Podcasts about s corp

Send us a textIf you've ever paid for business expenses out of pocket, like your phone bill, internet, or home office, and wondered if you can get reimbursed without paying more tax, this episode is for you.In this episode, you'll learn how an Accountable Plan lets business owners legally reimburse themselves and their employees tax-free. You'll also discover the 4 key rules every plan must follow to stay IRS-compliant, and the most common mistakes that lead to audit trouble.

In this episode, Erica welcomes Julie Maison, a Chief Communications Officer for nonprofits and churches. This episode is an open Q&A session where Erica answers questions many new business owners have, including accounting concepts like cash and accrual basis accounting, the differences between an LLC and S-Corp, and the importance of accurate bookkeeping. 00:00 Introduction 00:54 Meet Julie Maison: Communications Expert 02:08 Julie's Journey to Entrepreneurship 04:20 Navigating the Challenges of a New Business 09:55 Understanding Accounting Basics 10:58 Cash vs. Accrual Accounting Explained 17:32 Planning for Financial Success 19:35 Example of Setting Aside Money for Taxes 20:11 Owner's Distribution vs. Salary 23:51 Owner's Distribution Framework 25:43 Sole Proprietorship vs. S Corp 30:05 Strategic Cash Flow Planning 32:43 Common Financial Mistakes 37:28 Retirement Savings for Entrepreneurs EricaGoode.com ____________________ Resources Referenced: Ep4 - Ep7 Consultants & Money: Business Money 101 series Ep86 - Retirement Plans for Consultants ____________________ Connect with Julie | LinkedIn | Website Connect with Erica | LinkedIn | Website | Newsletter

R. Kenner French opens by positioning tax planning as a core strategy for building real estate wealth — not a once-a-year chore. He stresses that many real estate entrepreneurs overpay because they either don't use proper entities, don't track their activity, or don't plan proactively. He combines tax, finance and AI to help clients project tax exposure and work backwards to reduce liability ethically and legally.He counts down ten “easy” tax hacks, starting with the right entity structure to optimize taxes and protection, and the powerful “real estate professional” status that lets high earners offset active income with real estate losses. Maximizing and accelerating depreciation is another core lever he emphasizes — it's technical, but can materially reduce taxable income when handled correctly.French highlights income-shifting and family payroll as simple, effective moves, and promotes self-directed retirement plans for investing in real estate tax-deferred or tax-free. He also covers practical deductions many miss — business travel, due diligence trips, seminars — and the importance of clean, AI-powered bookkeeping to keep records tidy, reduce errors, and surface tax opportunities.He explains the tax differences between flipping and long-term rentals, mentions installment-sale strategies to spread tax bills, and reminds listeners about everyday deductions like home-office and vehicle rules or Section 179. Above all, he pushes for a proactive, repeatable tax plan — set it early, review it quarterly, and stick to it to capture ongoing savings.As a final bonus, French flags R&D tax credits as high-value, often-overlooked dollar-for-dollar savings, and closes by outlining paid offerings — a tax strategy roadmap, free AI bookkeeping for a year, access to the Vast Vault community, and coordinated asset-protection review with counsel — inviting listeners to visit for help.Takeaways• Cutting taxes legally is possible with the right strategies.• Many real estate entrepreneurs are unaware of their overpaid taxes.• Wealthy individuals strategize their tax planning effectively.• Setting up an LLC or S-Corp can significantly reduce tax liabilities.• Real estate professionals can deduct losses against active income.• Maximizing depreciation can lead to substantial tax savings.• Income shifting to family members can lower overall tax burdens.• Investing in real estate through IRAs can yield tax-free growth.• Travel expenses related to business can be deducted.• Proactive tax planning is essential for financial success.Sound Bites• Setting up an LLC can help you with taxes.• Shift income strategically to save money.• Have a proactive tax plan in place.Listen & Subscribe for More:

Starting an interior design business is exciting—but if you're like most designers, the legal side of things can feel overwhelming. Should you stay a sole proprietor, form an LLC, or register as an S Corp? What does any of that even mean for your taxes, liability, or peace of mind?In this episode, I sit down with Jonathan Feniak, attorney and co-founder of LLCAttorney.com, to talk about how to choose and form the right business entity for your interior design business. Jonathan breaks down the legal side of starting and running a design firm, explaining how to protect yourself with the proper business structure and why liability protection and insurance are essential for every designer. He also walks us through the natural progression many creatives take, from sole proprietorship to forming an LLC or S Corp, and how to know when it's time to make that shift.Whether you're just starting your design journey and ready to set up your business the right way, or you're an established designer questioning whether your current setup still fits, this episode will help you get clear and confident. You'll walk away knowing exactly how to protect your assets, stay legally compliant, and make smarter financial decisions for your interior design business.Featured GuestJonathan Feniak is the lead attorney behind LLCAttorney.com, a company dedicated to making quality legal guidance accessible to small business owners. Specializing in LLC formation, business compliance, and asset protection, Jonathan helps entrepreneurs create strong legal foundations that empower their businesses to thrive. With decades of experience across finance, operations, and law, he combines real-world business insight with expert legal advice to simplify complex legal decisions for creatives and entrepreneurs.What You'll Learn in This Episode✳️ The difference between a sole proprietorship, LLC, and S Corp—and how each affects your taxes and liability✳️ Why insurance often matters more than your business entity when you're just starting out✳️ How to know when it's time to switch from a sole proprietor to an LLC or S Corp✳️ Why forming an LLC can make your design business look more professional and credible✳️ The most common mistakes designers make when setting up their businesses legally✳️ Simple steps to stay compliant and protect your personal assets✳️ How to avoid piercing the corporate veil and losing your liability protectionRead the Blog >>> >>> LLC or S Corp? How to Choose the Right Business Entity for Your Interior Design BusinessNEXT STEPS:

Are you paying more in taxes than you should? Chances are, yes. Most business owners are losing thousands every year because their CPA only files returns instead of creating a smart tax strategy. In this episode, you'll learn five powerful tax strategies every LLC owner should know—ones that could legally save you $15,000 or more. From startup cost deductions and home office write-offs to vehicle expenses, marketing deductions, and the S-Corp election, we're breaking down exactly how to keep more of your hard-earned money. You'll discover why tax planning isn't just for the wealthy, and how simple steps can create immediate savings for your business. Stop leaving money on the table. Listen now to uncover the tax secrets your CPA isn't sharing—and start taking control of your business finances today.   Next Steps:

Send us a textA single medical bill can wipe out your profits. But health expenses don't have to drain your cash flow. In this episode, you'll learn three powerful ways to turn your medical costs into legitimate tax deductions. From self-employed health insurance and Health Savings Accounts (HSAs) to Section 105 reimbursement plans and employee health benefits, these strategies can help business owners save thousands while staying fully IRS-compliant.

As a small business, your salon company has options when it comes to paying taxes. But are you chosing the right one? Whether you're in a parternship, an S corp or a C corp, the best entity for your business might not be the same as the salon across town, or even the same as it was a few years ago when you had four chairs instead of eight. For the second in our Financials 101 series, Boyum Associates accounting wiz Chris Wittich breaks down everything you need to know to make an informed decision. You'll hear:The differences between Schedule C, partnerships, S Corps, and C CorpsWhy S Corps are often the go-to for salons—and when it's time to make the switchHow state laws and the new FICA tip credit can impact your decisionThe importance of paying yourself a “reasonable salary” as a salon owner (and what that really means)Why setting up an LLC is a smart move, even if you're just starting outCommon mistakes salon owners make with their taxesGet more tips and reach out to Chris Wittich at salon.cpaLearn more about the FICA tax tip credit and tax-free tips!  Follow Summit Salon Business Center on Instagram @SummitSalon, and on TikTok at SummitSalon. SUMM IT UP is now on YouTube! Watch extended cuts of our interviews at www.youtube.com/@summitunlockedFind host Blake Reed Evans on Instagram @BlakeReedEvans and on TikTok at blakereedevans. His DM's are always open! You can email Blake at bevans@summitsalon.com. Visit us at SummitSalon.com to connect with others in the industry.

S-Corp highlighted a recent report by economist Don Schneider quantifying the tax relief millions Americans can expect in the next year as a result of the OB3. It's a big number, so we invited Don, the Deputy Head of US policy at Piper Sandler, to explain why this could be the biggest refund season ever. Don also reviews the future of tariffs (and why they're likely here to stay even if courts weigh in) and shares his thoughts on why the government shutdown might end in early November. 

Paden Squires' approach centers around fostering financial clarity for entrepreneurs at every stage of their journey. By implementing actionable strategies, such as guiding startup founders through critical tax decisions or optimizing advanced structures for established businesses, he ensures clients avoid overwhelm and maintain focus on their long-term vision. His systems encourage business owners to streamline operations, reduce burnout, and align their tax planning with broader goals for sustainable and meaningful growth. Crucial to his philosophy is empowering individuals with practical playbooks that demystify complexity without losing sight of purpose. Whether assisting in the transition to S Corp status or helping navigate multi-state regulations, Paden's advice is rooted in clear, step-by-step methods that support both financial efficiency and clarity of mission. He understands that financial management, when approached proactively, can serve as a foundation for building resilient companies and confident leaders. If you're seeking to simplify your finances while fueling growth, learn more about Paden Squires' strategies and services. Discover how tailored tax planning and financial systems can elevate your business and support your long-term goals. Visit his website here. For the accessible version of the podcast, go to our Ziotag gallery.We're happy you're here! Like the pod?Support the podcast and receive discounts from our sponsors: https://yourbrandamplified.codeadx.me/Leave a rating and review on your favorite platformFollow @yourbrandamplified on the socialsTalk to my digital avatar Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Choosing the right entity taxation is not just a startup decision, it's a lever that can create or erase six figures as your business grows. In this episode, Jaime and Katina discuss the difference between an S Corp and a C Corp, how LLCs fit into the picture, and why entity choice should be reviewed over time, not just once when you file paperwork. Katina explains the tax implications of each structure, including when C Corp double taxation is actually worth it, how reasonable compensation works for S Corp owners, and the five-year lock-in rule when switching. We also talk about the types of businesses that should consider each approach and why service-based businesses often start with S Corp but shouldn't assume they'll stay there forever. If your business has grown and you've never re-evaluated your entity structure, this episode will help you know what to revisit with your CPA or CFO. This episode is for educational purposes only and not legal or tax advice.

Are you structuring your business the right way — or making costly mistakes that could be draining your profits? In this episode of the Main Street Business Podcast, Mat Sorensen and Mark J. Kohler team up to answer your questions on taxes, legal structures, and real-world strategies for small business success. Together, they uncover the truth about LLCs, S-Corps, and the $50K rule that determines when to make the switch.From transferring real estate into an LLC safely to understanding what truly qualifies as business income, this discussion covers the practical steps every entrepreneur should take to protect their assets, reduce taxes, and stay compliant. You'll also learn how to pay yourself properly, avoid due-on-sale issues, and maximize wealth through smart entity planning.If you're serious about building your business the right way and keeping more of what you earn, this is an episode you can't afford to miss!You'll learn:How to decide when it's time to convert your LLC to an S-Corp — and how the $50K rule really worksHow to transfer real estate into an LLC without triggering the due-on-sale clause or losing financing optionsThe difference between true business income and passive income (like royalties, rentals, and trading profits)How to pay yourself correctly as a business owner — and avoid IRS red flags with payroll, draws, and distributionsSimple bookkeeping and payroll strategies to stay compliant and ready for tax seasonHow to use smart entity structuring to protect your assets and save thousands in self-employment taxesPractical tips for maximizing retirement contributions through Solo 401(k)s and Mega Backdoor Roth strategiesGet 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_content=msbp597-smart-strategies-to-pay-yourself&utm_campaign=main-street-business-podcast Grab 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/markjkohler Craving more content? Check out my Instagram!

Welcome back to The Entrepreneur's Journey. In this episode, Jason Gabrieli sits down with John Cavanaugh, CPA and tax attorney at Firenze Advisors, to discuss the foundational role that legal entity structure plays throughout the life of a business—from launch to scale to exit. They explore common pitfalls, how to adjust structures as businesses grow, and key planning considerations for exits, succession, and estate transitions. If you're a business owner thinking about growth or preparing for a future sale, this episode is packed with practical knowledge.Tune into this episode to also learn:● Why your legal entity structure isn't just paperwork—but the core of your business.● How and when to shift from LLC to S-Corp or C-Corp status.● The role of installment sales, trust planning, and QSBS in reducing tax liability.● What business owners often overlook when preparing for a sale or succession.What we discussed● [00:01:36] Why entity structure is foundational—and what most owners overlook.● [00:03:16] How and why business structures should evolve over time.● [00:05:06] The niche John fills: strategic planning across legal and tax.● [00:06:54] Real estate and multi-entity structures: liability and tax traps to avoid.● [00:09:01] Debt, partners, and why cross-collateralization needs careful planning.● [00:10:40] Transitioning a business: selling to outsiders vs. keeping it in the family.● [00:13:03] What surprises owners during due diligence and how to be prepared.● [00:16:45] Why planning ahead matters: using trusts and state residency smartly.● [00:18:11] Charitable trust and life insurance planning to reduce estate tax.● [00:20:31] Holding company structures: when and why to consider one.● [00:24:31] What clients usually miss: books, documentation, and cleanup.● [00:26:24] Installment sale example that saved significant taxes.● [00:30:07] Managing wealth post-sale and preserving it for future generations.● [00:32:06] The power of looking at your structure every 2–3 years.3 Things To RememberYour legal and tax entity structure should evolve as your business grows.Planning for sale or succession starts years in advance—don't wait.Holding companies, trusts, and installment strategies can drastically reduce taxes and protect assets.Useful LinksConnect with Jason Gabrieli: jgabrieli@HFMadvisors.com | LinkedInLike what you've heard… Learn more about HFM HERE Schedule time to speak with us HERE

As a young doc, it can seem like everyone has something to sell you. Many physicians can end up with a whole life policy that they don't actually need, and that policy can have a loan against it without you really knowing what's happening. Nate Reineke and Chelsea Jones break down why these policies are often sold in the first place, how the loans work, and how you can get out of them. They also give some suggestions on what you can do with that money once you escape the trap. We also answer your colleagues' questions. A webinar attendee asked, “Should I make a retirement budget or use 80% of my current expenses when calculating how much I need to save?” A double doc family in West Virginia says both of us work at a University and have a plan with a mandatory 6% contribution. Is this outside the $23,500 limit in 401(k)'s (or other plans)? An emergency med doctor in Tennessee wants to know if he should set up an S-Corp instead of being a sole proprietor, and if he can pay his wife a salary for the work she does to help him. A Psychiatrist in West Virginia just relocated and has some cash leftover from the sale of their home. They want to know where the best place is to put this? Are you ready to turn worries about taxes and investing into all the money you need for college and retirement? It's time to make a plan and get on track. To find out if we're a match visit physicianfamily.com and click get started or, you can ask a question of your own by emailing podcast@physicianfamily.com. See marketing disclosures at physicianfamily.com/disclosures

I'm chatting with Tracy Hoth about simplifying things. I talk about this topic a lot, but today, we're coming at simplification from a different angle. Get a FREE MONTH with the Inventory Genius Calculator - https://www.ciarastockeland.com/inventory-genius-calculator 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 Tracy:Website https://simplysquaredaway.com/Free 15 Minute Declutter Challenge http://simplysquaredaway.com/declutterFree Digital Files Training https://simplysquaredaway.com/5filesThe Organized Coach Podcast https://simplysquaredaway.com/podcast/LinkedIn https://www.linkedin.com/in/tracyhoth/Instagram https://instagram.com/tracyhoth 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.

Heading into tax season unprepared can be costly—missed deductions, lost paperwork, and sometimes, a surprise check to the IRS. But it doesn't have to be that way! In this episode, Danielle Hayden, reformed corporate CFO and founder of Kickstart Accounting, Inc., shares the ultimate year-end checklist every business owner needs to save on taxes, protect their business, and walk confidently into tax season. From organizing your paperwork to making smart tax moves and maximizing personal financial strategies, Danielle gives you practical steps you can take before December 31st that can make a big difference in the new year. Key Takeaways:  Get Your Paperwork in Order: Before December 31st, ensure all your partnership agreements, legal documents, and W9s are signed, stored, and ready. It'll save you major headaches during tax season. Use the January 1st Advantage: The first of the year is the best time to make big structural changes, like starting an LLC, switching payroll providers, or filing for S Corp status. This avoids partial-year filings and confusion. Pay Your Kids (Properly!): You can pay your children for legitimate work in your business and enjoy tax advantages while teaching them financial responsibility. Take Advantage of Accountable Plans: Reimburse yourself consistently for things like your home office and cell phone. It's an important benefit that shouldn't be skipped, even in slower years. Review Personal Tax Opportunities: Before year-end, check your 529 plans, HSA, and FSA balances and make contributions to maximize your deductions and savings. Max Out Retirement Contributions: Don't forget to fund your retirement plan! Whether it's a 401(k), SEP IRA, or solo 401(k), you're building wealth beyond your business. Meet with Your Tax Accountant Early: Schedule a pre-tax-season check-in to confirm your estimated payments, review your strategy, and avoid surprise penalties. Don't Spend Money Just to Save on Taxes: Avoid the trap of prepaying expenses or buying things you don't need. Focus on building a healthy, sustainable, profitable business instead. Topics Discussed: (00:00) Intro + Critical Paperwork to Get In Order for Year-End (02:24) Setting Up or Switching Your Business Structure for 1/1: LLC, Payroll, S Corp Election (05:02) Paying Your Kids the Correct Way for Tax Benefits (06:36) Accountable Plan Reimbursements (07:24) Collecting W9s from Contractors (08:13) Personal Tax Strategies: 529 Plans, HSAs, FSAs, and Health Insurance  (11:13) Retirement Contributions and Your Different Options (12:31) Meeting with Your Tax Accountant (13:28) Smart Tax Planning Strategies to Avoid IRS Penalties and Spending Profit When You Don't Need To (15:36) Itemized Deductions, Charitable Contributions, and the Big Beautiful Bill's Effect on Depreciating Equipment (17:17) Outro: Kickstart's Free Year-End Tax Checklist, Like, Share and Subscribe!   Resources: Free Download | Ultimate Year-End Tax Checklist Related Episodes: Entrepreneurs: Should You Go S-Corp? Pros & Cons + Expert Insight – Ep 115 Can You Legally Hire Your Children?: How to Pay Your Kids, Get Tax Advantages, & Create Generational Wealth – Ep 137 Beyond the Business: Preparing for a Secure Retirement – Ep 188 KSA Tax Partners | https://ksataxpartners.com/    Book a Call with Kickstart Accounting, Inc.: https://kickstartaccountinginc.com/book-a-call/    Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks  Facebook | https://www.facebook.com/kickstartaccountinginc  

I'm chatting with Tracy Hoth about simplifying things. I talk about this topic a lot, but today, we're coming at simplification from a different angle. Get a FREE MONTH with the Inventory Genius Calculator - https://www.ciarastockeland.com/inventory-genius-calculator 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 Tracy:Website https://simplysquaredaway.com/Free 15 Minute Declutter Challenge http://simplysquaredaway.com/declutterFree Digital Files Training https://simplysquaredaway.com/5filesThe Organized Coach Podcast https://simplysquaredaway.com/podcast/LinkedIn https://www.linkedin.com/in/tracyhoth/Instagram https://instagram.com/tracyhoth 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.

Heading into tax season unprepared can be costly—missed deductions, lost paperwork, and sometimes, a surprise check to the IRS. But it doesn't have to be that way! In this episode, Danielle Hayden, reformed corporate CFO and founder of Kickstart Accounting, Inc., shares the ultimate year-end checklist every business owner needs to save on taxes, protect their business, and walk confidently into tax season. From organizing your paperwork to making smart tax moves and maximizing personal financial strategies, Danielle gives you practical steps you can take before December 31st that can make a big difference in the new year. Key Takeaways:  Get Your Paperwork in Order: Before December 31st, ensure all your partnership agreements, legal documents, and W9s are signed, stored, and ready. It'll save you major headaches during tax season. Use the January 1st Advantage: The first of the year is the best time to make big structural changes, like starting an LLC, switching payroll providers, or filing for S Corp status. This avoids partial-year filings and confusion. Pay Your Kids (Properly!): You can pay your children for legitimate work in your business and enjoy tax advantages while teaching them financial responsibility. Take Advantage of Accountable Plans: Reimburse yourself consistently for things like your home office and cell phone. It's an important benefit that shouldn't be skipped, even in slower years. Review Personal Tax Opportunities: Before year-end, check your 529 plans, HSA, and FSA balances and make contributions to maximize your deductions and savings. Max Out Retirement Contributions: Don't forget to fund your retirement plan! Whether it's a 401(k), SEP IRA, or solo 401(k), you're building wealth beyond your business. Meet with Your Tax Accountant Early: Schedule a pre-tax-season check-in to confirm your estimated payments, review your strategy, and avoid surprise penalties. Don't Spend Money Just to Save on Taxes: Avoid the trap of prepaying expenses or buying things you don't need. Focus on building a healthy, sustainable, profitable business instead. Topics Discussed: (00:00) Intro + Critical Paperwork to Get In Order for Year-End (02:24) Setting Up or Switching Your Business Structure for 1/1: LLC, Payroll, S Corp Election (05:02) Paying Your Kids the Correct Way for Tax Benefits (06:36) Accountable Plan Reimbursements (07:24) Collecting W9s from Contractors (08:13) Personal Tax Strategies: 529 Plans, HSAs, FSAs, and Health Insurance  (11:13) Retirement Contributions and Your Different Options (12:31) Meeting with Your Tax Accountant (13:28) Smart Tax Planning Strategies to Avoid IRS Penalties and Spending Profit When You Don't Need To (15:36) Itemized Deductions, Charitable Contributions, and the Big Beautiful Bill's Effect on Depreciating Equipment (17:17) Outro: Kickstart's Free Year-End Tax Checklist, Like, Share and Subscribe!   Resources: Free Download | Ultimate Year-End Tax Checklist Related Episodes: Entrepreneurs: Should You Go S-Corp? Pros & Cons + Expert Insight – Ep 115 Can You Legally Hire Your Children?: How to Pay Your Kids, Get Tax Advantages, & Create Generational Wealth – Ep 137 Beyond the Business: Preparing for a Secure Retirement – Ep 188 KSA Tax Partners | https://ksataxpartners.com/    Book a Call with Kickstart Accounting, Inc.: https://kickstartaccountinginc.com/book-a-call/    Connect with Kickstart Accounting, Inc.: Instagram | https://www.instagram.com/Kickstartaccounting YouTube | https://www.youtube.com/@businessbythebooks  Facebook | https://www.facebook.com/kickstartaccountinginc  

Attorney and entrepreneur Wesley Henderson shares practical legal insights every small business owner needs to protect their business and operate with confidence. Show Notes Page:  https://www.thehowofbusiness.com/584-wesley-henderson-legal-tips/ Disclaimer: The information in this episode is for general educational purposes only and does not constitute legal advice; listeners should consult their own attorney for guidance specific to their situation. From forming an LLC to crafting airtight contracts, this episode is packed with essential legal guidance for small business owners. Henry Lopez welcomes Wesley Henderson, a business attorney, entrepreneur, and founder of multiple ventures including Drafted Legal and Henderson & Henderson Law Firm. Wesley shares how his early career in corporate law led him to focus on helping entrepreneurs avoid costly mistakes and proactively protect their businesses. Together, Henry and Wesley explore critical legal fundamentals including when to form an LLC, how insurance differs from legal protection, and why clear contracts can prevent disputes before they start. Listeners will learn how to navigate partnerships, set up operating agreements, avoid “scope creep” with service contracts, and safeguard intellectual property. Wesley also explains the real difference between LLCs, corporations, and S-Corp elections and clarifying common misconceptions that confuse many first-time business owners. They also discuss trademarks, non-compete and non-solicit clauses, and how to use ChatGPT safely when drafting or reviewing legal documents. Wesley emphasizes the importance of doing the right things early, not just staying busy because the right legal foundation can save you from future financial and emotional headaches. “Contracts aren't just for protection,” Wesley explains. “They show professionalism and set expectations — they protect you and your clients.” This episode is hosted by Henry Lopez. The How of Business podcast focuses on helping you start, run, grow and exit your small business. The How of Business is a top-rated podcast for small business owners and entrepreneurs. Find the best podcast, small business coaching, resources and trusted service partners for small business owners and entrepreneurs at our website https://TheHowOfBusiness.com

Time is running out, and the IRS won't wait. In this episode, Tiffany Phillips, CPA and tax strategist, breaks down five powerful tax strategies you must act on before December 31. These aren't generic tax tips — they're real moves that can save you tens of thousands. You'll learn how a retroactive S-Corp election can cut self-employment taxes, how bonus depreciation turns business equipment into big deductions, and why paying family members through your business is a legal tax savings strategy. We'll also cover estimated payments to avoid penalties and how to prepay expenses for instant relief. This is practical, clear finance advice for business owners who want to keep more of their money. If you're ready to stop handing cash to the IRS, this episode is your wake-up call. Listen now — because once January 1 hits, these opportunities are gone.   Next Steps:

On the third episode of a 5-part tax series of the Dentist Money Show, Tom Whalen, CPA joins Matt to explain how to choose the right entity structure for your dental practice. They discuss why understanding the implication of an S-Corp election is important, highlighting the most common mistakes dentists make—and how to avoid them. They review the critical role of tax allocation and how to pay yourself a reasonable wage. If you missed the last two episodes of the tax series you can find them here and check out our 2025 year-end tax planning checklist for dentists for more guidance! Book a free consultation with a CFP® advisor who only works with dentists. Get an objective financial assessment and learn how Dentist Advisors can help you live your rich life.

George Dimov, CPA, shares the biggest tax mistakes real estate investors make, why proactive planning matters, and how to build smarter portfolios.In this episode of RealDealChat, Jack sits down with George Dimov, CPA and founder of DimovTax.com, to discuss proactive tax planning, common mistakes investors make, and why accounting + real estate go hand in hand.George shares his journey from immigrant beginnings to building a tax practice that serves thousands of clients nationwide. He explains why he invests heavily in real estate himself, how tax strategies like cost segregation and 1031 exchanges really work, and why many accountants fail to guide clients beyond tax season.Here's what you'll learn in this conversation:The biggest lie real estate investors tell themselves about appreciationWhy many accountants don't help with tax planning year-roundCommon investor mistakes: emotional purchases & ignoring due diligenceHow CPAs view real estate vs other asset classesThe hidden risks of ignoring property management in rentalsWhy proactive planning in July beats rushing in AprilThree underutilized tax strategies for small business owners & investorsThe truth about short-term rentals, real estate professional status & auditsHow to pick the right business structure (LLC, S-Corp, C-Corp)Why AI won't replace accountants but will make relationships more important

In this episode, I break down a detailed case study for business owners making over a million dollars a year. Some highlights & notes:The importance of choosing the right business entity (S-Corp vs. Sole Proprietorship)Understanding safe harbor tax payments to avoid penaltiesSetting up the right retirement accounts, including solo 401(k)s and cash balance plansMaximizing deductions and expenses to reduce taxable incomeStrategies for managing cash flow and building wealth outside of your 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.

Episode 125: In the final Hoop Commitment Podcast episode, Kyle Jordan discusses the complexities of navigating taxes for college athletes, especially in light of the new NIL (Name, Image, Likeness) opportunities.  He shares the importance of understanding tax obligations, the benefits of forming LLCs or S-Corps, and strategies for managing finances effectively,Kyle shares insights on common misconceptions athletes have about taxes, the significance of write-offs, and the benefits of working with financial professionals to help athletes grow their wealth.  The conversation emphasizes the need for athletes to think of themselves as businesses and to plan for their financial futures. If you want to learn about compounding wealth, health and happiness, follow along at compoundcommitment.com, join one of the 30-Day Commitments and listen to my new podcast, The Compound Commitment.  The first episode launches Tuesday, October 7th!Kyle Jordan is the owner of a CPA firm that employs a team of 17 professionals and serves more than 3,000 clients across a broad range of tax and accounting services. A lifelong athlete and former high school basketball coach, Kyle has combined his knowledge in accounting with his passion for sports to build a specialized focus in the Name, Image, and Likeness (NIL) space. His deep understanding of both the athletic and financial landscapes has played a key role in the firm's growing reputation as a trusted advisor to collegiate and professional athletes navigating complex tax matters. A team is never just one individual. Kyle has a terrific team of accountants and CPAs working alongside him and collectively they are all in on helping athletes navigate tax and financial related matters.If you want to learn more about Kyle, check him out at: gameplantax.com  or email him at kyle@gameplantax.com 

In this tax-savvy episode of the Veterans Growing America Podcast, Coach RL Simmons, Money Mike, and guest expert Savol Curry break down exactly how people are leaving thousands of dollars on the table every tax season — and what you can do about it.A currently serving military member and founder of Life & Legacy Company, Savol is on a mission to help veterans, families, and entrepreneurs develop bulletproof tax strategies that keep more money in their pockets and grow generational wealth.From misused deductions to overlooked credits to operating on the wrong side of the tax code, this episode is packed with practical insights on how to stop donating to the IRS and start taking back control of your cash flow.

How protected is your wealth if something goes wrong? In this episode of Passive Income Pilots, Tait Duryea and Ryan Gibson sit down with asset protection expert Adam Kintigh to share practical strategies every pilot and high-income professional should know. From real estate privacy trusts that cut transfer taxes to Wyoming LLCs that safeguard syndications, Adam explains how to structure your assets the right way. You'll learn why a clean tax return matters, how partnerships and S-Corps simplify filings, and why umbrella policies aren't enough. If you're growing wealth through rentals, syndications, or brokerage accounts, this episode shows you how to keep it safe and secure.Adam Kintigh is an asset protection strategist with over 24 years of experience, currently with Nevada Corporate Headquarters (NCH). He specializes in forming entities, estate planning, tax and accounting strategies, and business structuring for investors nationwide. Adam is an expert on practical, legally sound frameworks for protecting rental portfolios, drawn from decades of industry knowledge and client success.Show notes:(0:00) Intro(02:32) Why asset protection matters now(06:45) Real lawsuit examples and lessons(10:40) The truth about anonymity and privacy(13:44) First rental: when to start protecting(19:02) Insurance basics every pilot needs(27:33) Why true anonymity doesn't exist(30:08) Alternative structure to LLC stacking(37:10) How partnerships clean up tax returns(44:10) Correct way to hold syndications(49:07) Moving brokerage accounts into LLCs(51:27) OutroConnect with Adam Kintigh:

Send us a textWhat happens when you take a real small business owner, put them in the hot seat, and break down their tax strategy live? That's what we're doing in this episode.Eric runs a successful appraisal business, pays himself through an S-Corp, and last year wrote a $50,000 check to the IRS. Did he really have to? Mike digs into Eric's setup and reveals how simple shifts could slash his tax bill. From adjusting his salary to using the Augusta Rule, hiring kids, and planning for real estate, you'll see how the right strategy can cut thousands off your tax bill.

In this episode of The Salesy Podcast, I sit down with Danielle, CPA and founder of a thriving accounting firm, to tackle one of the most confusing—and often taboo—topics for business owners: money. From LLCs and S Corps to building a strong financial team and avoiding “oh-shit money moves” in Q4, Danielle breaks down complex financial concepts into actionable, real-world advice you can use to run a profitable and sustainable business.Whether you're wondering when to transition to an S Corp, how to pay yourself more in 2025, or what role your “money team” should play in your business growth, this conversation gives you the clarity and tools you need to plan ahead, avoid costly mistakes, and set your business up for long-term success.What You'll Learn in This Episode:The difference between an LLC and an S Corp (and when switching makes sense).Why owner's draws aren't business expenses—and what that means for your taxes.The four key players every entrepreneur needs on their money team: bookkeeper, CPA, financial advisor, and business coach/CFO.Why quarterly tax estimates and intentional budgeting are non-negotiable.How to avoid dangerous end-of-year spending traps that hurt more than they help.The importance of building a cash reserve and planning your financials monthly.How to structure your business for a future exit—even if you're a coach or service provider.Key Takeaways:Transitioning to an S Corp around $75k in net income can lower your tax liability, but you must pay yourself reasonable compensation.Bookkeepers look backward, CFOs look forward—both are crucial for a healthy business.Don't let Q4 panic drive your financial decisions; intentionality beats quick fixes.Regular financial check-ins (monthly finance meetings) reduce overwhelm and help you make strategic decisions year-round.Profitability isn't just about numbers—it's about building a business that sustains you personally and professionally.This episode is packed with insights for entrepreneurs who want to pay themselves more, plan for the future, and finally feel confident about their business finances.Danielle Hayden is the Co-Founder and CEO of Kickstart Accounting, Inc., where she helps six- and seven-figure women entrepreneurs stop winging it with their money and actually understand their numbers. She's your no-BS financial co-pilot with a side of “let's make this business profitable and fun again.”With over 15 years of experience in the world of finance, Danielle has worked her way from accounting firm intern to the Co-Founder of Kickstart Accounting. She understands how complex business finances can be, and she knows that entrepreneurs, especially women, need more than just a bookkeeper; they need real financial analysis and support in order to get the confidence required to create the sustainable wealth they deserve. Danielle brings a unique perspective when it comes to providing business owners with “the total package” as it relates to their finances.She's been featured on dozens of top-rated podcasts, including The Proffitt Podcast, Eat, Blog, Talk, Oh Shoot! The How of Business, and more. Danielle also hosts her own hit show, Business By the Books.When Danielle isn't in her money mindset work, you can find her hiking or spending time with her family.

How to avoid paying taxes legally becomes achievable when law firm owners implement strategic planning with the right CPA partnership. Emil Abedian, founder of Counsel CPAs and specialized accounting expert for attorneys, reveals the costly mistakes that leave lawyers overpaying hundreds of thousands annually. Most law firms miss critical tax deductions because they work with accountants who only prepare returns once yearly instead of providing year-round advisory services. Emil shares the shocking case of a $3 million law firm that lost $413,000 in overpaid taxes over four years by failing to implement pass-through entity tax elections. Law firm owners gain practical frameworks for cost segregation studies on real estate investments, short-term rental deductions that convert passive losses to active income, and the Augusta Rule strategy for tax-free rental income up to 14 days annually. This episode covers essential tax strategies specifically for attorneys: self-rental deductions for law firm buildings, bonus depreciation opportunities under new legislation, family payroll planning for children, and multi-state income allocation complexities. Emil explains how proper entity selection between S-Corp, LLC, and partnership structures dramatically impacts tax liability for legal practices. Perfect for law firm owners, solo practitioners, and attorneys building scalable businesses who want to keep more of what they earn. Emil demonstrates why working with specialized CPAs for law firms creates strategic partnerships that go beyond basic bookkeeping and payroll services. His book "Counsel to Counsel" provides additional frameworks for converting legal practices into profitable businesses. Listen now to stop leaving tax savings on the table and implement the same strategies successful law firm owners use to legally minimize their tax burden while building wealth through strategic planning.

Send us a textMost business owners are driving right past thousands in tax savings without realizing it. In 2025, the IRS raised the standard mileage rate to 70 cents per mile, but that's only the beginning.In this episode, Mike breaks down exactly how to structure your auto deductions, avoid costly mistakes, and choose between the mileage method and actual expenses.

Cameron is joined by Danielle Hayden, CEO and founder of Kickstart Accounting, and they discuss the critical aspects of financial management for medical aesthetics practice owners. They explore the importance of understanding business structures, effective marketing strategies, and the necessity of regular financial analysis. Danielle emphasizes the need for proper bookkeeping, the implications of choosing between LLC and S-Corp structures, and the significance of smart financial practices to ensure sustainable growth and profitability. The conversation highlights the importance of data-driven decision-making and preparing for potential business opportunities and challenges. Listen In!Thank you for listening to this episode of Medical Millionaire!Takeaways:Finances are essential for success in the medical aesthetics industry.Bookkeeping is crucial for building a budget and financial strategy.Practice owners should avoid the comparison game and focus on their own growth.Understanding where to spend money is vital for business health.Marketing spend should be evaluated regularly to align with business goals.Business owners must review their financials monthly for informed decision-making.Choosing the right business structure can impact tax liabilities and personal liability.Paying yourself a reasonable salary is important for financial health.Avoid unnecessary spending that doesn't contribute to business growth.Data-driven decisions can lead to better business outcomes and profitability.Unlock the Secrets to Success in Medical Aesthetics & Wellness with "Medical Millionaire"Welcome to "Medical Millionaire," the essential podcast for owners and entrepreneurs inMedspas, Plastic Surgery, Dermatology, Cosmetic Dental, and Elective Wellness Practices! Dive deep into marketing strategies, scaling your medical practice, attracting high-end clients, and staying ahead with the latest industry trends. Our episodes are packed with insights from industry leaders to boost revenue, enhance patient satisfaction, and master marketing techniques.Our Host, Cameron Hemphill, has been in Aesthetics for over 10 years and has supported over 1,000 Practices, including 2,300 providers. He has worked with some of the industry's most well-recognized brands, practice owners, and key opinion leaders.Tune in every week to transform your practice into a thriving, profitable venture with expert guidance on the following categories...-Marketing-CRM-Patient Bookings-Industry Trends Backed By Data-EMR's-Finance-Sales-Mindset-Workflow Automation-Technology-Tech Stack-Patient RetentionLearn how to take your Medical Aesthetics Practice from the following stages....-Startup-Growth-Optimize-Exit Inquire Here:http://get.growth99.com/mm/

Here's a Q4 planning session - we're covering numbers, budgeting and planning for the coming year. Let's talk about some things we should all think about in Q4 and how those considerations impact how we shift and approach things in the year ahead. Get a FREE MONTH with the Inventory Genius Calculator - https://www.ciarastockeland.com/inventory-genius-calculator 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.

Here's a Q4 planning session - we're covering numbers, budgeting and planning for the coming year. Let's talk about some things we should all think about in Q4 and how those considerations impact how we shift and approach things in the year ahead. Get a FREE MONTH with the Inventory Genius Calculator - https://www.ciarastockeland.com/inventory-genius-calculator 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.

In this episode of The Dept., Omar sits down with Karlton Dennis, tax strategist, entrepreneur, and content creator. To unpack how he built an eight-figure business by blending tax strategy with personal branding. Karlton shares how he grew his YouTube channel from zero to 100,000 subscribers in just three months, why content is the ultimate trust builder, and how he turned videos into both cash flow and clients. They dive into smart tax strategies for entrepreneurs, from when to move from an LLC to an S-Corp, to making your lifestyle legally deductible, to building wealth through real estate. If you want to grow your brand, pay less in taxes, and scale your business with confidence, this episode is packed with practical insight and inspiration.

https://www.frommilitarytomillionaire.com/pcs

Michael Wedaa  - Augmentus Business Solutions On the Keeping the Details Correct: "If your address is your old business address with the Secretary of State or with the IRS or on one of the credit bureaus, there's an algorithm in a lot of banks that will give you an automatic denial." Money makes the world go 'round, and it does that by flowing.  Money in your business, money out to employees, vendors, investments, and the ever present tax-man. But what if you could shuffle your money a bit to be able to improve the flow to the good things to build your business and your net worth and reduced the amount going to the less than good things?  Would you want to learn how to reduce your tax burden, limit your liability and build your business credit?? The crazy thing is, a lot of these strategies are simple and effective.  The crazier thing is that many entrepreneurs don't know about them or feel they are too small for it to matter. It matters. Michael Wedaa is the owner of Augmentus Business Solutions.  Their purpose is to help businesses navigate the game of business to make and keep more money.  He understands the nuances and differences between things like LLCs, S-Corps, C-Corps, and how you want your different business entities to be structured. Listen as Michael goes into detail on business credit, taxes and business entity differences. Enjoy! Visit Michael at: https://www.augmentusinc.com On Instagram: https://www.instagram.com/corp_llc_guru/   Podcast Overview: 00:00 Understanding Business Credit Types 07:23 "Ensuring Business Credit Readiness" 12:22 Boost Business Credit with Proper Address 18:05 Kid-Friendly Jobs and Saving Tips 22:51 Passive Income through Market Rent Strategy 31:32 Protecting Assets with Equity Liens 36:55 Strategic Lien Planning Explained 41:22 Real Estate Investing with Business Credit 46:18 Delaware Business Court Advantage 48:50 "Registered Agent Requirement for Businesses" 59:11 Asset Protection Through Liens 01:04:44 "Business Rogue: Advanced Corporation Hacks" Podcast Transcription: Michael Wedaa [00:00:00]: No, but, you know, business credit is what I wanted to talk about today. As you know, we focus on helping people get the most out of their corporation or llc. And one of the ways we help people do that is by helping them build business credit. And business credit is very different from personal credit. The rules are different. James Kademan [00:00:25]: You have found Authentic Business Adventures, the business program that brings you the struggle stories and and triumphant successes of business owners across the land. Downloadable audio episodes can be found in the podcast link found@drawincustomers.com we are locally underwritten by the bank of Sun Prairie Calls On Call, Extraordinary Answering Service, as well as the Bold Business book. And today we're welcoming Slash, preparing to learn from Michael Wedaa of Augmentus Business Solutions. And Michael, we're hitting a lot of things here. The business credit, I believe, is the main one. So let's just start out with what is business credit? Michael Wedaa [00:01:01]: Great. No, first off, James, it's great to spend some time with you again. It's been a while since we last. James Kademan [00:01:06]: Chatted, but it has, you know, it's funny. I'll just elude here a little bit. YouTube is moving into shorts and all that jazz because they're trying to compete with all the other social media things that have short videos. And so we just got fancy software, whatever to find shorts. And it's interesting because some interviews, you're like, yeah, there's a handful. And yours is like, ba, bam, bam, bam, bam, bam, bam, bam. All good stuff. So I'm so happy that we have you on here a second time because, well, good. James Kademan [00:01:34]: Now we get more content for the masses. Michael Wedaa [00:01:36]: Right? That's right. That's right. No, but, you know,

Send us a textDo you have a home office? The desk you're sitting at could save you up to $1,500 a year in taxes.Many business owners skip this deduction because they think they don't qualify or fear an IRS audit. The truth is, most do qualify. One client of mine saved $1,100 in just 30 minutes by setting it up.In this episode, Mike Jesowshek, CPA, explains who qualifies, the two ways to calculate it, how to document properly, and the mistakes that cause business owners to miss out. You'll also learn how the home office deduction can unlock other tax savings like business mileage.

Thinking about switching to an S-Corp—or staying with your LLC? This episode breaks down exactly what's changed in 2025 and how to pick the right entity for your business. I walk you through the pros, cons, and the hidden costs nobody talks about. Whether you're just starting out or making six figures, you'll leave knowing what to do and when to make the switch.   Next Steps:

BOSSes, Anne Ganguzza is joined by her lovely co-host, Danielle Famble, for the Boss Money Talk Series. The BOSSes tackle a fundamental challenge of a voiceover freelance career: managing inconsistent income. Drawing from her past job experiences, Danielle shares practical wisdom on how to budget, save, and build a financial cushion. This conversation redefines "budgeting" as a tool for empowerment and offers a strategic roadmap for every voice actor to take control of their finances, ensure stability, and thrive.   00:00 - Anne (Host) Hey guys, are you ready to achieve those dreams? With MyLife Transformation coaching services, I can help you reach your full potential. Don't let fear and uncertainty hold you back. Take control of your life today. Visit anneganguzza.com to get started.  00:20 - Speaker 2 (Announcement) It's time to take your business to the next level, the boss level. These are the premier business owner strategies and successes being utilized by the industry's top talent today. Rock your business like a boss a VO boss. Now let's welcome your host, Anne Ganguzza.  00:39 - Anne (Host) Hey everyone, welcome to the VO Boss Podcast and the Boss Money Talk Series. I'm Anne Ganguzza and I am here with my lovely co-host, Danielle Famble.  00:49 - Danielle (Guest) Hey Anne, hello Danielle, hey, hey, how you doing, how are you? I'm good, I'm good, I'm good.  00:53 - Anne (Host) Well, I am glad to have you back and I have a topic for discussion today, because I've had, on more than one occasion, some students recently talk to me about gosh. I'm just having a hard time finding work and I don't know if I should continue to stay in this industry because it's just getting too hard. I mean to sustain it, and so what should I do? It would be a worthy topic of discussion to talk about, like this particular industry and how we handle our financial situation in times of inconsistency, because it's just a known fact, guys, bosses out there, it is an inconsistent, it is part of being an entrepreneur. Our, our income is inconsistent. So what do we do and how do we budget for those times when maybe it's slow or, you know, when it's not slow, and what do we do when we have inconsistent income?  01:55 - Danielle (Guest) That's such a good question. That's a big part of being a boss, being an entrepreneur and being in this business, and it's good to give the perspective one you know to your students that you're coaching and to anyone listening. You're not alone. It doesn't mean that you're a bad voice actor. It doesn't mean that you're bad at this business. That is the nature of what it is, that we do, and so it has nothing to do with you or your worth or the fact that you're not good. Slow months happen all the time. It happens to the best of us.  02:24 - Anne (Host) And you know, I think it's really something a point worth mentioning is I've been in this industry about 18 years and it's always inconsistent, like there's not been a year where it hasn't been inconsistent. So it is something that I think, if you plan correctly and you're prepared for, it doesn't come as a surprise and it's something that you can absolutely continue to grow and build your business through oh, totally Inconsistent income. So, as long as you plan and strategize, yeah, and you just know this is normal.  02:56 - Danielle (Guest) This has not got anything to do with you. This is a normal thing, you know. It reminds me of I don't know if you know this, anne, but I used to be a waitress for a long, long time. I was a waitress at comedy clubs and the way that I made my money was on tips, and so I got used to living on an inconsistent income and realizing that there's going to be a couple of days or weeks or months where it's going to be great and then it's going to be slow. Maybe you get cut because it's so slow that they don't need you to be there. But you know, the thing that didn't get cut was my fixed expenses, my rent, my cell phone bill, all of those things.  03:35 So I would say to those are stable. Yeah, figure out what your stable expenses are and make sure that you can keep that as your base and plan for your base Anything on top of that. You know when times are great and when you're making a lot more money, you can use that to keep it to the side for a buffer, but really just know what your base expenses are, which then goes back to our longstanding conversation about knowing your numbers and the data and everything else. If you're too afraid to look at what your expenses are, you're not going to know what your base is that you need to be able to maintain at all times. So really like have the courage, look at what are your expenses that are fixed, that are stable, and know what your base is, and you want to be able to hit your base every single month.  04:22 - Anne (Host) So then, budget around your worst month, not your best month. Yeah, absolutely Right. And and that and the and the numbers on your worst month can can actually like I. I mean, I could say what are your expenses and your worst month would be you didn't make anything. Budget around that. That's what I would say. Right, that's your worst case scenario, and so you'll still need to be able to function. And so what does that mean in terms of if I don't make any income for an entire month, does that mean I should give up my voiceover business, danielle?  04:54 - Danielle (Guest) I don't think so, but I do think that you do need to have some way of knowing that there is income coming in from another form. So maybe it's not the income coming in from your voiceover business, because you didn't make anything that month but you do have a nine to five or you do have a babysitting job or you do have. You know, you do Uber on the weekends or what have you. Just know that there needs to be, that money needs to be coming in from somewhere else. If it's not coming in from somewhere else, then we need to find how can we get to our first dollar. Is it in voiceover? Is it in another way of making money? But make sure that you know that there is some income coming in so that, even if the income from your voiceover business is at zero for the month, you know that there is income coming in from somewhere else that's going to be able to offset and still hit your baseline goal.  05:43 - Anne (Host) And I think your budget right for those months you don't live on that budget. I mean it should be a budget for a budget that is a low-income month, not necessarily like I'm going to continue to go to Starbucks every morning or I'm going to. Maybe that's a necessity, maybe you feel like that's worked into your bare necessities, but is that something that you're willing to give up in a low-income month? Or is going out to dinner? I think that's the biggest one. I think, like my husband and I are like okay, we got to stop going out to dinner, right, because that's an unnecessary expense. If we're trying to tighten our budget during a low-income month, it's mostly like oh, and we're going to go out and spend money doing this, or are we going to go out and spend money doing that? A lot of times it's based around food. Why is that?  06:25 - Danielle (Guest) Yeah, I mean, that's mine as well. It's food, but then sometimes it's you know, if you're going to be spending additional money on things in your business, maybe it's that you forego coaching for the next couple of months because you don't really have the money for that, or maybe you need to forego some other things in your business and subscriptions that maybe can be paused. It's not just what you're doing in your life, it's also things that you can cut back in your business too, so that you can make sure that you know. You know, I know that my fixed expenses for the operations of me are this these are the things that will you know, that are always going to stay the same my housing, food, you know, basic necessities, business expenses.  07:10 - Anne (Host) Business expenses as well, I'm going to say rocket money. I had a free trial and I used it. It's great for finding out those recurring monthly expenses that you have that all of a sudden like oh, that Sirius XM like subscription that I have for my car, which I don't drive very often because I work from home, right, but now I can play SiriusXM everywhere, but still that subscription costs, and it used to only cost like $12.99. Now it's like $25 a month, and so that can help you keep track of those subscriptions that creep up on you that you may or may not be utilizing.  07:44 - Danielle (Guest) And everything is a subscription nowadays, so really you have to. It's so sneaky, but you can find a lot of unused subscriptions and then you can recoup some of that money back just by saying no, thank you to those subscriptions.  07:59 - Anne (Host) Think about your Starbucks as a subscription. That's true, really, if it's something you do every day, I mean really. I mean I know there's a lot of people that that's a daily habit, and you know. Think of that as a subscription. And one other thing I wanted to mention, and I would not have even thought of this really until I incorporated and became an S Corp but I am required to pay myself a salary, right, and that's something that you know.  08:22 When you're trying to like skimp on your, your budget, or you're trying to figure out your expenses, don't forget you need money to live, you need money to buy the groceries, you need money to pay the rent you need, and so I think it's always a good idea, even if you're not an S-corp, to really kind of think about here's the money coming in. A portion of that should be set aside for my expenses, for me, right, that's my salary, and then pay yourself on a set schedule. I think that helps you really get an idea as to okay, here's the money I need to live on, here's the money that's profiting in my business. I don't know. It's just one of those things that maybe it's worth it to take a look at.  09:03 - Danielle (Guest) Absolutely. That should be a core staple that everyone should be doing is you know we're doing this. We're in business to make a profit, and so the idea is I need to get paid, and making sure that you pay yourself first so that you are getting used to, and your business is getting used to, that expense of making sure you're paid. That's the study and that's actually how you can stay steady is okay. I know that I'm going to be paying myself a certain amount every single month. That is the expense of my business to pay me, but that's also how I'm able to pay my bills, keeping that steady, and it doesn't need to be that you wait until you are an S-Corp to do that. I would say try to start doing that as quickly as possible. Once you have established the fact that you're doing this business, you're in business.  09:51 - Anne (Host) I would not have realized that until you know I really started an S-Corp and I should have actually. Again, I needed to take a look at the numbers.  09:59 - Danielle (Guest) Here's the deal when you do have those lean months, it doesn't come as such a shock no-transcript Because if you wait, that is going to be a surprise likely to you where you're not really expecting it. And then you get into a really unfortunate situation where this inconsistent income has caused an inconsistent pattern in how you're paying yourself and how you're putting money to the side. So make sure that when you're paying yourself you're also making sure to take care of your tax liabilities.  11:01 - Anne (Host) Yes, Excellent idea. And another thing, as I look at you here in your brand new, shiny, sparkly studio, right and we've talked about this so many times before is having that financial cushion, right, Having that emergency fund. But I think honestly, like, if you can have more than just that emergency fund, which doesn't get touched under the extreme circumstances of an emergency, but consider having another fund which is, you know, just a one to three cushion fund, right, Right that you have to live in the event that you have a slow month, right, and having that separate fund where you feel secure and confident that you can take from that fund and you're not dipping into that emergency fund. Because I always feel guilty if I'm dipping into my emergency fund. Well, number one, because my emergency fund is heavily invested in my high-yield savings account, which doesn't mean that you can't have a one to three-month cushion also sitting in a high-yield savings account, and so I always feel like, oh, I don't want to touch that because I want to keep earning interest on the greatest amount of money possible Sure yeah.  12:06 And so that's my emergency fund, but also maybe having a separate fund just for, oh, times are lean this month and you know, and I'm going to say, maybe, in order to give me better mental health, I do need a Starbucks today or I do need a pair of earrings today. But I'm going to be a caution. I'm going to caution people to not necessarily go out and shop your, your financial worries away, because you know, that's me. I've definitely been in that trap where, oh, I just need to feel better. Let me go out and buy some new clothes, yeah, or a new lipstick, yeah.  12:41 I think try not to do that. But you know, I think that one to three month other fund that you have will help you to pay the bills.  12:47 - Danielle (Guest) Absolutely. And so then you can use sort of a system where you're making sure that when things are inconsistent and times are a little bit leaner and you're not making as much money, you know what your baseline, your core base expenses are. And then, when things are going really well and you're making a lot more money and you had a really great month, you put some of that money to the side in that cushion fund that's not your emergency fund and when things are low, you use that cushion fund to make sure that you're staying afloat. I like that sort of cycle of making sure that you are taking care of yourself. It's not necessarily feast or famine when things are going really well.  13:28 You have already looked ahead and taken care of yourself, because you know that this is a cyclical business, this is inconsistent. It's an inconsistent income kind of business and you know that one day you're going to need to use the money that you are currently making. Don't just spend everything that you're making. Put it to the side so that when it is inconsistent and when it is a slower month, you're pulling from the times when you had a really great month to keep yourself, you know, in balance. And that's, I think, the way to do it is you should look at this month or any given month, as am I taking care of me now, or am I taking care of me now and me in the future? But always make sure that you are doing that delicate balance.  14:16 - Anne (Host) Speaking of, you know, setting aside money for taxes, and setting aside, you know, that money. Don't forget about retirement guys. Don't forget about a retirement fund. Please don't forget about retirement. One thing I want to say is that and I'm not a money girl, right, or I never thought of myself as a money girl, but can I just tell you, the software companies are making it easier and easier. Like your credit cards are now categorizing your spending, right, Because, of course, they want you to use the credit card more. So they're going to categorize it and you can find out where your expenses are going, and if you use the credit card, you can get 3% back. Blah, blah, blah, blah blah. They want to encourage credit card spending, but also you can use that as a method for really finding out where is all your money going.  14:57 Quickbooks like I never thought. Like my QuickBooks Online. Like you can generate a report literally a report in a matter of seconds, Whereas before it used to be really difficult, man, If you were doing like spreadsheets. And I don't know, Danielle, I can't remember what product you use, but I mean I need something simple, something that does the work for me. Some people are really hardcore and go right into the Excel spreadsheet and that's how they track their budget. But, like for me, I just generate, I flip, I generate a report really quickly in QuickBooks and it tells me, oh my gosh, I spent so much money this month on my expenses going out versus what was coming in, and so I can really then make an educated and strategized decision based upon those reports.  15:39 And I can do, I can generate those reports at the flick of a button. And even if I hate finances right which I know a lot of people don't like to look at their, their money yeah, it's again one of those things. This is your business and it is something that, if you're not looking at it, pay somebody else to do it, like my accountant. Then talk with your accountant and say, hey, look, where's all my money going. Or I found that I had a slow month. And then have that weekly meeting or that monthly meeting that says here, OK, they can break it down for you and say, look, you're, they can generate the reports and they say, look, here's what you're spending on lipstick and or here's what you're spending on restaurants going out, and here's where you can maybe potentially save money. Or think about taking this money that you have left over and putting it into this type of an investment account.  16:23 - Danielle (Guest) This money that you have left over and putting it into this type of an investment account and taking care of future you.  16:29 So you've got sort of the shorter term future you of this one to three months cushion for when times are lean. You've got your emergency fund, which usually I say you know, six to eight months I say closer to for me, yeah, six to eight months, which is a pretty big emergency fund, but that's because we're self-employed and so I want to have a pretty good cushion, or the longer term fund being your retirement. And there are ways, depending on how you have it set up, where, if you're investing in your retirement account, that helps you in tax time because it might lower the amount that you are paying on your taxes.  17:05 So it is always forward looking. It's looking at what's happening today and it's looking at what would be happening in the shorter term future or longer term future. And how can you use the windfall that you have or maybe are not experiencing now? How can you use that to keep you afloat, you know, with your core base expenses. But it really is again going back to do. You know what those core base expenses are Right, and how can you stay, you know, level with them. And if you need to dip into the bank of you, then you can do that with no shame and no problem, knowing that you've already done the work to take care of yourself.  17:44 - Anne (Host) From a girl that's a little less of a money girl to a girl who is a money girl. One thing that always sneaks up on me are those antics annual fees or the recurring right subscriptions or that come up once a year. Because I went from let's not do it every month, let's save and let's do yearly subscriptions, but every once in a while, if I'm not paying attention, that yearly subscription will come up and it'll be taken out of my account and I'll be like whoa, how do you do you prepare yourself? I do For those things. So talk about how you prepare you know some of those things.  18:18 - Danielle (Guest) you know we use the word like surprise expenses, when, like it's kind of like these are super noble things, like yeah, I signed up for that credit card that has that high annual fee.  18:27 - Speaker 2 (Announcement) It was me.  18:28 - Danielle (Guest) It wasn't like some, somebody impersonating me Right large expense, that is, a knowable expense. I typically will put a calendar alert in a month in advance so that I can remind myself that this is coming. For example, my credit cards. I have the American Express Platinum card, I have the American Express Gold card and they have very high annual fees and for some reason I applied for them around the same time of the year and different years. So they, the annual fees, they come and they hit like roughly, like right, one after the other and I always think to myself Danielle, what did you do?  19:05 Why did you do that? Why did you do that? Why did what were you doing in December that you really needed a new credit? Why did you do that right in the same time. And that's, you know, my own personal journey. But I know that it's coming, so I can prepare either a little bit every single month to make sure I'm ready for that, yeah, or because I've given myself that calendar alert saying hey, danielle, just so you know this is coming up next month, I'm already mentally and financially prepared that that hit is about to happen. Most of those, you know, those subscriptions, those annual subscriptions, those are things that are knowable expenses, albeit big expenses. So your calendar is your very best friend. Give yourself the heads up and know that it's coming.  19:49 - Anne (Host) I agree I live by my calendar anyway for a day-to-day schedule of things that I'm doing. And I think if you have a calendar, a financial calendar, I mean my goodness. I mean you could make an easy financial calendar. I use Google Calendar for everything and they're color-coded when do I have coaching sessions? When do I have monthly workouts coming up, when do I have all of these things, holidays and that sort of thing, so you could have a financial calendar that has all of your subscription renewals and or your monthly costs, like those base costs that we talked about, so that you're prepared.  20:25 This month I'm going to plan on spending this amount of money. And also, again, it's one of those things that if you have an accounting software that can be generated in an accounting software easily, your monthly budget, absolutely, and you know it's something that you need to like. And again, I'm talking from a girl. I'm not a money girl, but I have to force myself to do that and take a hard look at what's going out every month and how can I cut? And I recently just said, ok, how can I trim the budget in my company, because I had been like, oh, let me try this software. I'm a big risk taker Danielle, and we talk about this thing, I hoard software too.  21:04 Yeah, I buy software subscriptions, I try things out and then I forget about them sometimes right.  21:10 I was like, oh, I haven't used it. I tried that out, I paid for the subscription, I forgot about it. So every once in a while I have to revisit what am I putting my money into, and has it given me a return on my investment? And if not, I need to trim the fat. And so I really I did that more recently so that I could have money to invest in something different.  21:31 So again I had, and I invest in in people who who work for me, and again I wanted to invest in some additional advertising, and so I needed to get that money from somewhere Right. So I had to kind of figure out where can I consolidate my expenses Right? Can I get, now that you know I've evolved in my business so many years, maybe I don't need this particular, I don't need as much social media, maybe I don't need, you know, that monthly subscription to this particular? You know, pay to play. Am I really using this pay to play?  22:07 And again, you know, figure out what am I? Where's my money coming in? Where am I making the most of my money? And do I want to reinvest my money coming in into that, into getting more of that, or do I want to reinvest my money coming in into that, into getting more of that, or do I want to diversify and maybe explore another genre of voiceover, or I want to get more voiceover work in this particular genre? What's it going to take for me to get there? So I think, really again taking a look at the money, and if you hate looking at money, I suggest, even if you hate looking at money, it's something that you got to do. Consider it an education in running your own business.  22:40 - Danielle (Guest) I would consider, if you hate looking at money, that you really need to look at money.  22:46 - Anne (Host) If you don't like it, then you really need to do it If you don't like it, that's a flag.  22:50 - Danielle (Guest) That's a flag, that's a flag. Run toward it, run toward it.  22:55 - Anne (Host) I love it.  22:55 - Danielle (Guest) I was told by my financial advisor to have money dates with myself, and I think what you're talking about would be a really great thing to do twice a year of these sinking funds, these mini emergency fund or emergency fund, so that you know where you need to divert more of your money in the good months, in the months where you're making so much more money than you planned for. That's really a great thing to do and I would say once or twice a year to reevaluate that, because maybe your one to three month or your short term emergency fund, let's say, is about a couple thousand dollars under. So you know. Ok, you know what. Why don't I put my money and my focus on beefing that up so that when we have these inconsistent months or when we have lower months, I know that I'm good. You won't know until you take the time to really look at it. So give yourself the money date of taking a real look at your money and knowing your numbers about what is your core expenses, what can you maybe trim or what can you press pause on, and then what can you run toward when it's time and when you have the money for it.  24:18 I love the idea of sinking funds. You have a fund specifically for your education, for your just slower months, for things that you do when you book that really big job and maybe you want to take yourself on a nice you know nice dinner or something like that like ways to celebrate. You can have multiple of these sinking funds. That's what something like that, like ways to celebrate. You can have multiple of these, these sinking funds. That's what I like about some of these online accounts where you can have a bank account that will give you an unlimited number of smaller, you know, virtual accounts where you can just put that money to the side I love that that's great.  24:52 - Anne (Host) It's a really great hack that I use.  24:54 That's a new concept and and what I like.  24:57 What I like about how you're talking and you're phrasing this whole conversation is you're talking about funds, right, you're talking about fund accounts, yeah, versus when, when and I don't know if this is just me and my age, but, like whenever I was talked about, well, you need to set up a budget that had a negative connotation and that meant that I wasn't making the money that I should have been making, or I was. You know what I mean? I was somehow lacking in whatever, mostly in money, right, I was lacking in money and the ability to either manage my money or whatever it was, but it had a negative connotation and I think that we need to reframe that whole concept. Again, if we talk about, like, money blocks, right, it could be a form of a money block and, in reality, the term budget, you can rephrase it to say you know, your money funds or your fund account it's giving you more of like a permission to celebrate it because you are strategizing, you are creating a future with a purpose, yes, and your purpose is focused, strategized and smart.  26:03 - Danielle (Guest) Absolutely, and it's purposeful. It's what you've decided that you're going to do. So budgeting for me, when I think about it, it's what am I deciding that I'm going to be spending my money on and this money is allocated towards that thing that I already decided. If you take away the concept that a budget is restricting you, it's not restricting you. It's where you have already pre-purposed and pre-determined where your money is going to go, and then you just do as you set out. It gives you freedom and it puts you in the driver's seat. You decided that you want to spend your money on the Starbucks or your whatever, and isn't that what we?  26:44 - Anne (Host) yeah, Exactly, Isn't that what we decided? Bosses right, we are in the driver's seat. We are the boss Totally, and you know you need to be the boss of all aspects of this business. And I think, if you really take a look at your budgets and or your funding accounts and I love what you just said about the virtual accounts there, Danielle that's a concept that I actually was not aware of, so now I'm going to be researching that because I love that, I love being able to it's like my content buckets for social media, right? This?  27:15 is going to be my fund buckets for Ann's Lipstick, no, for my business. Right For that Starbucks account. I've got money in it. So I think that really gives us a much clearer strategy and purpose when really looking at our business. And again, you always want to go forward and move forward in your business and this is one way that you guys can get there Totally.  27:38 - Danielle (Guest) You are in the driver's seat. These are not things happening to you. You can make the decision as to where you spend your money when it comes, and if you need to dip into the bank of you so that you future you is taken care of, because the you of today did the work to make sure that they were taking care of future. You Love that. That's. What I love about being an entrepreneur is that I'm taking responsibility for myself and taking care of responsibility of myself today and also future me, by putting money into the spending buckets or to the sinking funds, to my retirement account, to my emergency fund, and then I am making these financial decisions with me in mind, because that's my job is to take care of myself and also the people that are around me that I touch with my business, with my life, with my purpose.  28:32 - Anne (Host) And with that lovely words of wisdom, danielle, I'm going to thank you so much. What a great conversation. Yeah, this is a great conversation. Love it, love it, love it. Bosses, I'm going to give a great big shout out to our sponsor, ipdtl. You, too, can connect and network like the money boss that Danielle is. I absolutely love it. I love, love, loved our conversation. Thank you again, bosses. Have an amazing week and we will see you next week. Bye.  28:58 - Speaker 2 (Announcement) Bye. Join us next week for another edition of VO Boss with your host, Anne Ganguzza, and take your business to the next level. Sign up for our mailing list at vobosscom and receive exclusive content, industry revolutionizing tips and strategies and new ways to rock your business like a boss. Redistribution with permission. Coast to coast connectivity via IPDTL.   

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Why risk your business and hard-earned money with the wrong setup when you could be protecting yourself and saving on taxes? In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen break down the critical steps every small business owner and new LLC owner must take to avoid costly mistakes. From choosing the right entity structure to understanding tax advantages, they reveal the insider strategies that keep more money in your pocket and safeguard your future.Discover how to set up your LLC the right way, when an S Corp might make sense, and how to keep your business compliant without overspending on fees. Learn practical legal and tax moves that help you reduce liability, maximize deductions, and protect your assets — so you can focus on growing your business with confidence.If you're serious about building a strong foundation for your company, this is an episode you can't afford to miss! Subscribe for more real-world strategies from Mark J. Kohler and Mat Sorensen, and get expert support for your business today through KKOS Lawyers and Main Street Business Services.You'll learn:Why setting up your LLC in the wrong state (like Nevada, Delaware, or Wyoming) can cost you extra fees and headaches — and where you really should fileHow to avoid exposing your home address by properly using a registered agent and company addressThe critical documents every LLC needs beyond the one-page state filing, including an operating agreement, membership certificates, and minutesWhy your LLC must have its own bank account, tax ID, and records to be treated as a separate legal entityHow the right tax election (like electing S Corp status) can save business owners thousands in self-employment taxes each yearThe importance of annual compliance — renewals, meetings, and minutes — and why outsourcing this can save time, stress, and penaltiesReal-world “cleanup” strategies for fixing LLCs that were set up wrong or neglected, so you can get back on trackGet 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&utm_campaign=10-LLC-mistakes Grab my FREE Ultimate Tax Strategy Guide HERE! You don't want to miss this! Secure your tickets for the most significant business, tax & legal event of the year: 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/markjkohler Craving more content? Check out my Instagram!

Think you can skip the salary and just take distributions from your S-Corp? Think again. In this episode, I break down the IRS rules around “reasonable compensation,” how to calculate the right amount, and the penalties for getting it wrong. We also talk about how to fix it if you've been doing it wrong for years—and yes, there's a workaround. If you're running an S-Corp or thinking about becoming one, this is one episode you can't afford to miss.   Next Steps:

If you've got an LLC and you're wondering how to actually pay yourself, this episode is your playbook. I break down how to take money out of your business legally, what the IRS really looks for, and the exact steps to avoid paying way too much in taxes. You'll learn what an owner's draw is, how self-employment taxes work, and when you must start thinking about becoming an S-Corp. This is about real money—tens of thousands in tax savings—and you don't need an accounting degree to get it right.   Next Steps:

Send us a textMisclassifying workers is one of the biggest mistakes a business owner can make. It might seem cheaper to pay someone as a 1099 contractor, but if the IRS says they should be a W-2 employee, you're looking at back taxes, penalties, and possible audits that could cripple your business.In this episode, Mike breaks down the IRS framework for worker classification, the red flags that trigger audits, and the tax differences between employees and contractors. You'll learn how to protect your business, avoid costly penalties, and even find tax strategies that benefit both employers and contractors.

118:Dental Financial Planning: Turning Chaos into Financial Freedom - Part 8In this episode of The Dental Boardroom Podcast, host Wes Read, CPA CFP®, continues the financial planning series for dental practice owners by focusing on a critical phase three step: determining your payroll (W-2 income) as an S-Corp owner.Wes explains how payroll fits into your broader business financial plan, why it matters for tax efficiency, and how it interacts with retirement plan strategies like 401(k)s and defined benefit plans. You'll learn when to keep your W-2 lower to save on FICA taxes, and when to raise it to maximize retirement contributions and long-term wealth building.What You'll Learn in This Episode:The five-step sequence of financial planning for dental practice owners.Why S-Corp owners must pay themselves a W-2 salary and how the IRS views it.The relationship between W-2 income, K-1 distributions, and taxable income.How different retirement plan strategies (solo 401k, Roth 401k, profit share, defined benefit) affect payroll decisions.The three funding “buckets” in a 401(k): elective deferral, safe harbor, and profit sharing.Why Roth 401(k)s are powerful for building a tax-free retirement bucket.Guidelines for setting W-2 payroll:No retirement plan: Keep W-2 as low as possible ($75K–$100K minimum).Basic 401(k) without profit share: Stay around $100K–$125K.401(k) with profit share and defined benefit plan: Increase W-2 up to IRS maximums (~$350K in 2025).The benefits and costs of defined benefit plans—and why they can be worth it for high earners.How “tax diversification” (tax-free, tax-deferred, taxable buckets) increases long-term flexibility and savings.

I recently received an email that blew my mind. Today, I'm talking to the author of that email. Tune in to discover what the email said and to learn why the author decided to write to me. Get a FREE MONTH with the Inventory Genius Calculator - https://www.ciarastockeland.com/inventory-genius-calculator 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 the Krystina:Website: https://adropintheoceanshop.com/ - Discount code (15% off): INVENTORYGENIUSSubscribe to weekly sustainability email series: https://adropintheoceanshop.com/pages/makewaves 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.

Send us a textThis week on The Riley Black Project, we're hanging out with Jess & Alex from JT Financial Studio — the power duo helping makers, laser owners, and small business hustlers finally get their books, taxes, and finances in order.From filing your LLC without falling for scams, to knowing when to switch from an LLC to an S-Corp, to avoiding the most common (and costly) tax mistakes — they break it all down in plain English.We talk:The real startup headaches no one tells you aboutHow to protect yourself from “official looking” business scamsMissed deductions makers are leaving on the tableWhy bookkeeping isn't just for “big” businessesWhat it's really like starting a new business with your bestiePlus… a few laughs, a MySpace throwback, and some very questionable bikini marketing ideas.

What Most Families Miss About Whole Life Insurance Tax Strategies Most people miss the hidden power of whole life insurance tax strategies—and in doing so, they overpay in taxes and underfund their legacy. In today's podcast episode, Bruce Wehner dives deep into how the tax code is designed to reward strategic behavior—and how you can align your actions to reduce your tax burden and redirect that capital into wealth-building vehicles like whole life insurance. https://www.youtube.com/live/Z4BEoTli--k In this blog, I'm going to walk you through the real, practical ways to lower your taxes, use the savings wisely, and fund your policy in a way that supports your family's future. Whether you're a W-2 employee, small business owner, or investor, this episode breaks down how to build wealth with intention. What Most Families Miss About Whole Life Insurance Tax StrategiesWhole Life Insurance Tax Strategies Start with Tax Code IncentivesW-2 vs. Business Owner: Two Different Tax SystemsEmploying Your Kids: A Hidden GemS-Corp Strategy: Split Income, Save TaxesReal Estate Depreciation & Cost SegregationQualified Plan Repositioning: Turn Tax-Deferred Dollars into Tax-Free WealthRoth Conversions: A Strategic ShiftFunding Policies Through Parents and ChildrenThe Opportunity in Plain SightRepositioning Money Isn't Just Smart—It's Biblical StewardshipWant to Go Deeper into Whole Life Insurance Tax Strategies?Book A Strategy Call Whole Life Insurance Tax Strategies Start with Tax Code Incentives Congress doesn't just collect taxes—they guide behavior through tax incentives. The tax code is filled with legal ways to reduce what you owe, especially if you understand its design. The goal is not to avoid taxes but to steward your resources wisely. Tom Wheelwright, CPA for Robert Kiyosaki, frames it this way: the tax code is a roadmap filled with incentives. It's designed to encourage investments in real estate, energy, and business—moves that ultimately strengthen the economy. When you understand these incentives, you begin to ask a better question: “How can I reposition my taxable income into long-term wealth?” That's where properly structured whole life insurance comes in. W-2 vs. Business Owner: Two Different Tax Systems There are two tax codes in America: one for employees, and one for business owners. If you're a W-2 earner, your options are limited. But if you own a business — even a small one — the deductions available to you multiply. Start with something simple. You don't need an LLC to begin. A sole proprietorship qualifies you for deductions like: Home office expenses Business mileage Cell phone usage Meals and entertainment All of those deductions lower your taxable income and free up cash flow that can be redirected to fund a properly designed whole life policy. Employing Your Kids: A Hidden Gem One of the most overlooked strategies is hiring your children in your business. If they earn a legitimate wage (think: cleaning the office, organizing paperwork, or appearing in marketing photos), you can pay them up to $12,000/year tax-free. For you, it's a deductible business expense.For them, it's tax-free income under the standard deduction. That $12,000 could go directly into a whole life insurance policy for your child. You've just shifted taxable income into a tax-free legacy asset. S-Corp Strategy: Split Income, Save Taxes Another powerful tax strategy is the S-Corporation. If you operate your business as an S-Corp, you can split your income into a salary (subject to payroll taxes) and a distribution (not subject to self-employment tax). Example: Salary: $100,000 (pays payroll taxes) Distribution: $200,000 (saves 15.3% self-employment tax) That tax savings could be reallocated directly into premium payments for a life insurance policy. It's a way to use the structure of your income to fund wealth transfer.

In this episode, Mitch and David look back at the 6th Core Episode from 3 years ago. They discuss the difference between a sole-proprietor, LLC, S-Corp, and C-Corp and which one could be right for you. They go over how to pay yourself, and what to set aside for taxes, the importance of discussing situations with an attorney or accountant. Not ready for a full blown CRM, this is a great option. Build jobs, bids, and invoice straight from the app. TW Job Calculator APPS https://play.google.com/store/apps/details?id=com.tradewinsconsulting.jobcalculator https://apps.apple.com/us/app/trade-wins-job-calculator/id6744992264?platform=iphone Trade Wins by Trading Content https://www.facebook.com/groups/1309829410166761 If you have questions you'd like us to answer, please feel free to email them to AskMitch@MitchSmedley.com Thanks for listening and thanks for sharing! Enjoy the show! If you'd like more insight from Mitch and David, you need to check out Trade Wins. Trade Wins can help you start your business or take your newer business and get it to a very healthy level. For more information about Trade Wins, check out https://www.tradewinsconsulting.com/ FieldPulse is the Official Field Service Management Software of The Void Podcast. Their software is ideal for you and your business. For more information about how FieldPulse can benefit you, check them out here: https://www.fieldpulse.com/book-demo?utm_source=referral&utm_medium=partner&utm_campaign=TheVoid/TradeWins http://empowerpayments.com/TheVoid Contact us: askmitch@mitchsmedley.com

Feeling trapped in agency work because of the benefits?   In today's Ask Allison, I'm breaking down what it really looks like to leave an agency job for private practice when health insurance, PTO, and retirement plans feel like the golden handcuffs.   We'll look at the actual numbers—using conservative national averages—so you can see how your take-home pay, time off, and quality of life can change when you're in control. I'll also cover how to replace your benefits, what an S Corp can save you in taxes, and why “free” perks at your agency might be costing you more than you think.   By the end, you'll have a clear picture of what's possible—and the steps you can take right now to get there.   Sponsored by TherapyNotes®: Use promo code Abundant for 2 months free    Grab our free tools to grow your practice—weekly worksheets, the Tasky Checklist, and more: www.abundancepracticebuilding.com/links   Ready to fill your practice faster? Join the Abundance Party today and get 75% off your first month with promo code ASK: www.abundancepracticebuilding.com/abundanceparty  Have a question for me about practice building? Submit it via our Ask Allison form, and I'll add it to the queue: https://www.abundancepracticebuilding.com/ask_allison ▶️ Prefer video? This episode is also available to stream on our YouTube channel!