? Right. Well, it's, it's actually, that's one step. If you deter, if we determine that yes, an IC disc makes sense because they do have qualified export property, they do have qualified export receipts, then we have to talk about volumes. Because, you know, if you have 500,000 of export sales, most like more likely than not. Disc isn't gonna make sense. Dave: Economic sense when Brian you factor Right. Economic, the Dave: costs Brian not right. There's not enough benefit to offset the cost at that, at that level, most likely. Of course. It [depends on what, what it is they're selling. Dave: Sure. Do you have a rule of thumb you typically use? Is it like three or 5 million where it typically makes sense or every case Brian For most, for most businesses, that's sort of the range that where it starts to make sense, but there are always exceptions to that. Dave: Sure. Brian So like I had a client that had, you know, 600,000 of export sales, but their bottom line profit was 80%. Dave: Okay. Brian So in that instance, hey, it made sense, but for most companies that have 600,000 of export sales, it, it probably doesn't make sense. Dave: Okay. So let's say they have 5 million of exports, good margins, looks like it makes economic sense. What's the next step then? Brian Well then we talk about what is the tax structure of that exporting company? Is it a flow through entity? Is it a C Corp? And how is it owned? Sometimes [00:04:00] it's owned by a foreign company that makes things way more complicated. Okay. It's owned by a combination of different shareholders, some of which are individuals, some of which are corporations. So that can be complicated. And sometimes it's just a, it's just a pass through entity that's owned by, you know, let's say it's an S corporation that's owned by a family owned. Dave: Sure. Brian You know, so you, you can have a lot of different fact patterns and that will dictate a lot of things with, with respect. Dave: Okay. Brian To how the disc is organized. Dave: Might that also be the time? You inquire as to whether multiple discs might make sense for their structure, or do you typically just focus on kind of getting the initial disc in place and then exploring that over time? Brian Probably the latter. Dave: Yeah. Brian Initially I, you know, the goal is, you know, do you have enough activity? Do you have the right kind of activity? What kind of benefit is it that you think you can, we can get for you? And then, okay, if the answer to all those are in the positive, then it's like, okay, how should this disc be owned based on what we're trying to achieve and where should it be set up? Because that also can have a lot of negative surprises if you set it up in the wrong place. Dave: Yeah. So let's say and I think there's some rules of thumb like if if the. Exporting company is a C corp, you typically don't want the C Corp to own the disc, is that correct? Brian That is, that is correct. And that's because a C corporation pays tax on a dividend. It receives from the IC dis, so effectively there's no benefit. Dave: Okay. So with a C corp, typically it would be the individuals, individual or [individuals that Brian are Oh, the, the shareholders typically, Dave: yeah. Brian You know, possibly a management group could be involved as well, but typically we're talking about the shareholders of the C corporation. Dave: Yeah. And the shareholders of the disc do not necessarily have to mirror the shareholders of the C corp. Right. Brian That is sort of up in the air. I, I prefer that to be the case, but it doesn't have to be the case. Dave: Yeah, like in a simple example, census C Corp owned by one person and when they set it up, they wanna add a couple key employees to it. Brian Yeah. That, that, that's probably fine. You know, there's some old revenue rulings out there from the early 1980s that have a bad fact pattern, which the IRS held that the structure created gift tax issues, but that was like a mom and a dad and a son and a daughter, and mom and dad set up a disc and then gave the stock to the son and the daughter. And, and so that, that's, I see that's a bad fact pattern. What you described is a completely different fact pattern. There's no donative intent in that fact Dave: pattern. Yeah. Okay. In Brian fact, that I have a client that started out where the disc and the C Corp was. It did have mirror ownership, but over time, that has changed dramatically. But still, there's no donor of intent because we have all these unrelated families that own shares in the company in this quote company. And when there have been redemption opportunities over the years, they have the choice redeemed, the disc shares redeemed. The, the C corp shares redeemed them both. So some of like kept their dis shares, but gotten rid of the C Corp shares and vice versa. But really without the donative intent, plus some court case you know, precedent, I, I'm not [00:08:00] so concerned about that issue. Dave: Okay. Now let's switch gears and let's say it's a flow through an S-Corp partnership et cetera. Do you typically want the individuals to own it in that situation? Say that the company has three shareholders, would you just make them the three owners of the disc? More often than not, no. Okay. And why is that? Brian Because it, you get the same benefit by making the disc a subsidiary of the S corporation without some of the extra complexity associated with having the disc be owned by the shareholders. Now that, that's, that's preferred, but there are also situations where that doesn't make sense. Dave: Okay. Brian So let's say the, the S corporation is in California and the shareholder lives in Texas, or Florida. Or Nevada. Dave: Okay. Brian So they might want that dividend income flowing directly to them so that there's [00:09:00] no state Oh. So that there's no state income tax on the dividend. Dave: Sure, sure. Brian Okay. Okay. Yeah. So again, it's just another fact you need to uncover in the process of trying to figure all this out. Dave: Okay, so you've met with the client, you've figured out a disc makes sense, you've dug further you figured out the ownership structure of the disc. That makes sense. So then I guess you have to figure out where to incorporate, huh? Brian Yeah. And that again, there are good states and bad states. Dave: Okay. Brian Some states will tax an IC dis as a regular C corporation, you wanna avoid those states. Some states don't have an income tax at all, and those are good states to deal with. Dave: Okay. Brian And the three, you know, I'd say there's three states that are predominantly viewed as positive, and that would be Delaware, Texas, and Nevada. Okay. They're all fairly similar. For filing. And, and none of them have a corporate income tax on the dis so that's, that's all good in terms of not adding additional costs to the, the structure. Dave: Okay. So I'm in Texas and thus you, it seems like most of my clients end up incorporating in Texas. Do you just so here we are January 8th. We're recording this of 2026. So do you just do you just get around to doing it anytime before the end of the year and then you could use the disc the whole year? Is that how it works? Brian It's not how it works. It's generally a prospective opportunity. So you wanna get that entity formed as quickly as possible. Dave: Okay. Yeah. I've had people, I've heard [00:11:00] people say that if you don't do it on January 1st, you just have to wait till the next year. Brian No. That, well, that's certainly not true. And from any date forward that you set it up, you can certainly get benefits or shipments. Okay. That they, but one other item that I forgot to mention earlier, they also like to ask if the, if the related supplier entity, which is the exporter, if they're an accrual based company or a cash basis, Dave: ah, Brian that's an, that's an incredibly important issue Dave: Sure. Brian Dealt with. That's why. Dave: Okay. Brian Because the disc is an accrual base taxpayer by default. Dave: Yeah. Okay, we'll get into that when we get further around the, Brian okay. Dave: I think about when I was a kid, there was a, there was a Saturday morning TV series I think called schoolhouse Rock. And one of the episodes was how, how a bill becomes a Law [00:12:00] And there's the whole steps, the Brian episode, everybody remembers. Dave: Yep. Yep. So everybody our age at least. Okay, so you've got the disc set up and say you do it in Texas and let's say they make the decision January 8th, takes a few days to, you know, just kind of get stuff, you know, information from the client set up. And let's say you get it set up January 15th, so then they're good to go, huh? They can just start using that disc and away we go. Anything else? Ha. That has to be done Or is it, is it that some Brian on the, on the surface, yes, that's true. Dave: Okay. Brian But beneath the surface, there's other things that have to take place. Dave: Okay. What's the next thing that has to happen after you've formed the disc? Brian Well, you have a, there's a 90 day window to file a disc collection with the IRS. That's probably the most critical thing that has to happen. You have to file an actual paper form with the IRS to elect disc status for the company, because the company, when you set it up, it's just a corporation. Without that election, it's not a disc. Dave: And that election, is this the famous form 48, 76 dash a, is that said election, Brian famous or infamous in some cases, Dave: yes. Yeah. Okay. So you have to, so you just well, you just go to the IRS website. Download the form, send it in, bing, bam. Boom. You're done. You're good to go. Brian Not exactly. Dave: Okay. That's the Brian first Dave: step. Brian Skip. That's the first step. But the I mean, first of all, when you're setting up the disc, you have to make sure you incorporate it properly. Dave: Okay. Brian I kind of glossed over that. Dave: And what are some of the elements of proper incorporation? Brian Well, for example, when you go to a, the Texas website or any other secretary of State website to organize the company, because it can be done all online, [00:14:00] like the default is always, you know, no par value stock, right. Brian If you just select the default, you are going to have a problem because Okay. Dis rules require, you know, par or stated value of $2,500 on the, issued an issued an outstanding stock of, of the disk. So I had a client that came to me years ago. They had set up a company in, well, they used Wyoming, which is also possible to use, and it's not a bad jurisdiction. And they had, he had his quote unquote friend that who was an attorney, set it up for him. And there were some issues with the DISC collection and it went back and forth and then ultimately took a look at the articles of incorporation and it had, you know, $1 power stock, 1000 shares. Dave: Ah, that's a problem. Brian That's, [00:15:00] yeah. So no matter what happened with the disc election and the back and forth with the IRS, the disc election was ultimately never approved because the entity didn't meet the requirement. Having enough outstanding capital stock. So you have to have one and it can only have one class of shares. So there are, you know, there are some hoops you have to jump through in terms of not doing things incorrectly or doing things correctly. So you have to make sure there's one class of stock, $2,500 par value. There can't be foreign sales corporation in the same patrol group, which years ago was a big deal, but now it's not really a big deal because those have been gone for many years and almost nobody has one left. Not, not really an issue there. And what, you know, those are the formation matters that, that mattered, that are important to make sure you, you meet when you form the entity. Okay? If it's formed wrong, right from the get go, you have a problem. If [00:16:00] it's formed correctly, then the next step is yes, file a disc election. Dave: And, but before you file the disc election, there's a step we're missing, right? Doesn't the DISC election require. To put the corresponding EIN for the distance. Oh yes. I mean, I just assumed we, yeah, you obviously you have to apply for an ID number for the new entity that does not come automatically with the incorporation. Brian 'cause that's done with the state as opposed with the IRS yes. Dave: Yeah. And that's become more challenging. It used to be pretty easy to get an EIN you could apply under a corporate name or Brian yeah. But there, there's a, you know, there is an online portal with the IRS to get an EIN for a domestic company. So it's not, it's not Dave: terrible. Yeah. Brian It's not terrible. Dave: Yeah. So you have the EIN that you need for the 48 76 ae. Brian Right. Dave: You have you have 90 days, Brian you have the proper capitalization. Dave: Yeah. Brian You figured out who's gonna own the disc because the, the disc collection is. Signed, you know, it's not just made by the disc entity. It's made by the disc entity, then consented to by the shareholder. So you have to make sure that all that takes place. I can't tell you the number of times where somebody filled out part one, the disc signed it, and then the shareholder forgot the consent to it. And if you don't do the 48 76 dash eight correctly, you get it filed timely. It's an extremely expensive fix to try and get that Dave: rectified. Brian Generally, you have to try to get a private letter ruling, which will grant an extension of time to file the late disc collection. Dave: Okay. Brian And that's that's an expensive process. It's a 25 to $30,000 exercise to [00:18:00] file the private letter, really. Plus you have to pay a user fee to the IRS of 10,000, 11,000. Dave: Wow. Yeah. It seems that seems inconvenient at, at best. Brian And for most companies, they're better off just setting up a second dose Dave: Sure. Brian As opposed Dave: to process, Brian because how much volume there is. Dave: Yeah. Yeah. And I understand the IRS itself refers to these as a, a paper entity. So I guess since it's a paper entity, that's it. No need to fuss around with a bank account or actually have to capitalize it with actual money is there. Brian It's, it's recommended, but you're right, it's not required. There's no requirement in the disk rules to set up a bank account. Dave: Okay. Brian So there it could simply have. A receivable receiv for the capital stock. And that can be, its working capital doesn't have to have a bank account, but that's sort of a misnomer that people think it must have a bank account. Okay. In the original regulations, that was a requirement, but when the regulations are finalized, the requirement was removed. Dave: Okay. But practically speaking, it you probably wanna have a bank account. Brian Yes. Practically speaking, it makes all the sense in the world to have a bank account, a non-interest bearing bank account. Dave: And why is the non-interest bearing important? Brian Well, it, it has to do with one of the annual requirements of a disc. That 95% of its receipts have to be qualified export assets. I'm sorry, receipts. And so let's say in a year the company decides. You can't always decide not to use the DIS even though you've got it in place. So let's say the company says, well we're not gonna use the, this year we had a loss. In our business there's no using. Dave: Okay. Brian We say, okay, and then the DIS bank account earned a dollar 50 of interest income. Dave: Okay, Brian well 100% of the receipts are now not qualified receipts. Okay. Income and no other revenue. If there was a non-interest bearing bank account, it would just have no receipts and then it would be fine. But the earning, the dollar 50 of interest would disqualify that. Dave: Okay. So non-interest bearing account and then I guess the dollar amount in the bank account, what you start with, $2,500 initially. Brian Yeah, pretty much keep it there forever. Dave: But, but it doesn't matter if you end up, oh, if you're a little lazy and you forget to distribute all the money and you end up with 50 grand at the end of the year, that, that's not a problem, is it? Brian It is. Dave: It is. Everything's a problem Brian with you, Brian, because everything, 'cause the, these rules are draconian and everything can become a problem. So a commission dis anyway, a comm, [00:21:00] you know, a paper entity commission dis doesn't need $50,000 of working capital. And the IRS would hold that, that that's not a qualified export out. Like having too much working capital in DIS will cause it to fail. The other test, which is the 95 qualified export asset test 2,500, you know, an amount of cash equal to the capital stock is fine. Dave: Sure. Brian Amounts above that start to, you know, raise questions as to whether. That's reasonable working capital or not? Given that the entity's a paper entity, it doesn't really have any expenses. Maybe some bank fees. That would be about it. In most cases, it really doesn't need cash sitting. Dave: Yeah. Yeah. So maybe 3000, 3,500 to account for some bank fees or, Brian yeah, at most, yeah, we start getting about 5,000. It really starts to [00:22:00] look questionable. Dave: Okay. Oh, I just realized, I think in the initial assessment there was a step we forgot and that's, do they want to make it a buy sell disc or a commission disc? What percentage of your clients are commission discs? Mine a hundred percent. That's Brian 99%. Dave: Yeah. So we're just stepping ahead assuming that it would be a commission disc, Brian right. I mean, the only time you would really have a buy sell disc. 'cause if you have a business where. They're buying inventory from unrelated parties. And all the inventory is manufactured in the US and all of it is export. Dave: Yeah. Brian Okay. That, that, that I do have, like I said, two clients that have adopted that structure. One was commissioned disc with an S-corp and they converted, they merged the S-corp into the disc and just became an operating disc. You know, and that's a little different than a buy sell disc. I mean, an operating disc. People think of buy, sell dis an operating disc for the same thing. They're really not. I mean, 'cause you could have a, the equivalent of a commission disc, but have it be by sell where it could buy product from its related exporter and then export it. Dave: Okay. Brian It's possible that, that, that tho that fact pattern, I don't have any clients in. Dave: Okay. Brian It's possible. Dave: Okay. So we've got the election filed and then at some point the IRS will send the taxpayer letter approving the election, right? Brian Correct. That is, that was true. Dave: And then so we've got the, the B and usually it makes more sense to have the disc bank account at the same bank as the operating company, right? Brian It typically does, Dave: yes. Yeah. And we'll get into that when we get further into the operation of the disc. Okay. So it's all set up. And elections filed, election approved. So now certainly we're done with incorporation and government governance matters, right? Brian No. No, Dave: not yet. Brian Not yet. Not yet. Okay. We still have to make sure there's a a call, a related supplier agreement or disc commission supplier agreement in place between the, the exporting entity or entities and the disc itself. This document is, it's not, again, it's not required in the regulations, but it is recommended. It gives the related supplier a lot of flexibility in how it uses the disc and if it uses the disc and it gives it unilateral powers to decide not to use the disc. It also lays out the, you know, sort of boil legal boilerplate language about an inter intercompany agreement between the two business. Dave: So you could just go to chat GPT and have them spool up a one page sales agent agreement. Is that right? Brian Maybe. I don't know. I haven't tried that 'cause I don't wanna teach chat GPT how to, how to do that, but because every time you ask it a question, you teach it, right? Dave: Sure. Brian General, no, it's a pretty specific agreement and it has very specific provisions in it. Provisions and so somebody that knows what they're doing really needs to draft them. Dave: Okay. Okay. So this is kind of pointing away from just having your general corporate attorney who's never heard of a disc, do all that quote paperwork. Brian Yeah. I never recommend. I always recommend that a specialist do it, namely myself take care of it. Dave: Okay. Yeah. 'cause you are, in addition to having an accounting background, you're also a tax attorney, correct? Brian Correct. Dave: Correct. Okay. Brian Yeah. And you know, some of the documents that need to be created, yeah. That can be done by a general corporate attorney like bylaws and those as well and or other organizational documents that aren't disc specific can only be done by any attorney. But but if, but really it doesn't make sense to split that work up amongst different attorneys. Dave: Okay. Sure. Brian It all sort of be done by the same party to make sure that it's, that everything gets taken here. Dave: Okay. Brian And timely because there's a 90 day window to get this, in my opinion, to get this all done. Dave: Yeah, to co to coincide with the election filing. Brian Right. Because typically I don't provide any of the documents, including the election, to the, to the client until all these things are done. Dave: Yeah. Oh, I see. Sure, sure. Because then there's, Brian you know, they have to sign the disc election and there's all these other documents they need to sign and put in a minute book. And so rather than piecemeal it, we just give it to them all at once. Dave: Okay. So they've got their binder with all their signed documents or a signed copy of the 48 76 A that was filed a copy of the approval from the IRS. So now finally, are we ready to get started using our disc? Is there. Brian Collection the I. Yeah. As you've probably seen in the news, things are changing at the postal service as far as postmarks and what they can be relied on as when something was considered filed. So they're not promising the postmark things that they, you drop them in the mail anymore. Dave: Oh, really? Okay. I hadn't heard that. Brian Yeah. So it's recommended to go, like, walk it to a counter and have it hands stamped with [00:28:00] a postmark. Yeah. But more importantly, and unfortunately not everybody listens to this, send the form certified mail return receipt requested. 'cause many times document is sent to Kansas City and they lose track. Oh, we never got your dis election. We can't process your dis return, whatever. And then there's proof that it was sent and then they have to, you know, find it basically. Dave: Okay. Or Brian at least accept it, maybe even if they never find. Dave: Yeah. Brian But there's one other thing about the disc and that we didn't talk about and, and I'm reminded of it because something you asked me in passing last week, which is something about the year end of the disc, the year end of the disc must coincide with its principal shareholder. So if I have a C corp that's a fiscal year, but the owners of the disc aren't gonna be [00:29:00] individuals, that disc will be a calendar year disc. Dave: Sure. Brian Not be a fiscal year company. And you know, if. It's owned by, let's say an S corp that has a fiscal year, then the disc will have a fiscal year. It, it must have the same year as its principalship. Dave: Okay. Yeah. Good. Thanks for the reminder of that. Brian And sometimes the disc collection gets filled out incorrectly. Somebody assumes one thing and, and then when a return is filed, the IRS, they're like, they, they dunno what to do. Yeah. Yeah. Okay. Alright. Now finally, do we have a little bouncing baby disc to be delivered to its proud parents? I think so. Dave: Okay. Okay. Okay. Brian And that's usually, it's usually about three to five months after it was formed. Dave: Okay. Brian Is when it started eating solids. Dave: Okay. Alright, so now we've got the disc set up and 9:45 AM I'm, I'm sorry, I keep touching my watch and it says the time, apparently it's time to just take off my watch. Okay. So now, so let's just say that they have not yet set up the bank account. They've done everything else, and now it's time to set up the bank account so they, you know, call their local banker. They get it set up at the same bank, so it can be on the same online banking platform. And then they fund it. And does it matter where the funding comes, comes from for that bank account? Can they just like say the company. I mean, can just anybody fund it? Say there's three shareholders, can just one shareholder write a check for $2,500 to fund it? Or how does that all look? Brian Well, I mean, there, there will be a subscription agreement that shows how much each shareholder owes for their shares, and each shareholder should pay for them. Okay. Can't just be one. Dave: Okay. So we have the bank account set up, we're ready to go. And so now we're at the end of the year, or approaching the end of the year. Let's say we're in November of 2026. Anything we need to do before the end of the year Brian for an accrual based taxpayer? No. Okay. There's nothing paid to do, but before the end of the year. Dave: And what about for a cash basis? Brian For a cash basis, taxpayer, if we want a deduction in 2026. We need to pay the DIS in 2026, so Dave: we Brian would need to gather information in order to estimate a DIS commission for 2026 before the end of the year. Dave: Okay. So cash basis, that's what we need to do by the end of the year. Accrual basis. Basis, no. Do I need to do [00:32:00] anything by the end of the year? Brian You don't need to. You have an option to, if you'd like to, if you wanna have an idea of what the disc commission might be, or you actually wanna pay it before the end of the year, but there's no requirement. Dave: Yeah. And if you don't, and if you don't pay it by the end of the year, you get a deferral benefit Brian possibly. Dave: Yeah so say, say you did a hundred million of exports and your commission was $20 million. You just get to defer that whole thing till the next year, right? Brian No, Dave: no. Brian, all you say is No. Every good idea have you just say No. Brian It could defer 10% of it to the next year because only the income related to 10 million of export sales can be deferred, and it'd be a little less than 10% because the disc wasn't there the whole year. So we'd have to prorate that 10 million for the number of days the disc existed. And then some sliver can be deferred, but the rest of it is gonna be taxed to the shareholders as a deemed dividend Dave: in the current year. In the Brian current. Dave: Okay. Brian Then not taxed when physically distributed in the following. Dave: Okay, so we have an accrual tax payer. We get into the to 2027, and let's say they're extending their corporate return and they're planning to file that in August of 27. So we're done. We don't have anything else to do before August. Right? Brian That's not true either. Dave: Brian, Brian you're Dave: killing me. Brian Yeah, well, it, I mean, it depends. If nothing was done before the end of the year, then something needs to be done within the first 60 days after the accrual base taxpayer. Or, you know, let's say the cash base taxpayer says, I don't [00:34:00] care if I get my deduction next year, so I'm not gonna pay anything this year. Something needs to be paid at this within 60 days of the end of the year. Dave: So is this one of those things like the sales agent agreement, that that's just recommended? Brian No, this is required. Dave: Required. Okay. Brian Yeah. This is required. This is, this is one of the hot buttons the IRS will try to use to disqualify your disc. Dave: Okay. Brian So the disc accrues a receivable at the end of the year, even though it doesn't know the amount at the end of the year for all, for, for disc purposes and books an an accrual for the income at the end of the year. That accrual or the receivable is only a qualified export asset if, if the payment rules around that receivable or satisfy. Dave: Okay. Okay. Brian One Dave: rule Rules. Rules. There's always rules. Brian Yeah. It's very draconian. You have a 60 day rule and a 90 day rule. 60 day rule says you must pay a reasonable estimate of the disc commission to the disc within 60 days of the end of the year in cash or. It could be cash, it could be a note. Dave: And reasonable is just any old amount. You just put your finger in the air and ah, I think a hundred dollars is reasonable. Brian Again, that's not the case. There is a safe harbor for what is reasonable, and that safe harbor is f at least 50% of the final commission amount that you Dave: determine. But how do you know that in February Brian you have, Dave: if you're not preparing the corporate, Brian you have to try to compute an estimate before the end of FE Dave: and you have to nail it exactly at 50%. So if you think the commission's gonna be $1,217,412, you need to pay exactly 50% of that, Brian at least. [00:36:00] Dave: Oh, at least. So you could pay more. At Brian least you could pay more. And we always recommend maybe paying 75 to 80%. Dave: Okay. Brian Because if you pay whatever you pay. That amount is gonna be your limit. So if you thought it was gonna be a million and you paid 500,000 and it turns out to be 1,000,500, too bad. So sad, you only paid 500,000, you're capped at a million. Dave: Okay? I mean, that's the safe harbor. I suppose there might be circumstances where, where one could argue that they maybe the first year of the disc, and you know, they, they, Brian you can argue it, you can try to argue it, but there's no guarantee that the IS will accept any of the arguments. And the private letter rulings that exist from the 1970s would imply that they, they're really not going to accept just about any rationale for being reasonable other than that 50% bright [00:37:00] line safe harbor. Dave: Okay so you make the payment, Brian make that payment, and. Dave: Can you just book a journal entry? Do you, do you actually have to really move the money? It sounds like a hassle. Brian I mean, in, in general you have to, you have to either create a note or move cash. Dave: Okay. Brian Okay. Dave: But that might be a lot of money though. Like what if, what if it's like $2 million and million? The company only has a million dollars in the bank. Brian They could use the same capital multiple times. Dave: Oh, okay. Brian And roundtrip the money as many times as they need to, or like I said, use the, use the promissory note. Dave: Okay. Brian Short term promissory note to satisfy that requirement because it does say cash or property. Dave: Okay. So we get through February, we've made our, our 60 day payment. We've, we've, you know, sh sh we've, we, instead of doing 50%, we did about 80% of what we thought it was gonna be to give us some cushion, and now we can go take a vacation till the till the corporate returns ready. Brian Yeah. I, I, I think so. Dave: Okay. Brian I think so. Dave: Okay. So it's time to now. So it's time. Now, if they extend that corporate return, I guess they're gonna have to extend the disc return as well. Brian Well, the disc return is due September 15th as a matter of course. Dave: Oh, Brian are handy. There are no extensions. So really as far as the disc and its compliance goes, once you make that 60 day payment, there's really not much you can or should do or are able to do until the related entities tax return. Prepared. [00:39:00] So a lot of times they'll say, well, that's not gonna be done till September 15th, and we have to have a discussion about how that doesn't work because the disc return has to be done by September 15th, but in order to do the disc return, you need to basically a completed within it supplier returns. So then we have to work backwards from September 15th to figure out like when's the latest they can have that, that other return done in order Dave: to Brian get the disc return done. Now that's relatively easy in the past through context because all those pass through returns are also due September 15th on extension. Dave: Sure. Brian Whereas a C corporation, it's not so easy because the extended due date for a C corporation, if it's a calendar year is October 15th. So it may be that you have to file a disc return with a made up number on time and then amend it after. Okay. After September 15th. I've done that a number of times. Dave: Okay. So that makes sense. Brian Because as is good as CPAs are, they're deadline driven. So if a return is due October 15th, they're unlikely to have it done by the end of August. Dave: Yeah. Okay. So it's time to file the disc return. I assume the CPA firm probably has that disc return and their standard tax software with all the other forms. So you just have the CPA go ahead and prepare the disc return. I've looked at it, it's a short return. It's like 10 pages long. So you just go ahead and have the CPA prepare the disc return, then bing, bam, boom, you're done. Brian Could do that. Dave: Okay. Is there a drawback to doing that? Brian Yeah, it would probably be wrong. Dave: Okay. Why do you say that? Now, remember [Brian, we have a lot of CPAs who we have very good relationships with that we share clients, you know, saying that they're probably gonna do it wrong. I mean, heck, I don't really wanna annoy all my great CPAs we work with Brian Well, okay, but it, well, it's just a fact. It'll probably okay Dave: be Brian wrong because they might see one or two or three a year. They, they think they know what all the different terms on the district return mean, but they're not as familiar with that as they are with a S Corp return or a partnership return, or 1120. So they do what they think is right, and it may be right, it may not be right. So again, I, in my opinion, you want a specialist preparing the district return. Dave: Okay. Brian Okay. Because we know exactly how it's supposed to be filled out. And then if, if the calculation is done on a transaction by transaction [00:42:00] basis, there's this schedule P that gets attached to the return. Well, if you don't do a T by T, there's one Schedule P. If you do a T by T, there could be thousands of them. So I don't think CPAs and their software are equipped to complete thousands of schedule Ps and attach Dave: Yeah. Brian To the district. Dave: No, good point. And you're, you're getting your your enthusiasm to get to T by t had me, you got a little ahead of me. 'cause I was gonna ask, so client says, Hey, we have a desk. Our accounting department's busy. What's just the bare minimum of information we need to send you? What's the bare minimum? Brian Bare minimum would be qualified export sales. Dave: They just need to send you a number. Brian Yes. Dave: Then you take that number and how hard can it be? Right. Just take the, Brian it's not, it's not necessarily that hard at that point. Dave: Yeah. But say the profit on those sales [00:43:00] is the average profit of the company and taxable profit. And you compute the disc commission, you go through the Schedule P and compute the disc commission and pick the higher of the two numbers that you, that you compute. So you would just be like the final draft, corporate return and that total export number, you know, dollar amount for the year. And, and that's really all you need to, to do. That's Brian the bare bone. That's the bare bones, yeah. Dave: Okay. And that's what some people would call the standard calculation or a simple calculation, Brian I'd call it simple. Yeah. Dave: Okay. And that's also known as the 4% 50% calculation in some circles. Right. How does that work? Brian Well, it's also known as the safe harbor calculation in certain circles as well. Back to that, Dave: back to that safe harbor again. Brian Yeah. But that's actually not a safe harbor, so that's why I bring that up. Dave: Okay, well Brian that's the safe harbor calculation. I'm like, no, it's not. It's just the [00:44:00] calculation. There's nothing safe harbor about Dave: it. Okay. Brian Okay. It's just the rules that are found in the code and regs for computing and disc commission, and they're the two predominant methods. 4% of sales and the 50% of net profit, Dave: you just cherry pick whichever one works better. Brian Yeah, but the 4% method has limitations. So Dave: more limitations probably. Why? Why can't this just be simple? You said it was the simple calculation and now you're already telling me there's inherent complexity. Brian Even if it's simple, it's not totally simple. Dave: Okay. Okay, Brian so the, and I've seen this done wrong. Millions, well, not millions, hundreds of times, and I can say it is hundreds of times. Client computes the 4% method just by choosing 4% of sales. They don't look at what their net income is on the, on the [00:45:00] activity. They just say, oh, I'm allowed to use 4% of sales. The limit there is you cannot create a loss. There's something called the no loss rules. You can't create a loss with a disc commission if one doesn't already exist. So if the profit on, say, on the sales are 2% of sales, you can't take 4% of sales. You're limited to 2% of sales. And if, for example, you have a loss of the company, you're limited to zero. But I've seen situations where that's completely ignored. Dave: Okay? Brian Properly computed this commission of 4% of sales, but it should have been something less or possibly zero. Dave: Okay? So more complexity, but the good news, that's the extent of the complexity. One, schedule P, 4%, 50%, you know, make sure you, you don't create a loss. Now we're, we're all done. Pop. You [00:46:00] know what, what? Dusted and dusted and delivered we're, we're good to go. They've maximized their dis commission, right? And we're all done. They have a nice 10 page return to send to the IRS. Which by the way, can they file that electronically, that return? Brian Fortunately, there are no provisions for electronic filing of the disc return. It must be, Dave: what is this, the 1970s or something? Brian Pretty much Dave: Okay Brian with, with regard to the disc? Yeah. And, and some other forms. Yeah. But the, the, the benefit of that, here, I'll give you a benefit. The benefit of the fact that you must file a paper return is they can have an electronic signature on it. Okay. It doesn't have to have a wet signature. Dave: Okay? Okay. Brian So you could theoretically, for example, send your client the return using DocuSign, have them sign it. You print it, you file it for, Dave: okay. Okay. But, but now we're finally done. It's signed, it's done. And they say, boy, thank you very much, Brian. You've done, your team did a great job, and boy, I really appreciate, you know, we had 10 million of exports. We have all kinds of variability in our profit margins. And, but thank you very much. You, you created the amazing $400,000 or you calculated the 400,000 disc commission. Thank you very much. I couldn't imagine you went above and beyond. I couldn't imagine you could have done anything more. And then what do you say? Do you graciously say, oh, you're welcome. It was our pleasure. Brian I would graciously say, you know, we, we've just computed your minimum disc commission. Dave: Okay, Brian not your maximum. Because you have Dave: vast, lemme guess. Lemme guess. There's more complexity coming. Brian More complexity, which relies on more data being. Pulled from the client's [00:48:00] records to, to allow for a calculation of the DISC commission at a more detailed level, ideally at a line item by invoice level, Dave: line item. That sounds like a lot of work. Brian It can be. Can be a Dave: lot. What if the client says, our accounting department's busy? Sounds like we're gonna have to spend weeks gathering all this data for you. Eh, it's just, we're too busy, it's not worth it. What do you say then? Brian I gu I almost can guarantee you it will be worth it. Okay. Because looking at the detail is likely to cause at Disconnect commission to be anywhere from 50 to three, 400% higher than what it otherwise would've been. Now, unfortunately, in that first year, since you've already filed with a certain number, you're limited to two times what you paid in that 60 day window. But going forward. You know, there's no limit. Dave: Okay. Brian Whatever we compute can be your disc commission. So different industries have different amount of variability and t and transaction by transaction calculations have different impacts depending upon the industry, the profitability of the business, how many products they have, who they sell to. But it can vary. But I'll give you an example of one that we worked on recently where company had a hundred million of export sales. They took 4% of sales, and they've been taking 4% of sales year after year, after year, after year, after year, Dave: okay. Brian They brought us in like three weeks before the district return. Dave: Okay. Brian And we went through the calculations and we actually calculated 17 million Dave: as opposed to 4 million. Brian As opposed to four. Dave: [00:50:00] Yikes. That's a big difference. Brian It's a huge difference. And fortunately they were, you know, well, I mean they were very pleased with the result. And so now on a going forward basis, we're not doing 4% of sales. Dave: Okay? But you still have this. But if they were able to get a $17 million commission, then that means their corporate taxable income must have been at least 17 million. 'cause didn't I hear you say the disc commission cannot cause a loss. Brian It cannot cause a loss at the level at which you're computing the commission. So there's no, you're killing me, Brian. Just more complexity. Yeah. Well, it's very complex area. There's, there's no overall no loss rule. Like if you, you can, as long as you're meeting the rules as they're written, you can cause your entity to go into a loss position. Now, this particular instance, it did not do that, but [00:51:00] you could do that. Dave: Okay. And then if you get into a loss position, there are other non disc complexities that come into play that impact whether you want to maximize the loss in that entity or you want to target a particular loss in that entity. And that's not something that we get involved with, but we're certainly sensitive to it. Sure. Sure. And so you're saying for this client, even though I've heard some people say you've got the simple calc and then the hard calc. And so you'd wonder why would anyone do the hard calc? Well, it's because their commission went from 4 million to 17 million, which saved them hundreds of thousands of dollars. You created hundreds or millions of dollars with additional tax savings. Brian Right, right. Dave: Okay. Brian And by the way, after the first conversation we had with them, they said, oh [00:52:00] yeah, this is not something we can do. The accounting department said, this is not something we can do. Then the owner said, this is something you're gonna, Dave: it's funny how that, how that works. Okay. And then I'm guessing this extra work. You, you're probably gonna have to create another schedule P or two. So now the disc return, it's gonna be 10 pages. It's what? 20 pages? Is that kind of a typical page count? Brian No, it could be Dave: no. Brian Thousands of pages. Dave: Thousands. I mean, Brian, a ream of paper is 500. So thousands would be reams of paper. Brian Yes. I've had some returns that have like 15 binders of paper. Dave: Yikes. Brian Yeah. Just goes in a big box and I'm sure the IRS types, all those schedule Ps into their, Dave: I'm sure they do. Okay. So the return gets filed, so the return's ready. You take that box, you just slap a you print off a postal label online, drop it off at the post office. And you're done, right? You just give it to carrier, Brian understand, Dave: carrier, carrier your house or whatever. Brian Well, you can send it via FedEx. You can send it via UPS. And actually, in some ways, I think that might be better these days than the postal service. Dave: And why do you have to do that? Can you just slap, I mean, if you have your 15 binders, couldn't you just put a hundred stamps, you know, on the, the box and ship it in because they'll get it, right? I mean, it's not like they're gonna lose it or anything. Brian They might, they could very well lose it. And you definitely want proof of delivery and you want proof of mailing. So again, it's a certified mail if you're using the postal service or if you're using a private carrier like FedEx, you know, you get all that documentation about when it was shipped and when it was delivered.[00:54:00] Dave: Okay, well now at least we're finally done. Right? You ship it off. The CPA pulls the numbers from the disc return, puts it on the corporate and shareholder returns. Now we're done. It's gone to the IRS. We never have to think about it again. Right. Brian I'm not sure if that's a trick question or not, but in some ways that could be true, Dave: right? Yeah. But it, but I guess you could get audited, right? Brian Could get audited by an agent who has no idea what they're doing, which is typically the case. Dave: So that's why you want your CPA defending you in that case. 'cause then it's like the blind leading the blind. Brian No, I think it's better if someone with site is involved. So again, the specialist who did the disc work should represent the taxpayer or be involved with the representation of taxpayer in the case of the audit. Dave: Okay. Brian And the should be involved. Because really what's under, what's really in question is the [00:55:00] deduction on that entity's tax return. The dis itself doesn't pay tax. So they rarely audit a dis quote. Dave: Okay? So if I break it down, you to do it really right? You need a specialist to guide you on the initial structure of the disc. You need another specialist to set up the, the disc. You need another specialist to do all the paperwork, make sure the document's correct another specialist to prepare the return, and then another specialist to defend you. So is that about right? So do you need like five different people to make sure everything's done right? Brian? Isn't there some way that you could just have one person that could just do it all for you and be done with it? Brian Well, of course. Dave: Okay. Finally, finally, I get a simple answer, Brian right? So if you, if you engage a disc specialist, that [specialist should be able to do all that. Dave: Okay? Brian Okay. Now, not every disc specialist is created equally. Dave: Sure. Brian You know, I brought up during our conversation that there are some non disc things that can also add complexity to the situation. Not every disc specialist will be sensitive to those things. Not every disc specialist will understand those things. So the benefits that like our organization brings is that. Least myself in particular, I didn't always just do IC disc work. I, I, I have a well-rounded knowledge of all of the, of the tax world. And so I am sensitive to non disc things. You know, for example, you know, another example, oh, a company has a lot of export sales. You would think it's a no brainer. They should have a dis, they should use the dis. They should, they, they should want to convert that ordinary income to qualified dividend [00:57:00] income. Well, what if the S-corp is owned by an ebit? What if there are passive shareholders? All of those things impact whether the disc commission actually helps or hurts their tax situation. And I would get, I would venture a guess that, you know, if you went out and Googled, you know, I see this specialist, you would find a handful. At most that understand all that stuff and how all it all interplays together as opposed to the multitude of those that won't understand any of it. Dave: Okay. Brian So I think a, a disc specialist that is sensitive to all the other tax rules is, is definitely something that is valuable. Dave: And you probably want someone with some experience who's done maybe, you know, what a dozen disc returns in their career, maybe 50 if they're really good. Like how many, how many have we done organization wide? Probably Brian probably 10,000. Dave: 10,000? Well, that's a lot more than 50. Brian Yes. Over the years it's probably close to that number. And we've probably claimed billions of dollars of just deductions and saved clients, hundreds of millions of dollars of tax. And, and I'm proud to say that every dollar we've ever claimed we've. Okay. Dave: So Brian I've never had an adjustment from the IRS. Dave: Well, that sounds like a, a good a good record. So bottom line, Brian that's, that's the best you can come up with a good record. I'd say it's Dave: well, I didn't wanna say a perfect record. I didn't want to jinxy. Brian No, but it's, it's, it's, it's pretty outstanding record. Dave: Yeah. It's a, it's an impressive record Brian because there are also just providers out there that say, well, you know, Dave: it's the Wild West. Brian The wild west, the IRS doesn't really understand it, so let's be as aggressive as possible. And, and that's not the way we approach it. Dave: Yeah. Wow. Well, this has been this has been a lot. So really it's that simple. So the person who wants to just do all this themselves, we've laid out the whole playbook for them. Brian Yeah. The only simple thing they have to do is call us. Dave: There you go. That is it. Yeah. And, and oh, the other thing, not only are you the Bob, hope you now have moved from number two to number one for the most experienced icy disc guy. I know now that Neil Block is retired. Brian Well, that's, I don't know if that's a plus or not. Whether I'll take it just means I've been doing it a long time myself. So Dave: yeah, Neil was, I think my second, first or second guess. And and I was just happy. 'cause his billing rate back then was like $1,500 an hour. I was just glad I didn't get a bill a month later for him being on the podcast. But he, [01:00:00] he did it for exactly 50 years at one firm, baker and McKinsey in Chicago. He had one office, one phone number, like the whole 50 years. Brian Yeah. That's, Dave: that is something you don't see much anymore. Brian Definitely not, no. It's, but it's very, that's. That's very cool. And Neil is a very, you know, is a very intelligent savvy guy. Dave: Yeah, that is for sure. Well, Brian, anything else that we didn't cover that you can think of? Brian I can't think of anything. I think we covered a, a great deal here. Dave: Okay. Brian Can't think. Dave: Well, I, I'll let Brian we omitted. Dave: Well, great. Well, hey, thank you so much for your time. Really appreciate it. And I'll let you get back to your, your exploration of your yard there. Brian Yeah. I feel like, it's funny I shrunk the kids. Dave: I know. Well, hey, well, well again, thanks again, Brian. We all appreciate your time. Brian You're welcome. Have a good day. Dave: You too.

Kiera is here with a gift to make your practice even better: The three most common mistakes dental practices make, and guidance on how to get out of them. Is your practice making one of these mistakes? Delegating tasks without ownership Avoiding hard conversations Flying blind on your numbers Episode resources: Subscribe to The Dental A-Team podcast Schedule a Practice Assessment Leave us a review Transcript: The Dental A Team (00:00) Hello, Dental A Team listeners, this is Kiera and today is one of my favorite topics of all time. It's how to avoid the pitfalls because I feel like these are costly mistakes that dental practice owners make. We make these costly pitfalls. We go into them. We don't know about them. And you guys, if you know me, I have a mantra and I say, don't lose money. I hate losing money. It's one of my biggest pet peeves and I don't want you to lose money. So I'm excited to talk about it. I hope you guys are excited because...   The reality is like so many people talk about like, success leaves clues and it does, but so does failure. And I I talk about this a lot when I present and when I speak and I say like success and failure are truly not radically different. They're not, they're like small little things. It's like successful practices are consistent. Successful practices put systems in, successful practices look at their KPIs, successful practices have team meetings that are effective. Successful practices have CEO time.   Successful practices have delegation and ownership. Successful practices ⁓ follow through. They look at their case acceptance. They make their re-care calls. They do their reactivation. They do different verbiage. Like that's what they do. Failure practices don't stay consistent. They always have an excuse. They're always blaming. ⁓ They don't check their case acceptance. They don't track their KPIs. They don't look at their numbers. They don't take CEO time. Like these are just little steps. And like with my fingers, if you're just listening, I'm like,   almost like scallops, like if we've got a middle point, success is I checked my KPIs, failure is I didn't check my KPIs. And while that's not like a huge move, it is moving you points away to where you end up either closer to success or closer to failure. And so I think when we realize this, these are the ones, like, how can I help you guys avoid these costs and mistakes? How can I like motivate and inspire you and like, not just motivate, but genuinely change you?   So that way it's not this I like, well, shoot, we're on failure row. Shoot, like, I don't really know about this. Like, I just want to talk about three of the most common mistakes that people make and how do you correct course because you're going to make mistakes. But like if I'm doing the scallops again, successful offices realize like we didn't do the KPIs. So we're going to start doing the KPIs and we don't miss those. We're going to hold the meetings and we don't miss those.   they course correct before they end up in the failure or the success bucket. They're course correcting constantly. And so this is just like where I'm at coaching hundreds and thousands of offices, team members galore, our team, like literally, I feel so blessed that we get to serve so many offices. I just saw like this really awesome highlight reel of all these doctors that came in person and I was watching it with Jason and I look over and Jason's just the sweetest thing. He's tearing up and he said, Kiera.   I knew when you started Dental A Team, it was going to be like, he's like, I never imagined it being what it is today. He said, but all those people's lives, including all of you listening to the podcasts, all of those lives that we've been able to change because of Dental A Team Gosh, that is just such a blessing. It's such a beautiful thing. And I just want to say thank you. Like, thank you for being here. Thank you for being a part of the offices. Thank you for being a part of my Dental A Team podcast family. Thank you for just showing up. Thank you for changing lives through dentistry. Thank you for giving people a gift of confidence. Like,   And for me to be able to give you a gift to make your practice even better, that's what I'm here for. That's what Dental A Team's about. So like we're here to help you recognize patterns. We're here to help you avoid burnout. We're here to help you make small changes before they become giant snowballs. And I think like my thought process has always been I'm here to positively impact the world of dentistry in the greatest way possible. We're here to share this podcast message with every single office out there. We're here to help offices realize like running a successful practice.   does not have to be hard. It can actually be easy. And let's give you the tools, the tips, the resources, all of that to make your life a grand success. So if that sounds great to you, we'll rock on. So step number one, mistake number one that's very costly is delegating tasks without ownership. So like so many offices, hear them like, Kiera, I listened to the podcast and we implemented it, but like it just didn't work out. And I'm like, yeah, cause you delegated it and you didn't have the structure, didn't have the ownership, you didn't have the accountability, you didn't have the metrics. Like, okay.   One of the doctors called this doctor out and they said, this doctor is a walking cheat, like cheat code. Go talk to him, go ask him what he does because he's been able to take his practice for massive success, which is true. When I met them, were doing about 1.5. Now we're clearing five. We're going to be crushing six to seven. And I just like, gosh, the giddiness in me for this office. Like they deserve the sun, the moon, the stars. Like you name it.   They're just such good humans. And so when I think about this, like we're talking, this is a practice that went from like 1.5, 2 million up to this six, $7 million practice now, something I've noticed. And like I said, this doctor is a walking cheat code. They, when we go in and we're like, okay, we're going to roll out this new process. So we're going to do a new process on how we do case acceptance, or we're going do new process on how we do cancellations. They don't just go to the team and be like, all right guys, we're going to do cancellations. They are like, we're going to build an SOP.   we're gonna have a team training, we're gonna have a metric, we're gonna do it for these four weeks. And they don't take a long time to execute on that. So it's like, perfect, we're gonna have this done in the next three weeks. But they execute, it's rolled out, it's like, it's very, very thorough. And this is a practice of a very large team and they all do it consistently. And when something gets off, they just go right back to the SOP, they update the SOP, where was it missed? What do we need to do? Let's do a team training on it. But I will say I've coached hundreds of offices and this is one office that I watch   constantly that is able to delegate, have ownership and be able to have a full team move and stay hyper accountable. So this is just like, you've got to have ownership. You've got to have SOPs. You've got to roll it out to the team, make sure everybody's aware. And then we've got to have the metrics and the check-ins to make sure something's not off. And if it is off, we follow through on it. So people know that when we roll out new processes, they're here to stick. They're not just like a flash in the pan of like, I heard it on a podcast. Let's try it out.   No, it's very, very, very thorough. So a quick check for you is like, go back and look at the last three things that you delegated. Did you assign them? Did you own them? And did you have follow up on it?   crickets. Yeah, yeah, because you did it. Darn it. But you're going to do it in the future. Or maybe you did. And I'm high fiving you. But most of the time, people don't. And this is so costly because then you can't ever be free. You think you're moving. You're taking one step forward, but you're actually taking like 500 steps backwards because nothing's actually getting delegated. Nothing's actually moving forward. And you're only relying on your A plus star players that are building all these ownership accountability pieces. And people are like, but I want everybody to be that way. And I'm like, human nature is not. Tell me how you're doing on your New Year's.   resolutions, probably not great because human nature by default doesn't stay accountable. Why do think I'm in business? because people, they know what they need to do. People are like, Kiera, I pay you to tell me like what to do that you do on the podcast. And it's like, yeah, because human nature is not follow through. Why do I pay a gym trainer? I've got all the resources, I got all the tools. I need somebody to literally hold me accountable to make me show up to work out. So look at the last three tasks. Did you delegate them? Was their ownership?   Did you follow up on them? Did they have a metric? If not, it up, fix that and start to delegate with ownership and accountability. So mistake number two, are you guys ready for this? It's avoiding hard conversations. ⁓ man, that's a crowd drop off. This is so real though, because we don't have like Patrick Lanziani has the five dysfunctions of a team. And if you and your team have not read this, I highly recommend it's a very easy fable. Have it as like some like,   evening reading. It's so fast, it's so easy and it's very, very great. And I think it's a reread. So if you've listened to it in the past or you read it, maybe do a reread. ⁓ But when we don't have trust and vulnerability and then we don't have healthy debate, AKA hard conversations, what happens is like little small issues become cracks and cracks aren't bad. But if cracks stay there, they actually break and then it becomes toxic and then it arose the entire team. So in leadership, we've got to have, let's like,   I coached his office. guys might know him. He's incredible. ⁓ They've got a lot of offices. think I did seven office visits ⁓ in three days. We were hauling booty. And I love this doctor because he pays for me to come in to coach his teams, to teach them how to have uncomfortable conversations, to remind them like this is why we're here. And the more we have just a few of these and we get away from the fear of discomfort.   and wanting to keep the peace, which is actually artificial harmony, we like care, we align and we move forward. And we use the sports analogy on this of, can you just imagine like pick your favorite sports team, basketball, baseball, soccer, I don't care what it is. Can you imagine for one second, like we'll just use basketball for instance, or football. Like if the quarterback or the point guard goes in, like let's do football, because they get thrashed. Like if that quarterback gets thrashed because his defensive line is not protecting for him.   or no one's open because they didn't follow the play, can you just imagine if that quarterback runs off the field and is like, hey coach, could you tell the defensive line to cover for me next time? Like absolutely not. Or if that quarterback is just like, I'm just so angry with my defensive line. Like they didn't block for me. Like, no, can you imagine? Like, no, they call it out. Like you got a freaking block for me. Like we need to win this game. I need this to happen. And they do it in real time because everybody on the team,   is committed to winning and they call each other in real time of their blind spots. Like my brother said, I'll play basketball. I played tennis. You got to call it in the moment. Like my dad is like, you got to call it in real time. You got to say, Hey, I need you to block. I need you to box out for me. I need you to like throw the ball. Like I'm here. Like I need you guys to get open, whatever it is. But like, if we can get a little bit better, that that's our culture rather than a, we sit here pretending to be perfect, but ultimately hating each other.   and hate's probably a strong word, but creating gaps. And so what I encourage is we normalize uncomfortable conversations. We normalize and encourage it. We push on peer to peer accountability. We have each other instead of it being up to the coach, AKA office manager or doctor, to each other, peer to peer, to where we talk about it. We wanna get the W, we wanna win. And so helping your team realize that this is going to be the best way for us to win is to have these hard conversations.   And it's not, I say it's not confrontation. It's just a conversation. Like let's take that hard out of there, but let's say what needs to happen. And so I would say, doctors, one of the worst things you can do to your great players is to tolerate the poor performance of a lower player. ⁓ Because they're watching you. They're watching to see standards are not what you say. They're what you tolerate. And so when you're A plus players are watching, like, well, doctor is going to do this constantly or doctors are not going to care about that. Now team members, can rise up and you can take care of things too.   Doctors, we've also got to make sure that we're encouraging and we're having the hard conversations too. I don't think you know how much I do not enjoy hard conversations, but I know as a leader, as a boss, as a CEO, as a consultant, I have got to have the hard conversations and I'm going to keep having them. They're not easy, but they are my responsibility and I'm going to show up as a good team member because actually that's better than living in artificial harmony. It's so much better. So there's a great quote.   If you want it, your success and happiness, that's my add on your success and happiness are directly proportional to the number of uncomfortable conversations you're willing to have. So if you want to grow, if you want to rise, how many of you look at your KPIs or your numbers like, gosh, freaking schedule is not full. Like, oh, like our profitability, like, but I go to my team meetings and I'm like, great job guys, you're doing great. Why don't we call it out? Hey, profitability is not where it needs to be.   What are our solutions to get it to where it needs to be? I'm not being a jerk. I'm not sitting here sizzling. Hey, our schedule is not up to goal. What are we doing to get that fixed? Let's have a conversation. Let's fix it. Let's normalize that. That's calling out in real time. Hey, our schedule is not to goal. Like what's our solution? How are we going to get there? It's like it's a huddle. It's a genuine huddle. Think about sports players. Like they get together. Like you need to block. I need you to call that person. I need you to do this. You guys need to call that all the hygienists. If you've got downtime, call seven patients, whatever it is. That's how we get the W.   something rude, let's normalize that we are a team. We call each other out. We celebrate when we win. Also like on the flip, like let's go to basketball, let's go to football. When they score a touchdown, the whole team that was just calling each other out of like, I need you to block, I need you to do this. They also go to the end zone and they freaking celebrate. They lift each other up, they're high-fiving. It's both. So let's make sure that we're calling each other out and normalizing that. And we're also celebrating and normalizing that as well. So this is something of, I would just encourage you to have   one honest conversation, and also I'd recommend in your next team meeting, let's have this if that's a standard, put it up in the break room. We normalize hard conversations. We encourage hard conversations. We are a company that does not sit in artificial harmony. Whatever it is, plaster that, build that into your culture. This is something you've got to like, if you guys could see, I'm like boxing out, like I'm pushing the defense. Like you've got to push this through all the way for you guys to get this to be that and to avoid that costly mistake.   All right, mistake number three. This one should come as a no brainer. You guys know I love numbers and numbers love me. It's flying blind on your numbers. So I think that production feeds the ego, profit feeds the family. So when I look at this, so many doctors are like, well, Kiera, I know you say that the numbers are there, but I don't have any money. And I'm like, yes, but making haphazard, crazy decisions because you're not looking at your numbers and you're not using them as a roadmap, you're just   flying by the seat your pants. And so when you look at this, you've got to know like, here's just a, guess, I guess to help you see like, am I flying blind on my numbers or do I maybe know my numbers? Question number one, what's your breakeven number? Now that's twofold. What's the breakeven number on the practice and what's the breakeven number paying you? Two questions, okay? My question is, what is your overhead on your supplies? What percent, what is your current overhead?   What is your debt services taken out of your overhead? What is your EBITDA? What is your net profit? AKA cashflow. Of that profit, are you saving your taxes? Hmm, something to think about. Fascinating, right? That's how you know. And if you can't answer those questions right now.   I know you're probably flying a little blind. Maybe you even just have like a eye patch on. That's okay. Maybe you're only half blind, not all the way blind. Or maybe you're like, Kiera, I'm walking in the dark. I don't even know any of that. don't even know where to find the PNL. It's fine. Wherever you are, you've got to get this dialed. Like I am a sticky broken record. haven't talked to her. Oh man, I'm so excited. She's going to get on podcast with me. And last year we were chatting and she was like, Kiera, like we were debating. Is she going to join consulting? Is she not going to join consulting? And she's like,   I have got to get profitable. And I said, all right, rock on, challenge accepted. We are going to get you profitable. I have been a broken record with this poor doctor for an entire year. It's production, profit, production, profit, production, profit, production, profit. Head down, produce, make sure your team's collecting and make sure we're profitable. That is what we've done all year long. And guess what? Come the end of the year, she's like, Kiera, I have so much money, I got to pay taxes on it. Like we did it.   and she did it in 11 months. So production, profit, production, profit. If you're producing, but you're not collecting and you're not looking at your numbers, you're not going to be profitable. If you're not planning for taxes and you're not saving for taxes, you're not gonna be profitable. If you don't know what your breakeven is on the practice and then what the breakeven is and what it needs to produce with you in there, you can't project this out and you can't forecast it and we can't figure out what your daily goal needs to be. And then you're just producing for the sake of producing for your ego.   Who was that a rank? Could you tell us there? If you like that email me Hello@TheDentalATeam.com. I might rap it. You guys, I used to have a rapper name Skittlez with a Z so I could wrap with Eminem. Tell Eminem I'd love to wrap with him. I've never gotten that far, but you know, Skittlez, Skittlez and Eminem. I don't know why I just told you that. Email me Hello@TheDentalATeam.com. If you think I should be Skittlez and rap it out. I'd love to hear from you. I genuinely love a good pen pal. So write me. But you've got to know your numbers. You have to.   non-negotiable. And this is, think, where accountability as a coach comes into play. I force our clients with our consultants to know their numbers. We call it the yes model. You've got to have your vision. That's the Y. E stands for earnings. You've got to be profitable, non-negotiable, otherwise go be an associate. And S stands for systems and team development. If we know the vision, when we look at the numbers, it's going to tell us the systems and team development we need to do, period. Period. That's the formula. That's all it is. So if you're flying blind on your numbers, like, ugh.   Guys, I'm scratching my head over here. This is stress. If you ever see me fluff my hair, it means I'm stressed, okay? My team has told me they're like, Kiera, what you do is it's a little like side fluff. And right now it's both hands fluff. Like I'm stressed out for you because I used to fly blind on numbers. So many clients flying by on non-numbers. They don't look at it. They've got multi-practices and they don't break it down. You guys, these are costly pitfalls. So remember, go back to the success and failure. They're not radically different. It's failure to look at the numbers.   It's failure to say like, I don't care if you don't know numbers or not, I don't know numbers either. But guess what? Kiera freaking loves numbers and numbers freaking love Kiera. That is how this works. It is, I'm going to force myself to learn this. You guys, on my goal board, I'm not joking you. I should like take pictures of this so you guys can see it. In my bedroom, Jason and I made this like joint goal board. If you guys wanna get your spouse involved in your life, cause you feel like you're just driving and growing without them.   Joint goal board between the two of us has been amazing and it sits in our bedroom. It's not pretty It was built on Canva. It cost me eight bucks. It took us a Sunday to do it together But I literally have this like sign and it says tax expert ahead. I Did not know taxes. I was getting burned every single year I was crying every single December and I was like I am never doing this again I'm going to become a freaking tax expert. I started reading books on it. I called up the CPAs. I started researching it I was like, okay, it's just a formula. Yes, of course. They're like all these ways I can reduce it   But at the end of the day, it's really just a very simple formula. Whatever my profit is, whatever my tax bracket is, I know, yes, yes, yes, yes, yes, this is a very simplified version. CPAs don't come after me right now. It's just truly like, if I can take that, I'm always gonna have a slush and I'm not gonna cry. And I figured it out. And for you, I want you to take it on like, you're gonna learn taxes. You're going to be profitable. I want your goal for 2026, 2027, 2028, 29, 30, 31, 32, 33, forever that you are profitable always.   I have a mantra and I say, Kiera Dent does not lose money. And I want you to be the same way. Always profitability, profitability, profitability, get the production, get the profitability. We got to, and again, the way we increase profit, increase production, increase collections, decrease costs. Those are the three levers. So look at the numbers, get your team bought in. This is a costly mistake that I don't want you to make. So commit that by Friday, you will have a KPI scorecard in place, or you're going to call Dental A Team.   TheDentalATeam.com go on over, email me, hello, book a call, whatever it is, I will help you out, but you are going to learn your numbers. There's no more excuses. It's not that hard. I promise you, our fee will offset the amount of money you are going to make. Most of our clients are like a two to one, eight to one, 10 to one ratio, meaning we are making that much more money. So a 10 to 30 % increase in production, 30 % would be a three to one ratio. Like you guys, it's insanity what we're able to do for offices. I love it. We usually pay for ourselves in the first couple of months.   So it's 100 % worth it. Know your numbers. You just knowing your numbers and tracking and measuring will make you more profitable. So don't be the person that has these costs and mistakes. You gotta take ownership. Like bottom line, the way we had this, mistake number one, delegating tasks and not having ownership. So think back to that. We gotta delegate like that office I told you about. Again, this is a $7 million practice. You wanna be like a $7 million? Do the things today to be the $7 million practice.   You've got to have the hard conversations, normalize that, have that be a part of your culture. And number three is you've got to freaking know those numbers. I love numbers, numbers love me. And if you're not great at this, that's why I've got the podcast. That's why we're here. Reach out, Hello@TheDentalATeam.com. Do not do this alone. Do not spend another minute struggling through these costly pitfalls. You don't deserve it. Your team doesn't deserve it. Your patients don't deserve it. So reach out, it's time. Hello@TheDentalATeam.com. But please commit to yourself that you're going to do this.   You're not failing. You're not clear over the failure bucket. You're just a few little shifts away from it. And again, remember success and failure are not radically different. They're just small little micro steps. You can quickly make those back and get closer to where you actually want to be. It's not huge. It's not hard. It's not all these crazy things. It's small incremental changes that are going to radically change your life. So make the call, make the changes, commit. You're worth it. You deserve it. And as always, I'm cheering you on forever and ever.   I'm here on your team. I'm here in your corner. I'm here in your air pod. Wherever I'm at, just know I'm rooting for you. You deserve it. Let's do this together. Let's have you do this on your own, whatever it's going to be, but commit to not having these costly mistakes be your mistakes. And as always, thanks for listening. I'll catch you next time on the Dental A Team Podcast.  

Ever catch yourself comparing your firm to someone else's after picture and wondering what you're doing wrong?Here's a different perspective – you're not behind, you're just still in it.This Work in Progress episode is for anyone mid-messy change, not standing at the finish line.You'll hear what it sounds like to raise prices, disengage legacy clients (including ones you paid for!), test tiered pricing, and still question the hours while it's happening.No tidy ending, no highlight reel – just the normal, uncomfortable middle.Listen to feel less alone, see what “working on it” actually looks like, and borrow some camaraderie from a peer doing the hard work alongside you.…Link to full shownotes: https://www.businessstrategyforcpas.com/382…Want Pricing Essentials?If you feel trapped by your own accounting firm, it's not because of the work – it's how you've priced the work. Too many accountants are stuck in undercharging, overdelivering, and people-pleasing cycles. Break the pattern with my short PDF guide: 7 Pricing Essentials »It's free and you can read it in 5 minutes.I want to help you get your prices up without losing loyal clients.  …Want client interviews?310 From Exhausted to Having Her Life Back: Wendy Norman, CPA304 From 55 Down to 15 Hours; Same Take-Home Pay with Melissa Downs, EA293 What it Takes to Work 15 Hours per Week with Erica Goode, CPAComplete list:geraldinecarter.com/client-interview-episodes…FOUR ways I help overworked CPAs go down to 40 hours without losing revenue or hiring:THE EMAIL COURSE – Freegeraldinecarter.com/stop-working-weekendsStop Working Weekends will teach you how to reduce your hours without giving up revenue. THE BOOK – $9.99geraldinecarter.com/bookDown to 40 Hours – A Roadmap for CPAs to End Overworking Without Losing RevenuePEAK FREEDOM COMMUNITY – $197/mogeraldinecarter.com/peak-freedomFor solo and small accounting firm owners who want to rise above the insanity of hustle-cultureDOWN TO 40 HOURS ACCELERATOR – $995/mogeraldinecarter.com/40For the overworked CPA at multiple six figures of revenue who is ready to stop working weekends, wants to implement overdue changes, and doesn't want to do it alone. You'll make progress faster and with more confidence. …

Understanding your numbers and keeping up to date on your finances is key to the success of your business.  When you actively keep a pulse on your business finances, you will certainly make better business decisions.  If you are thinking that you are just not a numbers person, you're not good when it comes to numbers or math, or you are afraid to make a mistake, I want to help you overcome these fears.  I get it, and I know how numbers or finances are not everybody's strength or zone of genius.  I will admit, however, that I love working with numbers, and I've never been afraid of them, but I have other areas in my business that I don't have those same strong strengths in, and I struggle in these areas much like I am sure you struggle with your finances, so I totally understand where you are coming from.  In today's podcast episode, I am going to help you overcome your fear of numbers and how you can let them help you succeed in your business. If you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances, or if you are doing your bookkeeping manually with an Excel spreadsheet or even a Google Document, you can use your numbers to help you understand your business finances.  I'll have solutions for what you can do if you think numbers and finances are boring or time-consuming as well.  It's okay to have these thoughts or fears, but you and I both know that when you own your own business, there are things you need to do for your business to make an impact not only on your bottom line or your income, but for your business to succeed in other areas as well.  It's time for you to break these fears or habits that may be holding you back and start this new year off in the right direction.  Whether you are starting a business or side hustle, you're a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper or accountant, a virtual assistant or VA, or other professional; you can overcome these obstacles so that you can enjoy, yes, I said enjoy, your business and your business finances.  If you are looking back at the last year and are thinking about how far behind your bookkeeping or finances are, and just how much work you need to do to catch up on your bookkeeping to get ready for the upcoming tax deadline, listen in I promise I have some solutions for you…   Join us in a community built specifically for accountants and high-stress professionals.  You'll receive support, accountability, and a community that understands what you're going through. We focus on stress reduction, increasing productivity, time management, goal achievement, health, happiness, and desired lifestyle:  https://www.financialadventure.com/community Schedule your Complimentary Stress Audit And Clarity Session, where we'll work together to create a clear and focused plan and overcome the obstacles that stand in your way so that you can move forward and immediately start enjoying your life with less stress, increased productivity, and more time to spend doing what you love with the people you care about: https://www.financialadventure.com/work-with-me Accountants, CPAs, Bookkeepers, Tax Preparers & Financial Professionals, sign up here to get updates on upcoming opportunities & grab the Audit Of Your Well-Being & Balance Guide here: https://www.financialadventure.com/accountant Ready to set up your business?  I have a program to help you get your business set up so that you can start making money.  Sign up for this program here: https://www.financialadventure.com/start Are you ready to try coaching?  Schedule an Introductory Coaching Session today.  You'll have the opportunity to see how you like coaching with an Introductory Coaching Session: https://www.financialadventure.com/intro Join us in the Mastering Your Small Business Finances PROFIT LAB if you are ready to take control of your business finances and create the profitable business you are striving for.  Are you ready to generate revenues and increase the profit in your business: https://www.financialadventure.com/profit If You Are Ready To Choose, Start Or Grow Your Side Hustle, Get Your Free Checklist And Assessment Here: https://www.financialadventure.com/sidehustle Grab Your FREE guide:  5 Essential Strategies For Stress-Free Bookkeeping: https://www.financialadventure.com/5essentials Your FREE Online Virtual Bookkeeping Business Starter Guide & Success Path Is Waiting For You: https://www.financialadventure.com/starterguide Join Our Facebook Community:  https://www.facebook.com/groups/womenbusinessownersultimatediybookkeepingboutique The Strategic Bookkeeping Academy, including Bookkeeping Basics, is open for registration!  You can learn more and sign up here: https://www.financialadventure.com/sba Looking for a payroll solution for your business?  You can get an exclusive 15% discount on your payroll services when you sign up here: https://www.financialadventure.com/adp QuickBooks Online - Save 30% Your First 6 Months: https://www.financialadventure.com/quickbooks Sign up for a virtual coffee chat to see if starting a Bookkeeping Business is right for you: https://www.financialadventure.com/discovery Show Notes:  https://www.financialadventure.com This podcast is sponsored by Financial Adventure, LLC ~ visit https://www.financialadventure.com for additional information and free resources.

The firms winning with AI aren't the ones implementing every tool they can find. They're the ones being strategic about what actually moves the needle.Rachel Ferris learned this firsthand when she built TaxStack AI, not because she wanted to start a software company, but because she needed a solution that didn't exist. As a tax advisor specializing in Puerto Rico's Act 60, she was spending hours researching complex state-specific cases. ChatGPT seemed like the answer, until it started citing Reddit and Quora as sources. When she'd call it out, it would cheerfully admit, "You're right, that's actually not correct." That's when she realized: if she wanted AI that actually worked for tax research, she'd have to build it herself.In this episode, Rachel shares how she created a platform that sources directly from actual tax code, IRS forms, and treasury regulations, so you get accurate answers with citations you can trust. But more importantly, she breaks down the difference between firms that will thrive with AI and firms that will struggle: it's not about adopting everything, it's about adopting responsibly.The conversation covers:Why ChatGPT's fact-check problem makes it dangerous for tax research (and how to fix it by sourcing your own database)The cautionary tale of firms that went all-in on AI integration in 2024, only to abandon everything six months later Why now is the time to pause and evaluate rather than frantically adopt every AI tool that hits the marketHow AI should free you up for higher-value advisory work with existing clients, not just help you take on more volumeEd Kless's "transformation economy" concept: moving from providing transactions to providing transformationsThe three-pillar approach to attracting and retaining young talent: technology + mentorship + entrepreneurship mindsetWhy mandatory mentorship programs fail (and what actually works instead)How being genuinely curious about people has opened more doors than any technical skill Rachel has learnedRachel also breaks down why firms that use AI responsibly will win, while firms that use it to cut personality and human connection will lose clients. She explains why young people crave personal connection more than you think, why entrepreneurial-minded accountants connect better with business owner clients, and how spending three hours talking to a Pizza Hut franchise owner taught her more about business than any textbook.Download Now: https://poegroupadvisors.com/accounting-practice-academy/increase-letter/Price increases are nothing to fear. The real challenge is effectively informing clients of these changes. Our templates will help you demonstrate your value and help clients understand the increases necessary to keep your firm afloat.*Download now and receive:*- (1) Major Fee Increase Letter Template- (1) 20% Fee Increase Letter Template

Apply to Work With Tier 11: https://www.tiereleven.com/apply-now CPAs look awful, so you pause the ads, and then revenue drops across channels. That's not you. That's the new reality of Meta Andromeda and the GEM-style ecosystem where “underperformers” can be the very ads feeding your whole business.John Moran is back to help us break down why cost per result and conversion columns can completely derail your decision-making. We walk through a real example where shifting spend away from a core set of ads didn't just hurt Meta; it dragged down Amazon, Google, and everything else. Stick around to learn how we analyze ads by spend, identify themes the market is responding to, and only layer in conversion data after we've found the real winners.In This Episode:- Why you should stop pausing “underperforming” ads- Case study: Analyzing active ads differently- How spending shifts affect performance across channels- Using ad spend instead of conversions to find winning ads- Real-life example of using spend to analyze ads- CPA and conversion data challengesMentioned in the Episode:Previous Episode On Why Meta Is The Best Ad Platform: https://www.youtube.com/watch?v=hRnglXjlwMo Partner With Our Meta Ads Experts: https://www.tiereleven.com/apply Listen to This Episode on Your Favorite Podcast Channel:Follow and listen on Apple: https://podcasts.apple.com/us/podcast/perpetual-traffic/id1022441491 Follow and listen on Spotify:https://open.spotify.com/show/59lhtIWHw1XXsRmT5HBAuK Subscribe and watch on YouTube: https://www.youtube.com/@perpetual_traffic?sub_confirmation=1We Appreciate Your Support!Visit our website: https://perpetualtraffic.com/ Follow us on X: https://x.com/perpetualtraf Connect with John Moran:LinkedIn: https://www.linkedin.com/in/johnmorangadsConnect with Ralph Burns: LinkedIn - https://www.linkedin.com/in/ralphburns Instagram - https://www.instagram.com/ralphhburns/ Hire Tier11 - https://www.tiereleven.com/apply-now Connect with Lauren Petrullo:Instagram - https://www.instagram.com/laurenepetrullo/LinkedIn -

Send us a textJoin us as we sit down with Enrolled Agent, and Founder of Golden Lion Tax Solutions, Morgan Q. Anderson, to discuss the immense financial benefits of taking the time to understand the relationship between taxes and family law matters.The conversation covers joint tax liability, innocent spouse claims, strategic asset liquidation, capital gains considerations, and the importance of assembling a team of trusted professionals (attorneys, CPAs, and financial advisors) to navigate these complex situations. The overarching theme is that "an ounce of prevention is worth a pound of cure" when it comes to managing tax consequences during divorce proceedings.As a leading divorce firm in Portland, our attorneys provide guidance on custody, alimony, separation, estate planning, and more. Learn what to expect in Oregon and Washington divorce cases and how we can help.If you would like to speak with one of our attorneys, please call our office at (503) 227-0200, or visit our website at https://www.pacificcascadelegal.com.To learn more about Morgan and how she can help you with your tax questions, you can visit her website at: https://www.goldenliontaxsolutions.com/Disclaimer: Nothing in this communication is intended to provide legal advice nor does it constitute a client-attorney relationship, therefore you should not interpret the contents as such.

In our Season 4 premiere of Better By Association, hosts Steven Stout, FASAE, CAE, and Katy Markert sit down with Jodi Ann Ray, CAE, CCE, IOM, executive director of the Texas Society of CPAs, and Eric Curtis of Curtis Strategy, to discuss the major shifts expected in associations over the next decade. Together, they explore how geographic boundaries are fading, why governance and strategic planning must evolve, and what the future of membership really looks like in an increasingly digital world. The conversation dives into career development as a core value proposition, the impact of digital transformation, and the growing expectation that associations deliver relevance across an entire professional lifecycle. They challenge leaders to ask “why,” rethink long-standing models, and adopt innovative approaches—while staying grounded in mission and purpose.    Better By Association is produced by Association Briefings.

James Cox, the AICPA's vice president of state advocacy, joins us to discuss four important issues: the movement to provide additional pathways to CPA licensure, sales tax on professional services, deregulation of state boards of accountancy, and the impact of AI and other fintech issues on CPAs and the business community. Topics discussed (all timestamps will need to be adjusted after the edits are made):Additional pathways to CPA licensureSales tax on professional servicesDeregulation of the professionImpact of AI and other fintech issues Resources:CPAmobility.orgLegislative Action CenterNJ-CPA-PAC

Today we talk to a PA who paid off $155,000 of student loans in just 16 months, entirely on her own. She did it by cutting expenses, living like a resident, and staying focused on rapid debt payoff. Along the way, she built an app to help herself stay organized and motivated, which later became a tool she could share with others. Most importantly, she explains why paying off debt quickly was not just a financial decision, but a key strategy for preventing burnout and protecting her long-term well-being. Arden's Budgeting Resource: https://shesfinanciallyfree.com/starterkit  If you're a high-income physician, you already know how hard you work for every dollar. The question is: how much are you actually keeping after taxes? Gelt is a tax firm focused on proactive tax strategy, guided by expert CPAs and optimized via in-house AI tools. They work with physicians and practice owners to use the tax code more intelligently so your structure, deductions, and planning help you keep more of what you earn. As a White Coat Investor reader, you can book a free strategy intro at joingelt.com and receive 10% off your first year with Gelt. It's time to start using your tax plan as a lever for growth. https://www.whitecoatinvestor.com/gelt Celebrating your stories of success along the journey to financial freedom! Tune in every Monday to the Milestones to Millionaire Podcast, where we celebrate the financial achievements of our listeners and share practical tips for reaching your own milestones. We want to celebrate your milestones—no matter how big or small—and help inspire others to follow your lead. Every week, these episodes feature one listener who has recently achieved a milestone they are proud of and want to celebrate, and they give any advice they have for those who want to follow their example. Make sure to listen every Monday to be inspired by your fellow white coat investors. Celebrate YOUR Milestone on the Milestones to Millionaire Podcast: https://whitecoatinvestor.com/milestones  Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  TikTok: https://www.tiktok.com/@thewhitecoatinvestor  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter  00:00 MtoM Podcast #259 02:34 PA Pays Off Student Loans in 16 Months 11:48 Pushing Through Difficulty 20:22 Financial Boot Camp: What is a Bond?

Have you ever taken the time to really think about what you truly want in your life?  Our lives are busy, and it's easy to think about things on the fly, but how often do you take the time to really think about it?  When I ask my clients what they want in their lives, there are many times that they say they don't really know.  They haven't taken the time to think about it, and it makes it hard for them to set goals.  When you aren't setting goals or even the right goals, it's hard to accomplish them.  How do you really know what to do if you don't know what the end goal is?  Ready to clarify what you truly desire in your life?  Let's dive in… Join us in a community built specifically for accountants and high-stress professionals.  You'll receive support, accountability, and a community that understands what you're going through. We focus on stress reduction, increasing productivity, time management, goal achievement, health, happiness, and desired lifestyle:  https://www.financialadventure.com/community I'm inviting you to sign up for the free private podcast where I do a deeper dive into this topic on the Mastering Your Mindset Moments podcast for high-stress professionals: https://www.financialadventure.com/private Schedule your Complimentary Stress Audit and Clarity Session, where we'll work together to create a clear and focused plan for you to move forward so you'll immediately start enjoying your life with less stress, increased productivity, and more time to spend doing what you love with the people you care about: https://www.financialadventure.com/work-with-me Accountants, CPAs, Bookkeepers, Tax Preparers & Financial Professionals, sign up here to get updates on upcoming opportunities & grab the Audit Of Your Well-Being & Balance Guide here: https://www.financialadventure.com/accountant Ready to set up your business?  I have a program to help you get your business set up so that you can start making money.  Sign up for this program here: https://www.financialadventure.com/start Are you ready to try coaching?  Schedule an Introductory Coaching Session today.  You'll have the opportunity to see how you like coaching with an Introductory Coaching Session: https://www.financialadventure.com/intro Join us in the Mastering Your Small Business Finances PROFIT LAB if you are ready to take control of your business finances and create the profitable business you are striving for.  Are you ready to generate revenues and increase the profit in your business: https://www.financialadventure.com/profit If You Are Ready To Choose, Start Or Grow Your Side Hustle, Get Your Free Checklist And Assessment Here: https://www.financialadventure.com/sidehustle Grab Your FREE guide:  5 Essential Strategies For Stress-Free Bookkeeping: https://www.financialadventure.com/5essentials Your FREE Online Virtual Bookkeeping Business Starter Guide & Success Path Is Waiting For You: https://www.financialadventure.com/starterguide Join Our Facebook Community:  https://www.facebook.com/groups/womenbusinessownersultimatediybookkeepingboutique The Strategic Bookkeeping Academy, including Bookkeeping Basics, is open for registration!  You can learn more and sign up here: https://www.financialadventure.com/sba Looking for a payroll solution for your business?  You can get an exclusive 15% discount on your payroll services when you sign up here: https://www.financialadventure.com/adp QuickBooks Online - Save 30% Your First 6 Months: https://www.financialadventure.com/quickbooks Sign up for a virtual coffee chat to see if starting a Bookkeeping Business is right for you: https://www.financialadventure.com/discovery Show Notes:  https://www.financialadventure.com This podcast is sponsored by Financial Adventure, LLC ~ visit https://www.financialadventure.com for additional information and free resources.

Non-grantor trusts are stepping into the spotlight, not for estate tax, but for income tax planning. In this episode, Cary Sinnett sits down with tax expert Bob Keebler to explore how the One Big Beautiful Act (H.R.1) reshapes the planning landscape. You'll hear how you can use trusts to reclaim lost SALT deductions, stack §199A benefits, shift income across generations, and even layer in QSBS exemptions. If your clients are hitting phaseouts or facing high state taxes, this episode delivers advanced strategies to optimize their tax position now and into the future. Non-Grantor Trusts: Keebler explains how trust structures can sidestep phaseouts and help clients reclaim deductions previously lost due to high AGI. The "Tax Trifecta Trust" Explained: Learn how to stack SALT deductions, layer multiple §199A deductions, and shift income strategically using non-grantor trust planning. Five Strategies You Can Use Today Income shifting to lower-bracket heirs Stacking SALT deductions across multiple trusts Boosting §199A deductions with trust-level taxpayers Expanding QSBS exemptions via strategic trust ownership Reducing or deferring state income tax through out-of-state trust situs Real-World Implementation Advice: Bob outlines guardrails around IRC §643(f) to avoid having multiple trusts collapsed into one. Hear how to structure trusts legally and practically for high-impact planning, and how to identify ideal client profiles for this approach. What CPA Financial Planners Need to Watch For: Bob discusses state-specific issues, kiddie tax complications, trust drafting must-haves, and how CPAs can lead the planning process with confidence. AICPA Resources: Video: Decoding Trusts and Wills: Provisions for PFP Practitioners Video: Year-End Planning Through the Lens of H.R. 1 Resource: Charitable planning post OBBBA rules This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program. Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search "AICPA Personal Financial Planning" on your favorite podcast app.  

You could be losing money right now—not because you're not making enough, but because the wrong financial seat is filled in your business. In this episode, I break down what a fractional CFO actually does and why relying only on a bookkeeper or CPA can quietly hold you back from real financial freedom.I explain the key differences between compliance and leadership, why growing businesses are often too big not to have a CFO but too small for a full-time one, and how a fractional CFO helps you keep more of what you make, scale profitably, and make confident decisions with your money. If you've ever felt like you're doing all the work but not seeing the payoff, this episode will bring a lot of clarity.Timeline Highlights[0:00] What a fractional CFO is and why most business owners misunderstand the role[1:05] Why small businesses are too small for a full-time CFO—but too big to ignore the numbers[1:25] The real difference between a CFO, a bookkeeper, and a CPA[2:31] What business owners actually want from their businesses[3:22] How a fractional CFO helps businesses under and over $500k in revenue[4:01] The three-part financial foundation every business needs[4:57] A real example of scaling deal volume without profitability[5:56] Why making money and keeping money are two different skills[6:58] Why a CFO must speak entrepreneur language, not accountant language[8:28] The accountability gap most business owners don't realize they have[9:25] How a CFO helps you pay yourself, plan for taxes, and reduce stress[11:30] The true role of a CFO in building long-term financial freedomKey TakeawaysA fractional CFO is a financial leader focused on profitability and decision-making.Bookkeepers and CPAs focus on compliance, not guiding your business forward.Growing businesses need systems for cash, profit, and forecasting—not just reports.A CFO helps you scale profitably instead of growing into chaos.Financial clarity comes from strong foundations, dashboards, and accountability.Many owners need permission and structure to consistently pay themselves.When someone on your team is focused solely on profitability, results improve faster.Links & Resources:Book a free discovery call and see if a fractional CFO is right for your business: profitrei.comClosingThanks for spending time with me today. If this episode helped you understand the difference between a CFO, a bookkeeper, and a CPA, make sure to follow the show, leave a review, and share it with another business owner who's trying to scale without burning out. And if you're ready to apply what we talked about with real guidance and accountability, visit profitrei.com and book your free discovery call to start building financial clarity and freedom.

Join The Creative Finance Playbook Coaching Program & Learn Directly from Jenn & Joe:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://creativefinanceplaybook.com/The real estate market is changing — and the strategies that worked before won't work the same in 2026.In this episode of Creative Finance Playbook, Jenn & Joe Della Fave break down the best real estate investing strategies for 2026, especially for investors who want to build wealth without banks, without credit, and without large amounts of capital.With interest rates hovering in the 6% range and prices still high in many markets, traditional strategies like BRRRR and heavy rehabs are slowing down. So what is working? Seller financing and free-and-clear properties.You'll learn why nearly 40% of homes nationwide are owned free and clear, how investors are paying full price while still cash flowing, and the 4 key pillars of every creative finance deal: low entry cost, strong cash flow, long terms, and flexible pricing.This episode walks through real examples of buying turnkey properties, avoiding contractors, eliminating banks, and creating long-term passive income — even in today's market.

Join us on an exciting episode of The Hospitality Mentor Podcast as host Steve Turk dives into the incredible journey of Francesco Balli, co-CEO of Grove Bay Hospitality Group. Discover the unique paths that led Francesco and his partner from being CPAs to successful restaurateurs, the challenges they overcame, and the wisdom they've gathered along the way. This episode is a must listen for anyone interested in the hospitality industry, as Francesco shares insights on building a business, the impact of AI, and the exciting future of their ventures. Special thanks to our sponsor Lodgify for making this episode possible. Don't miss out on this inspiring conversation!00:00 Introduction to the Hospitality Mentor Podcast00:44 Sponsor Spotlight: Lodgify01:38 Guest Introduction: Francesco Bali02:08 Francesco's Early Career and First Job in Hospitality02:28 The Journey from CPA to Hospitality02:51 Family Influence and Entrepreneurial Spirit04:34 The Leap from Ernst and Young to Areas USA15:36 Navigating the Concession World18:40 The Birth of Grove Bay Hospitality Group24:27 Acquiring the Airport Restaurant26:06 Winning the Coconut Grove Contract28:01 Launching Glass and Vine30:37 Partnering with Top Chef Jeremy Ford33:11 Expanding with Stubborn Seed and Stiltsville Fish Bar35:01 Venturing into Airport Concessions41:10 Future Prospects and AI in Hospitality42:57 Advice for Young Entrepreneurs

In this episode of The Dental Boardroom Podcast, host Wes Read continues his series on common financial mistakes dentists make, with a deep dive into tax planning gaps that often lead to paying unnecessary taxes.Wes explains how many dentists rely on reactive tax filing instead of proactive tax planning, causing them to miss powerful deductions and make poor timing decisions. He breaks down practical, real-world strategies such as the Pass-Through Entity (PTE) tax election; overlooked deductions like kids on payroll, home office, vehicles, meals, and travel; and why depreciation must always align with cash flow.The episode also highlights the risks of overly aggressive tax strategies, why meeting with your CPA only once a year isn't enough, and how a CFO-style, proactive approach can significantly accelerate a dentist's path to financial independence.Key Topics CoveredCommon tax planning mistakes dentists makeHow the Pass-Through Entity (PTE) tax election worksWhy the timing of tax payments mattersLow-hanging tax deductions many dentists missKids vs. spouse on payroll (and when it makes sense)Home office, car, meals, and travel deductionsRisks of aggressive tax strategies like misused R&D creditsProper vs. improper use of depreciation (Section 179)The difference between reactive CPAs and proactive, CFO-style planningKey TakeawaysPTE tax election is a major opportunity: Dentists in high-tax states can significantly reduce federal taxes if payments are made correctly and on time.Cash timing determines deductions: Tax deductions only apply in the year money actually leaves your account.Small deductions compound: When combined, kids on payroll, home office, vehicle use, meals, and travel can create meaningful tax savings.Spouse on payroll requires retirement planning: Without a 401(k) or defined benefit plan, it can increase taxes instead of reducing them.Depreciation isn't free money: Misusing Section 179 can create future cash flow problems.Avoid crossing the line: Aggressive or poorly justified strategies increase audit risk.Tax planning follows cash flow planning: Taxes are a subset of cash flow—not the other way around.Proactive advice matters: Dentists benefit most from advisors who specialize in dentistry and meet multiple times per year.CFO-style planning accelerates wealth:...

117 How to Think Like an Investor When Buying Your Home | David Cinelli (Top 1% Realtor Explains)   The Entreprenudist Podcast  https://entreprenudist.com Buying a home isn't just an emotional decision, it's a financial one. In this episode, David Cinelli, one of Canada's top 1% Realtors, breaks down how to think like an investor, even when purchasing your primary residence. David also exposes what most real estate agents get wrong about the Toronto market, how buyers fall into common traps, and what you can do to avoid costly mistakes. Finally, we explore why real estate remains one of the smartest ways to build long-term wealth when done the right way. Whether you're a first-time buyer, investor, or homeowner planning your next move, this conversation delivers insights you can actually use. --------------------- About David David Cinelli is not your average Realtor®. He's one of Canada's top-performing real estate professionals ranked in the top 1% nationwide with nearly two decades of experience helping clients buy, sell, and build wealth across Toronto's high-stakes property market. Known for blending data-driven insights with magnetic personality, David brings clarity, strategy, and energy to one of life's biggest financial decisions. With an MBA, a background in mathematics and marketing, and a deep understanding of Toronto's ever-evolving market, David helps buyers, sellers, and investors navigate complexity with confidence. He's also a familiar face on national television as a co-host of HGTV's Hot Market, where he showcases Toronto's top listings and teaches millions about the power of real estate investing. ---------------  About the Host:  Randolph Love III is the Founder and CEO of ShieldWolf Strongholds, where he helps Franchisors, CPAs, Attorneys, Doctors, Realtors, Contractors, and other Business Owners, Entrepreneurs, Home Owners, and Retirees, secure lasting financial legacies.    He is also a trusted franchise consultant, author of the book The Miracle Money Vehicle: How To Make Money Make Babies, and host of The Liquidity Event, a premier gathering on business growth, financial independence, and legacy planning.    As host of The Entreprenudist Podcast, ranked in the Top 10% worldwide by ListenNotes.com, Randolph shares bold, practical insights that challenge traditional thinking. A sought-after speaker, his dynamic style empowers audiences to reduce taxes legally, grow wealth strategically, and take control of their financial destiny.   Additionally, he is also the publisher of The Liquidity Journal, a dynamic publication for business owners, entrepreneurs, executives, retirees, and investors. Focused on leadership, strategy, systems, and motivation, it delivers actionable insights that empower readers to grow, lead, and innovate in today's business world

In this episode, Brent discusses fractional share real estate investments and what investors need to know before buying in. He explains how fractional ownership works, why these properties are often priced lower, and the key pros and cons investors should consider. Brent also covers the tax deductions many investors assume they can take but often cannot, along with other common issues that can affect returns and exit strategies. This episode is a must-listen for anyone evaluating fractional real estate as part of their investment plan. ___________________________________________________________________________________ Do you want access to the videos, drawings, templates, tools, and be able to get your questions answered on the live calls or in the community? We'd love to have you join the Wealth Game basics today to get some additional free resources, videos, and tools: Visit www.wealthgame.io For specific one on one, or group support for tax planning, strategy, tax preparation, bookkeeping, accounting, or other CPA firm related services, we recommend going to www.bementcompany.com to connected with our team of CPAs and professionals. Thank you for listening to another episode of the Wealth Game Podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For additional information and links to all available platforms please visit our website at www.wealthgame.io Contact Us: Websites: www.wealthgame.io www.bementcompany.com You can also stream The Wealth Game on: Spotify: https://open.spotify.com/show/5vKCgwK9K7zw1FrXoNAdoh?si=b95d0293bb4b41ad Apple Podcasts: https://podcasts.apple.com/us/podcast/wealth-game/id1638735155 Connect with Brent Bement: LinkedIn: www.linkedin.com/in/brentbement X: https://x.com/brentbement Instagram: https://www.instagram.com/brentbement/

In this episode, former AICPA Chair Bill Reeb, CPA/CITP, CGMA, reflects on more than 40 years in the profession and why he believes accountability is the starting point for a successful leadership effort.  Reeb, speaking from the Digital CPA Conference in December, discusses how momentum, clarity of direction, and facing fear help leaders navigate today's rapid pace of change. He also addresses technological shifts including the rise of artificial intelligence and explains why a book he wrote about succession planning was not predominantly about succession. What you'll learn from this episode: Reeb's view of CPAs' unlimited career possibilities. What he and his wife learned on a shopping trip about 40 years ago. Why momentum, facing fear, and embracing change are essential elements of strong leadership. How accountability supports effective change management and keeps teams aligned on strategy. How rapid technological shifts have created higher standards but not necessarily time savings. Why the answer to "What is Bill Reeb's succession plan?" is complicated.

This episode breaks down the advanced trust tools wealthy families use to protect their money, their values, and their loved ones. You'll learn how dynasty trusts help wealth last for generations, how special needs trusts support vulnerable family members, and how spendthrift rules keep inheritances safe from divorce, lawsuits, and bad decisions. We explain these ideas in simple language and tie them to real money decisions, smart strategies, and long-term wealth planning. You'll see how these trusts work from a tax angle and why you need both a tax pro and an estate attorney to set them up the right way. Listen now so you can protect your legacy and keep more of what you've built.   Next Steps:

Ever look at your client list and think, “There's no way I can cut this in half and still make the same money”…?Turns out, that belief is backwards.Hunter Bracey walks through how he went from 105 clients to roughly 40 without losing revenue, cut his tax-season hours in half, and went from chaos to feeling in control. It's an honest, practical, nothing-fancy conversation about what real change looks like — and why it's way more doable (and freeing) than you might think.…Link to full shownotes: https://www.businessstrategyforcpas.com/381…Want Pricing Essentials?If you feel trapped by your own accounting firm, it's not because of the work – it's how you've priced the work. Too many accountants are stuck in undercharging, overdelivering, and people-pleasing cycles. Break the pattern with my short PDF guide: 7 Pricing Essentials »It's free and you can read it in 5 minutes.I want to help you get your prices up without losing loyal clients.  …Want client interviews?310 From Exhausted to Having Her Life Back: Wendy Norman, CPA304 From 55 Down to 15 Hours; Same Take-Home Pay with Melissa Downs, EA293 What it Takes to Work 15 Hours per Week with Erica Goode, CPAComplete list:geraldinecarter.com/client-interview-episodes…FOUR ways I help overworked CPAs go down to 40 hours without losing revenue or hiring:THE EMAIL COURSE – Freegeraldinecarter.com/stop-working-weekendsStop Working Weekends will teach you how to reduce your hours without giving up revenue. THE BOOK – $9.99geraldinecarter.com/bookDown to 40 Hours – A Roadmap for CPAs to End Overworking Without Losing RevenuePEAK FREEDOM COMMUNITY – $197/mogeraldinecarter.com/peak-freedomFor solo and small accounting firm owners who want to rise above the insanity of hustle-cultureDOWN TO 40 HOURS ACCELERATOR – $995/mogeraldinecarter.com/40For the overworked CPA at multiple six figures of revenue who is ready to stop working weekends, wants to implement overdue changes, and doesn't want to do it alone. You'll make progress faster and with more confidence. …

I've been getting quite a few messages from business owners saying that they are struggling to create a budget for their business.  Some are just getting their business up and running, and others have been in business for a few years.  Either way, having a budget for your business will allow you to dictate how you want your money coming in and out of your business to flow.  When you don't have a budget, it is easy to lose track of your numbers or your goals for the year.  I often hear business owners say it is hard to create a budget, or they don't know where to start.  In today's podcast episode, I am going to dive into how you can easily create a simple budget for your business and how you can get started.  It doesn't have to be hard, and it doesn't need to take a long time when you know what you need to do in the first place.  So, whether you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances, or if you are doing your bookkeeping manually with an Excel spreadsheet or even a Google Document, knowing how you can create a simple and easy budget for your business will help you stick to your goals and allow you to track exactly how close you are to your original budget numbers.  Whether you are starting a business or side hustle, you're a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper or accountant, a virtual assistant or VA, or other professional; you want to take the time to really look at your numbers, create a budget and use your budget as a compass to help guide your finances throughout the year… Join us in a community built specifically for accountants and high-stress professionals.  You'll receive support, accountability, and a community that understands what you're going through. We focus on stress reduction, increasing productivity, time management, goal achievement, health, happiness, and desired lifestyle:  https://www.financialadventure.com/community Schedule your Complimentary Stress Audit And Clarity Session, where we'll work together to create a clear and focused plan and overcome the obstacles that stand in your way so that you can move forward and immediately start enjoying your life with less stress, increased productivity, and more time to spend doing what you love with the people you care about: https://www.financialadventure.com/work-with-me Accountants, CPAs, Bookkeepers, Tax Preparers & Financial Professionals, sign up here to get updates on upcoming opportunities & grab the Audit Of Your Well-Being & Balance Guide here: https://www.financialadventure.com/accountant Ready to set up your business?  I have a program to help you get your business set up so that you can start making money.  Sign up for this program here: https://www.financialadventure.com/start Are you ready to try coaching?  Schedule an Introductory Coaching Session today.  You'll have the opportunity to see how you like coaching with an Introductory Coaching Session: https://www.financialadventure.com/intro Join us in the Mastering Your Small Business Finances PROFIT LAB if you are ready to take control of your business finances and create the profitable business you are striving for.  Are you ready to generate revenues and increase the profit in your business: https://www.financialadventure.com/profit If You Are Ready To Choose, Start Or Grow Your Side Hustle, Get Your Free Checklist And Assessment Here: https://www.financialadventure.com/sidehustle Grab Your FREE guide:  5 Essential Strategies For Stress-Free Bookkeeping: https://www.financialadventure.com/5essentials Your FREE Online Virtual Bookkeeping Business Starter Guide & Success Path Is Waiting For You: https://www.financialadventure.com/starterguide Join Our Facebook Community:  https://www.facebook.com/groups/womenbusinessownersultimatediybookkeepingboutique The Strategic Bookkeeping Academy, including Bookkeeping Basics, is open for registration!  You can learn more and sign up here: https://www.financialadventure.com/sba Looking for a payroll solution for your business?  You can get an exclusive 15% discount on your payroll services when you sign up here: https://www.financialadventure.com/adp QuickBooks Online - Save 30% Your First 6 Months: https://www.financialadventure.com/quickbooks Sign up for a virtual coffee chat to see if starting a Bookkeeping Business is right for you: https://www.financialadventure.com/discovery Show Notes:  https://www.financialadventure.com This podcast is sponsored by Financial Adventure, LLC ~ visit https://www.financialadventure.com for additional information and free resources.

Cost segregation expert Erik Oliver explains why this strategy now works for small rentals—and how 100% bonus depreciation changes the game.In this episode of RealDealChat, Erik Oliver breaks down cost segregation in plain English and explains why it's no longer just for massive commercial properties.We cover how accelerated depreciation works, why bonus depreciation puts cost segregation “on steroids,” and how investors can unlock massive tax savings—even on single-family rentals. Erik also walks through common misconceptions, why most CPAs don't offer cost segregation, how depreciation recapture really works, and when this strategy doesn't make sense.You'll also hear how technology and AI are reducing study costs, what the process looks like step-by-step, and how investors can use cost segregation strategically to grow faster—without crossing IRS lines.If you own real estate and pay taxes, this episode could change how you think about depreciation forever.

116 Ethical AI in Business: How to Empower Employees Without Replacing Them | James Lang   The Entreprenudist Podcast https://entreprenudist.com Artificial intelligence is transforming the workplace, but poor implementation can create fear, disruption, and chaos instead of progress. In this episode, we speak with James Lang, Managing Partner at OverLang Venture Partners, about the importance of ethical AI adoption and how organizations can use AI to empower employees rather than replace them. This conversation is essential for business owners, executives, and decision-makers looking to adopt AI responsibly while protecting their teams and long-term success. -------------------------  About James Lang James Lang is the Managing Partner at OverLang Venture Partners, where he focuses on helping businesses adopt ethical and responsible AI strategies that empower employees, drive innovation, and ensure sustainable growth. OverLang partners with organizations to integrate AI solutions that enhance decision-making, improve operations, and protect workplace culture. ------------------ About the Host:  Randolph Love III is the Founder and CEO of ShieldWolf Strongholds, where he helps Franchisors, CPAs, Attorneys, Doctors, Realtors, Contractors, and other Business Owners, Entrepreneurs, Home Owners, and Retirees, secure lasting financial legacies.  He is also a trusted franchise consultant, author of the book The Miracle Money Vehicle: How To Make Money Make Babies, and host of The Liquidity Event, a premier gathering on business growth, financial independence, and legacy planning.  As host of The Entreprenudist Podcast, ranked in the Top 10% worldwide by ListenNotes.com, Randolph shares bold, practical insights that challenge traditional thinking. A sought-after speaker, his dynamic style empowers audiences to reduce taxes legally, grow wealth strategically, and take control of their financial destiny. Additionally, he is also the publisher of The Liquidity Journal, a dynamic publication for business owners, entrepreneurs, executives, retirees, and investors. Focused on leadership, strategy, systems, and motivation, it delivers actionable insights that empower readers to grow, lead, and innovate in today's business world.

Ready to see how much cash is hiding in your business? Get your free Financial Health Check now: coltivar.com/check Financial Intelligence Toolkit Most business owners think they're profitable. Most are wrong. In this episode, Steve breaks down why even companies with CPAs and clean-looking financials often misunderstand their real margins. He explains how messy books distort gross profit, lead to bad pricing decisions, and quietly drain cash. You'll also learn why profit alone doesn't matter, and why this one thing is the real test of whether your strategy is actually working. If you've ever wondered why you're busy, growing, and still tight on cash, this episode will connect the dots. _______________________________________Disclaimer:The views expressed here are those of the individual Coltivar Group, LLC (“Coltivar”) personnel quoted and are not the views of Coltivar or its affiliates. Certain information contained in here has been obtained from third-party sources. While taken from sources believed to be reliable, Coltivar has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendations. The Company is not affiliated with, nor does it receive compensation from, any specific security. Please see https://www.coltivar.com/privacy-policy-and-terms-of-use for additional important information.LinkedIn | YouTube coltivar.com

Show Notes: "Before You Give or Take Financial Advice, Read This" [SMMC Blog Post]: https://blogs.uofi.uillinois.edu/view/7550/862829868 FTC Disclosures 101 for Social Media Influencers: https://www.ftc.gov/business-guidance/resources/disclosures-101-social-media-influencers Investor.gov professional verification tools: https://www.investor.gov/introduction-investing/getting-started/working-investment-professional/check-out-your-investment-professional Illinois Department of Financial & Professional Regulation: https://online-dfpr.micropact.com/lookup/licenselookup.aspx IRS guidance on choosing tax preparers: https://www.irs.gov/tax-professionals/choosing-a-tax-professional “Hack-Proof Your Holidays #GetSavvy Webinar Recording” [YouTube Video]: https://youtu.be/p2Leqox64cY?si=VAKsFJTuZFcCvyEF Related Episodes: Ep. 14 – Short-selling: https://blogs.uofi.uillinois.edu/view/7550/433822269 Ep. 25 – Choosing a Financial Professional: https://blogs.uofi.uillinois.edu/view/7550/518681996 Ep. 65 – Financial Planner vs AI: https://blogs.uofi.uillinois.edu/view/7550/1933077943 Ep. 76 – What is Crypto Anyway?: https://blogs.uofi.uillinois.edu/view/7550/1253298616 Ep 78 – Is Crypto the Wild West?: https://blogs.uofi.uillinois.edu/view/7550/1888916702 Ep. 99 – Financial Socialization: https://blogs.uofi.uillinois.edu/view/7550/1342187809 References: American Institute of CPAs. (2024). AICPA.org. https://www.aicpa.org/ Benson, J. (2016). Cognitive bias codex. https://upload.wikimedia.org/wikipedia/commons/6/65/Cognitive_bias_codex_en.svg Center for Advanced Hindsight. (2024). Resources. https://advanced-hindsight.com/resources/ CFA Institute. (2024). CFA Institute. https://www.cfainstitute.org/ CFP Board. (2024). Code of ethics and standards of conduct. https://www.cfp.net/ethics/code-of-ethics-and-standards-of-conduct Certified Financial Planner Board of Standards. (2024). CFP.net. https://www.cfp.net/ Dictionary.com. (2021). Parasocial relationship. https://www.dictionary.com/e/tech-science/parasocial-relationship/ Federal Trade Commission. (2019). Disclosures 101 for social media influencers. https://www.ftc.gov/business-guidance/resources/disclosures-101-social-media-influencers FINRA. (2024). FINRA.org. https://www.finra.org/ Illinois Department of Financial & Professional Regulation. (2024). License lookup. https://online-dfpr.micropact.com/lookup/licenselookup.aspx Internal Revenue Service. (2024). Choosing a tax professional. https://www.irs.gov/tax-professionals/choosing-a-tax-professional Investment Advisers Act of 1940, 15 U.S.C. § 80b-1 et seq. https://www.sec.gov/about/laws/iaa40.pdf Investor.gov. (2024). Check out your investment professional. https://www.investor.gov/introduction-investing/getting-started/working-investment-professional/check-out-your-investment-professional Klayman, J. (1995). Varieties of confirmation bias. Psychology of Learning and Motivation, 32, 385-418. https://doi.org/10.1016/S0079-7421(08)60315-1 National Association of Personal Financial Advisors. (2024). NAPFA fiduciary standard. https://www.napfa.org/fiduciary-standard Pellegrini, A. (2025). Before you give or take financial advice, read this. University of Illinois Extension Blog. https://blogs.uofi.uillinois.edu/view/7550/862829868 Securities and Exchange Commission. (2022, October 3). SEC charges Kim Kardashian for unlawfully touting crypto security [Press release]. https://www.sec.gov/newsroom/press-releases/2022-183 The Decision Lab. (2024). Cognitive biases: A list of the most relevant biases in behavioral economics. https://thedecisionlab.com/biases Yakoboski, P. J., Lusardi, A., & Sticha, A. (2024). The TIAA Institute-GFLEC Personal Finance Index (P-Fin Index). Global Financial Literacy Excellence Center (GFLEC). https://gflec.org/initiatives/personal-finance-index/

Today we are chatting with a second year med student who received a full ride scholarship to medical school. He was prepared to pay for his education fully with loans and then got the incredible news that he had been selected for the scholarship. He is an awesome example of getting financially educated early so he will be ready to hit the ground when he finishes training. After the interview we are talking about 529s for Financial Boot Camp. If you're a high-income physician, you already know how hard you work for every dollar. The question is: how much are you actually keeping after taxes? Gelt is a tax firm focused on proactive tax strategy, guided by expert CPAs and optimized via in-house AI tools. They work with physicians and practice owners to use the tax code more intelligently so your structure, deductions, and planning help you keep more of what you earn. As a White Coat Investor reader, you can book a free strategy intro at WhiteCoatInvestor.com/Gelt and receive 10% off your first year with Gelt. It's time to start using your tax plan as a lever for growth. Celebrating your stories of success along the journey to financial freedom! Tune in every Monday to the Milestones to Millionaire Podcast, where we celebrate the financial achievements of our listeners and share practical tips for reaching your own milestones. We want to celebrate your milestones—no matter how big or small—and help inspire others to follow your lead. Every week, these episodes feature one listener who has recently achieved a milestone they are proud of and want to celebrate, and they give any advice they have for those who want to follow their example. Make sure to listen every Monday to be inspired by your fellow white coat investors. Celebrate YOUR Milestone on the Milestones to Millionaire Podcast: https://whitecoatinvestor.com/milestones  Website: https://www.whitecoatinvestor.com  YouTube: https://www.whitecoatinvestor.com/youtube  Student Loan Advice: https://studentloanadvice.com  TikTok: https://www.tiktok.com/@thewhitecoatinvestor  Facebook: https://www.facebook.com/thewhitecoatinvestor  Twitter: https://twitter.com/WCInvestor  Instagram: https://www.instagram.com/thewhitecoatinvestor  Subreddit: https://www.reddit.com/r/whitecoatinvestor  Online Courses: https://whitecoatinvestor.teachable.com  Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter  00:00 M2M Podcast #258 03:15 Student Gets Full Ride to Medical School 13:53 Advice For Others 15:42 529s - Education Savings

Have you ever found yourself with a full schedule, only to be asked if you could do a favor for someone?  Maybe it was someone in your family, a friend, your boss, or your child.  It seems like they all need something from you.  Part of you might be thinking that there's no way you could add one more thing to your plate for the day, but you always find yourself taking on the additional task and figuring out how you can get it done.  I find many of the clients I work with in this exact situation.  You have multiple roles in your life, and you want to ensure you excel in all of them.  While it may appear that doing everything for everyone is the right thing to do, you probably find yourself stressed, burnt out, and most often feeling guilty because you fall short when trying to meet all these obligations.  I have one thing that you can start doing today that will help you start feeling better in these situations and your overall well-being.  Let's dive in… Join us in a community built specifically for accountants and high-stress professionals.  You'll receive support, accountability, and a community that understands what you're going through. We focus on stress reduction, increasing productivity, time management, goal achievement, health, happiness, and desired lifestyle:  https://www.financialadventure.com/community I'm inviting you to sign up for the free private podcast where I do a deeper dive into this topic on the Mastering Your Mindset Moments podcast for high-stress professionals: https://www.financialadventure.com/private Schedule your Complimentary Stress Audit and Clarity Session, where we'll work together to create a clear and focused plan for you to move forward so you'll immediately start enjoying your life with less stress, increased productivity, and more time to spend doing what you love with the people you care about: https://www.financialadventure.com/work-with-me Accountants, CPAs, Bookkeepers, Tax Preparers & Financial Professionals, sign up here to get updates on upcoming opportunities & grab the Audit Of Your Well-Being & Balance Guide here: https://www.financialadventure.com/accountant Ready to set up your business?  I have a program to help you get your business set up so that you can start making money.  Sign up for this program here: https://www.financialadventure.com/start Are you ready to try coaching?  Schedule an Introductory Coaching Session today.  You'll have the opportunity to see how you like coaching with an Introductory Coaching Session: https://www.financialadventure.com/intro Join us in the Mastering Your Small Business Finances PROFIT LAB if you are ready to take control of your business finances and create the profitable business you are striving for.  Are you ready to generate revenues and increase the profit in your business: https://www.financialadventure.com/profit If You Are Ready To Choose, Start Or Grow Your Side Hustle, Get Your Free Checklist And Assessment Here: https://www.financialadventure.com/sidehustle Grab Your FREE guide:  5 Essential Strategies For Stress-Free Bookkeeping: https://www.financialadventure.com/5essentials Your FREE Online Virtual Bookkeeping Business Starter Guide & Success Path Is Waiting For You: https://www.financialadventure.com/starterguide Join Our Facebook Community:  https://www.facebook.com/groups/womenbusinessownersultimatediybookkeepingboutique The Strategic Bookkeeping Academy, including Bookkeeping Basics, is open for registration!  You can learn more and sign up here: https://www.financialadventure.com/sba Looking for a payroll solution for your business?  You can get an exclusive 15% discount on your payroll services when you sign up here: https://www.financialadventure.com/adp QuickBooks Online - Save 30% Your First 6 Months: https://www.financialadventure.com/quickbooks Sign up for a virtual coffee chat to see if starting a Bookkeeping Business is right for you: https://www.financialadventure.com/discovery Show Notes:  https://www.financialadventure.com This podcast is sponsored by Financial Adventure, LLC ~ visit https://www.financialadventure.com for additional information and free resources.

What can CPAs and business leaders learn from one of the most entertaining organizations in the world? In this episode, we sit down with Tim Naddy, CFO of the Savannah Bananas, to explore how purpose, culture, and leadership drive performance in high-pressure environments.Behind the dancing players and sold-out stadiums is a clear philosophy. The Bananas do not just play baseball. They create joy. Tim shares how a strong sense of purpose helps teams manage intense schedules, constant travel, and burnout, and why culture must be treated as infrastructure, not a perk. He explains how empathy, flexibility, and engaged leadership keep people energized and performing at their best.You can hear more from Tim live as the keynote speaker at MACPA's 2026 Converge event on April 30 at the BWI Hilton.Resources:Dr. Tim Naddy LinkedIn profileSavannah Bananas website2026 Converge event page & registration

What happens when you outsource your financial understanding just a little too much? In this episode, I'm kicking off an eight-part series on financial mastery for store owners by diving into what I believe is the single most important principle of all: your money, your responsibility. After watching thousands of entrepreneurs succeed—and fail—based on how closely they own their finances, I want to reset how you think about delegation, trust, and accountability. Listen in as I break down where founders most commonly abdicate responsibility, from bookkeepers and CPAs to business partners and CFOs, and how that creates hidden risk. I also share hard-earned lessons from my own mistakes, practical ways to build safeguards without becoming a micromanager, and a simple framework to help you assess whether you're truly in control of your financial life and business. You can find show notes and more information by clicking here: https://bit.ly/3Ngbsce Interested in our Private Community for 7-Figure Store Owners?  Learn more here.   Want to hear about new episodes and eCommerce news round-ups?  Subscribe via email.

Join The Creative Finance Playbook Coaching Program & Learn Directly from Jenn & Joe:⁠⁠⁠⁠⁠⁠⁠⁠⁠https://creativefinanceplaybook.com/Is the real estate market going to crash… or is this one of the biggest buying opportunities we've seen in years?In this episode of Creative Finance Playbook, Jenn & Joe Della Fave sit down with Adam Whitney — Marine Corps veteran, seasoned real estate investor, and creative finance expert — to break down what's really happening in the real estate market and how smart investors are positioning themselves without banks, without credit, and without massive down payments.Adam shares his honest outlook on interest rates, affordability, supply and demand, and why creative finance strategies like seller financing, subject-to, and rent-to-own are becoming more powerful than ever. You'll hear real examples of investors taking over low-interest mortgages, buying properties with little money down, and creating long-term wealth even in uncertain markets.Whether you're a beginner real estate investor, stuck at 1–2 properties, or looking to build passive income without relying on banks, this episode will help you think clearly, act strategically, and move forward with confidence.Like and Subscribe for weekly real estate investing trainings

Tax season is officially here. In this episode, Brent walks through what to expect as the IRS opens e-filing, key tax season deadlines, and practical steps everyone can take now to make the filing process smoother. From organizing tax documents to understanding extensions and payment timelines, this episode covers the essentials to help you stay prepared and avoid last-minute stress. ___________________________________________________________________________________ Do you want access to the videos, drawings, templates, tools, and be able to get your questions answered on the live calls or in the community? We'd love to have you join the Wealth Game basics today to get some additional free resources, videos, and tools: Visit www.wealthgame.io For specific one on one, or group support for tax planning, strategy, tax preparation, bookkeeping, accounting, or other CPA firm related services, we recommend going to www.bementcompany.com to connected with our team of CPAs and professionals. Thank you for listening to another episode of the Wealth Game Podcast. The goal is to get informal yet actionable advice directly to business owners and investors. The episodes are intended to be short and simple to allow busy professionals to get right to the point of growing their wealth and reducing their taxes. For additional information and links to all available platforms please visit our website at www.wealthgame.io Contact Us: Websites: www.wealthgame.io www.bementcompany.com You can also stream The Wealth Game on: Spotify: https://open.spotify.com/show/5vKCgwK9K7zw1FrXoNAdoh?si=b95d0293bb4b41ad Apple Podcasts: https://podcasts.apple.com/us/podcast/wealth-game/id1638735155 Connect with Brent Bement: LinkedIn: www.linkedin.com/in/brentbement X: https://x.com/brentbement Instagram: https://www.instagram.com/brentbement/

Does running your firm have to feel this uncertain to be working?Most CPAs assume uncertainty, discomfort, and the unknown are signs of risk – but they're often just signs you're doing something new.This episode breaks down six practical truths that help firm owners stop overthinking, make calmer decisions, and move faster toward “enough.” Enough money. Enough time. And real freedom.If you've been grinding, hesitating, or waiting to feel ready, this episode reframes what actually matters – and what doesn't.…Link to full shownotes: https://www.businessstrategyforcpas.com/380…Want Pricing Essentials?If you feel trapped by your own accounting firm, it's not because of the work – it's how you've priced the work. Too many accountants are stuck in undercharging, overdelivering, and people-pleasing cycles. Break the pattern with my short PDF guide: 7 Pricing Essentials »It's free and you can read it in 5 minutes.I want to help you get your prices up without losing loyal clients.  …Want client interviews?310 From Exhausted to Having Her Life Back: Wendy Norman, CPA304 From 55 Down to 15 Hours; Same Take-Home Pay with Melissa Downs, EA293 What it Takes to Work 15 Hours per Week with Erica Goode, CPAComplete list:geraldinecarter.com/client-interview-episodes…FOUR ways I help overworked CPAs go down to 40 hours without losing revenue or hiring:THE EMAIL COURSE – Freegeraldinecarter.com/stop-working-weekendsStop Working Weekends will teach you how to reduce your hours without giving up revenue. THE BOOK – $9.99geraldinecarter.com/bookDown to 40 Hours – A Roadmap for CPAs to End Overworking Without Losing RevenuePEAK FREEDOM COMMUNITY – $197/mogeraldinecarter.com/peak-freedomFor solo and small accounting firm owners who want to rise above the insanity of hustle-cultureDOWN TO 40 HOURS ACCELERATOR – $995/mogeraldinecarter.com/40For the overworked CPA at multiple six figures of revenue who is ready to stop working weekends, wants to implement overdue changes, and doesn't want to do it alone. You'll make progress faster and with more confidence. …

What does it look like going from a massive international company to working with your husband on a family-owned business?Liz Briggson, CPA joins Fraudish to discuss her career in the fraud world as a CPA and shares a lot about the differences between working for a big org and starting your own thing. No matter which side you are on, you will learn something!Encoursa is a platform that provides insightful and engaging professional education for CPAs, accountants, and finance leaders all over the world.Connect with Liz: https://www.linkedin.com/in/lizbriggsoncpa/Check out Encoursa: https://encoursa.com/Contemporary Auditing Book: https://www.abebooks.com/Contemporary-Auditing-Knapp-Michael-C-Cengage/32308578597/bdhttps://www.cfo.com/news/doing-time/680742/Leslie Fays: https://aaronhall.com/lessons-from-leslie-fays-bankruptcy-financial-controls-adaptability-and-leadership/https://law.justia.com/cases/federal/district-courts/FSupp/918/749/1448157/All the Cool Girls Get Fired book: https://www.simonandschuster.com/books/All-the-Cool-Girls-Get-Fired/Laura-Brown/9781668067451

You want to make sure that you have everything done correctly in your business, right?  One of the many important year-end tasks is to make sure that you are correctly paying and classifying wages.  There are many different entity types that businesses can be set up as, and depending on how you're your business is set up will determine how you pay yourself as a business owner, shareholder, or officer, especially if you are considered an S Corporation.  In today's podcast episode, I am covering the essentials of what you need to do when it comes to compensation, especially for the S Corporations who need to pay a reasonable compensation to officers and shareholder-employees.  It doesn't matter if you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances or if you are doing your bookkeeping manually with an Excel spreadsheet or even a Google Document, you need to make sure you are recording your payroll correctly.  Whether you are starting a business or side hustle, you're a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper or accountant, a virtual assistant or VA, or other professional; listen in so that you are aware of how to classify and pay your wages as a business owner and avoid one of the major red flags out there… Join us in a community built specifically for accountants and high-stress professionals.  You'll receive support, accountability, and a community that understands what you're going through. We focus on stress reduction, increasing productivity, time management, goal achievement, health, happiness, and desired lifestyle:  https://www.financialadventure.com/community Schedule your Complimentary Stress Audit And Clarity Session, where we'll work together to create a clear and focused plan and overcome the obstacles that stand in your way so that you can move forward and immediately start enjoying your life with less stress, increased productivity, and more time to spend doing what you love with the people you care about: https://www.financialadventure.com/work-with-me Accountants, CPAs, Bookkeepers, Tax Preparers & Financial Professionals, sign up here to get updates on upcoming opportunities & grab the Audit Of Your Well-Being & Balance Guide here: https://www.financialadventure.com/accountant Ready to set up your business?  I have a program to help you get your business set up so that you can start making money.  Sign up for this program here: https://www.financialadventure.com/start Are you ready to try coaching?  Schedule an Introductory Coaching Session today.  You'll have the opportunity to see how you like coaching with an Introductory Coaching Session: https://www.financialadventure.com/intro Join us in the Mastering Your Small Business Finances PROFIT LAB if you are ready to take control of your business finances and create the profitable business you are striving for.  Are you ready to generate revenues and increase the profit in your business: https://www.financialadventure.com/profit If You Are Ready To Choose, Start Or Grow Your Side Hustle, Get Your Free Checklist And Assessment Here: https://www.financialadventure.com/sidehustle Grab Your FREE guide:  5 Essential Strategies For Stress-Free Bookkeeping: https://www.financialadventure.com/5essentials Your FREE Online Virtual Bookkeeping Business Starter Guide & Success Path Is Waiting For You: https://www.financialadventure.com/starterguide Join Our Facebook Community:  https://www.facebook.com/groups/womenbusinessownersultimatediybookkeepingboutique The Strategic Bookkeeping Academy, including Bookkeeping Basics, is open for registration!  You can learn more and sign up here: https://www.financialadventure.com/sba Looking for a payroll solution for your business?  You can get an exclusive 15% discount on your payroll services when you sign up here: https://www.financialadventure.com/adp QuickBooks Online - Save 30% Your First 6 Months: https://www.financialadventure.com/quickbooks Sign up for a virtual coffee chat to see if starting a Bookkeeping Business is right for you: https://www.financialadventure.com/discovery Show Notes:  https://www.financialadventure.com This podcast is sponsored by Financial Adventure, LLC ~ visit https://www.financialadventure.com for additional information and free resources.

What if one of the biggest expenses in your family budget could also become one of your most powerful tax strategies?In this episode, Barbara breaks down a little-known (and often misunderstood) tax strategy that can completely change how business owners pay for health, wellness, and family medical care: the Medical Expense Reimbursement Plan (MERP).Most business owners are already spending tens of thousands of dollars each year on things like therapy, orthodontics, hormone testing, supplements, gym memberships, and medical care for their children, but they're paying for all of it with after-tax dollars. This episode explains how, when structured correctly, a MERP allows your business to reimburse you tax-free for qualifying medical expenses, dramatically reducing your tax bill year after year.You'll learn why most CPAs have never heard of MERPs, why many business owners who think they have one are using it incorrectly, and how the tax code actually allows these reimbursements when the plan is properly set up and administered.Tune in to hear:Why health and wellness is the second largest expense in most family budgetsHow MERPs convert personal medical spending into tax-free reimbursementsThe difference between itemized medical deductions and business reimbursementsEntity-specific rules for S-corps, C-corps, and family management companiesWhy letters of medical necessity are critical for many expensesHow to avoid common compliance mistakes that trigger IRS scrutinyHow MERPs support long-term financial planning for families and childrenDownload the free Write Off Your Wellness Guide: https://taxedacademy.com/writeoffyourwellnessHow To Get Involved:Life-Changing Money is a podcast all about money. We share stories of how money has impacted and radically changed the lives of others—and how it can do the same for you.Your host, Barbara Schreihans (pronounced ShREE-hands) is the founder and CEO of Your Tax Coach, and the creator of the Write Off Your Life Course. She is a top tax strategist, business coach, and expert in helping business owners and high-net-worth individuals save millions in taxes while increasing profits.When she's not leading her team, coaching clients, or dreaming up new goals for her company, you can find her drinking coffee, hanging out with her family, and traveling the world.Grab a cup of coffee and become inspired as we hear from those who have overcome and are overcoming their self-limiting beliefs and money mindsets!Do you have a burning question that you'd love to hear answered on a future show?Please email it to: podcast@yourtaxcoach.bizSign Up For Our NewsletterLife Changing Money PodcastGet Tax Help!

Multigenerational planning isn't just about retaining assets after a wealth transfer. When done well, it becomes a powerful way to elevate service, improve family communication, and drive meaningful growth today. Carli Smith, founder of Signal Wealth Advisors, has built her practice in part by engaging entire family units—not just individual clients. In this episode, she explains how she navigates the tax and estate implications of inherited IRAs and taxable accounts, invites aging parents and adult children into collaborative planning conversations, and combines family assets to serve clients who might otherwise fall below her $2 million minimum. She also shares how strategic partnerships with estate planning attorneys and CPAs fueled a 70% increase in AUM in a single year, why nurturing client promoters leads to higher-quality referrals, and how she made the decision to leave her previous firm after it was acquired and start her own business. For show notes and more visit: https://www.kitces.com/472

Are you paying for a high-powered CPA when your tax situation doesn't actually require one?In this episode, Tait Duryea and Ryan Gibson sit down with CPA Gary Heldt to clarify what smart tax planning really looks like for high-income pilots with relatively simple financial lives. They break down how W-2 earners can optimize taxes without complex businesses, aggressive strategies, or unnecessary fees. Gary explains how often-overlooked fundamentals like benefits planning, estimated taxes, and coordinated advice can quietly compound into meaningful long-term gains. If you want clarity, confidence, and a more intentional approach to your CPA relationship, this episode delivers.Gary Heldt is a CPA, Certified Tax Coach, and founder of Small Business Advisors. With over 25 years of experience, he helps high-income professionals make better tax decisions through a consultative, family-office-style approach that prioritizes clarity over complexity.Show notes:(0:00) Intro(0:23) Why pilots overpay for CPAs(1:25) Family-office thinking for W-2 earners(3:42) Gary's path into tax planning(8:13) Missed tax moves for W-2 professionals(11:57) What a good CPA should do(16:28) Why education beats tax prep(24:34) Bracket strategy and timing income(28:50) Estimated taxes pilots overlook(34:18) Turning tax savings into investments(43:57) OutroConnect with Gary Heldt:Sign up directly on the site. Choose personal, business, or both newsletter options: https://www.sbadvisors.cc/ Gary's Podcast: https://www.sbadvisors.cc/resources/podcasts If you're interested in participating, the latest institutional-quality self-storage portfolio is available for investment now at: https://turbinecap.investnext.com/portal/offerings/8449/houston-storage/ — You've found the number one resource for financial education for aviators! Please consider leaving a rating and sharing this podcast with your colleagues in the aviation community, as it can serve as a valuable resource for all those involved in the industry.Remember to subscribe for more insights at PassiveIncomePilots.com! https://passiveincomepilots.com/ Join our growing community on Facebook: https://www.facebook.com/groups/passivepilotsCheck us out on Instagram @PassiveIncomePilots: https://www.instagram.com/passiveincomepilots/Follow us on X @IncomePilots: https://twitter.com/IncomePilotsGet our updates on LinkedIn: https://www.linkedin.com/company/passive-income-pilots/Do you have questions or want to discuss this episode? Contact us at ask@passiveincomepilots.com See you on the next one!*Legal Disclaimer*The 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.

How much of your tax strategy is actually strategy, and how much is just habit? Many law firm owners unknowingly carry outdated or incomplete tax advice that quietly erodes their income over time. In this episode, Melissa sits down with tax attorney Megan Robin to examine the myths law firm owners often believe about taxes and why those assumptions can be costly if left unchallenged.    The conversation focuses on the difference between compliance and strategy, especially when it comes to the role of CPAs, accountants, and entity structures. Rather than chasing loopholes or copying what other owners are doing, the episode emphasizes the importance of understanding how financial decisions work together over time. The goal is clarity, ownership, and informed decision-making that supports both the business and the life the firm is meant to fund.    Let's talk! If you are a law firm owner looking to talk with us about partnering on your personal and professional growth, book a short, free, no-pressure call with Melissa here: https://velocitywork.com/calendar    Get full show notes, transcript, and more information here: https://www.velocitywork.com/344    Watch this episode on YouTube: https://youtube.com/@velocitywork   Monday Map / Friday Wrap: https://www.velocitywork.com/monday-map

Gian Pazzia is a nationally recognized authority on advanced tax strategies for real estate investors, CPAs, and business owners, with more than 25 years of experience. A former Big 4 structural engineer turned tax incentive strategist, he is the co-founder of KBKG, the industry leader in cost segregation studies with offices nationwide, and has helped clients save over $10 billion in taxes since 1999. A past president and longtime board member of the American Society of Cost Segregation Professionals, Gian has testified before the IRS, published extensively in leading tax journals, spoken to thousands nationwide, and pioneered the first online cost segregation platform, making sophisticated tax strategies more accessible to real estate owners.   Here's some of the topics we covered:   Why civil engineers are the secret weapon behind cost segregation Cost segregation finally explained in plain English The 2026 depreciation shift and how it could supercharge your returns How investors unlock massive first year write offs Cost segregation versus a 1031 and which wins when What cost segregation actually costs and why it's worth it Estate tax planning ninja moves most investors never hear about The short term rental tax loopholes smart investors are using   To find out more about partnering or investing in a multifamily deal: Text Partner to 72345 or email Partner@RodKhleif.com    For more about Rod and his real estate investing journey go to www.rodkhleif.com   Please Review and Subscribe  

This episode shows you how the IRS can help pay for your next trip. You'll learn simple tax strategies that turn normal travel into legal business deductions. We explain how to plan your trip, add a clear business purpose, and use smart strategies to document everything the right way. You'll see how small money decisions can turn flights, hotels, and meals into real tax savings. We also talk about why many CPAs say “no” when the tax code actually says “yes.” This is clear finance advice you can use right away to keep more money in your business. Don't miss the chance to learn money hacks that can cut your travel costs fast.   Next Steps: