Podcasts about s corp

In this episode of the Sunlight Tax podcast, I dive into the essentials of choosing the right business structure for anyone in self-employment, especially when it comes to forming an LLC or electing S-Corp status. I highlight why it's important to avoid unnecessary business formations and walk you through the proper order of business operations—reminding you that your business officially begins the moment you start advertising. I also share practical tax advice, including how different structures impact your taxes, and offer tips on bookkeeping and protecting yourself with liability insurance. Whether you're a new entrepreneur or already deep into running your business, this episode will help you assess your needs and make confident decisions about your structure. Understanding your options as a self-employed business owner can save you time, money, and headaches down the road. Also mentioned in this episode:   00:00 Understanding Business Structures: LLCs and S-Corps 04:02 Order of Operations in Business 09:58 The Role of LLCs in Business 12:20 Understanding S Corporations 19:00 Final Thoughts on Business Structure and Operations   If you enjoyed this episode, please rate, review and share it! Every review makes a difference by telling Apple or Spotify to show the Sunlight podcast to new audiences.   Links: Link to pre-order my book, Taxes for Humans: Simplify Your Taxes and Change the World When You're Self-Employed. Get your free visual guide to tax deductions Check out my program, Money Bootcamp

If you're a dental practice owner—or planning to become one—this episode could save you thousands. Wes Read, CPA and CFP, breaks down the financial fundamentals every dentist needs to master, especially when it comes to getting money out of your business without triggering IRS penalties.Wes unpacks the critical role of choosing the right business structure—S Corporation, LLC, or sole proprietorship—and how that decision directly impacts your taxes. You'll learn why S Corps are often the go-to for dentists, and how your “stock basis” plays a central role in what you can legally distribute from your business.What's the danger? “Excess distributions”—taking more out of the business than your basis allows. Do this, and you could be looking at capital gains taxes and serious IRS scrutiny.Wes explains the three primary ways dentists take money out of their practices—payroll, direct distributions, and personal expenses—and how to do it smartly. If you're in the middle of a buildout, just bought a practice, or making big equipment purchases, this episode is a must-listen.With clear explanations and actionable advice, Wes helps you sidestep costly tax traps and plan your cash flow more strategically.What You'll Learn:How excess distributions work—and why they're a silent profit killerWhat “basis” really means, and how it affects your ability to take money outThe pros and cons of S Corps, LLCs, and sole proprietorships for dentistsThe three most common ways money exits a dental practice—and the tax implications of eachHow to work with your CPA to avoid penalties and optimize your income #DentalBoardroom #DentalCPA #DentalFinance #ExcessDistributions #SCorporation #DentalPracticeOwner #DentistTaxTips #DentalPo

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Work With Erica Erica explains the potential savings on self-employment taxes and the trade-offs with the Qualified Business Income Deduction (QBID). Erica advises listeners to hold off on making the S-Corp election until there's more clarity on tax laws, which are expected to change with the expiration of the Tax Cuts and Jobs Act in 2025.   00:00 Intro 00:45 The Importance of Timing for S Corp Election 01:49 Understanding S Corp and QBID 02:50 The Impact of the Tax Cuts and Jobs Act 04:11 Why Waiting is the Smart Move 05:52 Practical Steps for 2025 07:13 Concierge Bookkeeping   ____________________ Connect with Erica | LinkedIn | Website | Newsletter

Send us a textEvery dollar you save in taxes is another dollar you can reinvest in your franchise. But are you leaving money on the table? In this eye-opening conversation, CPA Michael Reeder reveals the tax strategies that have helped franchisees nationwide maximize their profits and build sustainable wealth.Michael brings 14+ years of specialized franchise accounting experience to the table, explaining how the right approach to entity structure, vehicle acquisitions, and compensation can dramatically reduce your tax burden. His "three bucket methodology" cuts through the confusion of LLCs, S-Corps, and C-Corps to help you make decisions based on your unique financial situation rather than one-size-fits-all advice.The discussion breaks down practical strategies that could save you thousands, including how to properly handle vehicle purchases (hint: "purchase and heavily finance" rather than lease), the potential restoration of 100% bonus depreciation, and how S-Corp owners can save approximately $17,000 in self-employment taxes on $200,000 of business income through strategic salary allocation.What makes this conversation particularly valuable is Michael's ability to translate complex tax concepts into actionable insights. He addresses common misconceptions about franchise fees (which must be amortized over 15 years) and explains how to capture tax benefits even when selling your business before the amortization period ends.Whether you're considering franchise ownership or already running your business, this episode provides the financial clarity needed to make informed decisions that align with both your short-term cash flow needs and long-term wealth building goals. Connect with Michael at readercpagroup.com to learn how specialized tax planning can transform your franchise's financial picture. The Franchise Insiders Podcast Schedule A Call Text: 305-710-0050 Take our FREE Business Builder Assessment

Are you stuck in analysis paralysis when it comes to investing in real estate? Joel Miller, author of Build Real Estate Wealth, joins us for a powerful conversation packed with actionable advice, personal insights, and a wealth of real-world experience. In this episode, Joel breaks down the foundational steps to becoming a successful real estate investor—starting with mindset and moving all the way through to tenant selection and cash flow management.He reveals how the book, originally written as a guide for his son, has become a comprehensive manual for anyone interested in income-producing properties. From understanding why the first investment is often the hardest to navigating the complexities of entity structures (LLC, partnership, S Corp, etc.), Joel emphasizes the importance of getting your business house in order before making offers. He also shares why tenant selection starts long before someone fills out an application, and how every decision—location, property type, and even ad language—affects your pool of potential renters.You'll also hear how his 18-year-old son purchased his first rental property just after high school graduation and is already closing on his second one. Joel's message is clear: with the right knowledge and tools, building wealth through real estate is possible for anyone willing to follow the blueprint.Key Takeaways:(02:13) Why the first investment is the hardest—and how to move past the fear(09:25) The #1 advantage of small properties for first-time investors(14:08) How Joel's son started investing at 18—and what you can learn from it(20:04) Choosing the right entity structure: LLC, partnership, S Corp, and more(21:07) Tenant selection starts before your property search even begins(26:30) How to scale from zero to $10,000/month in net cash flowResources Mentioned: Grab a copy of Build Real Estate Wealth by Joel Miller on Amazon or visit JoelMillerBooks.com to view the full table of contents, sample chapters, and access exclusive house-flipping content via QR code.Connect with Joel:Buy the Book: https://www.amazon.com/Build-Real-Estate-Wealth-Investment/dp/B0DG48NHPCWebsite: https://www.joelmillerbooks.com/Linkedin: https://www.linkedin.com/in/joel-miller-42981811/Connect with Corwyn @:Contact Number: 843-619-3005Instagram:⁠⁠ https://www.instagram.com/exitstrategiesradioshow/⁠⁠FB Page:⁠⁠ https://www.facebook.com/exitstrategiessc/⁠⁠Youtube:⁠⁠ https://www.youtube.com/channel/UCxoSuynJd5c4qQ_eDXLJaZA⁠⁠Website:⁠⁠ https://www.exitstrategiesradioshow.com⁠⁠Linkedin:⁠⁠ ⁠⁠https://www.linkedin.com/in/cmelette/⁠⁠Shoutout to our Sponsor: EXIT Realty Lowcountry GroupDo you want something more? More Meaningful Moments opportunities, deeper relationships and memorable experiences? Do you want to make a difference? If you say YES, a career and real estate could be the opportunity you're looking for guiding people to one of the most important decisions they ever made, the purchase or sale of their home can be both rewarding and lucrative. EXIT Realty has a revolutionary compensation model training and technology that provides you with the tools you need to start and build your successful real estate career. Call EXIT Realty Lowcountry group today at 843-619-3005 that is 843-619-3005 or visit ⁠https://exitlowcountry.com/joinexit⁠ and make your Exit today.

Welcome back, friends! This week, we dive deep into the fundamentals of Limited Liability Companies (LLCs) and why they matter for real estate investors. Whether you're just starting out or scaling your portfolio, understanding how to properly use an LLC is key to protecting your assets and building a strong foundation.We're debunking common myths—like the belief that forming an LLC automatically makes you a business owner or offers bulletproof protection—and explaining why careless mistakes can still leave you personally liable. One key topic we cover in this episode is "piercing the corporate veil," where mismanagement (like co-mingling funds or using incorrect signatures) can strip away an LLC's legal protections.Lastly, we also share real-life lessons from transaction missteps and offer actionable tips: keep business and personal finances separate, use proper documentation, counter-sign leases, and file biennial reports to stay compliant. Walk with us as we even break down structuring strategies, like separating active and passive income and considering an S-Corp or series LLC, depending on your goals and state laws.Want the deets on our 1:1 consulting program—designed to empower women to confidently transition into full-time real estate investing? Click here for more information.Tune in to learn how to protect your assets, avoid costly mistakes, and start treating your business like a business.  Resources:Simplify how you manage your rentals with TurboTenantGet the deets on our 1:1 consulting programGrab your spot in The WIIRE CommunityLeave us a review on Apple PodcastsLeave us a review on SpotifyJoin our private Facebook CommunityConnect with us on Instagram 

In this episode, we'll share a look under the hood at what it takes to plan, market, and host your own in-person gatherings (meetups, retreats, etc.) as a freelance writer, sharing our own experiences doing just that!This season is brought to you by Collective, and they're giving you your first month free! Just use code FWCP at checkout.Tax season is stressful—no doubt about it. Are you overpaying? Are you even doing it right? It's a headache, but here's the good news: you don't have to figure it all out alone. Collective is built exclusively for solopreneurs and is here to help. If you're a freelance writer, you could be leaving major savings on the table by not having an S Corp. Collective helped me make the switch last year, and they handled everything—S Corp election, bookkeeping, payroll, taxes—you name it. Now, I get to focus on what I love, without stressing over receipt tracking and tax forms.

Key Takeaways: LLC vs. S Corp vs. C Corp = Different Tax Rules Think of your business like a costume—it can dress up as different types (like LLC, S Corp, or C Corp). Each costume changes how much tax you pay and how your money is handled. How You Pay Yourself Matters If you run your own business, you can pay yourself like a worker (salary) or take money out like an owner (distribution). Each way has different tax effects, so you want to choose smartly. Keep Up With the Rules Tax laws can change, kind of like rules in a game. You need to know the current rules to keep winning, but don't get so caught up in the future that you stop growing your business today. Plan Your Income and Deductions If you know how much money you're making and spending ahead of time, you can use that info to lower how much tax you owe. That's called “strategic planning,” and it saves you money. Think Big Picture With Your Finances Taxes are just one part of your business. To really succeed, you need to look at everything—how much you make, spend, save, and grow—like one big puzzle. Chapters: Timestamp Summary 0:00 Strategies for Entrepreneurs to Minimize Taxes Legally 1:39 Choosing Between LLC, S Corp, and C Corp for Business 4:27 Understanding Tax Implications of Paying Yourself in Different Business Structures 6:25 Strategic Tax Planning for Business Growth 8:32 Strategies for Managing Year-End Business Expenses and Taxes 9:26 Big Picture Strategies for Business Finances and Investment Advice   Powered by ReiffMartin CPA and Stone Hill Wealth Management   Social Media Handles    Follow Phillip Washington, Jr. on Instagram (@askphillip)   Subscribe to Wealth Building Made Simple newsletter https://www.wealthbuildingmadesimple.us/   Ready to turn your investing dreams into reality? Our "Wealth Building Made Simple" premium newsletter is your secret weapon. We break down investing in a way that's easy to understand, even if you're just starting out. Learn the tricks the wealthy use, discover exciting opportunities, and start building the future YOU want. Sign up now, and let's make those dreams happen!   WBMS Premium Subscription   Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

In this episode of Thrive LouD with Lou Diamond, Lou sits down with Scott Arden, CEO of Controllers Limited, to unpack the essentials of building generational wealth through savvy use of corporations, LLCs, and trusts. Scott shares his unique journey—starting his first business at age 19!—and what inspired him to become an expert in tax planning, asset protection, and estate planning.From busting myths about tax deductions and revealing insider strategies for reducing your tax bill, to discussing how to set your family up for long-term financial success, Scott breaks down topics that every entrepreneur, business owner, and even everyday listeners can benefit from. You'll learn about:Picking the right business structure (LLC, S-Corp, C-Corp… or a combo?)Strategic ways to legally lower your taxesHow to hire your kids and give them a financial head startNavigating changing tax laws, even internationally or across statesThe surprising IRS codes that allow you to deduct things like golf clubs—or even your dog!Plus, stick around for the fun part at the end, as Scott shares his favorite movies, music, foods, and the new experiences he's loving lately.If you're interested in protecting your wealth, saving on taxes, and leaving a real legacy, this is one episode you don't want to miss!Check out Controllers Limited: www.controllersltd.comConnect with Scott: Instagram @ScottArdenCEO | Call (775) 384-8124 | Email: contact@controllersltd.comListen, learn, and thrive!

In this episode, Ron Apke is joined by his personal accountant, Ashish Acharya, to break down everything land investors need to know about taxes and how to legally minimize your tax bill. Whether you're just getting started in land flipping or already scaling your business, this is a must-watch conversation that could save you tens of thousands in taxes every year.They cover key questions like: Should you get an LLC? When do you switch to an S-Corp? Plus, they explain how reinvesting your land profits into other real estate (like short-term or long-term rentals) could save you up to $100K in taxes.If you're flipping land and not thinking about taxes, you're doing it wrong.================================ 

If you're looking for ways to increase your income as a freelance writer, you should consider opportunities for upselling. In this episode, we look at a few options for additional services and add-ons you can offer clients to earn more money and become even more valuable to your clients.This season is brought to you by Collective, and they're giving you your first month free! Just use code FWCP at checkout.Tax season is stressful—no doubt about it. Are you overpaying? Are you even doing it right? It's a headache, but here's the good news: you don't have to figure it all out alone. Collective is built exclusively for solopreneurs and is here to help. If you're a freelance writer, you could be leaving major savings on the table by not having an S Corp. Collective helped me make the switch last year, and they handled everything—S Corp election, bookkeeping, payroll, taxes—you name it. Now, I get to focus on what I love, without stressing over receipt tracking and tax forms.

Dean Vance - Vance and Associates CPA On a the Brutal Truth About the CPA World: "It's the people who are not part of the orthodoxy who are outside the box that ask those, quote, unquote, 'silly questions', that actually dig in. 99% of this space has been following a fallacy about things." As an entrepreneur, the government rewards you, kind of, for building your business to create jobs and keep the economy moving.  But these rewards are typically given as tax breaks that are not at the forefront of the minds of accountants.  You know them the professionals that you trust to know the tax code to help minimize your tax burden. Dean Vance is a CPA that comes at this from a different angle.  Dean has an eye and a mind for helping business owners navigate the tax code to make sure they are taking advantage of the opportunities the tax code offers them. Dean Vance of Vance and Associates CPA talks taxes, accounting, and small business finance. As a seasoned CPA with nearly thirty years of experience, Dean shares the ins and outs of tax strategy, the importance of tax planning, and why having someone regularly “look under the hood” of your business books can make all the difference. The conversation covers everything from the often-overlooked tax opportunities for small business owners—like paying your kids to work in your business—to the crucial role of systems, checklists, and company culture in building a successful business. Dean also gives listeners a peek behind the scenes of his own firm, discusses the value of industry specialization (“riches are in niches!”), and highlights the human side of accounting, including personality fit and team building. Along the way, James and Dean swap stories about navigating the real challenges and triumphs that come with entrepreneurship, making this episode a must-listen for business owners who want to stop leaving money on the table and start running a leaner, smarter operation. Whether you're dreading tax season or just want to better understand the numbers driving your business, you'll find plenty of practical wisdom—and maybe a little inspiration—in this week's conversation. Listen as Dean shares some tax tips, as well as offers you things to look for when searching for a professional to help you with you tax strategy. Enjoy! Visit Dean at: https://www.deanvancecpa.com/     Podcast Overview: 00:00 "From Bakery Job to Business Owner" 05:40 Atypical, Big-Picture CPA 12:48 Decoding Business Patterns Mystically 16:47 "Fridays: Cakes, Beer, and Nostalgia" 23:55 Law School Decision and Karma 30:43 "Tax Return Amendment Review Process" 33:21 Bookkeeping for LLCs and Corporations 38:16 "Bimonthly Financial Meetings Routine" 46:38 "Inside vs. Outside the Box" 50:56 Leveraged Medical Supply Deduction Strategy 56:37 The Rosetta Stone's Impact 01:02:57 Choosing a Trained Tax Strategist 01:04:03 Captive Insurance Company Basics 01:12:20 S Corp vs. C Corp for E-commerce 01:15:47 Client Assessment and Discovery Process 01:19:54 "Entertainer Computes Cost of Labor" 01:27:50 "Creedal Country: Merit Over Origin" 01:33:57 Basement Drywall Experience 01:35:56 "Opportunity and Ambition Dynamics" 01:44:42 "German Cultural Traits & Influence" Podcast Transcription: Dean Vance [00:00:00]: Third would be tax planning, I guess, generally. You want a professional who knows what they're doing to In go through your books and say, hey. Just like I mentioned with my with the the the prospect that that turns into a client was, you know, just have somebody who does this all the time. Right? Take a look at your books and take a look at your tax returns. Okay? Is there is there a fidelity between the closing of your books and your tax return? So you check all these different things, one. And then two, you can look at how they're situated legally, how how their entity is set up legally. Right? James [00:00:35]: You have found Authentic Business Adventures,

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In this Read Listen Watch® (RLW), join host Karen Edwards and legal expert Ashlee B. Poplin, partner at Adams & Reese with extensive experience in civil litigation and construction law, as they discuss the essential legal aspects of starting and running a roofing business. From choosing the best legal structure (LLC, S-Corp, C-Corp) for your company and understanding its impact on taxes and liability, to navigating the necessary licenses and permits required across different states, they cover it all. Learn how to minimize insurance costs while ensuring adequate coverage, the risks of operating without liability insurance and best practices for managing cash flow and enforcing payment from customers.   Learn more at RoofersCoffeeShop.com!  https://www.rooferscoffeeshop.com/     Are you a contractor looking for resources? Become an R-Club Member today! https://www.rooferscoffeeshop.com/rcs-club-sign-up     Sign up for the Week in Roofing!  https://www.rooferscoffeeshop.com/sign-up     Follow Us!   https://www.facebook.com/rooferscoffeeshop/   https://www.linkedin.com/company/rooferscoffeeshop-com   https://x.com/RoofCoffeeShop   https://www.instagram.com/rooferscoffeeshop/   https://www.youtube.com/channel/UCAQTC5U3FL9M-_wcRiEEyvw   https://www.pinterest.com/rcscom/   https://www.tiktok.com/@rooferscoffeeshop   https://www.rooferscoffeeshop.com/rss     #adamsandreese #RoofersCoffeeShop #MetalCoffeeShop #AskARoofer #CoatingsCoffeeShop #RoofingProfessionals #RoofingContractors #RoofingIndustry 

In this episode, we get into the career path of journalism, the education/types of training available for those wanting to get a secondary degree for it (with costs!), and some hard truths from firsthand experience doing this work. This is a great episode for anyone wanting to pursue this path!This season is brought to you by Collective, and they're giving you your first month free! Just use code FWCP at checkout.Tax season is stressful—no doubt about it. Are you overpaying? Are you even doing it right? It's a headache, but here's the good news: you don't have to figure it all out alone. Collective is built exclusively for solopreneurs and is here to help. If you're a freelance writer, you could be leaving major savings on the table by not having an S Corp. Collective helped me make the switch last year, and they handled everything—S Corp election, bookkeeping, payroll, taxes—you name it. Now, I get to focus on what I love, without stressing over receipt tracking and tax forms.

Today we're talking about freelance writers who are launching courses, templates, digital products, and more + the promotion it entails to be successful. To do this well, does a freelance writer need to think of themselves as a full-time Creator or Influencer? We discuss our different stances and experiences doing this work.This season is brought to you by Collective, and they're giving you your first month free! Just use code FWCP at checkout.Tax season is stressful—no doubt about it. Are you overpaying? Are you even doing it right? It's a headache, but here's the good news: you don't have to figure it all out alone. Collective is built exclusively for solopreneurs and is here to help. If you're a freelance writer, you could be leaving major savings on the table by not having an S Corp. Collective helped me make the switch last year, and they handled everything—S Corp election, bookkeeping, payroll, taxes—you name it. Now, I get to focus on what I love, without stressing over receipt tracking and tax forms.

Ready to save $10k-$50k in taxes this year? Book a call here:► https://taxstrategy365.com/pod-appIn this episode, I talk with Chelsea Cutrer—former tech executive turned short-term rental queen—about her incredible journey from W2 to full-time real estate entrepreneur. Chelsea shares how she leveraged her design eye, sales background, and business instincts to build a growing STR portfolio in the competitive 30A market. We dive into the systems she uses to manage her own properties and her 20+ management clients, her take on revenue strategy, and how she's already changing her family tree.Timestamps:00:00:00 – Intro and Transitioning from W2 tech job to full-time STR investor00:01:08 – Education, career at Dell, and early interest in real estate00:04:14 – How Chelsea's mom inspired her real estate journey00:05:38 – Buying the first STR during COVID and the tax motivation behind it00:08:40 – What makes her listings outperform in 30A00:10:10 – The power of private beach access and listing clarity00:14:45 – What her current STR portfolio looks like00:16:26 – Markets she's exploring next (like Cape San Blas)00:19:04 – From co-hosting to full management and revenue strategy00:20:21 – The biggest mistakes property managers make00:22:36 – How she prices for the off-season and fills gaps00:24:40 – Teaching her kids real estate and building generational wealth00:26:40 – Growth plans, S Corp planning, and how she found Ryan00:28:54 – Her top advice for anyone thinking about leaving their W2Want me to answer your questions live? Come to my next Ask Me Anything Q&A:► https://taxstrategy365.com/pod-amaLet's connect!► Instagram: https://www.instagram.com/ryanbakkecpa/► LinkedIn: https://www.linkedin.com/in/ryanbakkecpa/► Twitter: https://twitter.com/RyanBakkeCPA► Facebook: https://www.facebook.com/ryanbakkecpa► TikTok: https://www.tiktok.com/@ryanbakkecpa⁠*None of this is meant to be specific investment advice, it's for entertainment purposes only.

Send us a textIn this throwback episode of the Tatter-a-Fact PMU Podcast, Teryn Darling sits down with her long-time tax advisor and friend, Mark Rizzo—a tax pro who actually loves taxes (yes, really!). They dive deep into real-world money advice every permanent makeup artist should hear—from understanding LLCs and S Corps, to claiming your cash income properly, to investing smart and building wealth while doing what you love.Mark shares the wild tax history of tip earners in Las Vegas, breaks down how artists can avoid audits, and reveals the two things every entrepreneur should have by the time they retire. If you've ever stressed over taxes, struggled to stay organized with receipts, or wondered how to set up your business structure the right way—this is your episode.✅ Topics covered:- Why PMU artists NEED to claim cash income- LLC vs S Corp: What's best for solo artists?- How to pay less tax legally- Quarterly tax payments simplified- How to retire early (even if you start small)- The Roth IRA vs Traditional IRA debate- Tips to stay organized + audit-ready- Investing advice for creatives who hate finance

In this conversation, Larry Pendleton, a CPA specializing in real estate, shares his insights on achieving financial independence through passive income and effective tax strategies. He discusses various passive income strategies, common tax mistakes individuals make, the benefits of S-Corps for real estate investors, the intricacies of 1031 exchanges, and the importance of involving family in business for tax benefits. Larry emphasizes the need for education in navigating the tax code and estate planning, debunking myths about trusts and their tax implications.   Professional Real Estate Investors - How we can help you: Investor Fuel Mastermind:  Learn more about the Investor Fuel Mastermind, including 100% deal financing, massive discounts from vendors and sponsors you're already using, our world class community of over 150 members, and SO much more here: http://www.investorfuel.com/apply   Investor Machine Marketing Partnership:  Are you looking for consistent, high quality lead generation? Investor Machine is America's #1 lead generation service professional investors. Investor Machine provides true ‘white glove' support to help you build the perfect marketing plan, then we'll execute it for you…talking and working together on an ongoing basis to help you hit YOUR goals! Learn more here: http://www.investormachine.com   Coaching with Mike Hambright:  Interested in 1 on 1 coaching with Mike Hambright? Mike coaches entrepreneurs looking to level up, build coaching or service based businesses (Mike runs multiple 7 and 8 figure a year businesses), building a coaching program and more. Learn more here: https://investorfuel.com/coachingwithmike   Attend a Vacation/Mastermind Retreat with Mike Hambright: Interested in joining a “mini-mastermind” with Mike and his private clients on an upcoming “Retreat”, either at locations like Cabo San Lucas, Napa, Park City ski trip, Yellowstone, or even at Mike's East Texas “Big H Ranch”? Learn more here: http://www.investorfuel.com/retreat   Property Insurance: Join the largest and most investor friendly property insurance provider in 2 minutes. Free to join, and insure all your flips and rentals within minutes! There is NO easier insurance provider on the planet (turn insurance on or off in 1 minute without talking to anyone!), and there's no 15-30% agent mark up through this platform!  Register here: https://myinvestorinsurance.com/   New Real Estate Investors - How we can work together: Investor Fuel Club (Coaching and Deal Partner Community): Looking to kickstart your real estate investing career? Join our one of a kind Coaching Community, Investor Fuel Club, where you'll get trained by some of the best real estate investors in America, and partner with them on deals! You don't need $ for deals…we'll partner with you and hold your hand along the way! Learn More here: http://www.investorfuel.com/club   —--------------------

What We Cover In This Episode: The difference between an LLC and an S-Corp, and how that affects liability, taxation and future growth [4:31] What the purpose of a legal entity is, and how it protects your personal assets from business lawsuits [7:04] How to negotiate commercial leases effectively, plus the strategies you can use to protect your wealth [15:45] What makes membership and staff agreements critical for a new gym business and why not having these in place isn't an option [19:33] The significant financial risks of misclassifying staff and how the true costs this type of mistake can have [25:17] What specific lease clauses gym owners should negotiate, and how to get better protection within those contracts [29:32] What you need to keep in mind as you future plan for the sale of your business [35:08]   Quotes:    “The whole purpose of the legal entity is to protect your personal assets. Think about it as we're basically putting a roof over your head so that the lawsuit comes at you, at the legal entity, and it's going to bounce off you personally, and it's going to stick to the legal entity." [Matt, 6:59]  “The lease is a contract and every contract is negotiable. So the landlord will present you with an initial copy of the lease and recommend that you hire somebody to go through and basically say, we like this language. We don't like this language." [Matt, 15:27]  "So it's not really a question of whether or not you think you should have a membership agreement. You have to. By law." [Matt & Nick, 22:26]  “We want to make sure that we are building an asset, this is an investment, this is an asset that is growing and it is nice and packaged up, because it's a nice little LLC and the more you operate in it the more you can remove yourself from the business it is going to increase its evaluation and then ultimately, we are going to try to sell it.” [Matt, 36:40]   LINKS:  Gym Lawyers Website  Gym Wealth Strategies Website  Their Gym Ventures & New Gym Owner Services Matt's Previous Episode on fitSpot Guru Learn More About All of Our Partners & Get Exclusive Offers Visit the fitDEGREE Knowledge Base Send Megan Your Playlist or Discuss the Podcast Here!  fitDEGREE's Business Portal https://calendly.com/fitdegree-support  support@fitDEGREE.com https://www.instagram.com/fitdegree/ ​​https://www.instagram.com/fitspot_guru/  https://www.fitdegree.com/blog  https://www.youtube.com/channel/UChJ5rK6zWPXjbxtUQx3ys9Q https://www.tiktok.com/@megan_fitdegree  

Business owners planning their next chapter often face a tough decision: how to exit without compromising their legacy or selling to private equity.As baby boomers age out of ownership, many are turning to Employee Stock Ownership Plans (ESOPs) for their unique blend of liquidity, tax benefits, and cultural continuity. Yet, understanding the mechanics and long-term impact of an ESOP can feel overwhelming.Join Matt Di Francesco and Kelly Finnell, Premier ESOP Consultant and President at EFS ESOP Consultants, as they explore how ESOPs offer business owners a powerful way to exit on their terms—while turning employees into owners and preserving what matters most.Matt and Kelly also talk about:(02:30) Why are more business owners turning to ESOPs(05:45) What is an ESOP?(06:29) Three key ways ESOPs provide more than just a retirement plan(07:58) How ESOPs provide a powerful performance incentive(08:19) Can a 401(k) and an ESOP work together?(09:33) How are ESOP shares distributed among employees?(10:56) How ESOP shares are valued(12:28) Who should be the trustee of your ESOP trust(19:03) Why 95% of 100% ESOP-owned companies are S-Corps(22:03) What type of business would be a good candidate for an ESOP?(26:26) The four key questions addressed during the ESOP feasibility study() How long does an ESOP feasibility study and implementation take?Connect With Kelly FinnellLinkedIn: https://www.linkedin.com/in/esopcoach/Website: https://execfin.comOrder Kelly's book - The ESOP Coach here: https://www.amazon.com/ESOP-Coach-Ownership-Succession-Planning/dp/0578046997Check out these other resources as referenced in this episode:National Center for Employee Ownership - https://www.nceo.org/The ESOP Association of America - https://www.esopassociation.org/Connect With Matt DiFrancesco:matt@highliftfin.com(814)201-5855LinkedIn: Matt DiFrancescoLinkedIn: High Lift FinancialFacebook: High Lift Financial Instagram: @high_lift_financialYoutube: @highliftfinancialAbout the guest:Kelly Finnell is widely regarded as the nation's premier ESOP consultant, with over 40 years of experience helping business owners design and implement Employee Stock Ownership Plans. He has presented at more than 300 conferences across the U.S. and internationally, sharing his deep expertise in ESOP strategy and succession planning.Kelly is the author of The ESOP Coach: Using ESOPs in Ownership Succession Planning, published in 2010—a definitive guide that continues to be a go-to resource in the field today. He is also an Accredited Investment Fiduciary®, a designation awarded through the Center for Fiduciary Studies at the University of Pittsburgh, demonstrating his commitment to always acting in the best interest of his clients.A magna cum laude graduate of the University of Memphis, Kelly brings both academic rigor and decades of hands-on experience to every engagement. If you're considering an ESOP for your business, Kelly is truly the guy you want in your corner.Disclaimer:All information is obtained from sources deemed reliable, but not guaranteed. No tax or legal advice is given nor intended. Content provided herein or on our website should not be construed as an offer for investment advice or for securities, insurance, or other investment products. Investments involve the risk of loss and are not guaranteed. Consult a qualified legal, tax, accounting, or financial professional before implementing any investments or strategy discussed here.

Money doesn't have to be complicated—and talking about it shouldn't be taboo. In this episode of Spa Marketing Made Easy, I'm joined by Danielle Hayden, founder of Kickstart Accounting and a former hairstylist turned CPA, to normalize money conversations and share the vital role that financial visibility plays in building a sustainable spa business. From building your “money team” to knowing when it's time to become an S Corp, Danielle breaks down financial concepts into approachable, actionable strategies that empower spa CEOs to make confident business decisions. We also share a big announcement—Kickstart Accounting is officially a partner inside the Addo Professional Alliance! If you've been searching for a reliable, woman-led accounting firm that truly understands the spa and aesthetics industry, you're going to love this episode. What you'll learn during this episode: The 4 essential members of your “money team” and how they work together Why your bookkeeper should be your first hire—not your CPA How to make financial decisions based on your life goals (not just revenue) The 3 benchmarks that indicate you're ready to switch to an S Corp The difference between bookkeeping, tax planning, and CFO strategy—and why you need all three How Kickstart Accounting supports spa businesses with clarity, confidence, and care Resources Mentioned in Episode #429: Using Your Numbers to Make Better Business Decisions with Danielle Hayden Visit Danielle's business website, Kickstart Accounting Follow Danielle on Instagram: @kickstartaccounting Tune into Danielle's podcast Business by the Books Keep the conversation going inside the Spa Marketing Made Easy Community by clicking here. IG / @addoaesthetics WEB / addoaesthetics.com YOUTUBE / @addoaesthetics LINKEDIN / @addoaesthetics WANT MORE FROM ADDO AESTHETICS? Take just 5 minutes and find out YOUR biggest area of opportunity by taking my FREE Spa Business Assessment here → scorecard.addoaesthetics.com Join the Addo Professional Alliance (APA), an association dedicated to empowering women and strengthening their community by helping aesthetic professionals build meaningful connections with one another and fostering support and guidance to create businesses that align with the lives they love → https://www.addoaesthetics.com/addo-professional-alliance/ ABOUT THE SPA MARKETING MADE EASY HOST      About Your Host, Daniela Woerner Daniela Woerner is the founder of Addo Professional Alliance, a leading spa association for aesthetic professionals, and the creator of the Growth Factor Framework—a proven system that has helped 582 six- and seven-figure spa owners scale their businesses with strategy and systems. With nearly two decades in the aesthetics industry, Daniela has trained alongside top physician-dispensed brands, consulted with leading dermatologists, and helped thousands of spa professionals streamline their operations and maximize profitability. Her mission? To transform overworked aesthetic professionals into Spa CEOs—building a business and life they love with the strategic systems needed for long-term financial growth. As the host of the Spa Marketing Made Easy podcast, Daniela brings expert insights, real-world strategies, and in-depth conversations to help spa owners elevate their marketing, optimize their operations, and create sustainable success. With over 400 published episodes, 1 million+ downloads, and a ranking in the top 1% of all podcasts worldwide, Spa Marketing Made Easy is the go-to resource for spa and aesthetic professionals looking to level up. Tune in each week for actionable strategies, expert interviews, and inspiration to help you build a thriving, systemized, and scalable spa business!

Most business owners are paying way more in taxes than they should—and they don't even know it. In this episode, we reveal the #1 mistake that's costing entrepreneurs $10,000 to $20,000 (or more) every single year: picking the wrong business structure. Whether you're an LLC, S-Corp, or C-Corp, your setup could be helping or hurting your bottom line. You'll learn the truth about how each entity is taxed, how to know when it's time to switch, and the exact numbers to watch for if you want to start keeping more of what you earn. If you're running a business and want to stop handing extra money to the IRS, this episode is for you.

Today, we want to talk about social media in an age of complicated social media. This is more about how we focus our efforts on social media when there is a lot of tumult in the space, whether it's due to political concerns or their own mental health concerns.This season is brought to you by Collective, and they're giving you your first month free! Just use code FWCP at checkout.Tax season is stressful—no doubt about it. Are you overpaying? Are you even doing it right? It's a headache, but here's the good news: you don't have to figure it all out alone. Collective is built exclusively for solopreneurs and is here to help. If you're a freelance writer, you could be leaving major savings on the table by not having an S Corp. Collective helped me make the switch last year, and they handled everything—S Corp election, bookkeeping, payroll, taxes—you name it. Now, I get to focus on what I love, without stressing over receipt tracking and tax forms.

Are you making costly tax mistakes without even knowing it? In this episode of Gimme Some Truth, tax pros from WC Tax Services reveal common personal and business tax errors—from filing misconceptions to missed deductions, backdoor Roth mishaps, and LLC misclassifications. Learn how to protect your wallet, avoid IRS penalties, and streamline your tax filing strategy.

What if your next listing appointment helped you build wealth too?

In this episode of The Perfect RIA, Matthew Jarvis and Catherine Tindall, CPA ,explore the intricate world of tax strategies specifically tailored for financial advisors. Their conversation cuts through the complexity of S-Corp structures and tax planning, offering practical wisdom for professionals looking to optimize their financial approach. Catherine brings her expertise to the forefront, challenging traditional thinking about retirement planning and business investment. The discussion reveals how financial advisors can make more strategic decisions about compensation, business structure, and tax optimization. Rather than following conventional wisdom, they explore how reinvesting in one's business can potentially create more value than standard retirement contributions. Matt and Cathering dive into critical areas often overlooked by financial professionals, including the nuances of reasonable compensation, the importance of meticulous documentation, and the strategic implications of different income sources. The S-Corp Advantage: What You Need to Know with Guest Catherine Tindall [Episode 303] Resources in today's episode: - Matt Jarvis: Website | LinkedIn - Catherine Tindall, CPA: LinkedIn | Website - Fleischer Case

In this episode of the Machine Shop MBA series, we go beyond vision boards and get into the meat and potatoes of launching your shop legally—with the right entity type and structure to support your short and long-term goals. Whether you're looking to stay solo, bring on partners, or position for future investment or acquisition, your business formation choice can be the foundation—or the friction—of your growth.  In this episode, the team dives deep into the critical, yet often overlooked, process of legally forming a manufacturing business. The hosts, alongside experts Nick Vargosko and Brad Botcher from CliftonLarsonAllen, break down the most important steps in choosing the right legal entity, from sole proprietorship to S-corporation and LLCs. They also touch on how these decisions will impact your long-term goals, including potential exits and tax benefits. Why does the structure of your business matter? It's all about protecting your personal assets, optimizing your tax strategy, and setting your business up for future growth or eventual sale. The team discusses real-world examples and offers insights into what business owners often miss when it comes to entity selection. With the right foundation, your machine shop can thrive, but getting it wrong early could mean expensive and painful mistakes down the road. Tune in as we walk you through the legal nuts and bolts of starting your shop, with expert advice on how to build a business that can scale and survive. If you're planning on making chips, don't miss this critical episode that could shape the future of your manufacturing business. Segments (0:00) Introduction to Episode 2 of the Machine Shop MBA series (1:12) Learn how you can grow your top and bottom-line with CLA (3:50) Introducing Nick Vargosko and Brad Boettcher (5:39) The importance of long-term thinking in business formation (10:02) Overview of what a Sole Proprietorship is (12:02) Breaking down LLCs and the different election options (15:30) LLC vs Sole Proprietorship: Which one should you choose? (16:35) Why you need to complete the Top Shops survey (18:14) What to do if you chose the wrong structure (19:07) The difference between S-Corps and C-Corps (28:02) When to choose a partnership (and why it might offer flexibility) (29:47) What do you need to do to change your structure?  (31:32) Horror stories when things have gone wrong (38:01) Why you need to check out Buy the Numbers Resources mentioned on this episode CliftonLarsonAllen (CLA) Take The Modern Machine Shop Top Shops Survey Connect with Nick Vargosko on LinkedIn Connect with Brad Boettcher on LinkedIn Connect With MakingChips www.MakingChips.com On Facebook On LinkedIn On Instagram On Twitter On YouTube

Maybe you're at a stage in your career where you're looking to pivot away from freelancing and into something new. Emma and I are considering this ourselves! In this episode, we get into how to think about what's next for you post-freelancing, get out of your own way when it comes to limited beliefs, and take real, incremental steps toward something new.This season is brought to you by Collective, and they're giving you your first month free! Just use code FWCP at checkout.Tax season is stressful—no doubt about it. Are you overpaying? Are you even doing it right? It's a headache, but here's the good news: you don't have to figure it all out alone. Collective is built exclusively for solopreneurs and is here to help. If you're a freelance writer, you could be leaving major savings on the table by not having an S Corp. Collective helped me make the switch last year, and they handled everything—S Corp election, bookkeeping, payroll, taxes—you name it. Now, I get to focus on what I love, without stressing over receipt tracking and tax forms.

Hey Friend, You already know—the legal side of business can feel like a whole thing. When I first started, I was overwhelmed trying to figure out what contracts I needed, how to set up my business structure, and whether trademarks were even worth considering. But let me tell you, finding Andrea Sager and discovering The Legalpreneur was a game-changer! In this episode, we're getting all the legal tea straight from Andrea herself. If you're a Jesus-led working mom with over 10 years of professional experience, launching your first coaching or service-based business, this is for you. We're talking about: The must-have legal steps before you launch Business structures—LLC, Sole Proprietor, S-Corp—what's right for you? The legal protections most entrepreneurs overlook (don't get caught slipping!) Why contracts are your best business bestie—and the key clauses you need When to start thinking about trademarks and how they protect your brand The #1 legal mistake new business owners make (so you can avoid it) Listen, I bought my first contract bundle from The Legalpreneur, and it took all the stress out of getting my legal foundation right. Now, Andrea is here to help you do the same! Tune in, take notes, and let's make sure your business is legally protected from day one. I pray this empowers you! .

Between tariffs and budget resolutions, it's been an eventful and busy week here at S-Corp central. To cover it all, we're joined by three-time podcast guest Ryan Ellis, the President of the Center for a Free Economy and an IRS Enrolled Agent. Ryan gives us his unvarnished take on the tariffs, the Senate budget resolution, baseline budgeting, SALT Parity, Republican tax hikes and more.

Catch up with your hosts Kaleigh and Emma and hear about what's changed for them since the last season (spoiler alert: a LOT) as well as how we're feeling about the freelance writing landscape in 2025.This season is brought to you by Collective, and they're giving you your first month free! Just use code FWCP at checkout.Tax season is stressful—no doubt about it. Are you overpaying? Are you even doing it right? It's a headache, but here's the good news: you don't have to figure it all out alone. Collective is built exclusively for solopreneurs and is here to help. If you're a freelance writer, you could be leaving major savings on the table by not having an S Corp. Collective helped me make the switch last year, and they handled everything—S Corp election, bookkeeping, payroll, taxes—you name it. Now, I get to focus on what I love, without stressing over receipt tracking and tax forms.

What if you could pay yourself tax-free using your own home? In this episode of The Rich Somers Report, Rich sits down with Karlton Dennis, tax strategist and founder of Tax Reduction Company, to break down one of the most overlooked tax-saving strategies for business owners—the self-rental loophole, also known as the Augusta Rule.Rich and Karlton discuss:How to rent your personal residence to your business and collect tax-free incomeThe specific documentation and setup required to make this strategy audit-proofCommon mistakes entrepreneurs make when trying to implement tax strategiesWhy mindset matters just as much as tax code when building long-term wealthHow to think like a CFO and stop overpaying the IRS year after yearKarlton shares practical examples of how high-income entrepreneurs and real estate investors are using advanced strategies like the Augusta Rule, S-Corp structuring, and entity stacking to build generational wealth. If you're ready to stop leaving money on the table and start using the tax code to your advantage, this episode is a must-listen.Join our investor waitlist and stay in the know about our next investor opportunity with Somers Capital: www.somerscapital.com/invest. Want to join our Boutique Hotel Mastermind Community? Book a free strategy call with our team: www.hotelinvesting.com. If you're committed to scaling your personal brand and achieving 7-figure success, it's time to level up with the 7 Figure Creator Mastermind Community. Book your exclusive intro call today at www.the7figurecreator.com and gain access to the strategies that will accelerate your growth.

In this flashback episode, I talk with Daniel Rowe, a CPA and tax attorney from Charlotte, North Carolina, as he shares invaluable insights into financial planning, bookkeeping, and business formation for mental health professionals and other service providers.Key takeaways:Understanding Business Formation: Daniel emphasizes the importance of having tailored advice for forming your business entity, whether it's a PLLC or an S Corp, and why understanding these structures is crucial to your financial health.Bookkeeping Simplified: Daniel discusses the importance of professional bookkeeping and the benefits of integrating tools like QuickBooks and Xero to streamline your financial processes.Proactive Financial Planning: Don't wait until tax season to address your finances. With the right CPA who understands your industry, you can set yourself up for success year-round.If you're a business owner in the mental health or medical field looking for neurodivergent-affirming financial advice, this episode is a must-listen!More about Daniel:Daniel is a CPA and tax attorney who works with people and businesses in the creative and professional services fields. His firm advises large and small businesses that operate in the space of making people feel good, moved - something. This includes a focus on therapists, doctors, coaches, and others who sell their time and their expertise to help improve their clients' lives.Daniel has over 20 years of tax advisory and compliance experience at firms of varying sizes. Prior to forming D.Rowe Tax, he was a tax partner in a Los Angeles-based public accounting firm and legal of-counsel to a Chicago-based law firm. He has authored numerous tax articles and presented tax seminars to thousands of CPAs and tax professionals around the country. Daniel has also taught masters-level tax courses at Loyola Marymount University in Los Angeles and the University of North Carolina, Chapel Hill. His passion for teaching and learning is what sets him apart and allows him to communicate with clients in a way that makes tax law both understandable and manageable.D.Rowe Tax's mission is to make the complicated tax code and legalese more approachable and less stressful, allowing clients to focus on their business of doing meaningful work.Website (updated): droweco.comLinkedIn: linkedin.com/in/drowetax–––––––––––––––––––––***This episode is the 9th of 10 episodes that All Things Private Practice is re-releasing for 2025. Please enjoy, and we'll be back with new content, resources, and guests in a couple of months. –––––––––––––––––––––

Episode 55:  In this episode, Timalyn explains what the failure to file penalty is and why it is adding so much to your tax bill. She will not only talk about what it is but how it's calculated, and how to potentially get it removed. Can't File Your Taxes On Time? You can avoid the failure-to-file penalty by filing a timely tax return or tax extension. If you're an individual needing to file an extension you can do so by filing Form 4868. Timalyn will have a video to walk you through filing the 2024 4868 on her YouTube channel, coming out on March 31st.   The Failure to File Penalty This is the penalty that the IRS assess to taxpayers when they file their tax return late. For individuals and corporations, it can be up to 25% of the balance owed.  For Partnership and S-Corp returns the penalty is $245 for each partner/shareholder for each month, up to 12 months. This penalty can easily cripple small business who just doesn't understand their filing obligations.  Getting the penalty removed Timalyn has covered penalty abatement in previous episodes of this podcast. There is first time penalty abatement and there is also reasonable cause abatement. This is a service that Timalyn offers in her firm. But it's best to get the information to understand if it's something you'd qualify for. You can check out the previous episodes by using the links below: IRS Penalties - First Time Penalty Abatement IRS Penalties - Removing them for Reasonable Cause Need Tax Help Now? If you need answers to your tax debt questions, book a consultation with Timalyn via her Bowens Tax Solutions website.  Click this link to book a call.  Please consider sharing this episode with your friends and family.  There are many people dealing with tax issues, and you may not know about it.  This information might be helpful to someone who really needs it.  After all, back taxes shouldn't ruin their life either. As we conclude Episode 55, we encourage you to connect with Timalyn on social media. You'll be able to subscribe to this podcast on Spotify, Apple Podcasts, Google Podcasts, and many other podcast platforms.   Remember, Timalyn Bowens is America's Favorite EA and she's here to fill the tax literacy gap, one taxpayer at a time.  Thanks for listening to today's episode. For more information about tax relief options, visit https://www.Bowenstaxsolutions.com/ . If you have any feedback or suggestions for an upcoming episode topic, please submit them here:  https://www.americasfavoriteea.com/contact. Disclaimer:  This podcast is for informational and educational purposes only.  It provides a framework and possible solutions for solving your tax problems, but it is not legally binding.  Please consult your tax professional regarding your specific tax situation.

 It's tax time. No, we're not referring to a specific date. For your business, every day is tax time. Guests Jackie and Adam Williams are married and co-own Pennywise Tax Strategies, a firm focused on helping small businesses navigate tax codes to keep more of their hard-earned money. Jackie Williams is a CPA and veteran tax specialist, and Adam Williams is an attorney and serial entrepreneur who became frustrated with large tax bills.  Managing a business and your business taxes is more than handing over a stack of receipts to an accountant once a year. Many business owners don't know enough about the tax system and miss opportunities to maximize earnings through intentional tax strategies throughout the year. Look at the future, not the past, when you think about taxes.  Payroll, cash flow, metrics, records all matter and all fit together every day, not just at the end of the tax year. This requires a shift in your mindset. Keep more of your money, reinvest it in your business, and get more out of life.  Tax strategy is not just for billionaires, it's for you. Understand incentives baked into the tax code and how you can use tactics including the switch from sole proprietor to LLC or S Corp structures. Think this isn't for you? Wait until you hear how much money, real money, you can save. Hear the actionable things you can start doing today. Mentioned in This Episode: The Un-Billable Hour podcast website Join the next Community Table live. What's on your mind? 

 It's tax time. No, we're not referring to a specific date. For your business, every day is tax time. Guests Jackie and Adam Williams are married and co-own Pennywise Tax Strategies, a firm focused on helping small businesses navigate tax codes to keep more of their hard-earned money. Jackie Williams is a CPA and veteran tax specialist, and Adam Williams is an attorney and serial entrepreneur who became frustrated with large tax bills.  Managing a business and your business taxes is more than handing over a stack of receipts to an accountant once a year. Many business owners don't know enough about the tax system and miss opportunities to maximize earnings through intentional tax strategies throughout the year. Look at the future, not the past, when you think about taxes.  Payroll, cash flow, metrics, records all matter and all fit together every day, not just at the end of the tax year. This requires a shift in your mindset. Keep more of your money, reinvest it in your business, and get more out of life.  Tax strategy is not just for billionaires, it's for you. Understand incentives baked into the tax code and how you can use tactics including the switch from sole proprietor to LLC or S Corp structures. Think this isn't for you? Wait until you hear how much money, real money, you can save. Hear the actionable things you can start doing today. Mentioned in This Episode: The Un-Billable Hour podcast website Join the next Community Table live. What's on your mind?  Learn more about your ad choices. Visit megaphone.fm/adchoices

Do you know the biggest hidden drain on your wealth? It's not bad investments, risky business moves, or even extravagant spending. It's tipping the government—paying more taxes than you actually owe.And that's just one of the four silent killers of efficiency that are quietly eating away at your financial future.I recently had the privilege of hosting an epic Montana Mastermind Skiing Adventure, where 25 high-level entrepreneurs came together to mastermind, ski, and talk shop. One of our guest speakers was my brother from another mother, the legendary Garrett Gunderson—New York Times bestselling author, wealth strategist, and straight-up financial genius.Garrett dropped some serious knowledge on the Four I's of Efficiency, a framework he shares with his millionaire and billionaire clients. And I'm about to break it down for you—so buckle up, take notes, and let's make sure you keep more of what you earn.These four areas are where most entrepreneurs unknowingly lose thousands (or even millions) of dollars over their lifetime. Fix these, and you'll be on your way to financial freedom.IRS – Stop Tipping the GovernmentThe IRS is the number one silent wealth killer. Taxes are likely your biggest business expense, yet most entrepreneurs don't have a solid tax strategy in place. If you're just handing over whatever your CPA tells you to pay, you're probably leaving a ton of money on the table.How to fix it:Be proactive, not reactive. Most CPAs are just paper pushers—they file your taxes but don't actively strategize for you. Work with a tax planner who can help minimize what you owe.Optimize your business structure. Whether you're an LLC, S-Corp, or C-Corp, your choice of entity can save (or cost) you thousands every year.Maximize deductions. Home office, travel, business meals, health insurance—if it's a legitimate business expense, make sure it's written off.Leverage advanced tax strategies. Cost segregation on real estate, R&D credits, retirement plans—these aren't just for big corporations. They're for you, too!Happy Hustle Takeaway: The tax code is designed to benefit entrepreneurs. Learn the rules, play the game, and keep more of your hard-earned money—ethically, of course.Interest – The Hidden Cost of BorrowingDebt is sneaky. It's not just about what you borrow—it's about how much interest is quietly stacking up against you.How to fix it:Know your rates. If you've got debt above 8% interest, that's a red flag. Credit card debt at 20%+? That's straight-up robbery.Refinance smart. If rates drop or your credit improves, renegotiate your mortgage, car loan, or business debt.Pay off high-interest debt first. Prioritize the most expensive debts and get rid of them ASAP.Use low-interest business credit instead of personal credit. Protect your personal score and leverage better financing options.Happy Hustle Takeaway: Every dollar wasted on interest is a dollar you could be using to fund your dream life, travel, or invest in your next big idea.Investment Fees – The Silent Wealth DrainCompounding fees can quietly eat away at your investment returns over time. Even a "small" 1% management fee can cost you hundreds of thousands of dollars over decades.How to fix it:Audit your investment accounts. Check your 401(k), IRAs, brokerage accounts—what are you actually paying in fees?Shift to low-fee funds. Index funds and ETFs usually have lower fees than mutual funds.Work with fee-only advisors. Avoid financial "advisors" who earn commissions from selling you products. Pay for advice, not someone's hidden agenda.Happy Hustle Takeaway: Compound interest can make you rich, but compound fees can keep you broke. Know what you're paying and eliminate unnecessary costs.Insurance – Protect Yourself Without OverpayingInsurance is crucial, but overpaying for coverage you don't need is just as bad as not having enough coverage.How to fix it:Conduct an annual insurance audit. Prices change, and so do your needs. Make sure your coverage is still the best fit.Insure for the catastrophic. Cover the big stuff—like life-altering events—not minor expenses.Raise your deductibles. This can significantly lower your premiums.Eliminate redundant coverage. Make sure you're not paying for overlapping policies.Happy Hustle Takeaway: Insurance is peace of mind, but it shouldn't drain your bank account. Be strategic and only pay for what truly matters.By optimizing these four areas, you'll not only stop the leaks but also create a stronger financial foundation for yourself and your business.If you want to dive deeper into these strategies, don't miss this episode. Trust me, this knowledge is worth thousands—probably more—so tune in and start Happy Hustlin your way to financial freedom!Connect with Cary!https://www.instagram.com/caryjack/https://www.facebook.com/SirCaryJackhttps://www.linkedin.com/in/cary-jack-kendzior/https://twitter.com/thehappyhustlehttps://www.youtube.com/channel/UCFDNsD59tLxv2JfEuSsNMOQ/featured Get a free copy of his new book, The Happy Hustle, 10 Alignments to Avoid Burnout & Achieve Blissful Balance https://www.thehappyhustle.com/bookSign up for The Journey: 10 Days To Become a Happy Hustler Online Coursehttps://thehappyhustle.com/thejourney/Apply to the Montana Mastermind Epic Camping Adventurehttps://thehappyhustle.com/mastermind/“It's time to Happy Hustle, a blissfully balanced life you love, full of passion, purpose, and positive impact!”Episode Sponsor: Magnesium Breakthrough from BiOptimizers (https://bioptimizers.com/happy)If you've been on a restricted diet lately or maybe even taken some meds to shed those pounds for the summer, I gotta warn ya—be careful! You might have unknowingly created a nutrient deficiency that could not only mess with your health but also jeopardize those weight loss goals.Did you know that over 75% of Americans are already deficient in magnesium? Yeah, it's wild! Magnesium is this powerhouse mineral that's involved in over 600 biological reactions in your body. It helps with everything from sleep to stress management to hormone balance—all key players in keeping your weight on track.And if you're still on those meds, you might be dealing with some side effects like sleepless nights, digestive issues, or irritability, which can totally throw off your commitment to your goals. Whether you're taking meds or not, setting up healthy habits is crucial to maintaining your weight over time. One of the best things you can do? Make sure you're getting all the magnesium your body needs.Don't let a magnesium deficiency derail your progress! Give Magnesium Breakthrough by BIOptimizers a shot. 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Taxes can feel overwhelming—especially for us photographers, filmmakers, and social media pros.. But what if you could save up to $10,000 per year just by structuring your business the right way and following a clear tax savings plan - less headaches, more money in your pocket.In this episode, Joey sits down with Hooman Radfar, CEO of Collective, to break down the exact tax strategies self-employed creatives should be using to keep more of their hard-earned money.We cover:✅ The #1 tax mistake most creatives make (and how to fix it!)✅ How electing as an S-Corp can drastically lower your tax bill✅ The best way to separate personal and business finances✅ The smartest retirement savings strategy for solopreneurs✅ How to ditch financial headaches and stay legally protectedIf you're a photographer, filmmaker or social media pro this episode is a must-listen if you want to pay less in taxes and maximize your profits.

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Law Firms Taxed as S-Corps do NOT get Audited More. Law firm owner with a trust account? Want to know an EASY way to reconcile your account and avoid the big bad bar association? Check out my new guide - Trust Account Reconciliation Made Easy: 3 Simple Steps a Cheatsheet to Keep You Compliant - https://bigbirdaccounting.com/trustaccount

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

This week, Brian and Jeremiah break down the latest market swings and what they mean for your portfolio. With the NASDAQ dipping into correction territory, should you be worried? Not if you've got a solid plan! We talk about why staying invested through the ups and downs is key and how to avoid panic-driven mistakes. Plus, we dive into estate planning—because let's be real, nobody likes thinking about it, but having a plan in place can save your family a ton of headaches. Ever wonder if those micro-investing apps actually work? We share a real-life success story that might surprise you. And for all the small business owners out there, we cover how choosing the right business structure—like an S-Corp—could save you serious money on taxes.   Listen, Watch, Subscribe, Ask! https://www.therealmoneypros.com Hosts: Brian Wiley & Jeremiah Bates ————————————————————— SPONSORS: Guild Mortgage: https://guildmortgage.com Ataraxis PEO https://ataraxispeo.com Tree City Advisors of Apollon: https://www.treecityadvisors.com Apollon Wealth Management: https://apollonwealthmanagement.com/ Formations: https://get.formationscorp.com/real-money-pros —————————————————————

Melissa Broughton is a tax and accounting specialist and the founder of Busy Bee Advisors, helping business owners and entrepreneurs get savvy about complex, even frustrating, tax and bookkeeping situations. Her background in corporate accounting and auditing complements her desire to serve as a financial translator, of sorts, to sole proprietors and small business owners so that they feel confident in their financial decisions. With her husband Eric, a tax professional, Melissa co-hosts a popular podcast, The Real Buzz: Taking the Sting Out of Taxes. She is a member of Business Network International, Rotary, FU Nights, Women in Consulting, and previously served as finance chair on the Sacramento Children's Receiving Home Board of Directors.

Welcome back to another episode of the Female EmpowerED Podcast! I'm your host, Christa Gurka, and today we're diving deep into the financial side of business with Danielle Hayden, founder and CEO of Kickstart Accounting. If you've ever felt overwhelmed by bookkeeping, taxes, or figuring out how much to pay yourself, this episode is for you!Danielle is an expert in helping business owners understand their numbers, so they can make better financial decisions that support growth and sustainability. In this conversation, we break down some of the most essential financial strategies for entrepreneurs—like how to separate personal and business finances, when it makes sense to become an S-Corp, and why saving for taxes (before tax season hits!) is a non-negotiable.Some of the key takeaways from the episode are…Get your finances in order. Learn why separating personal and business finances is a crucial first step in managing your money effectively.S-Corp advantages. Find out if electing S-Corp status is the right move for your business and what criteria you need to meet.Pay yourself like a CEO. Understanding reasonable compensation as an S-Corp owner is key to avoiding IRS scrutiny and ensuring financial stability.Prepare for tax season year-round. Danielle shares tips on tax-saving strategies, including setting aside money in a high-yield savings account.Know your financial benchmarks. Get insights into healthy financial ratios for payroll, facility costs, and profit margins to ensure your business stays on track.If you're ready to get serious about your business finances, Danielle has a free resource for you! Head over toKickstartAccountingInc.com/gift to download her Top 10 Deductions Worksheet and start keeping more of your hard-earned money.And if you want to dive deeper into financial strategies, check out Danielle's podcast, Business by the Books, where she covers these topics in even greater detail.If you enjoyed this episode, don't forget to subscribe, leave a review, and share it with another business owner who could benefit! Let's normalize financial confidence and take control of our numbers. Until next time, keep empowering yourself and your business!

So you've made the leap and elected to become an S Corp—congratulations! Now what? One of the most crucial (and often confusing) steps is figuring out how much to pay yourself through payroll. In this episode, Danielle Hayden, CEO and founder of Kickstart Accounting, Inc., is joined by Kickstart's Lead Account Manager, Kelsey Chester, to break it all down for you, from finding a payroll provider to understanding "reasonable compensation" and how to stay compliant with the IRS. They also dive into the common missteps business owners make as S Corps, seasonality in your income, and why treating yourself like the CEO of your business is instrumental to its success. If you've ever wondered how to balance paying yourself and taxes as an owner, this episode is for you! Key Takeaways:  What is “Reasonable Compensation”: What factors the IRS considers to calculate a "reasonable" salary, and how to determine how much to pay yourself to stay tax compliant.  Payroll Setup: How to set up payroll, even if you're a solo business owner, and choose the right provider. Payroll vs. Owner's Draws: The differences between payroll wages and owner's draws, and how each impacts your taxes. Financial Stability: Navigate and plan for seasonal fluctuations in revenue so you can maintain consistent paychecks and avoid cash flow issues. Year-End Tax Planning: Avoid the mistake of waiting until the end of the year to pay yourself, and how to proactively plan to reduce tax stress. Topics Discussed: Payroll Setup and Payroll Providers (00:0:48 – 00:04:49) How to Determine “Reasonable Compensation” (00:05:13 – 00:07:39) Paying Yourself a Stable Salary and Planning for Taxes (00:09:26 – 00:12:37) CEO Mindset and Paying Yourself What You Deserve (00:12:37 – 00:14:57)   Resources: Episode 189 | LLC vs. S Corp: Which Is Right for Your Business? KSA Tax Partners | Reasonable Compensation Analysis Free Gift | ‘How Much to Pay Yourself as a Business Owner' Calculator  KSA Tax Partners | https://ksataxpartners.com/  Preferred Payroll Provider | Gusto  *This content is not sponsored by Gusto   Book a Call with Kickstart Accounting, Inc.: https://www.kickstartaccountinginc.com/book    Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks  Facebook | https://www.facebook.com/kickstartaccountinginc  

SEND US A TEXT MESSAGE!!! Let Drs. Nii & Renee know what you think about the show!On this episode of “What y'all say Friday” , we start off by sharing what it's like to juggle medicine and parenthood. We actually recorded this episode during our first child-free vacation since our honeymoon. We then answer questions from our listeners on whether our locum tenens business is  incorporated as an S-Corporation or LLC. We shed light on the differences between LLCs, S-Corps, and C-Corps. Tune in for insights, and don't forget to check out our Tax Series episodes linked below! Timeline00:00 Introduction01:43 Our weekend getaway at a resort without the kids.06:35 Shoutout to Mr. Evans at the post office.08:16 Are we incorporated as an S-Corporation or LLC.15:52 The difference between a C-Corporation and an S- Corporation22:18 S-Corp vs. LLC when filing taxes.24:47 Handling your benefits such as 401k, disability insurance, health insurance, as your own employer.FREE DOWNLOAD -  7 Considerations Before Starting Locum Tenens - https://darkos.lpages.co/7-considerations-before-locumsLINKS MENTIONED Tax Benefits of LLCs - How to use a LLC to save Taxes - https://youtu.be/M_VP0rWxDucDisability Insurance, Long-Term Care & Financial Planning Strategies - https://youtu.be/JJpLIj9tVbUQ&A and Suggestions Form - https://forms.clickup.com/9010110533/f/8cgpr25-4614/PEBFZN5LA6FKEIXTWFSend us a Voice Message - https://www.speakpipe.com/docsoutsidetheboxSIGN UP FOR OUR NEWSLETTER! https://darkos.lpages.co/newsletter-signup/ WATCH THIS EPISODE ON YOUTUBE!Have a question for the podcast?Text us at 833-230-2860Twitter: @drniidarkoInstagram: @docsoutsidetheboxEmail: team@drniidarko.comMerch: https://docs-outside-the-box.creator-spring.com

Send us a textThinking about converting your C Corporation to an S Corporation? Before making the switch, do you know about the Built-In Gains (BIG) Tax—and how it could cost you thousands if you don't plan ahead?In this episode, Mike Jesowshek breaks down the Built-In Gains (BIG) Tax, a critical consideration for business owners converting from a C Corporation to an S Corporation. He explains why this tax exists, how it prevents businesses from avoiding double taxation, and the conditions under which it applies. Mike walks through key scenarios where the BIG Tax may or may not apply, how to calculate it, and the best strategies for minimizing or avoiding it. [00:00 - 03:30] Understanding the Built-In Gains (BIG) TaxMike introduces the BIG Tax and its purpose in preventing tax avoidance.What is the difference of taxation for C Corps versus S Corps?Owners need to be aware of BIG Tax before making an S Corp election.[03:31 - 11:15] Calculating the BIG Tax & IRS ConsiderationsMike shares the three key conditions that trigger the BIG Tax.Fair market value vs. adjusted basis determines built-in gains.Mike discusses the step-by-step breakdown of how to calculate the BIG Tax.Proper asset valuation at the time of conversion is critical.[11:16 - 14:00] Strategies to Avoid the BIG TaxHold onto assets for at least five years to bypass taxation.Time asset sales in loss years to offset taxable gains.Utilize NOL (Net Operating Loss) carryovers from the C Corp.[14:01 - 17:32] When the BIG Tax Does NOT Apply and Final ConsiderationsMike shares scenarios where business owners don't have to worry about the BIG Tax.BIG Tax is not a reason to avoid an S Corp election—planning is key.What is the importance of documentation and fair market value assessments?Notable Quotes:“The BIG Tax exists to stop business owners from electing S Corp status right before a liquidation or sale to dodge double taxation.” - Mike Jesowshek, CPA“Holding onto your assets for five years after converting to an S Corp is the simplest way to avoid the Built-In Gains Tax.” - Mike Jesowshek, CPA“The BIG Tax is important to understand, but it's not a reason to avoid an S Corp election. With the right planning, an S Corp is still a powerful tax-saving strategy.” - Mike Jesowshek, CPACheck out this episode's blog post: https://www.taxsavingspodcast.com/blog/beware-of-hidden-built-in-gain-big-taxes-when-transitioning-to-s-corporationClick here to book a demo call or you can visit https://taxelm.com/demo/ ______Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings PodcastJoin TaxElm: https://taxelm.com/-------Podcast Website: https://www.TaxSavingsPodcast.comFacebook Group: https://www.facebook.com/groups/taxsavings/YouTube: www.TaxSavingsTV.com