Podcasts about s corp

In this episode, Ryan and I break down the actual systems we use with high-earning business owners to manage S-Corp cash flow the right way.We cover reasonable salary, monthly vs. quarterly distributions, tax planning mistakes we see all the time, and how to create a structure that actually works with your lifestyle and business.-------✅ Financial planning for 30-50 year old entrepreneurs: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.allstreetwealth.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠✅ My personal blog & newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.thomaskopelman.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Disclaimer: None of this should be seen as financial advice. It is just for informational purposes.

Use code TURFNERDS for 5% off orders $600 and up at Magna-Matic! Use discount code for TURFNERDS10 for 10% off at Strauss, valid starting April 29 through May 31 Use code NERDS to save 10% on Spencer Products! In this Turf Nerds on Turf's Up Radio episode, we're diving into the chaos of a rainy Michigan spring, double-cutting overgrown lawns, and what happens when a neighbor takes out a light post with your mower. We break down mower deck cracks, bent decks, and what's really behind those ugly stripes homeowners can't explain. Blade talk heats up with a concerning copperhead blade snap, Ballard gold hybrid blade first impressions, and the case for always keeping a sharp edge. Plus — sod lifters, S-Corp payroll headaches, ISO Tunes breaking down mid-season, walkers ear protection, health insurance nightmares, and the lawn guy who showed up and mowed a client's lawn WITHOUT being asked. If you're a lawn care pro who's had a week, this one's for you. Tap Here for Turf Nerds Merch!⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Look! We Have A Website!⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Don't forget to check out ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Green Frog Web Design⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and tell them the Turf Nerds sent you. Or Greg will scalp your lawn! Use promo code TURFNERDS for 50% off Equip Expo 2026 registration! Shoot us an email! Evan@TurfNerdsPod.com ⁠⁠Instagram⁠⁠ ⁠⁠Facebook⁠⁠ ⁠⁠TikTok⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Subscribe on YouTube: ⁠⁠⁠https://www.youtube.com/@TurfNerdsPodcast?sub_confirmation=1⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠#LawnCare #LawnMaintenance #Mowing #MowingGrass #LawnCareBusiness #Toro #ToroMultiforce #CubCadet #BibleStudy #Bible #Christian #Business #Entrepreneurship #Comedy #2024 #Marketing #Advertising #TipsAndTricks #Tips #Success #Yakta #YaktaMowers #YaktaOutdoor #Spring #SpringRush #FYP #Mower #NewMower #UsedMower #RouteDensity #EquipExpo #EquipExpo2024 #Echo #Stihl #RedMax #Shindaiwa #StringTrimmer #WeedWhip #GreenFrogWebDesign #WebDesign #EzraMcCarthy #Aerator #Aeration #ZAerate #Bobcat #BobcatMowers #Husqvarna #HusqvarnaGroup #HYGREENTOOL #GOMOW #ThunderLightingSupply #ChristmasLights #Christmas #Trump #DonaldTrump #PresidentTrump #ElectionDay #EZDumper #DumpInsert #StempkyNursery #Mulch #MulchInstallation #TurfNerds #Newsmax #NewsmaxTV #CarlHigbie #CharlieKirk

Send us Fan MailDiscover the essentials of building a solid foundation in entrepreneurship, from licensing in regulated industries to structuring your business for growth. Vicki Greco, founder of Silent G Consulting, shares her expertise on legal strategies, personal grounding, and the future of business in Las Vegas.The importance of community and global reach for small podcasts and entrepreneursVicki's unique 5G philosophy: God, Gratitude, Grace, Grounding, and GrowthKey insights into regulated industries: licensing, legal hurdles, and misconceptionsBusiness structure tips: LLC, S-Corp, and the importance of proper tax planningBuilding legacy through early business formation for youthSpecialization in niche markets like social media marketing, wellness, and crypto licensingTransition from law practice to business consulting after personal setbacksFuture projects including SEO for crypto licenses and business conversionsLas Vegas as a hub for new entrepreneurs: opportunities and hidden gemsEnd your entrepreneurial journey with confidence—leverage legal frameworks, personal growth, and strategic planning. Vicki's insights are vital for anyone looking to thrive in Vegas and beyond.Silent 'G" Consulting InstagramSilent "G" Consulting websiteStay Connected

Subscribe to The M.O.R.E. Show Most real estate investors are leaving massive tax savings on the table and they don't even know it. In this episode of The M.O.R.E. Show, Justin Colby sits down with tax strategist and real estate investor Karlton Dennis to break down how the tax code can legally reduce what you owe to near zero, why gas stations are one of the most overlooked investment vehicles for depreciation, and how cost segregation and bonus depreciation are the tools wealthy investors use that most people never hear about. KEY TOPICS COVERED: Why gas stations depreciate in 15 years vs 27.5 for residential, and what that means for your tax bill Cost segregation and bonus depreciation explained for real estate investors How to invest as a limited partner and earn passive income without operational risk The real estate professional status strategy and why it changes everything Entity structure, S-Corps, and how business owners can legally reduce taxes Estate planning: revocable vs irrevocable trusts and protecting wealth across generations Key Moments: 00:00 — Why Carlton invested with Grant Cardone as a limited partner 01:12 — Introduction: Karlton Dennis, tax strategist and real estate investor 02:08 — What Carlton is investing in right now in 2026 02:52 — Why gas stations are a powerful tax strategy 03:10 — Cost segregation and bonus depreciation explained 07:00 — Real estate professional status and passive income 12:00 — S-Corps, entity structure, and tax reduction for business owners 20:00 — How to use real estate to offset W-2 income 30:00 — Estate planning: trusts, capital gains, and generational wealth 40:45 — Karlton's book: The Art of Legal Tax Avoidance 42:27 — How to connect with Karlton Dennis Connect with Karlton Dennis: Instagram: @Karltondennis Book: The Art of Legal Tax Avoidance, Volume 1 — available on Amazon About The M.O.R.E. Show: The M.O.R.E. Show is hosted by Justin Colby and is dedicated to helping real estate professionals, investors, and entrepreneurs maximize opportunity in any market. New episodes every week. Learn more: www.timeformore.com Invest with Elevest Capital: www.elevestcapital.com Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

40% of doctors have a side gig — and most are one contract clause away from handing it to their employer. Forty percent of physicians now run a side gig — chart reviews, expert witness work, SaaS tools, real estate, content, consulting. But here's what nobody covered in residency: most are leaving money on the table at tax time, mixing business and personal finances into an unfixable mess, or unknowingly signing away their intellectual property in an employment contract they barely skimmed. In this episode of Money Meets Medicine, Dr. Jimmy Turner and CFP Justin Harvey unpack what physicians actually need to know before they earn their first non-clinical dollar — and what to do once they're already five figures a month in. If you've ever wondered whether you should be an S Corp, whether your hospital can claim your nights-and-weekends project, or whether business ownership is even worth the headache, this one is for you. Resources: Need a new CPA? Work with Gelt, the proactive tax strategy partner that Jimmy uses, and receive 10% off the first year through the MMM link — https://moneymeetsmedicine.com/CPA Disability Insurance — Where physicians (especially trainees) can request a GSI quote and learn whether one is available at their program — moneymeetsmedicine.com/disability Medscape 2025 Physician Side Gig Survey - https://www.medscape.com/slideshow/doctors-side-gigs-2025-6018502   Episode Summary An orthopedic surgeon writes in: he's pulling $550K at an academic center and has quietly built an AI-powered prior authorization SaaS now generating five figures a month. What should he be thinking about? Jimmy and Justin use that question as a launchpad into the financial reality of physician non-clinical income — the ups, the downs, and the surprisingly counterintuitive parts. Jimmy, recently transitioned from 15 years as a W-2 academic anesthesiologist to a 1099 private practice gig, shares why business ownership has been more stressful than running codes — and why he's still glad he did it. He explains why a $30,000 surprise tax bill finally pushed him to bring in a real tax strategy team (not the February-only compliance CPA most physicians settle for), and the difference between the two. The conversation digs into the Medscape 2025 numbers: 40% of physicians have a side gig, 50% between ages 40 and 50, and 60% say they're doing it for extra income. Most physicians aren't actually trying to leave medicine — they're trying to build enough financial freedom to practice on their own terms. Sometimes a $60,000 side income buys back a day of the week. Justin pushes on the harder questions: What's your goal? What's the actual ROI once you factor in CPA fees, self-employment tax, and the brain space business ownership demands? Why some physicians thrive in 1099-land and others should sprint back to W-2. They also walk through the practical setup — the deceptively simple three-step LLC-EIN-bank-account process most physicians overcomplicate or skip entirely — and the contract landmine almost no academic physician thinks about: who actually owns the work you do on nights and weekends. Plus the tax-strategy doors most W-2 doctors don't realize are closed to them: S Corp elections, QBI, solo 401(k)s, cash balance plans, and pass-through entity tax. If you're already running a side gig or seriously thinking about one, this is the cheat sheet you wish someone had handed you before you started. What You'll Learn Why 40% of physicians now run a side gig — and the real reason most start one (it's not what you think) The three-step business setup most physicians overcomplicate: LLC, EIN, separate bank account How an employment contract clause can quietly hand your side gig over to your hospital — and how to negotiate it before you sign When a tax strategy team actually pays for itself versus when basic compliance is enough The ROI math on 1099 income: what your side gig really needs to clear after self-employment tax, professional fees, and added complexity Side gigs with lower ceilings but much higher odds of success — and why 90% of online businesses fail Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Send us Fan MailThis episode is a replay of my April 2026 live Q&A, and we cover a ton of ground that I know so many of you are dealing with right now.Whether you're just starting out and trying to figure out where to even begin with automation, or you're in the thick of building a team and wondering why delegating feels harder than just doing it yourself, this one's for you. We also get into some juicy topics like QBO Payroll versus Gusto, how to handle S-Corp clients who are flying under the radar on reasonable salary, and what to do when a competitor is trying to tank your reputation online.In this episode you'll hear:The very first thing I recommend automating in your bookkeeping practiceHow to confidently ask a prospective client for access to their booksQBO Payroll versus GustoHow to advise S-Corp clients on taking a reasonable salaryResources mentioned in this episode:Elevate: https://www.ambitiousbookkeeper.com/elevateThe Bookkeeping Business Accelerator: https://www.ambitiousbookkeeper.com/bbaEmailing List: ambitiousbookkeeper.com/subscribeDubsado (free audio series): https://www.ambitiousbookkeeper.com/dubsadoDubsado (affiliate link): https://www.dubsado.com/?c=shoupcpaDubsado Decoded: https://kendracourtney.com/dubsado-decoded/Breakthrough by Workflow Queen: https://serenashoup.krtra.com/t/IKUxtNZoz7lFYouTube: "Is It Time to Move My Clients to Xero?"Xero Partner Program (affiliate link): https://xeroamericas.partnerlinks.io/79afz10exu7dGusto (affiliate link): https://gusto.com/partners/i/serena591Thanks for listening. If this episode inspired you in some way, take a screenshot of you listening on your device and post it to your Instagram stories and tag me @ambitiousbookkeeperFor more information about the Ambitious Bookkeeper Podcast or interest in our programs or mentoring visit our resources below:Visit our website: https://www.ambitiousbookkeeper.comFollow me on YouTube: https://www.youtube.com/@ambitiousbookkeeperConnect on Instagram: https://www.instagram.com/ambitiousbookkeeperConnect on Threads: https://www.threads.net/@ambitiousbookkeeperConnect on Facebook: https://www.facebook.com/serenashoupcpaThank you for your support of our show. If you haven't left a review yet it's super simple. Please go to ambitiousbookkeeper.com/podcast and leave your review.Podcast Publishing Tools we use:Editing → Sabr Media LLC: https://www.iangilliam.com/sabr-media-llcDescript: https://get.descript.com/u7lubkx09073 (affiliate link)Buzzsprout: https://www.buzzsprout.com/?referrer_id=1753696 (affiliate link)Join the next free training > Get access to the Dubsado Decoded Private Podcast Series here>>

Today we're digging into a topic you might not have considered before: the importance of clean financial data. We talk about numbers constantly—how to focus on them, why they matter, and what you should be looking at. But we haven't truly discussed why having clean information is the absolute backbone of successful decision-making in a product-based business. The Danger of Dirty Data I recently spoke with two clients who were using a financial analysis tool to guide their buying. The tool kept telling them to buy more, buy more. They followed the data, thinking they were being efficient, only to end up buried in inventory that didn't move. That wasn't a supply chain problem or a marketing problem—it was a data problem. Dirty data is dangerous because it doesn't come with a warning label; it looks like fact, but it's actually fiction dressed as finance. What Does Dirty Data Look Like? If you want to avoid making wrong decisions confidently, watch out for these five common red flags: Miscategorized Transactions: Expenses floating in no man's land or assigned to the wrong revenue streams. COGS vs. OPEX Confusion: When your inventory purchases are blurred with operating expenses, you can't see your true margin. Timing Errors: Recognizing revenue when cash hits rather than when it's earned (Cash vs. Accrual). Inventory Valuation Gaps: Your books say you have 800 units, but your warehouse only has 500. Un-netted Discounts: Refunds and chargebacks that aren't properly subtracted from your top-line revenue. The Three Cs of Clean Data To run a genius inventory system, your data must be: Consistent: Applying the same rules and categories every single month. Connected: Your POS, bank account, and accounting software should all tell the same story. Current: Books should be reconciled and in your hands by the 15th–20th of every month—not just at tax time! 8 Key Data Points You Need to Track I want you to look at your dashboard and ask: “Do I actually have this number, and can I trust it?” Gross Margin by SKU: Not just overall, but by category and brand. Inventory Valuation: Real-time wholesale and retail value. 12–13 Week Cash Flow: A forward-looking projection of your bank balance. Net Revenue: Gross sales minus returns, fees, and discounts. Customer Acquisition Cost (CAC): What it actually costs to get a buyer through the door. Inventory Turn: How fast your product is moving by department. All-in Cost Per Unit: The landed cost including shipping and handling. Contribution Margin: Revenue minus all variable costs to see what truly goes toward profit. Your 3-Step Data Audit Don't just listen—take action today with these three simple steps: Step 1: Pull your P&L and go line-by-line. Ensure every expense is correctly categorized. Step 2: Confirm your bookkeeper is reconciling accounts monthly and delivering reports on time. Step 3: Check your POS. Ensure every SKU has an accurate cost associated with it. Final Thought: Stop treating your books like a tax document and start treating them like a GPS. Clean data leads to better decisions, which leads to stronger margins, which leads to cash. Work with Me - https://www.ciarastockeland.com/work-with-meVisit the Bookstore - https://www.ciarastockeland.com/bookstoreSign Up for Free Weekly Tips and Trainings - https://www.ciarastockeland.com/subscribe More About the Episode Sponsor:T&O Strategic Advisory (http://www.tostrategicadvisory.com/) - Offering a wide range of tax and accounting services, including entity election and S-Corp advisory.

Use code TURFNERDS for 5% off orders $600 and up at Magna-Matic! Use discount code for TURFNERDS10 for 10% off at Strauss, valid starting April 29 through May 31 Use code NERDS to save 10% on Spencer Products! Is your lawn care business structured the right way, or are you handing thousands of dollars back to the IRS every year? Evan breaks down the real math behind switching from an LLC to S-Corp status, including how splitting your income into salary and distributions can save you thousands annually. Plus, Rich Carroll from Viper Mowers calls in live with a production update! Mowers are rolling off the line, a giveaway winner gets their machine and trailer, and a new 60,000 sq. ft. facility in Cedartown, Georgia is up and running. All that plus mower blade combos, Strauss workwear in the cold, and the neighbor who's been secretly mowing your client's lawn for a year. Tap Here for Turf Nerds Merch!⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Look! We Have A Website!⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Don't forget to check out ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Green Frog Web Design⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and tell them the Turf Nerds sent you. Or Greg will scalp your lawn! Use promo code TURFNERDS for 50% off Equip Expo 2026 registration! Shoot us an email! Evan@TurfNerdsPod.com ⁠⁠Instagram⁠⁠ ⁠⁠Facebook⁠⁠ ⁠⁠TikTok⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Subscribe on YouTube: ⁠⁠⁠https://www.youtube.com/@TurfNerdsPodcast?sub_confirmation=1⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠#LawnCare #LawnMaintenance #Mowing #MowingGrass #LawnCareBusiness #Toro #ToroMultiforce #CubCadet #BibleStudy #Bible #Christian #Business #Entrepreneurship #Comedy #2024 #Marketing #Advertising #TipsAndTricks #Tips #Success #Yakta #YaktaMowers #YaktaOutdoor #Spring #SpringRush #FYP #Mower #NewMower #UsedMower #RouteDensity #EquipExpo #EquipExpo2024 #Echo #Stihl #RedMax #Shindaiwa #StringTrimmer #WeedWhip #GreenFrogWebDesign #WebDesign #EzraMcCarthy #Aerator #Aeration #ZAerate #Bobcat #BobcatMowers #Husqvarna #HusqvarnaGroup #HYGREENTOOL #GOMOW #ThunderLightingSupply #ChristmasLights #Christmas #Trump #DonaldTrump #PresidentTrump #ElectionDay #EZDumper #DumpInsert #StempkyNursery #Mulch #MulchInstallation #TurfNerds #Newsmax #NewsmaxTV #CarlHigbie #CharlieKirk

Are you leaving money on the table when it comes to taxes?  In this Q&A episode of Life Changing Money, Barbara answers some of the most common tax and business questions entrepreneurs ask when trying to build wealth, lower taxes, and structure their businesses strategically. From vehicle write-offs and home office deductions to S Corps, inventory deductions, business travel, and retirement strategies, this episode breaks down complex tax topics into practical, easy-to-understand advice for business owners at every stage. Whether you're just starting your business or looking to optimize your current setup, this episode is full of valuable tax nuggets you can apply right away. Tune in to hear: How home office and vehicle deductions really work The truth about Section 179 and business vehicle write-offs What business owners should know about inventory deductions Rules around paying student loans through a business How to structure business travel properly for deductions The benefits of electing S Corp status Common mistakes entrepreneurs make with write-offs Why separating personal and business spending matters Strategies for maximizing deductions as a business owner How HSAs can become a powerful wealth-building tool Tax planning tips for entrepreneurs, LLCs, and growing businesses Join us for How to Win the Tax Game masterclass happened 5/28: https://taxedacademy.com/masterclass-page How 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.biz Sign Up For Our Newsletter Life Changing Money Podcast Get Tax Help!

Taxes are one of the most stressful parts of running a therapy practice, and for many business owners, it's not because they're doing something wrong. It's because no one ever taught them how this actually works. In this episode, I'm joined by Haley Literal to break down the most common tax mistakes therapists make and how to avoid them before they cost you thousands. We talk about what to do before you even see your first client, when it makes sense to change your tax strategy, and how to manage taxes when your income isn't consistent. This is a practical, grounded conversation designed to help you feel more in control of your numbers and less reactive when tax season comes around. In this episode, we cover: The first tax steps to take when starting your practice The most common mistakes that lead to overpaying taxes When to stop using DIY tax software When an S Corp actually makes sense How much to set aside for taxes What changes when your business grows Deductions most therapists are missing How to track your finances without overcomplicating it Resources mentioned: Self Employed Taxes Explained (free guide) Book an Call for Tax planning and strategy support Guest Contact Information Connect with Hallee Literal — Tax Professional Incite Tax | Website   **This podcast is not medical advice and is not a substitute for consultation with an appropriate medical professional. We make no representations as to any physical, emotional, or mental health benefits that may be derived from listening to our podcast. Likewise, we do not make any representations or guarantees as to any possible income, business growth, additional clients, or any other earnings or growth benefits that may be derived from our podcast. Any testimonials, examples, or other results presented are the experiences of one client. We do not represent or guarantee you will achieve the same or similar results. You understand and agree you are solely responsible for any decisions you make from the information provided.**   The Fully Booked Therapist Podcast includes affiliate links in its show notes. This means we may earn a commission if you click on or make purchases via the links in our show notes.

Should you open another LLC, elect S Corp status, or create a more advanced business structure?Mike breaks down when a multi-entity structure makes sense, and when it creates more confusion than value.  Learn when one LLC is enough, how S Corps and partnerships fit in, and why timing matters. Structure too early and you create chaos. Wait too long and you expose yourself to risk. 

Show Notes:  Miguel Sancho shares his background, mentioning his small-town roots in eastern Kansas and his education at Harvard and Phillips Andover Academy where he studied government and history. He discusses his initial plan to pursue a PhD and become an academic but instead moved to New York City to try his hand at music. Miguel transitioned from music to journalism, starting in 1993, and worked in various roles, including as an investigative journalist for Inside Edition, and 20/20 a prime time show on ABC News, and CBS News. Launching a Production Company Miguel talks about his personal life, including his marriage, children, and the challenges of raising a son with a rare immune deficiency. He describes the six-year journey to find a bone marrow transplant for his son, which ultimately succeeded at Duke University Hospital. Miguel left ABC News to start his own production company, working on specials and series for various networks, including A&E and News Nation. He mentions his book More Than You Can Handle, published in 2021, and his new book Evidence of the Extraordinary, set to be released soon. Exploring Evidence of the Extraordinary Miguel discusses his new book, Evidence of the Extraordinary, which explores unexplained phenomena like UFOs, legendary creatures, and miracles. It was derived from one of the television shows Miguel produced. He explains how the COVID-19 pandemic led him to take on a show on the History Channel called The Proof is Out There, which investigates anomalous phenomena. Miguel shares his initial skepticism about the paranormal but acknowledges the importance of investigating these phenomena with a journalistic approach. He talks about some of the most extraordinary unexplained phenomena, including deep-sea discoveries, and  the Havana Syndrome. He highlights the challenges of balancing skepticism with the possibility of rare, unexplained events, and the importance of humility when addressing what we think we know.   Undercover Journalism at Inside Edition Miguel describes his experience at Inside Edition, where he wore hidden cameras to investigate corrupt and criminal organizations. He shares specific cases, including infiltrating a pit bull fighting ring and a drug-dealing carnival worker. Miguel discusses the legal and ethical considerations of undercover journalism, emphasizing the importance of thorough research and planning. He reflects on the skills required for undercover work, such as acting stupid and eliciting information from subjects, and how the public's cognitive dissonance plays a role in limiting detection. Challenges of Working in Television Miguel talks about the transition from being an employee at networks to running his own production company. He explains the process of setting up an SCorp and the responsibilities of managing a production company, including pitching shows and maintaining client relationships. Miguel describes the development process of selling a show to a network, including creating detailed pitch documents and securing talent. He discusses the challenges of the evolving TV industry, including the rise of streaming platforms and the need for scalable content. Life Altering Challenges Miguel shares the personal story of his son's rare immune deficiency and the journey to find a cure. He describes the emotional and practical challenges faced by his family, including the impact on their mental and physical health. Miguel highlights the importance of medical research and the role of institutions like the National Institutes of Health and Duke University Hospital in providing life-saving treatments. He reflects on the broader implications of rare disease diagnoses on families and the need for support and understanding. Harvard Reflections Miguel reminisces about his time at Harvard, mentioning influential professors like Bernard Bailyn, Elaine Scarry, and Judith Shklar. He discusses the impact of Judith Shklar's teachings on individual rights, group rights, and the importance of avoiding cruelty. Miguel shares his experience of reading E.O. Wilson's "On Human Nature" years after his course with Wilson, which led to a new appreciation for Wilson's work. He reflects on the lasting influence of these professors on his professional and personal life. Current Projects Miguel talks about his current projects, including a new show in development and his ongoing work with News Nation. He discusses the potential of prediction markets and interactive elements in future TV content to engage younger audiences. Miguel reflects on the evolving landscape of the TV industry and the importance of adapting to new technologies and platforms.  Timestamps: 02:02: Personal Challenges and Professional Pivots  04:26: Investigating Unexplained Phenomena 18:28: Investigative Techniques and Notable Cases 33:43: Transition to Independent Production 41:42: Impact of Rare Diseases on Families  42:21: Influence of Harvard Professors  Links: LinkedIn: https://www.linkedin.com/in/miguel-sancho-b7aa37a/ More than You Can Handle: https://www.penguinrandomhouse.com/books/611475/more-than-you-can-handle-by-miguel-sancho/ Evidence of the Extraordinary: https://www.simonandschuster.com/books/Evidence-of-the-Extraordinary/Miguel-Sancho/9781668085455 *AI generated show notes and transcript  

Are you 'winging it' when it comes to the business side of your creative life? In this episode, Allen C. Paul walks through five essential questions every creator must answer to move from simply doing creative work to running a real business. Whether you're just getting started or thinking about next-level growth, these five pillars will help you protect your work, simplify your life, and free up mental space for the creativity that matters.What You'll LearnThe difference between a side gig and a legitimate business — and why it matters legally and financiallyWhy a fictitious name (DBA) isn't enough — and what you actually need (LLC, S-Corp, or C-Corp explained)How to separate your creative business from your personal life — protect your personal assets and assetsThe three tracking systems that keep you sane — bank accounts, revenue/expense tracking, and why the IRS cares about bothWhat a business plan actually looks like — it doesn't require a loan officer's approval; it requires your clarityStandard agreements that prevent partnership disasters — real examples from podcasting and how to get them without reinventing the wheelWhy "organization" is the greatest tool for creativity — less friction = more freedom to createText the Show! Don't Build Your Creator Lifestyle Alone. Join the Community! In our 360 Creator Community, you get focused encouragement, guidance, and training on how to thrive as a God-centered creator. Joining gives you access to our app, workshops and community conversations, so you can stop being isolated and frustrated and start enjoying creative confidence! Join today!GodandGigs.com/membershipSupport the showWANT HELP WITH YOUR CREATOR BUSINESS? Sign up for the Creator Biz Deep Dive waitlist - godandgigs.com/bizdeepdivePODCAST MERCHGet God and Gigs themed gear, clothing and accessories HERE! FOLLOW US ON SOCIAL!  InstagramFacebook YouTubeWant to be a guest on The God and Gigs Show? Send us a message on PodMatch, here! © 2026 Paul Creative Solutions

We often obsess over our personal credit scores, but how much thought do we give to our business credit? In this episode, I'm joined by Gerri Detweiler from Nav to demystify the world of business credit. We explore why most of us are in the dark about our business scores, how these scores impact our ability to secure supplier terms and loans, and the simple steps we can take to monitor and build a healthy financial profile for our businesses. Key Takeaways The Business Credit Gap: Unlike personal credit, there are no federal requirements for free annual business credit reports. Most of us don't even know our score exists until a loan application is denied. The Big Three Bureaus: We look at the major players Gerri mentions: Dun & Bradstreet (D&B), Equifax Commercial, and Experian Commercial. The Power of Terms: Paying our Net 30 supplier invoices on time isn't just good for the relationship—it's a primary way to build a positive credit history, as many suppliers report to the bureaus. Separating Personal from Business: While our personal credit often remains a factor for small businesses, establishing an LLC and obtaining an EIN and DUNS number are critical steps toward our financial independence. Hidden Use Cases: It's not just for loans! Business credit can affect our insurance premiums and our ability to land large commercial partnerships or retail distributions. The Debt Trap: Gerri explains the hidden cost of fast capital and provides resources to help us calculate the true APR of financing offers that might seem cheap on the surface. Work with Me - https://www.ciarastockeland.com/work-with-meVisit the Bookstore - https://www.ciarastockeland.com/bookstoreSign Up for Free Weekly Tips and Trainings - https://www.ciarastockeland.com/subscribe Connect with Nav:Website: https://www.nav.com/ More About the Episode Sponsor:T&O Strategic Advisory (http://www.tostrategicadvisory.com/) - Offering a wide range of tax and accounting services, including entity election and S-Corp advisory.

If you don't truly know your numbers, how well do you really understand your business? Why do so many practitioners avoid their finances when clarity is what builds security? When […] The post Bookkeeping, Taxes, and Becoming an S-Corp with Emily Bowie | GP 323 appeared first on How to Start, Grow, and Scale a Private Practice | Practice of the Practice.

Every business owner hits a point where the tax questions start stacking up. Can I deduct this? Should I switch to an S Corp? Is this still a business if I have not made money yet? And what happens if I did something before I had my systems set up the right way?In this episode, Mike opens the floor to questions from business owners and breaks down the tax answers behind them. From zero-activity LLC filings and Schedule C concerns to family payroll planning, vehicle deductions, and rental strategies like the Augusta Rule, this episode covers the practical decisions that shape how much tax you pay and how well your strategy holds up. 

You are making money. But are you actually keeping it? Too many entrepreneurs I talk to are generating real revenue and still not paying themselves consistently. They are running profitable businesses and their personal finances do not reflect it at all. Here is what most people do not realize. How you pay yourself depends entirely on how your business is set up. LLC owners and S-Corp owners play by completely different rules. And if you do not know which rules apply to you, you could be leaving thousands of dollars on the table every single year. That is exactly why I brought Chika Obih on the show. Chika is a CPA with 16 years of experience working with high-achieving women entrepreneurs. In this episode she breaks down how to pay yourself correctly based on your business structure, what the IRS actually requires, and how to make sure your personal finances finally match the business you have built. Key Topics Discussed Why your business structure determines how you pay yourself The difference between owner draws and W-2 salary What the IRS means by reasonable salary and why it matters The three-bucket framework for salary, draws, and retained profit How to pay yourself consistently even when revenue fluctuates The S-Corp tax savings most business owners are missing Key Takeaways Your business structure determines how you pay yourself. Most entrepreneurs find out they have been doing it wrong after the fact. Chika breaks down exactly what the IRS expects from you based on how your business is set up. There is a three-bucket framework for paying yourself. Getting the balance right between these three buckets could save you thousands in taxes every single year. Reasonable salary is not a number you get to make up. The IRS has a definition and if you miss it in either direction it will cost you. Chika explains how to find the right number for your industry and location. There is a right way to pay yourself consistently even when revenue fluctuates. Chika shares the exact approach she gives her clients so they can stop guessing and start paying themselves like a CEO. Your money check-in routine could be your most powerful income generating activity. Chika shares the weekly and monthly habits that keep her motivated, clear, and consistently in action in her business. Resources and Links Download Chika's Free Monthly Money Check-In Guide  Follow Chika on Instagram — @chikaobihcpa Connect on LinkedIn with Chika Subscribe to Chika on YouTube  Enjoyed this episode? If this conversation opened your eyes, share it with a business owner who needs to hear it. Leave a five star rating and a written review so more entrepreneurs can find the show. And come tell me what you think. You can DM me on Instagram @JamilaPayneMBA anytime. This is the Productive and Paid podcast. Real conversations about entrepreneurship and money. Until next week, stay productive and get paid.

Mark Kohler is a nationally recognized CPA, tax and legal strategist, senior partner at KKOS Lawyers, and co-founder of Directed IRA—an Inc. 5000 company. With over 25 years of experience and more than 10,000 client consultations, Mark has built a reputation for helping entrepreneurs legally reduce taxes, protect assets, and build long-term wealth. Known for simplifying complex financial strategies, Mark brings practical, actionable advice that business owners can implement immediately. On this episode we talk about: Why tax strategy matters more than tax filing—and when to actually plan Common tax mistakes entrepreneurs make (and how to avoid them) The truth about LLCs, S-Corps, and what actually saves you money How to build a coordinated business structure for tax efficiency and asset protection Why skill stacking, communication, and trade-based careers are key in the age of AI Top 3 Takeaways Tax planning happens before the year ends—waiting until April is already too late for most strategies. An LLC alone doesn't save taxes—true savings come from proper structuring (like S-Corp elections) and proactive strategy. The biggest earning advantage comes from stacking unique skills and simplifying complex ideas so others understand your value. Notable Quotes "It's easier to save money than make money." "LLCs don't save taxes—strategy does." "Who cares how smart you are if people don't understand you?" Connect with Mark Kohler: LinkedIn: https://www.linkedin.com/in/markjkohler/ Youtube: https://www.youtube.com/c/markjkohler Instagram: https://www.instagram.com/markjkohler/ Other: https://markjkohler.com Travis Makes Money is made possible by High Level – the All-In-One Sales & Marketing Platform built for agencies, by an agency. Capture leads, nurture them, and close more deals—all from one powerful platform. Get an extended free trial at gohighlevel.com/travis Learn more about your ad choices. Visit megaphone.fm/adchoices

If there's one formula that truly determines your happiness (and success) as a business owner, it's this: capacity equals demand. What does that mean? It's simple. If you have too much capacity—too many employees, too much equipment—and not enough demand from customers, life gets stressful and you start losing money. On the flip side, when demand is off the hook and you don't have enough capacity, you're overwhelmed, your team gets burned out, and the client gets frustrated.  Capacity = demand isn't just a finance concept—it's the secret sauce to scaling a home service business without losing your sanity. The closer you keep these two variables in balance, the smoother your business runs, and the more you can enjoy building something valuable for your team, your customers, and yourself. It's not always easy. Staying intentional about this formula is a daily practice, and few talk about the emotional impact of getting it right—or wrong. But when things finally click, there's nothing better. The compounding value of capacity = demand. This episode dives deep into the math, mindset, and actionable strategies for starting, scaling and optimizing your business.  In this episode, you will discover:   The 5 essential steps to properly setting up your business finances, including separating your personal and business accounts and understanding your roles as both CEO and owner. The magic formula for running a service business successfully: Capacity equals demand, and what happens when those are out of balance. The reality of the inflection point of scaling—why scaling up means changing roles, taking risks, and investing in marketing, recruiting, and infrastructure, as well as the challenges of hiring and retaining employees. The pros and cons of commission pay vs. hourly pay and how these choices affect production rates, employee motivation, and business profitability. Whether buying equipment to save on taxes actually works, and the math behind making effective assets and purchases.      "Capacity equals demand is the magic formula to grow a business that doesn't s*ck." - Dan Platta Topics Covered:   00:01:05 – The "Math Game" of Business Every business, regardless of its niche, is fundamentally about managing math—clarity on profits, costs, and investments. Serving people is important, but profitability is essential to benefit everyone involved: family, customers, employees. 00:01:54 – Step 1: Separate Business and Personal Finances Business owners must stop mixing personal and business transactions. Commingling makes it "impossible to make good decisions" because you can't accurately track expenses, investments, or returns. Creating separation brings immediate clarity and allows assessment of where money is coming in and going out. 00:02:46 – Step 2: Distinguishing CEO vs. Owner Roles Understand the distinction between being the CEO (day-to-day operations, business decisions) and the owner/investor (providing capital, expecting a return). Many owners only pay themselves for their labor and never separate out an owner's return, resulting in businesses that aren't truly profitable when they step away from operations. 00:05:54 – Step 3: Debt Isn't Evil; Credit Cards & Business Loans Have a Place Dan Plata clarifies the difference between personal debt aversion and business leverage. Credit cards, when paid off monthly, offer "0% interest for 30–40 days" plus bonus points, making them an asset for cash flow management. 00:09:02 – Step 4: Keep Accounting Systems Separate from Operating Systems Don't expect one tool to do it all. Mixing operating software (e.g., Jobber) with accounting software (e.g., QuickBooks) leads to confusion and misuse. Specialized tools should do what they do best in their domains. 00:12:24 – Step 5: LLC, S-Corp, and the $100K Revenue Turning Point When your net income is $25,000–$50,000 or more, Dan Plata recommends switching your LLC to be taxed as an S-corp using IRS Form 2553. This can save significantly on payroll taxes—at $50K net income, payroll taxes drop from ~$7,600 to ~$3,800. 00:44:45 – The "Magic Formula": Capacity Equals Demand Aligning business capacity (employees, resources) with customer demand is key to sustainability and less stress. Too much capacity and not enough demand leads to underutilized workers and attrition; too much demand and not enough capacity leads to burnout and customer dissatisfaction. Straying from this balance creates chaos. 01:26:15 – Employee Acquisition Cost & Recruitment Mindset Investing in high-quality employees is critical. Dan Plata shares the importance of treating recruiting costs as investments, not expenses. 01:50:47 – Commission Pay vs. Hourly Pay Commission-based pay aligns incentives—employees win when the company wins, motivating higher production rates (often boosting output by 30–50%). Hourly pay firms up quality but can encourage slower work, as workers are paid for time, not outcomes. 02:13:54 – Buying Assets the Right Way & Year-End Tax Purchases When scaling, don't buy equipment just to "save on taxes." It's best to invest in marketing and recruiting first; these are what drive growth and profits. Buy assets only after you have work and employees to use them. Finance 70%, put 30% down to avoid being upside down, and avoid new vehicles—used work trucks are sufficient.   Key Takeaways Set up your business finances correctly from the start; separate personal and business accounts to gain clarity and make better decisions. As your business grows past $100,000 revenue or $25,000 net income, switch your LLC to be taxed as an S-corp—this can save you thousands on payroll taxes and clarify owner vs. employee income. Scaling your business comes with "purgatories"—periods of losing money and chaos before the next stage of profitability; expect these, budget for them, and push through. Invest heavily in recruiting the right employees; the true cost is often underestimated, but employees are more valuable than clients, and spending money to find good ones is crucial. Underlying all growth: business ownership is about pride and doing hard things—money is a byproduct, but fulfillment comes from progress and resilience. Connect with Keith Instagram: https://www.instagram.com/keithkalfas/ Facebook: https://www.facebook.com/thelandscapingemployeetrap Website: https://www.keithkalfas.com/resources Youtube: https://www.youtube.com/@keith-kalfas   Resource Links Mentioned Jobber: getjobber.com/kalfas Rebold Website AI: keithkalfas.com/rebolt CallRail Call Tracking: keithkalfas.com/callrail   Written and Edited by: Ma. Teresa Catangay-Bardinas

On today's episode, Dr. Mark Costes sits down with Brent Saunier and Chris Sands from Pro-Fi 20/20 for a deep dive into one of the most misunderstood topics in dentistry—entity structure and tax strategy. In this conversation, they break down the critical differences between LLCs, S Corps, and partnerships, and explain why choosing the wrong structure too early can trap losses, limit deductions, and cost new practice owners thousands.   They share real-world examples of common mistakes dentists make when starting or acquiring a practice, including relying on generic advice from the internet or misaligned guidance from advisors. The discussion also covers stock basis, tax timing strategies, and how to think proactively about growth, partnerships, and long-term planning from day one. This episode is a must-listen for any dentist looking to build a strong financial foundation and avoid costly early missteps. 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

Every year, the IRS updates important tax numbers, that most business owners miss. This leads to missed deductions, poorly timed income decisions, and unnecessary overpayments to the IRS.In this episode, we break down the most important 2026 tax updates business owners need to know, including changes to tax brackets, standard deductions, Social Security wage caps, retirement limits, HSA contributions, mileage rates, capital gains thresholds, and Section 179 expensing. 

Most PT practice owners aren't struggling because they don't work hard… they're struggling because they're making the wrong financial decisions. In this episode, Brian sits down with Julie Harris from Green Oak Accounting to break down the 6 financial decisions that separate average practices from the top 10%. This isn't about complicated accounting talk. This is about how you actually manage your money as an owner — how you think about taxes, how you pay yourself, how you protect your business, and how you stop leaving money on the table. They dive into the difference between tax prep and tax planning, when an S-Corp actually makes sense, how to structure your income the right way, and why most owners wait too long to make financial decisions that could completely change their outcome. You'll also learn how to build real financial stability with cash reserves, lines of credit, and better cash flow systems — so you're not reacting when problems hit, you're prepared for them. If you want more control, more clarity, and more profit in your practice… this is where it starts. ⸻ Connect with Julie Harris & Green Oak Accounting If you want help getting your finances, taxes, and cash flow dialed in the right way, you can connect with Julie and her team here: Schedule a free consultation: https://www.greenoakaccounting.com/consultation Facebook: https://www.facebook.com/greenoakacct Instagram: https://instagram.com/greenoakacct

BRADY WELLER discusses the intricacies of QSBS rollovers, including eligibility, timing, and strategic planning for founders and investors. The goal is to help the listener maximize tax benefits and navigate the legal complexities of this powerful tool. https://youtu.be/gvQ0ZskvWVI QSBS, tax exemption, startup founders, rollover, legal structuring, investment strategy, tax planning, startup exit, C corporation, Key Topics QSBS eligibility and benefits Challenges in executing rollovers Legal and tax considerations for founders Timing and risk management in rollovers Strategic structuring for maximum benefit “QSBS ROLLOVERS” Sound Bites “60 days is a very short window for founders.” “Rollover continues your holding period clock.” “Partial rollovers are common for founders.” Chapters 00:00 Understanding QSBS and Its Benefits 03:07 Challenges for Founders in QSBS Compliance 05:54 Advising Founders on QSBS Rollovers 08:57 Structuring New Ventures for QSBS Eligibility 12:00 Navigating QSBS for Tech and Non-Tech Founders 14:54 Investor Considerations in QSBS Transactions 17:46 State-Specific QSBS Regulations and Planning 20:57 Future of QSBS and Strategic Planning Resources Brady Weller on LinkedIn qsbsrollover.com qsbsreference.com Frazer Rice and Michael Arlein discuss the nuts and bolts of 1202 QSBS Features for Founders Guest links LinkedIn Transcript Frazer Rice (00:01.314)Welcome aboard, Brady. Brady Weller (QSBS Rollover) (00:03.043)Hey, Frazer, thanks for having me. Frazer Rice (00:04.738)Well, you are the nice compliment to a piece I just did with Michael Arlene on QSBS. We covered some of the nuts and bolts around 1202. You come at it from a little bit different angle. It’s usually where people, founders especially, have issues sort of complying with things like the three and five year rule. And otherwise really maximizing the capability of the rollover and the tax significance for it. Tell us a little bit about who benefits and what you do here. Brady Weller (QSBS Rollover) (00:35.107)Yeah, QSBS is. by far the biggest tax exemption available to individual taxpayers in the U.S. So it’s been something that hasn’t been up. I should say there’s not a massive advisory network around it. So it’s not something that’s been taken advantage of, I think, to its full scope. Michael, who you had on recently, is a top trust and estate planner for founders of companies around QSBS. The specific problem that QSBS rollover solve is for a shareholder of an early stage company. Most often founders or very early investors, say, maybe series A or earlier shareholders. It’s an incentive to basically hold your stock for a quote unquote long time. In this sense, that means, you know, now under some new rules, basically three to five plus years. It’s a tax exemption available to folks who hold their stock for at least five years. Then they can exclude from federal income tax now up to $15 million of gains when they sell that stock. So you have to be a shareholder in an early stage C corporation, early stage company. Frazer Rice (01:50.616).Those founders before three to five years are trying to figure out how to use this tool. What are the challenges in making sure they don’t blow up the transaction by transferring something poorly. Or having their company grow too large or have too much cash or those types of things? Maybe list out a little bit some of the challenges that are out there that that a founder needs to be aware of. Brady Weller (QSBS Rollover) (02:22.509).Yeah. So we don’t have to constantly caveat. I’ll mainly talk as though we’re speaking about the pre July 5th, 2025 rules for QSPS. Anything, any stock issued after that date, middle of last year. is under a slightly different set of rules. They are more expanded rules, but I’ll speak to this sort of from those old rules. And so the old rules state that you have to hold your stock for at least five years. And if you do, you can exclude a large portion from federal income tax, usually $10 million for founders. But if you don’t hold the stock for five years, your only option is to take the cash from that sale. For example, say you sell stock at year three or year four, and purchase new QSBS eligible stock with that cash within 60 days. So it’s sort of like the 1031 exchange. Folks maybe are more familiar with real estate property exchanges. Its sort of like a 1031 exchange for stock. So you take the cash and you purchase a like kind quote unquote asset with it. Now the challenge with that is 60 days is not a very long time. And when you’re a founder of a company who just went through liquidity. You just got your deal done and the whirlwind that that is. Now you’re dealing maybe in a post liquidity world. You’re maybe running another team at the acquirer or you’re otherwise involved. 60 days is not a long time to be able to find and diligence a new opportunity. . It’s just not feasible. Especially for founders to use that cash to say buy stock in someone else’s company. It just doesn’t make sense. Like risk adjusted, I suppose. Frazer Rice (04:05.579)No, it’s a miracle that your company did great. Now you have to go and find another miracle and make it work within 60 days. It’s crazy. Brady Weller (QSBS Rollover) (04:10.143).That that’s the biggest that’s probably the biggest barrier to executing them. For the longest time there just weren’t a lot of people. They hadn’t come alongside founders to help advise them on structured ways that they could do these rollovers. Yeah, the options are risky. It’s like take your money and invest it in Dave’s startup in San Francisco. He’s going to lose your money. So that may be what you want to do with that money. To keep your risk profile sort of moving. But that’s not tax planning in any way. Right. To make that decision just to save on federal income tax might not be the best way to use your rollover. So we’ve seen it much more for angel investors, something that they might use. People who want to maybe have a lot of deal flow. A lot of investment opportunities in front of them. But they want to keep that risk profile moving. I’d say timing and risk are the two biggest challenges when you’re trying to execute a rollover. Frazer Rice (05:13.805).As a detail on that, you’ve got your company. You’ve got $10 million coming to you. Hopefully tax free, similar to a 1031. You don’t have to go into one company, you could go into a basket of companies. Brady Weller (QSBS Rollover) (05:28.579).Yeah, you could take the cash, say you make $10 million from a sale. You could pay taxes on $3 million of it, assuming you haven’t hit your five year requirement. Then, you could roll over the other seven in various other deals. You could put it all into one new company. What the rollover actually does is it continues your holding period clock from the last stock. So if you held for three years in your original company stock, You sell. You’re able to reinvest those proceeds within 60 days. It continues your holding period. Once you’re beyond a combined five the next liquidity event in the second company. Now you have proper seasoning on your shares, for lack of a better word, and then you can sell them under the QSPS exemption. Frazer Rice (06:17.143)So, this gets to what you do on a day-to-day basis. So a founder comes to you and says, all right, I’ve got this situation I think that’s coming. And I need some advice. You’re sort of letting them know what’s happening here. How do you advise them, in a sense, whether it’s through your company or even as a general matter? Do you have a suite of other founders and companies that are out there? And then… Maybe also similar to a 1031, is there sort of an intermediary function that needs to happen in order for the asset or the cash to go into sort of a, for lack of word, like an escrow account to then be deployed correctly into the eligible next company so that you keep that period going. Brady Weller (QSBS Rollover) (06:50.713)Boom. Brady Weller (QSBS Rollover) (07:05.839)That’s a good question. It’s not as formalized as the, you know, in terms of the 1031 world where there’s sort of a designated intermediary and that’s sort of required step in the process. This is very much the wire goes into your checking account for the sale of company A stock. Frazer Rice (07:11.703)Mm-hmm. Brady Weller (QSBS Rollover) (07:22.281)You send a wire back out to purchase stock in company B. When someone comes to us and is looking for guidance on how to do a rollover, sometimes they’ve talked to tax or trust in state attorneys already, or maybe they’re CPA. And there are maybe 50 folks in the US who have, I’d say, Frazer Rice (07:37.463)Sure. Brady Weller (QSBS Rollover) (07:45.07)I call it advanced QSPS planning knowledge, which is they have the trust planning strategies, rollover knowledge, all of these things that sort of at their disposal that they can speak to, but it’s a very small network. so our firm is actually the only non-CPA non-law firm in the country that deals directly with founders on these. And so we ended up kind of playing quarterback, connecting them with the right attorneys, maybe the right CPA, if they don’t have one to make sure that the team is sort of assembled. You know, because the risk profile of taking your money and investing in someone else’s company typically doesn’t align with most founders’ interests at that time, the service that we provide is helping them to roll that money into a new startup of their own. We think these founder-led rollovers where the founder or the shareholder who sold their original stock can now direct the proceeds into a new entity that they own and control. It’s a really great way to execute this. It gives the shareholder, the founder the optimal amount of flexibility and control over the proceeds over time. So they can handle their own risk profile. Frazer Rice (08:57.921)So for the founder who built their business originally, they sell it and you’re sort of with them along the way to roll it over into another founder led situation. Are there any mechanics that you help with to sort of ensure that that takes place correctly? There’s so many, it seems like so many tiger traps along the way that you can stick your foot in and you did every, your intent was there, but maybe you did something weird or incorrect. Brady Weller (QSBS Rollover) (09:26.617)Yeah. Frazer Rice (09:26.721)Maybe a better way to ask this question is what are the things in that receiving new QSBS rollover do you want to see or a founder should make sure they have in place before they go ahead and pull the trigger? Brady Weller (QSBS Rollover) (09:41.904)We want to make sure it’s a C corporation. First of all, a lot of times when founders start their first companies, they just, you know, incorporate an LLC somewhere and start doing business. A lot of times there’s not even, maybe there’s, you know, two or $3,000 transferred to a checking account, you know, from their personal to their checking. That’s how you start most businesses. But when you’re, when you’re starting a rollover business, we have to see a couple other things. One is we want to make sure it’s a C corp from day one. Frazer Rice (09:58.989)Right. Brady Weller (QSBS Rollover) (10:09.123)You know, it’s okay if it’s a single owner C Corp where the founders, the, you know, only board member, only director. It’s, you know, it’s your entity. That’s fine. but we also want to see a purchase agreement, some kind of stock purchase agreement. So you can’t just transfer money from your chase savings account where the wire landed to the new business account and, know, go on about, about the business. we want to see a stock purchase agreement. And so some of those agreements, and the optimal way to do those for sort of the, the, the long run. Sometimes, we would obviously we have our template docs in ways that we might advise to do it. But very often we refer that out to legal counsel and coordinate there to make sure that just all the purchase agreements and governance docs and those types of things are in a good place. You know, it’s really making sure we have the purchase agreements and that the money gets moved to the corporate bank account, the new business bank account within 60 days. It’s really not a long period of time. And we run into a lot of situations where If someone’s not kind of quarterbacking the process, deadlines get away quickly and then administrative issues with a bank might push you beyond the 60 day window. We’ve seen that a few times and it can obviously cost you a lot of money. Frazer Rice (11:24.468)The, when you get to a point where the next business that this is going into, often the qualifications of being a QSBS eligible business can be a little bit murky. I’m thinking healthcare for instance, where like a hospital or that type of thing would traditionally probably not be a QSBS situation, but a healthcare service provider or a biotech company or something like that is. Brady Weller (QSBS Rollover) (11:46.937)Yeah. Frazer Rice (11:51.029)Do you help founders think about that? in many ways, there’s sort of the which came first, the idea for the company or the company itself. How do you make sure people stay on all fours on that front? Brady Weller (QSBS Rollover) (12:00.56)Yeah. Yeah, I if you build a startup before, know that the ideas in the early stage sometimes are extremely malleable. And when you start testing things in the market, the business very often changes. You know, we majority work with tech founders and that’s not because, you know, QSBS is well suited for tech. I think a lot of people think that to be QSBS, to be a technology company. That’s not true. It’s just that we most often see QSBS. We run into people who are knowledgeable about QSBS in the venture space. So venture backed start up, like traditional startup businesses, has 80 % plus of those companies are tech businesses. And then the other 20 % is manufacturing, biotech, life science, e-commerce, those types of things. But majority of people that we do these transaction with are in tech. And so by virtue of that, their rollover business ends up being, most of the time, ideas that they have are tech adjacent. So that’s a great place to be. I’d say some things to avoid. What we hear often people coming to us wanting to roll over into real estate in some way or another. And there are ways that the business that you start as part of a QSPS roll over can hold real estate assets long term, depending on the business type. But you have to be really careful there not to, in the eyes of the IRS, look like a real estate holding company or have too much of your assets tied up in sort of like passive real estate holdings. And so I’d say that’s the murkiest stuff that we run into. Brady Weller (QSBS Rollover) (13:37.822).Most of the businesses that we are helping founders start and grow as part of a QSPS rollover are B2B or B2C tech. Either web applications or mobile applications, e-commerce stores. We have a few hardware sort of based companies or like very physical product based companies as well. Frazer Rice (13:58.431)For a lot of tech founders, the idea of taking some money off the table is important. And I would think that maybe partial QSPS situations come up. This isn’t an all or nothing thing. You can take some money off the table and then allocate other parts, maybe half off and then the other half you can roll into the next company. Brady Weller (QSBS Rollover) (14:14.137)Yeah. Brady Weller (QSBS Rollover) (14:18.798)I’d say an extremely common situation that we see is maybe a founder. in New York who is raising maybe a Series B, call it a 50 or $60 million Series B. We saw a lot of these size rounds with the AI kind of boom happening and might be an opportunity to take, you know, four to $6 million off the table as secondary at that stage in the company’s growth. so you have this founder who just got $5 million wired to their bank account, maybe their first money. They’ve been renting in a condo or apartment in the city and they’re still very much like in high growth stage with company so they don’t have a lot of bandwidth to run a new business. And so they’ll really try and de-risk themselves. That is, maybe pay taxes on a million, a million and a half, give themselves a cushion right away, maybe buy a condo or you know whatever, stabilize their life just a bit and roll over the other four, three and a half million, you know, and manage a project on the side that way. That’s a really common situation we see. Frazer Rice (15:19.624)For investors who are invested in a lot of different things and maybe you know, they’ve got six or seven companies that are QSBS eligible and they are sort of rolling the dice on that and sort of picking and choosing which one should go into which that type of thing What’s different about it from an investor standpoint than from an operator standpoint? Brady Weller (QSBS Rollover) (15:43.758)Yeah, I think the biggest thing investors have to pay attention to is if you receive a distribution that isn’t QSPS eligible because of holding period, you cannot just take that money and invest it back into a venture fund. and call that a rollover. The money can go into a venture fund, but that capital also has to be called and deployed into, an investment from that fund. Meaning you can’t just invest in the, in the partnership at the partnership level in a venture fund and it’s sit there undeployed and be eligible for QSBS. It actually has to be fully deployed into target, target opportunities within 60 days. So that’s something that I think that we’ve run into a couple of times with, with investors is they think, I’ll just, know, Fund2 is open at, you know, XYZ firm. I’ll just roll the money over there. But it does have to be deployed still within that 60 day window. So that’s something that we hear a lot of. You know, if you’re an investor, I would keep, you know, you don’t always have the perfect deal ready at the right time. But keeping good relationships with the founders that… you’re partnering with, you know, you never know when someone might be able to open up a tranche on the side or sell some secondary to you. if you’re trying to still get access to that deal sort of outside of a normal round. Frazer Rice (17:07.445)So for the companies that are in your orbit, obviously you’re probably checking in saying, hey, you didn’t do anything to blow up your QSBS status. But for the companies that aren’t that way, and let’s say you’re a founder and you’ve got a nice situation where you’re able to take some money off the table and maybe put it into. one of the things that your friends put together or something like that. How do you think about a checklist or what are the questions to ask to make sure that the recipient investor or recipient of the investment is QSBS eligible and will sort of stick to it? Brady Weller (QSBS Rollover) (17:46.48)Yeah, you want to ensure first that the company is small enough. so under the old rules that I mentioned, the company would have to have less than $50 million of gross assets. A really great proxy for that is just how much has that company raised? You know, if you’re trying to invest in a company and they’ve raised $120 million, it’s very likely that they have at some point blown the asset test and they’re not issuing QSPS anymore. It’s very, it’s not always, but it’s very possible. A lot of people confuse that test for valuation. which is a mistake, you could have a billion dollar company in terms of market value, you know, with only 20 or 25 million dollars worth of assets on the balance sheet. It is possible, especially in some of these high multiple high growth tech businesses. And so, yeah, not confusing valuation with gross assets is one thing to pay attention to. the other is ensuring just that the company is a C corp, especially for early stage investors. I’m talking like first money in, maybe before, you know, pre seed or pre seed, would say, ensuring that the right structuring is in place such that, know, you’re getting stock issued directly from a C corporation at that time you’re investing. So I would say that’s something to worry about more if you’re, you know, an angel. who does a lot of sort of direct sourcing of deals and you’re not going through a fund. Most of the time, if someone’s raised capital directly from a venture fund, all the paperwork and things that you’re going to look for as far as QSPS are going to be in place, because most VCs are pretty well acquainted at this point with, hey, let’s make sure this is eligible before we get in here. Frazer Rice (19:27.913)Right. And just to distinguish, an LLC that elects to be taxed as a C Corp versus a C Corp, C Corp, is there any distinction there for our listeners? Brady Weller (QSBS Rollover) (19:39.673)Yes. Generally, we would say as long as the LLC has made that C-Corp election before issuing more at that stage, guess, membership units of stock, as long as they’ve made that C-Corp election prior to issuing the stock, then we feel generally good about it. But yeah, an LLC, it’s an entity structure whose default taxation is as a pass-through, but an LLC can also be taxed as a C-Corp and can issue quote unquote QSBS eligible shares. or units as well, so it is possible. Frazer Rice (20:12.683)I was gonna say, so for the listeners out there, C-Corp doesn’t just mean C-Corp, but the real operative language is that it’s taxed as a C-Corp component, and that should be part of your checklist as you go down the list of companies to potentially roll into. So for those people who aren’t exactly founders, but maybe are investors or otherwise part of businesses that they’ve been included in, et cetera. Those non-venture-backed businesses, what are the opportunities there for QSBS and then the ability to roll it over into other things? Brady Weller (QSBS Rollover) (20:48.708)Yeah, I would say it’s very rare that we see a non-venture-backed business in between the coasts, I’ll say, right? Like not one of these like kind of like call them coastal elite tech businesses. I’m talking about your like legacy family business in, you know, North Carolina. Frazer Rice (20:59.488)I mean… Brady Weller (QSBS Rollover) (21:11.856)Most of the time we’re going to see those as pass-throughs or partnerships, maybe like an S-Corp. You would see that type of structure and those businesses, while they could be amazing businesses, the interest in them isn’t QSPS eligible because it has to be issued from a C-Corporation. Most of the time, the planning opportunity we see with those types of businesses is around the time of maybe a generational transition or other type of transition planning where Maybe the children take over from the parents and they establish a plan. Hey, we’re going to take it over, but we want to plan to sell maybe the next five to seven years. I hear this a lot. And opportunity. If you are in an industry in a sector where stock sales are common in the industry for exiting the businesses, changing, electing to be treated as a C Corp or restructuring to a C Corporation from one of those pass through structures is an opportunity because you could sort of reorganize, reissue stock, now start your QSBS five year time clock. And, you know, hopefully the business keeps doing well and you can have that exit opportunity down the line. And at that point, take advantage of QSBS. Again, the thing you want to pay attention to is that you actually be able to do a stock sale at that time because QSBS requires a sale of stock, not an asset sale. And so that’s a really important distinction. So make sure either that you’re in an industry where that’s common or you’re working with counsel who understands what you’re trying to accomplish before you make those decisions about how you’re setting your entity up at that stage. Frazer Rice (22:41.353)Right. Frazer Rice (22:56.758)I just have a comment for me with the passage of the new law that we sort of alluded to where previously you really didn’t start thinking about this until fully five years. The new law, people can start thinking about it within three. You get 50 % of the benefit of the exclusion at three years. Brady Weller (QSBS Rollover) (23:08.282)Mm-hmm. Frazer Rice (23:15.21)And I’ve run into people where three years suddenly seems like a short amount of time, whereas five years, I think everyone was sort of like, we’ll get there eventually. you know, they’re they’re they’re fighting for their survival anyway. And if that happens to work terrific in this case, I think that the law moving the timeline up a little bit has had an interesting impact on those conversion discussions, because I think people are now starting to say, hey, you know what? I can get to three years. And, you know, with the speed at the and the rate at which things change at this point, it’s much more realistic than I think it might have been going back in time. Brady Weller (QSBS Rollover) (23:50.896)And if you have a stable business where you feel comfortable making projections, say three years out, so to what that business could look like at that time, it’s really becoming more common now to do what you’re calling like choice of entity studies, right? So working with someone who can model out with the difference in taxation, both at the company level and at the point of. Frazer Rice (24:05.482)Mm-hmm. Brady Weller (QSBS Rollover) (24:15.276)selling stock, what the optimal structure may be depending on your time horizon tax it, your expectations for growth or lack thereof. So that’s something that some valuation firms, business advisories, some law firms or CPA tax advisories may be able to do. If you’re in that situation, you’re trying to figure out, hey, what’s the math look like based on my baseline assumptions of what this business will be and can help you sort of make those decisions about how to plan. over the next three to seven years. Frazer Rice (24:47.402)As part of that reorganization too, I’ve talked to a few people who are in, let’s call it personality-based businesses, whether they’re podcasters or influencers or other types of things that are a little bit adjacent to maybe typical software companies. And I’ve brought up the notion that you may be disqualified now, but you may have a future growth opportunity within your business to make it fall more in line with a QSBS-defined business. And so, you if you’ve got the time and the ability and it makes a business sense, it may make sense to start thinking about either sectioning that off or developing that business line for something a little bit later on. Brady Weller (QSBS Rollover) (25:27.95)Yeah, being strategic about where those adjacent businesses, how they’re structured and where they’re built. And I mean, where like in terms of a legal entity level sense, I’m thinking about, for instance, several golf YouTubers, make a lot of golf content online, but now they’re announcing partnerships to, you know, design clothing, you know, have their own clothing line, or maybe they’ve entered a, a joint venture with a golf club maker or maybe an emerging brand and they’re taking equity. Frazer Rice (25:41.983)Mm-hmm. Brady Weller (QSBS Rollover) (25:57.826)Those are really interesting options and I think that you still have the opportunity to leverage your personal brand to grow that business but separating them out so that you know your reliance on your personal brand doesn’t ruin QSBS. That’s actually getting to one of the rules around qualified small business stock which is that the companies can’t be based on the skill or reputation of a single person. And so that’s when we think about Frazer Rice (26:24.938)Mm-hmm. Brady Weller (QSBS Rollover) (26:27.632)Like entertainers, athletes, social media personalities. MrBeast, for instance, couldn’t sell MrBeast, the YouTube channel necessarily, as QSBS eligible interest because of that rule more than likely. And that’s obviously a broad brush, paying attention to where you hold your business interests is important for this if you’re in that space. Frazer Rice (26:53.5)Any state thoughts? I know California QSBS is uncoupled from the federal QSBS and New York threatened it and apparently that got knocked down. New Jersey just coupled with the federal government so that people weren’t scared away from doing that. How does that figure into your analysis? Brady Weller (QSBS Rollover) (27:04.304)you Yeah. Brady Weller (QSBS Rollover) (27:12.784)It’s sort of a battle of the coast. It’s like which coast of the United States is going to be most investor and founder friendly with relation to these things. Yeah, because California hasn’t followed it for a long time. Oregon and Washington state are close behind there. And then we have the sort of somewhat the opposite happening on the East Coast. So as an East Coast guy, I hope it becomes a hub. But yeah, there is some sort of. Frazer Rice (27:19.528)Right. Brady Weller (QSBS Rollover) (27:36.388)you know, state and local tax planning, strategic planning that you might be able to do if you have the foresight and, you know, the right data to determine where you might become a resident or taxpayer prior to an exit. You might talk with a. assault attorney or assault advisor state and local tax is usually tax advisors CPAs or or tax attorneys who can help you think through Hey, does it make a difference whether or not I move from California to Texas? What does that look like for my family? What does that look like for my post-tax exit situation? because where the company is headquartered, as long as it’s in the United States, doesn’t matter for QSPS, just has to be a domestic USC corporation. And so remembering that QSPS is fundamentally an individual taxpayer incentive means that regardless of where the shareholders are located, you’re gonna be beholden to that specific state of where you live and their roles around QSPS. Frazer Rice (28:36.906)Terrific stuff. Brady, we’re winding down here. How do people find you and your company and any sort of parting thoughts? Brady Weller (QSBS Rollover) (28:44.516)Yeah, I’m personally very active on LinkedIn. So you can find me there, Brady Weller and our website, qsbsrollover.com. We also have a sort of an open source QSBS advisory referral site called qsbsreference.com. And so you can find us at either of those places. We’d be happy to help you out and point you in the right direction. Frazer Rice (29:05.13)Brady, thanks for being on. Brady Weller (QSBS Rollover) (29:06.874)Thanks, Frazier, appreciate it. Keywords QSBS, tax exemption, startup founders, rollover, legal structuring, investment strategy, tax planning, startup exit, C corporation, legal advice Titles Mastering QSBS Rollovers: Strategies for Founders and Investors The Ultimate Guide to QSBS Tax Exemptions and Rollovers https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/

Tax Day is right around the corner, and tax strategist Karlton Dennis is here to make sure you don't leave a single dollar on the table. Today he breaks down the legal loopholes that you can still take advantage of before the filing deadline and the long-game moves that can keep thousands in your pocket. Nicole and Karlton cover tax strategies for both W2 employees and entrepreneurs, how parents can use the tax code to build wealth for their kids and new deductions from the Big, Beautiful Bill that you should definitely be taking advantage of. Plus, Nicole and Karlton break down viral hacks like the Range Rover write-off, the Augusta Rule that lets you pay yourself tax-free, short-term rental deductions, and putting your kids on payroll.  Check out Nicole's financial literacy course The Money School  Find a Financial Advisor or Financial Coach from Nicole's company Private Wealth Collective Watch video clips from the pod on Money Rehab's Instagram and Nicole Lapin's Instagram Follow Karlton on Instagram and YouTube Work with Karlton Here's what Nicole covers with Karlton:  00:00 Are You Ready for Some Money Rehab?  02:00 Last-Minute Tax Moves Before the Filing Deadline  02:38 Bonus Depreciation and the Big Beautiful Bill  03:26 The Range Rover Write-Off: How the Math Actually Works  05:26 The Best Part of the Tax Code for Entrepreneurs  07:26 How Karlton Writes Off Clothing 08:38 When Should a Side Hustler Set Up an LLC?  10:45 IRS Red Flags  12:01 What Actually Happens During an IRS Audit  13:28 Why Karlton Thinks of the IRS Like a Dentist  15:09 How to Pay 0% in Income Taxes (And Why That's Not Always the Goal)  17:00 How Elon and Trump Avoid Taxes 18:02 Short-Term Rentals 101 25:35 The Augusta Rule: Pay Yourself $28K Tax-Free  28:28 Why Karlton Is Obsessed with S-Corps  30:19 The QBI Deduction and How to Maximize It  31:26 What to Think About When Forming an Entity  36:35 QSBS: The Exit Strategy That Could Save You $40M in Taxes  40:38 How to Make Your Kids Millionaires   44:53 The Backdoor Roth IRA Explained  46:10 Self-Directed Roths and the Peter Thiel Strategy  49:29 How to Get Tax Breaks for Watching Movies  53:36 The Tax Scam to Avoid Right Now: Charitable LLCs  55:27 Why AI Is Not Your Tax Advisor  50:07 Karlton's Tip You Can Take Straight to the Bank All investing involves risk, including loss of principal. This episode is for informational purposes only and does not constitute financial, investment, or legal advice. Always consult a licensed professional before making financial decisions.

Asset protection attorney Matt Meredith exposes the costly LLC, trust, and tax mistakes silently draining entrepreneurs' wealth. Most business owners structure companies wrong, commingle funds, skip proper operating agreements, and meet their CPA just once a year leaving everything they've built dangerously exposed. Matt breaks down how holding companies and Wyoming LLCs shield assets from lawsuits, when a revocable trust protects you versus leaves you exposed, why piercing the corporate veil happens and how to prevent it, and how smart S-Corp elections and tax strategy can actually fund your entire asset protection plan. He also covers the business succession planning moves your partners and heirs will thank you for.

How many business entities do you actually need as an entrepreneur? In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen break down the real strategy behind structuring multiple businesses, protecting assets, and scaling the right way.They walk through the key reasons you may need separate entities, including liability protection, partnerships, exit strategies, regulatory requirements, and branding. Through real-world examples — including costly mistakes entrepreneurs make when entities aren't properly separated — you'll learn how to avoid exposure, structure subsidiaries correctly, and build a business framework that supports growth and long-term success.If you're running multiple income streams or planning to expand, this episode will help you think like a seasoned business owner. Be sure to like, subscribe, and share, and check out more content to keep building your business smarter and safer!You'll learn:How to determine if you need multiple business entities or just one The biggest liability mistakes entrepreneurs make when combining businesses Why an S Corp foundation is critical for tax savings and structure When to create a separate LLC for partnerships and joint ventures How to properly structure subsidiaries to actually protect your assets Real-world examples of entity setup failures—and how to avoid them When and why to separate a business for future sale or exit How branding and regulatory requirements impact your entity strategy The correct way to manage finances, payroll, and operations across entities A practical framework for scaling multiple income streams safely and efficientlyGet a comprehensive tax consultation with one of our Main Street tax lawyers that can build a tax strategy plan with an affordable consultation that will leave you speechless!!Here's the link - https://kkoslawyers.com/services/comprehensive-bus-tax-consult/?utm_source=buzzsprout&utm_medium=description-link&utm_campaign=main-street-business-podcast&utm_content=msbp615-why-one-llc-isnt-enoughGrab my eBook 30 Unique Strategies Every Business Owner Should Know! You don't want to miss this! Secure your tickets for the #1 Event For  Small Business Owners On Main Street America:  Main Street 360 Looking to connect with a rock star law firm? KKOS is only a click away! Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute discovery call to explore the Main Street Tax Pro Certification. Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohlerCraving more content? Check out my Instagram! 

If there's one formula that truly determines your happiness (and success) as a business owner, it's this: capacity equals demand. What does that mean? It's simple. If you have too much capacity—too many employees, too much equipment—and not enough demand from customers, life gets stressful and you start losing money. On the flip side, when demand is off the hook and you don't have enough capacity, you're overwhelmed, your team gets burned out, and clients get frustrated. Capacity = demand isn't just a finance concept—it's the secret sauce to scaling a home service business without losing your sanity. The closer you keep these two variables in balance, the smoother your business runs, and the more you can enjoy building something valuable for your team, your customers, and yourself. It's not always easy. Staying intentional about this formula is a daily practice, and few talk about the emotional impact of getting it right—or wrong. But when things finally click, there's nothing better. The compounding value of capacity = demand. This episode dives deep into the math, mindset, and actionable strategies for starting, scaling, and optimizing your service business.    In this episode, you will discover: The 5 essential steps to properly setting up your business finances, including separating your personal and business accounts and understanding your roles as both CEO and owner. The magic formula for running a service business successfully: Capacity equals demand, and what happens when those are out of balance. The reality of the inflection point of scaling—why scaling up means changing roles, taking risks, and investing in marketing, recruiting, and infrastructure, as well as the challenges of hiring and retaining employees. The pros and cons of commission pay vs. hourly pay and how these choices affect production rates, employee motivation, and business profitability. Whether buying equipment to save on taxes actually works, and the math behind making effective asset purchases.   "Capacity equals demand is the magic formula to grow a business that doesn't suck."  - Dan Platta   Topics Covered: 00:01:05 – The "Math Game" of Business Dan Plata explains that every business, regardless of its niche (landscaping, window cleaning, janitorial, epoxy floor coating, etc.), is fundamentally about managing math—specifically, clarity on profits, costs, and investments. He emphasizes that while serving people is important, being profitable is essential to benefit everyone involved: family, customers, employees. 00:01:54 – Step 1: Separate Business and Personal Finances Business owners must stop mixing personal and business transactions. Dan Plata describes how commingling these makes it "impossible to make good decisions" because you can't accurately track expenses, investments, or returns. Creating separation brings immediate clarity and allows assessment of where money is coming in and going out. 00:02:46 – Step 2: Distinguishing CEO vs. Owner Roles At this point, Dan Plata highlights the distinction between being the CEO (running day-to-day operations, making business decisions) and the owner/investor (providing capital and expecting a return). Many owners only pay themselves for their labor and never separate out an owner's return, resulting in businesses that aren't truly profitable when they step away from operations. 00:05:54 – Step 3: Debt Isn't Evil; Credit Cards & Business Loans Have a Place Transitioning to finance strategy, Dan Plata clarifies the difference between personal debt aversion and business leverage. He explains that credit cards, when paid off monthly, offer "0% interest for 30–40 days" plus bonus points, making them an asset for cash flow management. 00:09:02 – Step 4: Keep Accounting Systems Separate from Operating Systems Don't expect one tool to do it all: Dan Plata advises against integrating operational software (e.g., Jobber) with accounting software (e.g., QuickBooks). Mixing them leads to confusion and data misuse. Specialized tools should do what they do best in their respective domains. 00:12:24 – Step 5: LLC, S-Corp, and the $100K Revenue Turning Point Once your net income is $25,000–$50,000 or more, Dan Plata recommends switching your LLC to be taxed as an S-corp using IRS Form 2553. This shift enables business owners to save significantly on payroll taxes by paying themselves a reasonable wage (subject to payroll taxes) and taking the remainder as a distribution (not subject to payroll tax). The math: at $50K net income, payroll taxes drop from ~$7,600 to ~$3,800. 00:44:45 – The "Magic Formula": Capacity Equals Demand Dan Plata reveals that aligning your business's capacity (employees, resources) with customer demand is the key to a sustainable and less stressful business. Too much capacity and not enough demand leads to underutilized workers and attrition; too much demand and not enough capacity leads to burnout and customer dissatisfaction. Straying from this balance creates chaos and problems in business operations. 01:26:15 – Employee Acquisition Cost & Recruitment Mindset Investing in high-quality employees is critical. Dan Plata points out he spent $35,000 on job ads to hire 45 people for a million-dollar business, and it was the best investment made—more effective than spending on customer marketing. He recommends a mindset shift: treat recruiting costs as investments, not expenses. 01:50:47 – Commission Pay vs. Hourly Pay Dan Plata explains how commission-based pay aligns incentives—employees win when the company wins. Commission motivates higher production rates (often boosting output by 30–50%), as workers are directly rewarded for their efficiency and results. Hourly pay firms up quality but can encourage slower work, as workers are paid for time, not outcomes. 02:13:54 – Buying Assets the Right Way & Year-End Tax Purchases When scaling, don't buy equipment upfront just to "save on taxes." Dan Plata stresses that it's best to invest in marketing and recruiting first—these are what actually drive growth and profits. Buy assets only after you have work and employees to use them. Finance 70%, put 30% down to avoid being upside down, and avoid new vehicles—used work trucks are sufficient for business needs.   Key Takeaways Setting up your business finances correctly from the start is essential; separate personal and business accounts to gain clarity and make better decisions As your business grows past $100,000 revenue or $25,000 net income, switch your LLC to be taxed as an S-corp—this can save you thousands on payroll taxes and clarify owner vs. employee income. Scaling your business comes with "purgatories"—periods of losing money and chaos before the next stage of profitability; expect these, budget for them, and push through. Invest heavily in recruiting the right employees; the true cost is often underestimated, but employees are more valuable than clients, and spending money to find good ones is crucial. Underlying all growth: business ownership is about pride and doing hard things—money is a byproduct, but fulfillment comes from progress and resilience.   Connect with Dan Website: yourblueskies.com Podcast: Bookkeeping, Beer & BS | Podcast on Spotify   Connect with Keith Instagram: https://www.instagram.com/keithkalfas/ Facebook: https://www.facebook.com/thelandscapingemployeetrap Website: https://www.keithkalfas.com/resources Youtube: https://www.youtube.com/@keith-kalfas   Resource Links Mentioned Blue Skies Bookkeeping & Recruiting: yourblueskies.com/kalfas Jobber: getjobber.com/kalfas Rebold Website AI: keithkalfas.com/rebolt CallRail Call Tracking: keithkalfas.com/callrail   Written and Edited by Ma. Teresa Catangay - Bardinas

Hear more from Amanda and Nicole as they recap their 2025 finances, how they're sustaining their creative practices as artists, shifting business models around changing economic times, managing cash flow around variable income, becoming an S-Corp, the dangers small business owners face against large online retailers, and the things that don't show up on a spreadsheet but are essential for financial stability.   Find links to resources mentioned throughout the episode here in our show notes:    beyondthe.studio   Submit to our Listener Spotlight: Listener Spotlight  Follow us on Instagram at: @beyondthestudio  @nicolemariemueller

What do the ultra-wealthy actually do to minimize taxes, build wealth, and protect their legacy? In this interview, I sit down with Toby Mathis ( @TobyMathis ) from Anderson Business Advisors to break down the real (and simple) strategies high-income earners and investors are using. We talk through why HSAs might be one of the most overlooked tax tools, how the “buy, borrow, die” strategy actually works, and the truth behind paying "zero in taxes". We also get into why diversification matters more than chasing trends, how to automate your investing for long-term growth, and how to start thinking about legacy planning, no matter where you're at financially.Watch the Video on Youtube for Visuals - https://youtu.be/9RXthy7wNgIWant Us To Review Your Permanent Life Insurance Policy? Click Here: https://bttr.ly/yt-policy-reviewWant a Life Insurance Policy? Go Here: https://bttr.ly/bw-yt-aa-clarityLearn More About BetterWealth: https://betterwealth.comConnect with Toby: TAP Registration: https://aba.link/6dda02Free Emergency Binder (Digital): https://aba.link/8f3036Emergency Binder (Physical copy): https://aba.link/e0ad9aChapters:01:21 - Introduction02:14 - Toby Mathis's Backstory05:48 - Principles of Wealth: Make, Keep, and Grow09:14 - Financial System: The 70/30 Rule11:48 - "401k Millionaires" Through Discipline14:24 - Why entrepreneurs often struggle as investors due to risk-taking tendencies?16:59 - Impact of Legacy Planning19:26 - Legacy Through Trusts26:34 - Understanding Tax Planning31:46 - Tax Strategies VS Those That Are Mostly "HYPE"37:21 - S-Corps and C-Corps39:32 - Wealth-Building Assets46:13 - Toby's 30/30/30/10 Rule for Portfolio Diversification48:41 - "Buy, Borrow, Die" Strategy53:52 - Asset Protection and Maintaining Financial Privacy58:52 - Living Trust VS Standard Will01:01:11 - Emergency Binder01:03:00 - Why being overly public about your finances can lead to increased legal target risks?01:06:20 - Final ThoughtsDISCLAIMER: https://bttr.ly/aapolicy*This video is for entertainment purposes only and is not financial or legal advice. Financial Advice Disclaimer: All content on this channel is for education, discussion, and illustrative purposes only and should not be construed as professional financial advice or recommendation. Should you need such advice, consult a licensed financial or tax advisor. No guarantee is given regarding the accuracy of the information on this channel. Neither host nor guests can be held responsible for any direct or incidental loss incurred by applying any of the information offered.

In this final episode of our series on debt, I'm chatting with executive mindset coach, Jennifer Vollmann. Jennifer is the newest resident coach in the Inventory Genius Mastermind, and today she breaks down why the "stories" we tell ourselves about our finances are often the only thing standing between us and a zero balance. Episode Highlights Numbers are Neutral: A $50,000 debt is just a digit on a screen. Jennifer explains how 12 different people can look at the same number and feel 12 different emotions—from pride to paralyzing shame—based entirely on their internal narrative. The Thought-Action Loop: Understand the cognitive chain reaction: Thought → Feeling → Action → Result. If your debt isn't moving, it's likely because your "story" is creating a feeling (like dread) that leads to inaction. Primitive vs. Prefrontal: Why your brain is wired to keep you "safe" (and stuck). Jennifer explains how to move from the fearful primitive brain to the logical prefrontal cortex to set and achieve bigger goals. The Power of Neutrality: You don't have to be "positive" or "happy" about your debt to fix it. Jennifer shares how shifting to a neutral perspective—treating debt as simple information—can unlock the ability to take "messy action." A Story of Transformation: Sierra shares a powerful example of a Mastermind student who went from the brink of bankruptcy to success by changing her narrative from "survival" to "investment." Key Takeaways Identify Your Story: If your results aren't changing, your current story isn't working. Challenge the "Yeah, But": Your brain uses "yeah, but" as a safety mechanism. Counter it by asking, "What if it was possible?" Take Messy Action: Don't wait for the perfect plan. Any small action breaks the cycle of shame and builds self-trust. Work with Me - https://www.ciarastockeland.com/work-with-meVisit the Bookstore - https://www.ciarastockeland.com/bookstoreSign Up for Free Weekly Tips and Trainings - https://www.ciarastockeland.com/subscribe Connect with Jennifer Vollmann:Website: https://www.findingyoursuccess.com/Email: jennifer@findingendurance.com More About the Episode Sponsor:T&O Strategic Advisory (http://www.tostrategicadvisory.com/) - Offering a wide range of tax and accounting services, including entity election and S-Corp advisory.

The S-Corp question is one of the most common Brian hears from entrepreneurs, but the answer is almost never as simple as the internet makes it sound. In this episode, Brian Thompson breaks down what an S-Corp actually is, how the potential tax savings work, and the real-world trade-offs that often get left out of the conversation. Whether you're considering the election for the first time or revisiting the decision, this episode gives you the context you need to make an informed choice.   What is an S-Corp? First, an important clarification: an S-Corporation is not a business structure, it's a tax election. Your business might legally be an LLC or a partnership, but you elect to have the IRS tax it under Subchapter S of the tax code. That election allows business income to pass through to the owner's personal tax return rather than being taxed at the corporate level. The key difference for most small businesses comes down to how payroll and self-employment taxes are handled.   How Do S-Corps Save on Taxes? When you run a business as a sole proprietor or single-member LLC, your net profits are generally subject to self-employment tax of 15.3%, which covers Social Security and Medicare. With an S-Corp election, you pay yourself a reasonable salary (which is subject to payroll taxes) but any profits above that salary can be taken as distributions, which are generally not subject to self-employment tax.  A straightforward example: on $200,000 in net profit, splitting it evenly between salary and distributions could save roughly $15,000 in payroll taxes. That's the number people are chasing when they talk about S-Corps.   S-Corps Trade-offs The savings aren't guaranteed, and there are two major caveats. First, reasonable compensation. The IRS requires S-Corp owners who work in the business to pay themselves a reasonable salary before taking distributions. Reasonableness evaluation is based on your experience, role, time devoted to the business, and what comparable professionals earn. For service-based businesses where the owner is the primary revenue generator, this requirement can significantly limit how much income can realistically be treated as distributions.  Second, administrative costs. Running an S-Corp means running payroll for yourself, filing a separate S-Corp tax return, issuing a K-1, maintaining better corporate records, and typically paying more for accounting and tax preparation. For some businesses the extra steps are worth it. For others, the time and cost eat too much into the savings.   State and Local Tax Considerations for S-Corps For many entrepreneurs, particularly those in cities where a large share of LGBTQ business owners live, state and local taxes add another layer of complexity. Brian breaks down the specifics: Illinois S-Corps pay a 1.5% personal replacement tax; California S-Corps pay 1.5% on net income with an $800 minimum franchise tax; New York State imposes a fixed dollar minimum tax based on gross receipts; and New York City doesn't recognize the federal S-Corp election at all, meaning city-level corporate taxes of up to 8.85% can still apply. Washington DC has its own franchise tax currently at 8.25%. If you operate in Chicago, LA, San Francisco, New York, or DC, these rules need to be part of your analysis.   The PTET Opportunity Despite the complications, Brian is clear: he recommends S-Corps for many clients when the numbers make sense. And there's an additional tool worth knowing about — the pass-through entity tax, or PTET. Created in response to the federal SALT cap, which limited state and local tax deductions on individual returns to $10,000, the PTET election allows the business itself to pay state income tax at the entity level, where it can often be fully deductible for federal purposes. The SALT cap increased to $40,000 in 2025, which reduces the urgency of this workaround for some. But for higher income business owners, PTET can still create meaningful additional savings on top of the payroll tax benefits.   The Right Questions to Ask About S-Corps Instead of asking "should I become an S-Corp?", Brian reframes the question: Does an S-Corp make sense for my business? The considerations that matter include what type of business you run, how much profit you actually generate, whether revenue is produced primarily by you or a broader team, your willingness to handle the administrative requirements, the state and city tax rules where you operate, and how the decision fits into your broader tax and retirement planning. You also don't have to decide on day one. Many entrepreneurs start under simple tax treatment and elect S-Corp status once the business becomes profitable enough for it to make sense.   Your Action Step This week, take three steps: look at your most recent business profit, estimate what a reasonable salary might look like for your role, and have a conversation with your tax advisor or financial planner about whether the numbers actually work in your specific situation. Your tax strategy should support your business strategy, not the other way around. The S-Corp election can be a powerful tool for the right business, but like most things in tax planning, context is everything. If you have any questions about S-Corps, reach out to Brian to see what your options are.   Resources + Links Newsletter Sign Up Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes Follow & review the podcast: on Spotify and Apple Podcasts   About Brian and the Mission Driven Business Podcast Brian Thompson, JD/CFP®, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

In this final episode of our series on debt, I'm chatting with executive mindset coach, Jennifer Vollmann. Jennifer is the newest resident coach in the Inventory Genius Mastermind, and today she breaks down why the "stories" we tell ourselves about our finances are often the only thing standing between us and a zero balance. Episode Highlights Numbers are Neutral: A $50,000 debt is just a digit on a screen. Jennifer explains how 12 different people can look at the same number and feel 12 different emotions—from pride to paralyzing shame—based entirely on their internal narrative. The Thought-Action Loop: Understand the cognitive chain reaction: Thought → Feeling → Action → Result. If your debt isn't moving, it's likely because your "story" is creating a feeling (like dread) that leads to inaction. Primitive vs. Prefrontal: Why your brain is wired to keep you "safe" (and stuck). Jennifer explains how to move from the fearful primitive brain to the logical prefrontal cortex to set and achieve bigger goals. The Power of Neutrality: You don't have to be "positive" or "happy" about your debt to fix it. Jennifer shares how shifting to a neutral perspective—treating debt as simple information—can unlock the ability to take "messy action." A Story of Transformation: Sierra shares a powerful example of a Mastermind student who went from the brink of bankruptcy to success by changing her narrative from "survival" to "investment." Key Takeaways Identify Your Story: If your results aren't changing, your current story isn't working. Challenge the "Yeah, But": Your brain uses "yeah, but" as a safety mechanism. Counter it by asking, "What if it was possible?" Take Messy Action: Don't wait for the perfect plan. Any small action breaks the cycle of shame and builds self-trust. Work with Me - https://www.ciarastockeland.com/work-with-meVisit the Bookstore - https://www.ciarastockeland.com/bookstoreSign Up for Free Weekly Tips and Trainings - https://www.ciarastockeland.com/subscribe Connect with Jennifer Vollmann:Website: https://www.findingyoursuccess.com/Email: jennifer@findingendurance.com More About the Episode Sponsor:T&O Strategic Advisory (http://www.tostrategicadvisory.com/) - Offering a wide range of tax and accounting services, including entity election and S-Corp advisory.

Most surgeons spend years building their reputation, their practice, and their brand but never take the steps to legally protect it. In this episode, we discuss how trademark law and business structures play a critical role in safeguarding what you've worked so hard to build. From understanding the difference between LLCs and S-Corps to knowing when it's time to file for a trademark, this conversation explains the essentials in a way that actually makes sense. If you're growing a personal brand, running a private practice, or thinking about stepping into business, this episode will help you avoid costly mistakes and move with intention. Bailey Read has built a solid legal background with a bachelor's degree from Brigham Young University and a Juris Doctor from Texas A&M School of Law. As a licensed attorney in the great state of Ohio, she has dedicated her practice to helping entrepreneurs navigate the complex world of intellectual property with clarity and confidence. Her passion for cultivating creativity is the driving force behind Read Law, LLC, a boutique law firm dedicated to providing personal intellectual property services to businesses nationwide and globally. She believes that every entrepreneur's brand is one of their most valuable assets, and its protection should not be limited by borders.  In this episode, we cover: Why this niche of law matters for physicians When you should start thinking about legal protection LLC vs S-Corp: what they mean and how they protect your assets The real benefits of operating as a business Common mistakes surgeons make when forming an LLC When to file for a trademark and why it matters What the timeline looks like

Lesley Logan and Brad Crowell unpack a strategically bold conversation with high-performance coach Molly Asplin about the difference between high achievement and overachievement. They explore why many ambitious people confuse loyalty with strength and how that mindset can quietly lead to burnout. The discussion also dives into how most people are time-blocking their lives without accounting for their natural energy cycles. Whether you are defending a career you no longer enjoy or waiting for the "perfect time" to pivot, this recap might be the nudge you need to start. If you have any questions about this episode or want to get some of the resources we mentioned, head over to LesleyLogan.co/podcast https://lesleylogan.co/podcast/. If you have any comments or questions about the Be It pod shoot us a message at beit@lesleylogan.co mailto:beit@lesleylogan.co. And as always, if you're enjoying the show please share it with someone who you think would enjoy it as well. It is your continued support that will help us continue to help others. Thank you so much! Never miss another show by subscribing at LesleyLogan.co/subscribe https://lesleylogan.co/podcast/#follow-subscribe-free.In this episode you will learn about:Distinguishing between the habits of high achievers and overachievers.The hidden trap of linking professional loyalty with personal strength.Auditing your energy levels instead of relying only on time blocking.Why your peak morning brainpower should go to your hardest task.The power of committing to one bold, courageous move every day.Episode References/Links:Contrology Pilates Conference (Wroclaw, Poland) - xxll.co/polandPilates Workshop (Bruges, Belgium) - xxll.co/brusselsPilates On Tour® (London, UK) - xxll.co/potOPC Spring Training (Virtual Event) - opc.me/eventsSubmit your wins or questions - https://beitpod.com/questionsWhen: The Scientific Secrets of Perfect Timing By Daniel Pink - https://a.co/d/06aFMhMZMolly Asplin's Website - https://mollyasplin.comMolly Aplin's Podcast - https://beitpod.com/mollyasplinpodcastMolly's Free Resource - mollyasplin.com/momentum If you enjoyed this episode, make sure and give us a five star rating and leave us a review on iTunes, Podcast Addict, Podchaser or Castbox. https://lovethepodcast.com/BITYSIDEALS! DEALS! DEALS! DEALS! https://onlinepilatesclasses.com/memberships/perks/#equipmentCheck out all our Preferred Vendors & Special Deals from Clair Sparrow, Sensate, Lyfefuel BeeKeeper's Naturals, Sauna Space, HigherDose, AG1 and ToeSox https://onlinepilatesclasses.com/memberships/perks/#equipmentBe in the know with all the workshops at OPC https://workshops.onlinepilatesclasses.com/lp-workshop-waitlistBe It Till You See It Podcast Survey https://pod.lesleylogan.co/be-it-podcasts-surveyBe a part of Lesley's Pilates Mentorship https://lesleylogan.co/elevate/FREE Ditching Busy Webinar https://ditchingbusy.com/Resources:Watch the Be It Till You See It podcast on YouTube! https://www.youtube.com/channel/UCq08HES7xLMvVa3Fy5DR8-gLesley Logan website https://lesleylogan.co/Be It Till You See It Podcast https://lesleylogan.co/podcast/Online Pilates Classes by Lesley Logan https://onlinepilatesclasses.com/Online Pilates Classes by Lesley Logan on YouTube https://www.youtube.com/channel/UCjogqXLnfyhS5VlU4rdzlnQProfitable Pilates https://profitablepilates.com/about/Follow Us on Social Media:Instagram https://www.instagram.com/lesley.logan/The Be It Till You See It Podcast YouTube channel https://www.youtube.com/channel/UCq08HES7xLMvVa3Fy5DR8-gFacebook https://www.facebook.com/llogan.pilatesLinkedIn https://www.linkedin.com/in/lesley-logan/The OPC YouTube Channel https://www.youtube.com/@OnlinePilatesClasses Episode Transcript:Brad Crowell 0:00  Most high achievers are taking their morning when their brains are the best, you know, like processing time and they're using it for dumb things like responding to emails or random things that set them down a side trail, when instead they should be focusing on like the big project that's going to move the ball forward on the company.Lesley Logan 0:22  Welcome to the Be It Till You See It podcast where we talk about taking messy action, knowing that perfect is boring. I'm Lesley Logan, Pilates instructor and fitness business coach. I've trained thousands of people around the world and the number one thing I see stopping people from achieving anything is self-doubt. My friends, action brings clarity and it's the antidote to fear. Each week, my guest will bring bold, executable, intrinsic and targeted steps that you can use to put yourself first and Be It Till You See It. It's a practice, not a perfect. Let's get started. Lesley Logan 1:01  Welcome back to the Be It Till You See It interview recap where my co-host in life, Brad, and I are going to dig into the strategically bold convo I had with Molly Asplin in our last episode. If you haven't yet listened to that interview, you can hit pause and go listen to that one, and then listen to this one. If you like to hear the ending first, I don't blame you. I love that. I do that too. Brad Crowell 1:23  She literally does that. Lesley Logan 1:24  I do. I actually tried to get my client today we're talking about the new Love is Blind season. And I was like, I'm only on episode three. She's like, well, I won't ruin it for you, because it's like, obviously she's all the way to Mexico. And those who know Love is Blind know what I'm talking about. And I was like, I don't even remember the names. You could tell what's going on. She's like, No, I don't want to ruin it for you. And I was like, you, I'm gonna Google it like, I know that there's ways to find out who stays together before the recap. So you can ruin it. Brad Crowell 1:49  Ruin it. Lesley Logan 1:50  Except for, you know, what? Brad Crowell 1:52  What? Lesley Logan 1:52  I thought that I would watch glitter and gold documentary, and I would just be okay, a little late to the Olympics, because, you know, I'll just watch it later. Like, not a big deal. You can just Google it later. And then we were listening to a podcast has nothing to do with sports, and they ruined it. Brad Crowell 1:53  Oh, I was laughing at you, because you Google everything. Lesley Logan 1:54  I know, but I hadn't Googled that because I was, like, I was trying to do it the way you wanted me to, and they ruined it. And, you know, when they ruined it, I'm just gonna tell you all in case, I'm gonna ruin it for you now, because you know what it's fucking March. You should know. I know the villains won like the villains won. Anyways.Brad Crowell 2:30  The villains won. Lesley Logan 2:31  Today is March 19th 2026, and it's Companies That Care Day. Companies That Care Day celebrate on the third Thursday in March to encourage employers to start caring for their employees instead of overworking or exploiting them. This year, that would be today. Yes, the happier the employees, the more productive they will be. Most importantly, employers must keep in mind that both physical and mental health can have an impact on the performance of workers. Hence, to have a long lasting there's a comma hence, to have a long lasting workforce that can produce quality work, employees must show that they care. This includes celebrating the success of the employees or honoring them in their great contribution to the company. We kick ass. I think, as best we can at this, I also think that if, like, more companies didn't have to make sure their shareholders were happy, they would make sure their employees are happy. Brad Crowell 3:13  Yeah, I know it's, that's weird, right? Lesley Logan 3:15  You wanna know what's really weird. I just saw a reel where they asked all the like head CEOs of the top health insurance companies, like, if they're publicly traded, raise your hand. They're all publicly traded. Okay, keep your hand raised if you also own a pharmacy. Keep your hand raised if you also own doctor's offices. So the health insurance companies and the states, of course, they are not only publicly traded, which means they have to make sure that they are doing as what they can for profit margins for their stakeholders, but then they own the doctor's offices who prescribe the prescriptions, that own the pharmacies that fill the prescriptions, which means they're in charge of whatever you pay, whether you pay or not, right? It was abhorrent. Brad Crowell 3:59  That makes it a monopoly. They own every part of the chain. Lesley Logan 4:03  Right. Disgusting. Anyway, we. Brad Crowell 4:03  Fascinating. Capitalism at its finest. Lesley Logan 4:04  Yeah? And here's the thing I'm not like, if you are a small business owner in this capitalist society, we do have to play with by the rules that are made. Your IRS is going to want to make sure that you are doing something that's profiting every year. Otherwise, they call it a hobby, but in that, there are ways to make sure that your employees are thought of and not overworked.Brad Crowell 4:29  I was gonna say that those guys are breaking the rules or not playing, or they have no rules for their game they're playing. Not cool, but I, but I agree shifting back here to focusing on companies that care.Lesley Logan 4:41  There's things you can do. There's this one female business owner that she forces the company to be closed one week per quarter. It's built into the schedules. They don't have meetings on there. That way, whatever employees need to do, they can do. Obviously, they could take vacation times other times. But like, you know that's gonna compound their work. But they have that to guarantee. The other thing that they have, they have paid family leave for all parents, no matter the gender. And they also have leave if you had to go to a hospital for sickness, things like that. Like they have all this extra leave. And also, you can take your meetings from anywhere. It's a rule. Wherever you want to take a meeting, you can take a meeting as long as you get your work done, it doesn't matter. That's one way you could do it. We have a wins channel, oh, it's a wins and gratitude channel where, like, different people on our team just thank each other for, like, what they're doing. It's super fun. We celebrate everyone's birthdays on there. And the win isn't like, oh, we nailed this launch. It's like, hey, so and so helped me with this project. And like, that is really fun. We really pride ourselves in that we built in, like, donating. It's not huge numbers. Like, no one's gonna, you know, go a wow, or put Lesley and Brad on the on the wall. But like, we built that in, like, there's ways to do things that make sure that you care in different ways. You just have to build it in. And then you do when you can do better, you do better, you know, so.Brad Crowell 5:53  100% agree, 100% and it's fun. I mean, honestly, it's been a dream of mine to have a team of capable, enthusiastic, yeah, human beings who are experts at what they do, and bring them all together. And it's been really, really fun to make that dream a reality.Lesley Logan 6:16  It's really cool. It's forced. It's also forced us, like, if we want our people to not overwork and get their work done in a timely manner, so they can be happy with their families and be we've had so many people on our team have babies and things like that, then that means we, too can, like, we have to show them that we take time for ourselves. Because otherwise, if they're like, if the boss never stops working, then I can never stop working, right? So those that's another way to care in a company like, if you're like, I don't have any extra. Brad Crowell 6:39  Lead by example. Lesley Logan 6:39  Extra money right now, then lead by example of what you want them to do, and you'll and then you'll build that in. And then the other thing is, like, that means we also hire people who care. You know, we're we were just talking today. This is, you know, you're hearing this in a month ago, month. I don't know. We're in the past, we're in the (inaudible), but we're trying to refill three jobs, and we're struggling to find people that actually aren't just using AI to answer all of the questions. Yeah, it's like, I love that you know how to use AI, but this job that you're gonna do doesn't use it and your personality matters.Brad Crowell 7:09  Well, it can, but that's not the point. We want to know you. Lesley Logan 7:12  Right, well, we're big fans of hiring a personality and trained skills. So like, if you are a bot, then I'm so sorry. We have a bot. We don't need a bot. We need a person who's cool. Anyways.Brad Crowell 7:26  Come hang out with us in Poland, March. We're gonna be there.Lesley Logan 7:30  Yeah, actually, Brad, it's March 19th. Brad Crowell 7:31  Come hang around with us tomorrow in Poland. Because that's where we are right now. Lesley Logan 7:36  Come to the event in Poland. Brad Crowell 7:38  We may or may not have recorded this in the past future. Lesley Logan 7:40  Yeah, and next week you can join us in Bruges, which I've been calling Brussels this whole time. And, well, it'll be in Bruges so.Brad Crowell 7:47  It's near, it's near. Lesley Logan 7:49  I think so also, I also wish I had known that, because, like, people said we're gonna be in Brussels. And then she said, Bruges, I'm like, there's a whole movie. We all saw it. Very hot actor, of course, we saw it. Brad Crowell 7:59  We did? Lesley Logan 7:59  Yes, Colin Farrel, Colin Farrel, right. That's a hot one. That's a hot Colin, right? Brad Crowell 8:00  Hot. Sure. Lesley Logan 8:04  Well, because there's the Colin Firth, not hot, but very great actor, then there's Colin. Is it Colin Farrell? What's his name? Brad Crowell 8:13  I don't know the movie. Lesley Logan 8:15  The movie is called, oh, I'm just messing with my camera. The team hates me, In Bruges.Brad Crowell 8:21  In Bruges is hold on. Lesley Logan 8:25  2008 Yeah, Colin Farrell. Brad Crowell 8:27  I have never seen this.Lesley Logan 8:28  Oh my god. It's so up your alley. It's totally up your alley. I can't believe you haven't seen it. I've seen it so many times. Brad Crowell 8:33  It's about a hit man who shoots people. Lesley Logan 8:34  Yeah, probably not gonna watch. Brad Crowell 8:36  I'm gonna watch that tonight. Lesley Logan 8:37  Go watch it tonight. Okay. And then. Brad Crowell 8:38  I will report back to decide if he's as hot as we're thinking is, I don't know if it's Colin Farrell. Lesley Logan 8:46  Yeah. Then after our second honeymoon in France, which we still haven't planned, but hopefully by the time you're hearing this, we have some idea, we'll be in London for Balanced Bodies On Tour, Pilates On Tour at the time recording this the last I heard about my my workshop says there's only room in the Sunday one, there's a few spots left xxll.co/POTis London. So you want to go to that, guys, we probably won't be in Europe for a while, and I don't say that to frighten you. Brad Crowell 9:14  Yeah, no, I think that's fair. I mean. Lesley Logan 9:16  Transparency and honesty are part of our value system. Brad Crowell 9:19  Here's the reality is, I'm very excited about the idea of going to Australia and New Zealand. We haven't done that together. You have. I have not. And I would love to go. And not only that, I want to spend time driving around in circles in Australia. That one's on my bucket list. Lesley Logan 9:33  Yeah. Yeah, and if you're like, oh my god, when are you coming? This is not planned. This is just, we're putting it out in the universe.Brad Crowell 9:39  What that means is that, if we're going there, that means we're not going here. It's what that ultimately means. And we are going to Cambodia, because we literally put down roots there. So, that will always be on the on the list but.Lesley Logan 9:50  Spring training is in May, and that is online. So if you're like, guys, I can't get on the plane anywhere, I don't have the funds or the time, or whatever, Spring Training, it's going to be all about getting overhead. If you're an OPC member, it will be free for you. You just have to register. Well make sure you check your email for how to do that. If you're not an OPC member yet, you can turn into one and then get it for free, or you can pay for it and then fall in love with us and turn into one, opc.me/events is all your what you want to want to do, so make sure you get the early bird information.Lesley Logan 10:13  Yeah, that'll put you on the wait list. Yeah. opc.me/events, so.Lesley Logan 10:23  Well, we have taken our sweet time getting into this interview, but we still have to answer an audience question. Brad Crowell 10:28  Yeah. So actually, RawsomeYoga from Instagram is asking, hey dou run your biz as an S Corp or an LLC? Lesley Logan 10:37  I actually love this question, because so many people we in our Profitable Pilates coaching years, we've been doing for a very long time. So many people say, my accountant says I don't make enough money. This is obviously, for the people in the States, I don't make enough money to be an S corp and LLC, so I'm a sole proprietor and Brad, why is that, Brad?Brad Crowell 10:57  Oh, I mean, first off, high level, I'm gonna, I'm gonna step back and try to keep this really simple, risk. It's all about risk management. Okay? And what do we mean by that? If the rest, if you're, if you're not in the United States, you're probably laughing, because everyone here likes to sue each other, and so. Lesley Logan 11:14  There's a lawyer for every 100 people.Brad Crowell 11:17  That's insane. Ridiculous. That's insane.Lesley Logan 11:21  Have you met a happy lawyer? Not me. They all become Pilates instructors. So anyways, so to go to just keep going risk is a thing. So if you're a sole proprietor and someone gets hurt doing Pilates with you, and you're in the States and you're a sole proprietor, that means your personal assets become part of what they can take advantage of. And so you want to be an S Corp or an LLC, they have there's different reasons to want to be one or the other, and I don't think we need to bore anybody with this, but you should already have been doing that. If you are a fitness instructor who takes money from clients to teach fitness, I don't care what your accountant says. They are not a lawyer. They're not a lawyer. So you want to pick one of those. Now in California, I can say we weren't S Corp, which was very nice for California and Nevada, I think we are. Brad Crowell 12:12  There's a couple of things to understand here too. Is that when people say S Corp versus LLC, technically they're confusing two things. Okay, so it's actually Corporation versus Limited Liability Corporation or LLC. So it's C Corp versus LLC, you can actually have the S election on both of them. Oh, that's fun. Yeah. So that is a conversation to have with your accountant. Why would you have an S Corp or an S LLC? That's a conversation that you should have with them, because that depends on a lot of different factors, right? But typically, what we're what we mean when we say, Oh, I have an S Corp, it means we have C Corp, a corporation with an S election for the federal government's, you know, understanding. And the reason that we would do that is because it's just a different way of being taxed. Okay, so again, that's why you'd have this conversation with the with your accountant. But high level, you know, the pros of an LLC are that it's, it can be owned by one person, it can be owned by multiple people, but all profits are subject to self employment tax. So like, that's where, this is where the big conversation is, how are you paying yourself? How are you paying your team? Do you have a team? You know, pros for an LLC is that it's simple, relatively flexible. The cons of an LLC, well, it traditionally was that, you know, and this is hearsay, because I don't have any proof on this, but the new guy at the IRS who was doing audits was always going through the LLCs. They were very rarely going through the corporations. Corporations are typically larger companies.Lesley Logan 13:48  Yes, that's what my accountant told me when he brought me into his office. You never want to get called in. Calls me in, done my taxes for like, two years, and he's like, Hey, we have to change how you're filing, because you're gonna get audited. Because people get audited the most are sole proprietors, and they are the bottom of the totem Well, actually, can't say that, because the bottom of the totem pole is the best of the people. I was just educated. So they are the youngest, newest. They've not like. All they do is like these and so, and they're easy, like, kind of, kind of be an asshole and audit you because you're a sole proprietor, and it's not a ton of stuff to go through, whereas the people who are auditing the S corps or the corporations they have supposedly have had more experience. So they understand that corporations have multiple locations for rent. They understand that corporations have multiple different types of write offs. So I chose a corporate because I was like, I want the best. I want to I want.Brad Crowell 14:40  Well also about that time we weren't married and you didn't have, like, the the there's a very clear tax benefit to having a multi member LLC versus a single member LLC. I remember this whole conversation, so because you didn't have a partner, no, then you went in the corporation route because it was better for taxing. So and then eventually.Lesley Logan 15:01  And then you proposed a month later. And I was like, Well, me, that would have been nice information a month ago. But at any rate, whatever you choose is going to be a conversation about your growth strategy, your goals for your business, with your accountant, and if you have an accountant that says you don't, you shouldn't do either of these. You should get a new accountant, because that person does not understand the risk, and they also are clearly not understanding, like your growth strategy.Brad Crowell 15:25  Yeah, no, I do want to clarify. If you're an employee for someone. Lesley Logan 15:28  Oh, this doesn't matter. Brad Crowell 15:29  Yeah, none of this matter, because you you know. And what I mean to say is, if you are only an employee for someone, if you're still taking clients on the side, this matters, but if you are not taking clients on the side, and you're an employee for someone, then what you need is just typical teacher liability insurance and youre, yeah, the studio.Lesley Logan 15:49  Make sure that you are classified as an actual employee. Oh, this is because way too many this pisses me off. It really pisses me off. Way too many studios are misclassifying their teachers as 1099s, right? Yeah. They're not W2. Brad Crowell 16:06  They're, correct. So what is that for people have no idea what we mean, so they're not employee versus contract. Lesley Logan 16:11  So they're treating like a contract. Brad Crowell 16:13  So if you are an ICA or an independent contractor, oh, IC, sorry. Brad Crowell 16:18  Yeah, an IC, that you so I don't a true IC means you make your own schedule, you have your own insurance, you have your own waivers. You take the payments, you decide how much money you're charging. True, true, true. You would have already even part of the conversation Brad and I had already. If you think you're an employee somewhere, but they are treating you like an IC as far as taxes go, and they are trying to sell to you like it's better for you, because it means you get write offs. Get write offs. You actually are under that risk part that makes me really nervous and then you would need to. Brad Crowell 16:46  Now we're talking like, should you have a company so that you can protect your own, like, house, car, 401(K) whatever.Lesley Logan 16:48  Let's say the equipment at the studio you're at breaks.Brad Crowell 16:55  Let me just finish my thought, is that if you're an employee, and only an employee and a proper W2 employee, then the studio has the insurance. So if, if someone were to sue, they wouldn't be suing me, Brad, the employee, they might. I might be named in the suit, but really, they're suing the company. Lesley Logan 17:16  Yeah, the company's insurance would do it, yeah. Brad Crowell 17:17  So then, so, yeah, that's the big difference.Lesley Logan 17:20  So you can see why I get really, like, I get really pissed when people are misclassified because you don't understand the liability that you're set under, and then they try to cloak it in, oh, it's better for you. It's it could be, yeah, if you know that, and you are insured properly, and your business is set up properly, sure.Brad Crowell 17:37  Yeah, yeah. All right. Well, hey, that was, that was welcome to Brad time.Lesley Logan 17:40  Send your question. These are things we do at Agency, by the way, in our office hours. So send your questions into beitpod.com/questions or text us at 310-905-5534, that's a plus one. If you're out of the country, I don't know your tax systems, but happy to answer. Brad Crowell 17:53  Yeah. Or if you don't want to text internationally, go to beitpod.com/questions beitpod.com/questions or you can leave us both a question or a win, because we'll use those wins on the FYFs the Friday pod. So we should be getting wins all the time, people, I'm gonna tell you that we're not getting enough wins.Lesley Logan 18:15  People, sometimes you guys, DM them to me, and I actually don't know if you want them to stay private, and so then I don't know, so I need you to send them into this thing so that I know that I can share it. I'm happy to celebrate in the DMs with you, but, like, also, you won't hear it on the pod, because I won't know if I can.Brad Crowell 18:34  Yeah, so be it pod.com/questions. All right, stick around. We'll be right back. We're going to talk about Molly Asplin, and we're going to dig into, you know, why she has her podcast, what she does and how she is kicking ass and taking names. We'll be right back. Brad Crowell 18:49  Welcome back. Welcome back. Let's talk about Molly Asplin. Molly is the host of the Dream It, Do It podcast, and a high performance coach who works with the with high achieving women who feel like there's something more or something different for their lives and careers than what they're currently doing and and I'm already like, ready to jump into the conversation, because I thought it was a really amazing thing to be a distinguish between over achieving and high achieving. Love this. Okay, anyway, after spending 10 years in corporate finance, she made the shift into coaching and now supports women in exploring what they're truly good at, what they enjoy, and how they bring more of that into the work and life that they love, whether they're pivoting into something new or finding fulfillment where they are. Lesley Logan 19:33  So yeah, I mean, I want to jump in on what you were saying. Because, like, I actually have only ever heard of overachieving, right? So when I heard the word high achieving, I was like, is that just like a rebrand of overachieving, but it's not. It's it's not. And as a recovering overachiever and perfectionist, I actually was like, Oh, I could still want to achieve things and not end up in my addiction. So, right? Like, I.Brad Crowell 20:05  I feel like, I feel like, you know, like, if you compared it to this idea of high performance, we've probably heard of high performance athlete, usually is, what is the next word that comes, you know, but, but it's very rare that you hear of over performance athlete. No, he don't, well, I mean, I mean, probably just because no one uses that phrase, but I think there certainly are those kinds of people.Lesley Logan 20:26  Well, anyway, she said, I think it was, I think it was I liked, that we finally got to, like, address that. Because I don't think on any of the episodes of having someone talk about, like, performance and achievement, that, like, we distinguish the difference between the two, and I think that that's really helpful. And then she also said, like, a lot of times with high achievers, and I would say, I would also say, with the overachievers, we, they. I said we, because hello, associate loyalty with strength. Like you say to yourself, I need to stick this out. I'm a loyal person. And this is something that, like, I come across a lot of times with. I just had a coaching call with one of our members, and she's like, Oh, this person's leaving in May. And I'm like, are they bringing you any benefit right now? No, it's costing me a lot of money right now. Why are they staying until May? Well, I mean, I told her she could, like the loyalty part of it, and I'm like, no, no, no, there's nothing. There's no law that says you have to do that. They're an employee at an at will state. Like, you can say, thank you so much for your time. This will be your last date. But, like, I understand this from a different perspective, and I'll share it like I think it's on episode.Brad Crowell 21:31  Y'all were talking about burnout, right, and being the person who is an overachiever, being in the environment, and then what are the story that we tell ourselves? We tell ourselves, well, you know, we might not even be like explicitly saying I'm loyal, but that's how I used to define myself. I'm loyal to a fault. Yes, well, the irony is that it was my own fault. I was hurting myself.Lesley Logan 21:58  I think companies that care come in as well, because like, so companies that don't care will take people like you and I, who are like, Oh, I'll help with that. Oh I'll help with that, and they won't go, wow, that person is taking on a lot. Maybe we should take some things off of their plate so that they can do these things, right?Brad Crowell 22:14  I literally just had this conversation with someone on our team who's like, this project is shifting, and in the interim it will, it'll basically come back to me, and I'll be handling this role of it. And I was like, whoa, whoa, whoa, I, that is not, that's not for you, that shouldn't be for you, and I'm grateful that you're willing to do it, but that's that's the wrong your efforts are better than that, like, bigger than that. Or, you know, the way you think is bigger than that. So how do we adjust it so that this doesn't land back on your plate? It shouldn't. Lesley Logan 22:50  Right and so I think, like, if you're someone who's like, because you said you would do it, you're having a hard time taking yourself away from it. Or you're finding yourself going, Oh, once this happens, then I'll give my notice. Or once this happens, then I'll break up with this person. Or once this happens, then I'll it's like the reality is, is like that somewhere in the waiting till this happens, you will take on something else for them and or something else. And so it's really important that you understand you can still be loyal and strong and a committed team member and stop doing it, like you can't, there's conversations that might have to be had, there's things, but I think it's important to, like, at least spot it in yourself, so that you can recognize when you're doing it. Yeah, and something that I'm having a hard time with in my own life is like, I know that I'm someone who is very present when I'm with you, like I try really, really hard to when a friend visits or a family member is visiting, not so much with people I live with, but the people who are visiting they're really hard to clear my schedule be really intentional about them knowing how much time I have all these different things, which means that I might not respond to a text for a bit, because I I can't be present in the conversation at the time. I would have to, like, sit down, think about it, answer it. I can't just read it and move on. Like, I have to, I have to close the loop, right? That's who I am and so.Brad Crowell 24:11  Well, also, too, it's not just that. It's like, it's like, if you're gonna say something and then that, you know they're gonna respond back, but you know you won't be able to get to that response, like.Lesley Logan 24:21  I can't do it. I That's not wrong. That's just like, like, I can't be there for the ping-ponging back and forth. And so for me, I am really trying to honor that about myself. I'm a high achiever. I don't want to be overachiever. Brad Crowell 24:41  You know, that's how they used to sell Slack. That was literally the the selling point. Lesley Logan 24:45  Keep the ping-pong going. Brad Crowell 24:45  Yep, no, well, not the key, not that wasn't, they didn't say it like that, but it was effectively like, you get to it when you when you can get to it. Oh, and that was like the selling point was like, Oh yeah, they can leave you a message. You can come circle back when you're ready.Lesley Logan 24:52  That is also how Slack feels for like, to me, and text messages feel like you're supposed to respond, you know, so, like, because I can't, because I'm working on just like, not over committing myself, I'm not responding, which is, in turn, you know, some people don't like that, because that's effect that's changing the boundaries and the status quo that they're used to. And I am working really hard and going it doesn't mean I'm not loyal to them. It doesn't mean I don't love them. It just means I can't do it right now. So I'm just sending that to you because, like, if you're trying to recalibrate, which is what Molly talked about. She said, if you find yourself defending what you're doing more than you're enjoying it, complaining about it a lot, but you're just fine at the same time, it might be time to recalibrate. And I think that recalibration means like, not just like going to a hotel and like getting a spa weekend and like, yes, or just that time, take some time to go okay, what? What can I change here? What can I share here? What can I ask for help on? Can I say, Hey, I know I said I could do this. It's taking a little more bandwidth than I thought. Is it possible to get some help on these things or postpone these due dates if you told family members you would do something, and that is like actually becoming something that you're frustrated by? Is it possible say, Hey guys, unless somebody really wants to do this, do you mind if I like, cater it? Do you mind if I like, is there someone else? Like, it's okay.Brad Crowell 26:04  Asynchronous communication tool is what that is called, by the way, down this rabbit hole.Lesley Logan 26:09  I heard the typing. I was like, what is he doing? What did I say? Anyways, I just, I just want to say, if, if this episode resonated with you. Hello, I see you. I see you. And you're still loyal, and you're still an amazing, committed person, even if you are taking step backs from things, taking more time on things, asking for space on things, it doesn't mean you're an asshole.Brad Crowell 26:33  Doesn't mean you're an asshole. Love that. Lesley Logan 26:35  Yeah, that's my next book. You're not an asshole. You need space.Brad Crowell 26:43  Well, I really loved when she was talking about high achievers, who are generally good at time blocking and getting stuff done, but they're actually not great at. Lesley Logan 26:53  They're not, naturally. Brad Crowell 26:55  They're not managing their energy well. So while they might be like, Okay, I'm blocking out this time to do this, I'm blocking out that time to do that.Lesley Logan 27:05  Brad, this isn't This is insane. This is, like, literally every single woman that we work with,Brad Crowell 27:10  Oh, I was gonna say it's very much me, too. Lesley Logan 27:11  Yeah, they're, you're, they're so good at time blocking, but not necessarily putting the blocks of time when the energy is there.Brad Crowell 27:19  And specifically what she was talking about, and this is what made me laugh, is it's one of I've heard this a million times, but for some reason this really stood out to me this time was when you're thinking what your brain is like at the best capacity, relatively early in your day, in the morning, And that's like science, right? So.Lesley Logan 27:42  Unless you're an owl, there's owls and larks and. Brad Crowell 27:44  Well, for sure that, for sure that is me. Lesley Logan 27:47  Daniel Pink wrote a book. I can't tell you which book it is, but you can just look up which one has time management there. And he explains there is, like, a small percentage of population who are naturally designed to be night people, but most people are beginning of the day.Brad Crowell 28:02  His book is called When: The Scientific Secrets of Perfect Timing, 2018. So, When. Lesley Logan 28:09  You know what, it's crazy, I can remember when he said that in a podcast, and where I was walking home to our apartment in LA, but the title of the book not in there.Brad Crowell 28:18  Well, well anyway, so most high achievers are taking their morning when their brains are the best, you know, like processing time, and they're using it for dumb things like responding to emails or random things that set them down a side trail, when instead they shouldn't be focusing on like the big project that's going to move the ball forward on the company. Lesley Logan 28:43  I think that's the eat the frog mantra, right? There's the eat the frog first you do the big thing in the earlier part of your day.Brad Crowell 28:49  Yeah or, you know, hug the cactus, yeah. But, but the you're right, it's the eat the frog concept of, like, all right, get it out of the way, because your brain is functioning the best then, but we are letting ourselves be be taken down these other random trails by stuff that is not.Lesley Logan 29:09  After lunch, after I've had lunch.Brad Crowell 29:13  I mean, think about it, from the studio.Lesley Logan 29:15  I am the worst, the worst at creative stuff after I've had a lunch. Like, I, I'm a little different now that we've had the Adderall. I'm not gonna lie, like I actually wasn't pretty impressed myself what I did in the afternoon. But I naturally the I'm good at teaching and coaching. I can actually really present and pour into somebody else, but to, like, creatively, think about some project. No, no, that would be a good time for me to do my emails if I had to.Brad Crowell 29:42  Yeah, today was really interesting. I actually did my that kind of stuff, Slack, emails at the end of the day. Lesley Logan 29:49  Do you like it? Brad Crowell 29:49  Yeah, actually, I thought it was good. I mean, it didn't set me up for the phone call I had at five o'clock but. Lesley Logan 29:55  But it's a new system, so, you just said now, you had to figure that out. Brad Crowell 29:59  Yeah that was the first time I was like, oh, oops. Anyway, the point is that if you have a bigger project that's going to move the company forward, you want to do it in the day, like for studio owners, imagine, you know, waking up in the morning and the first thing you do is, like, pull out the dust pan and broom and you sweep the studio. You're like, wasting your brain on the on something that is just mundane. Lesley Logan 30:20  And just in case you're not a company or a studio owner, this could be, like, life stuff, you know, like a lot of people on the weekends are like, oh, I want to do this big thing. I want to, like, clean out my closet. But you don't do that in the morning. You like, go grocery shopping, you organize the clean the kitchen. Like, in fact, if you were to do that in the beginning part of your day, when you have a lot more energy, and then you did the other stuff at the slower time, it would be better. Brad Crowell 30:46  Yeah. Well, you know. Lesley Logan 30:48  I mean, Molly can tell you how to manage your time. What we're saying is, if you're listening to this podcast, you're probably someone who time blocks the fuck out of your life and doesn't have the energy to do what you've time blocked. Here's your sign. Brad Crowell 30:59  You know, I mean, also too, we're so distracted, right? It's so easy for like, I can't tell you how many times I actually caught myself today, which is really interesting, that I hopped on to dig into Slack, the chat, you know, to get through everything for the team. The first thing I did took me to my email, which took me to this other thing, took me this other thing, took me to this other thing. And then, like, all of a sudden, 10 or 15 minutes had gone by. I was like, what was I even doing? Oh, I literally got to one message in what I was trying to do, which was Slack, right? It's like, oh, okay, hold on. I'm this is not a win. Like, also, too, I the notifications on my phone, if my phone is up, it's like, every every two minutes. So like minimizing those that's important to do you know, but effectively, when you know this about yourself, if you can reorient your projects so that your morning or your when your peak time that your brain is functioning is when you're doing the thing that needs to actually happen to get things done, you're going to love life so much better. Yeah. All right, stick around. We'll be right back, because we're going to dig into those Be It Action Items that we got from Molly Asplin in a moment. Brad Crowell 32:09  All right. So finally, let's talk about those Be It Action Items, what bold, executable, intrinsic or targeted action items can we take away from your conversation with Molly Asplin? She was talking about pivoting to something new, like changing things, you know, in mid stride. Pivoting usually is like, I'm going this way and now I'm changing it to go that way, right? So she's saying that it's not about taking this big leap immediately. For her, she did it in a little bit more of a thoughtful way. She said, you usually already know what your next bold move is, just kind of inherently know. But the question is, when are we ready to tackle that thing right? And it's very easy to say, I'm going to get to say, I'm going to get to it, I'm going to get to it, I'm going to get to it. So how do we actually get to it? And she was talking about her clients, and she's like, you know, she had a client say to her, I want to start a podcast, and I'm going to do that at some point. And she's like, Well, why don't you start it now? And she's like, Oh, I guess. I guess I could start it now. Lesley Logan 33:22  Yeah, start recording. You don't have to figure it out. You can always add an intro later, like you don't have to have the name figured out. You could just, like, start recording yourself.Brad Crowell 33:31  Yeah, but, but, but that left her, that led her down to this tool that she uses that is like, one bold move a day, one bold, one bold, courageous move a day. And that means, after 30 days, you have done 30 bold, courageous moves, right? And so what is a bold, courageous move? What could that be? It might be like actually responding to the text message you've been avoiding. Lesley Logan 33:54  Yeah, that could be bold. Brad Crowell 33:57  It might be making the phone call that you're like, I just don't want to take the time. Well, if you do it when your brain is active, the most active, you know, it will be less burdensome for y'all.Lesley Logan 34:07  For my ADHD people listening, you'll be shocked how quickly it it goes if it's the phone call you've been avoiding, like, I hate, well, it's not, I mean, like, it's true. It's an actual sign of ADHD. So, and because you and I have it, and we attract people who are, like most of our listeners probably like, you're really good at, like, a lot of, like, big thinking projects, but like, you know, calling your accountant just feels like the most annoying thing to do, and then you like, thank God I got their voicemail. Like, you know what I mean? No, just me, but the other day, I had to make two phone calls. And I was so shocked that I was able to do two phone calls in five minutes. And I was like, whoa. Why did I put that off for like, 72 weeks, like, so I just would say, like, do it when you have the high energy for it. I like that. I like that.Brad Crowell 34:54  Yeah, you know, but, but, but then, like, also, too, it starts a progression, one bold move a day. Lesley Logan 34:59  That's how confidence is built, by the way, by doing the same. Brad Crowell 35:02  Messy action. Lesley Logan 35:03  And then, by the way, I'll just that'll go into my thing, think about that thing, and then you want to do the future and then do it today. Like, it's actually like, don't, like, Don't go, Oh, I'm gonna talk to my friend about doing it. No. Like, go do it. Send the email. Like, hire the coach. Like, oh, I've been really wanting to get on this dating app so I could find something, put the build up the profile like do the actual thing. Because one, you'll be surprised how quickly some of these things are able to be done in our head, that we've built up to be this hard thing that we have to do. Brad Crowell 35:30  Oh, me too. Lesley Logan 35:31  So take the actual action, and don't let that get covered up with plans of just thinking about it. I'll tell you one thing, one way to really irk my you know, situation is if you just keep talking about the thing you're going to do with me, I can't. I don't have patience for it. So I don't it's how, it's how I met Brad. Y'all want to know this girl friend of mine just kept complaining about the scarf she lost, and I had the exact same scarf. I love that scarf. And I said, if you want, you can have my scarf, the one that you lost. I have the other one, but you're gonna do it with Brad, because I just needed her to shut up, like, go buy a new scarf. Go call the thing. Go see if there's a lost and found or it's a fucking I can't so anyways, I'm clearly not the person to call for you to repeat yourself. I'm gonna tell you, take the actual action, and then if you want to understand how to get momentum going, she did share a free resource called Momentum Builder at mollyasplin.com/momentum.Brad Crowell 36:29  Yeah, that's Molly A-S-P-L-I-N dot com mollyasplin.com/momentum, it's pretty cool, like you can print it out. She she recommends doing it monthly, and it helps you build that momentum. And if you take one bold move a day, by the time you're done 30 days, you're ready to fill out another one of these Momentum Builders. Lesley Logan 36:47  This is so great for so many people I know who listen to this podcast or in Agency, because they're like, I just need to figure the system that helps me get the things done. Like, just keep writing new lists down. And this Momentum Builder. All right, I'm Lesley Logan. Brad Crowell 36:59  And I'm Brad Crowell. Lesley Logan 37:00  You're amazing. We're so grateful for you. I hope you enjoyed we had Clare the last two weeks for the recap, so hopefully you enjoyed that she'll be back for a recap coming up, because she's excited about the guest so once, so you'll hear from her again. But we appreciate you guys letting someone else jump in on these recaps. Sometimes it's for me, sometimes for Brad, and we appreciate that you share this with a friend. So share this with a friend who you're tired of hearing them complain about the thing that they think they're gonna do. They won't know why you did it until this point. So at any rate, until next time, Be It Till You See It. Brad Crowell 37:31  Bye for now. Lesley Logan 37:32  That's all I got for this episode of the Be It Till You See It Podcast. One thing that would help both myself and future listeners is for you to rate the show and leave a review and follow or subscribe for free wherever you listen to your podcast. Also, make sure to introduce yourself over at the Be It Pod on Instagram. I would love to know more about you. Share this episode with whoever you think needs to hear it. Help us and others Be It Till You See It. Have an awesome day. Be It Till You See It is a production of The Bloom Podcast Network. If you want to leave us a message or a question that we might read on another episode, you can text us at +1-310-905-5534 or send a DM on Instagram @BeItPod.Brad Crowell 38:15  It's written, filmed, and recorded by your host, Lesley Logan, and me, Brad Crowell.Lesley Logan 38:20  It is transcribed, produced and edited by the epic team at Disenyo.co.Brad Crowell 38:25  Our theme music is by Ali at Apex Production Music and our branding by designer and artist, Gianfranco Cioffi.Lesley Logan 38:32  Special thanks to Melissa Solomon for creating our visuals.Brad Crowell 38:35  Also to Angelina Herico for adding all of our content to our website. And finally to Meridith Root for keeping us all on point and on time.Advertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

You think the IRS is scary? Cool. Now imagine TikTok is your tax attorney. Pietro E. Canestrelli (JD, LL.M.) jumps in to kill the "one weird trick" tax myths and explain how people actually get wrecked: audits, missing returns, bad CPA advice, and the quiet fact that you're the one holding the bag.

Many business owners overpay taxes because their CPA focuses on compliance instead of strategy. In this episode, we answer real tax questions from business owners about Schedule C, home office deductions, S-Corporation elections, and the Augusta Rule. You'll learn what deductions are truly allowed, when an LLC makes sense, and how to know if you're ready for S-Corp status. We also break down common fears like depreciation recapture and audit risk. These strategies are not loopholes. They are legal tools built into the tax code to help business owners keep more of what they earn. If you've ever felt dismissed or talked down to about your own finances, this episode gives you the clarity and confidence to ask better questions.   Next Steps: ➡️ Overpaying your CPA and the IRS? Learn how to stop it in this free training: https://go.phillipsbusinessgroup.com/registration

Most business owners overpay the IRS because they're using the wrong business structure. In this episode, we break down how an S-Corporation can reduce self-employment tax and help you keep more of what you earn. You'll hear real numbers, simple examples, and the key rules around reasonable salary, payroll, and distributions. We also cover how S-Corps unlock smarter retirement planning, health insurance deductions, and reimbursed business expenses. If your CPA only focuses on compliance instead of strategy, this episode shows why proactive tax planning matters. The tax code rewards business owners who structure correctly, and the S-Corp may be one of the most powerful tools available.   Next Steps: ➡️ Overpaying your CPA and the IRS? Learn how to stop it in this free training: https://go.phillipsbusinessgroup.com/registration

There's a big difference between making money as a creator… and building a sustainable, scalable creator business.And once you hit that $50K mark, the strategy, mindset, and legal + financial structure need to shift - fast. In this episode, I'm breaking down what creators at this income level need to think about differently.How you position yourself and price your work, to the backend decisions that protect your growth as you scale.If you're considering electing S-Corp status and need a simple payroll system, Gusto is our go-to: https://gusto.pxf.io/55XYOnIf you want strategic support growing your creator business, book a call with our team: https://calendly.com/sidewalkerdailyteam/discovery

Many physicians spend years training to earn high incomes, only to discover that a significant portion of those earnings disappear to taxes.  In this episode of BootstrapMD, host Dr. Mike Woo-Ming shares the Physician Tax Playbook, a practical framework designed to help doctors understand how income structure, not just income level, determines how much they actually keep. Dr. Woo-Ming opens with a personal story about receiving his first physician paycheck and realizing how much of it was lost to taxes. He explains why W-2 income is one of the most heavily taxed forms of income and why the tax code tends to favor business owners, investors, and entrepreneurs. From there, he walks through seven powerful strategies physicians can use to reduce tax exposure and build long-term wealth. These include structuring consulting income through an S-Corporation, using advanced retirement vehicles like Solo 401(k)s and cash balance plans, and leveraging legitimate business deductions that many physicians overlook. Throughout the episode, Dr. Woo-Ming outlines what he calls the Physician Wealth Ladder: the progression from employee physician to entrepreneur, investor, and eventually asset owner. The key lesson is that financial transformation happens through intentional structure and consistent strategic decisions over time. If you want to keep more of what you earn and start building real financial leverage outside of clinical medicine, this episode provides the roadmap. Three Actionable Takeaways: Use an S-Corporation for 1099 Income: If you earn consulting, telemedicine, or speaking income on a 1099, structuring that income through an S-Corp can significantly reduce self-employment taxes. Many physicians can save $10,000–$15,000 per year once business income exceeds roughly $40,000–$50,000. Maximize Business Retirement Vehicles: Business income unlocks powerful retirement strategies beyond the traditional employer 401(k). Solo 401(k)s and cash balance plans can allow physicians to shelter $170,000–$270,000 annually from current taxation while building long-term wealth. Schedule an Annual Tax Planning Meeting: Every October, meet with a CPA who understands physician entrepreneurs. Review whether income should be accelerated or deferred and whether business expenses should be moved into the current year. This single conversation can save thousands in taxes annually. About the Show:   Bootstrap MD is the ultimate podcast for physician entrepreneurs looking to escape traditional healthcare and control their financial futures. Hosted by Dr. Mike Woo-Ming, a successful physician, entrepreneur, and investor, the show delivers actionable insights on starting businesses, creating passive income, and navigating healthcare entrepreneurship. Featuring interviews with industry leaders, physicians, and experts in telemedicine and digital health, it's your guide to building a profitable, fulfilling career.  Tune in weekly at  http://bootstrapmd.com   About the Host: Dr. Mike Woo-Ming has over 20 years of experience as a physician entrepreneur. He's built and sold multiple seven-figure companies and now leads Executive Medical, a group of clinics specializing in age management and aesthetics. Through BootstrapMD, he mentors physicians in business, content creation, and autonomy. Let's Connect: www.https://www.bootstrapmd.com   Want to start a podcast? Check out the Doctor Podcast Network!  

A question from Austin Church's Freelance Cake community puts tax strategy center stage: is taking an S-Corp election actually worth it? Preston and Austin break down the real mechanics behind this often-misunderstood move—how splitting your income between a salary and shareholder distributions can save you tens of thousands of dollars a year, why your state tax laws matter more than you might think, and exactly when it stops being worth the extra paperwork. If your freelance or agency revenue is approaching six figures, this is the conversation that could change how you run your business. Support our show sponsors -> ⁠⁠⁠⁠⁠⁠⁠https://freelancetofounder.com/sponsors⁠⁠⁠⁠⁠⁠⁠ Submit your own question -> ⁠⁠⁠⁠⁠⁠⁠https://freelancetofounder.com/ask⁠⁠⁠⁠⁠⁠ Join Austin's Community for Advanced Freelancers -> ⁠⁠⁠⁠⁠Freelance Cake Community Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Catrina Craft shares overlooked tax strategies that entrepreneurs often miss, including entity stacking, income shifting, and leveraging family offices to build long-term wealth. Discover how to maximize your tax benefits and grow your business effectively.Welcome back to the show, Catrina! Head to the bottom of the episode description to stay current in on tax savings and tips. As You Listen00:00 Introduction and Series Overview 01:11 The Difference Between a CPA and a Tax Strategist 02:18 Stop the Simple Strategies: Beyond Basic S-Corp Filing 04:13 Entity Stacking: Using C-Corp and S-Corp for Tax Flexibility 05:12 Income Shifting: Family Members and Business Support 07:06 Stop Chasing Revenue: Invest in Wealth-Building Assets 08:57 Investing in Film Production for Tax Deductions 10:15 Using Real Estate and Oil & Gas for Tax Savings 11:29 Recap of Entity Strategies and Their Benefits 13:40 The Power of Family Management Offices 16:30 Personal Story: Overcoming Financial Challenges 18:27 Working with the Right People and Building Wealth 19:34 Teaser for Next Episode and Final Thoughts 20:09 Where to Find Katrina Kraft Online 

Tax season doesn't have to be terrifying. In this episode, I'm bringing on my secret weapon: tax strategist Cindy Dillard. She's the reason Justin and I don't get hit with surprise six-figure tax bills every April. Here's what we're covering: The real difference between an LLC and an S-Corp (and why it saves you 16% on profits) Home office deductions you're probably missing Travel write-offs that actually work What never to pay from your business account How to get organized in the next 30 days If you've ever felt that nervous belly-flip about taxes, this episode will change that. Cindy breaks down complex tax strategy into simple, actionable steps that can save you thousands. Connect with Cindy Dillard: Phone: 602-368-3588 Email: cindy@samboyappletax.com Resources: "How To Get Clients" Limited Series: amanda-walker.com/limitedseries 10 Powerful Questions: amanda-walker.com/questions Instagram: @awalkmyway https://www.instagram.com/awalkmyway

Is your debt a strategic tool or a heavy burden? In this episode, I'm pulling back the curtain on a topic many entrepreneurs avoid: Debt Management. Debt isn't inherently "bad," but for inventory-based businesses, the wrong type of debt can quietly choke your cash flow and restrict your freedom. Let's break down the six common types of business debt—from traditional SBA loans to the predatory nature of Merchant Cash Advances—and learn how each impacts your balance sheet. Whether you are navigating high-interest credit cards or utilizing vendor terms (Accounts Payable), this episode provides the roadmap you need to move from "servant to the lender" to a confident, profit-focused CEO. Key Takeaways: The Debt Spectrum: Why predictable debt (like traditional loans) is power, while unpredictable debt (like capital loans) is a danger to your daily operations. The "Inventory Gap": How to strategically use Lines of Credit to fund long lead times without falling into a debt trap. Family & Personal Loans: Why documentation and amortization schedules are non-negotiable, even when the lender is "Mom and Dad." The Debt Payoff Plan: How to prioritize your repayments to regain control of your cash flow. Actionable Steps You Can Take Now: Audit Your Debt: List every balance, interest rate, and payment term you currently hold. Identify the "Predators": Prioritize paying off Merchant Cash Advances and high-interest credit cards first. Formalize Agreements: Ensure all informal family loans have written terms and a clear payoff schedule. Seek Expertise: If your books are a mess, consider hiring professional services to clean up your records so you can make data-driven decisions. Work with Me - https://www.ciarastockeland.com/work-with-meVisit the Bookstore - https://www.ciarastockeland.com/bookstoreSign Up for Free Weekly Tips and Trainings - https://www.ciarastockeland.com/subscribe More About the Episode Sponsor:T&O Strategic Advisory (http://www.tostrategicadvisory.com/) - Offering a wide range of tax and accounting services, including entity election and S-Corp advisory.

Key Takeaways: Choose the Right Business Structure: Switching from a sole proprietorship to an S Corp should be a thoughtful decision. It should be based on your income level and readiness to handle extra paperwork, not pressure from social media. Understand How You Pay Yourself: Owner draws and salaries are taxed differently. Knowing the difference helps you plan better and avoid surprises at tax time. Use Retirement Plans Strategically: Options like SEP IRAs and Solo 401(k)s help you save for the future while also lowering your current tax bill. Balance Sheets Matter: Your balance sheet is just as important as your income statement. It shows the true health of your business and plays a big role in taxes and long-term stability. Think Like a Future Buyer: A clean, well-prepared balance sheet makes your business more valuable to potential buyers and encourages smarter long-term decisions. Chapters: Timestamp Summary 0:00 Introduction and Business Structure 0:39 Big Boy or Girl Business Decisions 1:22 Switching to an S Corp 3:39 Owner Draws vs. Salary 8:13 Retirement Planning and Tax Savings 10:03 Importance of the Balance Sheet   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.

Can you deduct free food, rent your house to your business or avoid double taxation with a C Corp?In this Q&A episode, Mike answers rapid-fire tax questions submitted by business owners across industries. From restaurant deductions to partnership restructuring, foreign contractors, co-mingled expenses, and advanced C Corp investing strategies, this episode walks through what's legal, what's smart, and what's risky. If you want clarity before you file, this is the one to listen to.

In this bonus episode for BJJ business owners, we're joined again by David Bayarena! David is a BJJ black belt, a longtime BJJMM community member, and the founder of RONIN: a financial planning & training firm specialized in working with Jiu-Jitsu gyms.This conversation focuses on how BJJ gym owners can survive economic volatility and build real wealth, not just create a job for themselves. Topics include: cash flow discipline, break-even analysis, liquidity reserves, entity structure (LLCs vs. S-Corps), tax strategy, insurance protection, inflation, and smart use of leverage.Email David:david@roninwealth.com Work with David at RONIN Wealth:https://www.roninwealth.com⬆️ LEVEL UP with BJJ Mental Models Premium!The world's LARGEST library of Jiu-Jitsu audio lessons, our complete podcast network, online coaching, and much more! Your first week is free:https://bjjmentalmodels.comNeed more BJJ Mental Models?Get the legendary BJJMM newsletter:https://bjjmentalmodels.com/newsletterLearn more mental models in our online database:https://bjjmentalmodels.com/databaseFollow us on social:https://instagram.com/bjjmentalmodelshttps://threads.com/@bjjmentalmodelshttps://bjjmentalmodels.bsky.socialhttps://youtube.com/@bjjmentalmodelsMusic by Enterprize:https://enterprize.bandcamp.com

email chris@drchrisloomdphd.com with "Podcast freebie" to book a coveted FREE guest spot on the show. To book a PREMIUM spot on the Podcast: ⁠⁠⁠⁠⁠⁠https://www.drchrisloomdphd.com/_paylink/AZpgR_7f⁠⁠⁠⁠⁠⁠Book a 1-on-1 coaching call: ⁠⁠⁠⁠⁠⁠https://www.drchrisloomdphd.com/booking-calendar/introductory-session⁠⁠⁠⁠⁠⁠ Become a member of our Podcast community: ⁠⁠⁠⁠⁠⁠https://www.drchrisloomdphd.com/membership⁠⁠⁠⁠⁠⁠Subscribe to our email list: ⁠⁠⁠⁠⁠⁠⁠https://financial-freedom-podcast-with-dr-loo.kit.com/⁠⁠⁠⁠⁠⁠⁠Click here to join PodMatch (the "AirBNB" of Podcasting): ⁠⁠⁠⁠⁠⁠https://www.joinpodmatch.com/drchrisloomdphd⁠⁠⁠⁠⁠⁠Click here to purchase my books on Amazon: ⁠⁠⁠⁠⁠⁠https://amzn.to/2PaQn4p⁠⁠⁠⁠⁠⁠Click here to purchase my audiobooks, visit: ⁠⁠⁠⁠⁠⁠https://www.audible.com/author/Christopher-H-Loo-MD-PhD/B07WFKBG1F⁠⁠⁠⁠⁠⁠To help support the show:CashApp- ⁠⁠⁠⁠⁠⁠https://cash.app/$drchrisloomdphd⁠⁠⁠⁠⁠⁠Venmo- ⁠⁠⁠⁠⁠⁠https://account.venmo.com/u/Chris-Loo-4⁠⁠⁠⁠⁠⁠Buy Me a Coffee- ⁠⁠⁠⁠⁠⁠https://www.buymeacoffee.com/chrisJx⁠⁠⁠⁠⁠⁠

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.