Build Your Wealth Muscle

In this episode, we'll dive into the Augusta Rule, which allows you to rent out your vacation property for up to two weeks without paying taxes on the rental income. Learn how to take advantage of this rule to boost your earnings while enjoying your own vacation home. Tune in now to take your financial journey to new heights! Episode Highlights: What is Tax Deferral vs Tax Avoidance? How does...

In this episode, we also delve into the notorious "Dirty Dozen" list compiled by the IRS, unveiling the most prevalent tax scams that individuals and businesses need to be aware of. To add to the intrigue, we explore the fascinating concept of Offer in Compromise, guiding you on how to determine if you qualify for this potential lifeline in resolving your tax liabilities. Episode Highlig...

We discuss buying real estate within retirement accounts. We'll explore the recommended entity structure for retirement accounts, uncover a tax you can easily avoid, and unveil the biggest risk to steer clear of. Whether you're a seasoned investor or just starting out, this episode will provide you with valuable insights and strategies using your retirement savings for real estate investme...

In this episode,  we delve into the significance of hiring your first employee and its impact on your retirement plan. We discuss the benefits and features of a Solo 401K. Additionally, we address the question of when it may become necessary to shut down your Solo 401K. Furthermore, we examine the tax savings associated with a 401K plan for employees, highlighting the potential tax deductions and...

Discover what qualifies as a business trip, ensuring you never miss out on deducting your meals. Uncover strategies on how to effectively document your meal expenses, allowing you to confidently navigate the complex world of tax deductions. And most importantly, how you can write off 100% of your food expenses, unlocking valuable savings. Tune in and take control of your meal deductions today! Epi...

In this episode, Jon McMahon joins us to discuss the financial challenges involved in running outdoor events. From understanding the intricacies of hosting large-scale outdoor events to navigating the potential financial risks, Jon shares invaluable insights. One key point highlighted is the importance of careful planning to address the cash flow problem that often arises during these events. List...

In this episode, we dive into three powerful strategies to help you declutter and streamline your business finances. Join us as we explore practical tips and expert advice to enhance your financial management skills and take control of your business's economic well-being. Episode Highlights: How to pay yourself! When to switch to an S-Corp! 1 way to decrease your bookkeeping costs! Links: Prof...

In this episode, we have a special guest, Ryan Bakke, CPA, who specializes in helping Real Estate Investors become Tax Smart. Together, we delve into the intriguing world of taxes and real estate investment strategies. Episode Highlights: How the Trump tax deduction works! When to use Cost Segregation? What tax strategy is often missed? Links: Ryan’s FB Group Learning Bundle HOME OFFICE DEDUCTION...

In this episode of the podcast, we explore important topics related to taxes. We discuss the difference between tax avoidance and tax evasion, highlighting the need to understand the distinction between the two to avoid legal complications. We also examined the reasons why your accountant might be giving you bad advice, emphasizing the importance of identifying and addressing any issues with your...

As an entertainer, there are certain tax deductions that you may be able to take advantage of. While the rules can be complex, it's important to keep detailed records and work with a tax professional who can help you navigate the process.  In this episode, we will be discussing tax deductions for entertainers. If you're a performer or entertainer, there are certain expenses that you may be...

In this episode, where we dive into the valuable Home Office Deduction. But who is eligible for this deduction, and how can you maximize it without raising any red flags with the IRS? In this episode, we explore the key points you need to know about the Home Office Deduction. We'll discuss who can take advantage of this deduction and provide insights into the rules and guidelines that need to...

On the show today, Katie Nentwick, the owner of Nentwick Legal Services, LLC. Katie is a business, tax, and estate planning attorney who assists business owners, real estate investors, and families all over the country. In this episode, we discuss the topic of trusts, specifically revocable and irrevocable trusts. Katie provides us with a thorough explanation of what a revocable trust is and when...

In this episode, I discuss my experience setting up a parent company for my firm. I share the reasons why I changed the ownership structure of my firm. Additionally, I delve into the tax benefits of having a subsidiary company and provide some practical tips on how to optimize tax savings through careful planning and structuring. Finally, I share a mistake I made during the process of setting up m...

With the right knowledge, you can also save money on your taxes by deducting some of the costs associated with fitness programs. Knowing what qualifies and how to properly document your expenses is essential for claiming tax deductions. In this episode, you will learn the rules for deducting fitness program expenses from your taxes and how to maximize your tax savings. Episode Highlights: How clie...

When it comes to planning for your financial future, two of the most important taxes to consider are capital gains tax and estate tax. These can have a significant impact on both your current and future finances, so understanding the differences between them is essential. This episode will explain the key differences between avoiding capital gains tax versus avoiding estate tax, including what eac...

Dan Duran is the Vice-President of Content & Partnerships with the International Sports Sciences Association (ISSA). Dan is an ultra-triathlete, having completed numerous Ironman’s, two Double Ironman’s, a Triple Ironman, and a Quintuple Ironman.   Dan shares what makes ISSA different from its competition and how they're helping fitness professionals succeed in a highly competitive industr...

As an Online Entrepreneur, you likely do a fair amount of traveling for business, whether it's attending conferences, meeting with clients, or collaborating. But did you know that many of these travel expenses are actually tax-deductible? In this episode, we'll be sharing some valuable tips and tricks for getting the most out of your travel deductions. We'll discuss how to write off a weekend geta...

Many business owners are looking for ways to reduce their overhead costs, and one often overlooked way to do this is to pay less payroll tax. Business owners can use several strategies to minimize the amount they owe. This episode will provide an overview of how online business owners can save money on payroll tax. Episode Highlights: Are your workers really W2 employees? Which states are toughest...

As an online entrepreneur working with a business partner, making the decision between forming an S-Corporation or a Partnership can be daunting. With both entities offering advantages and disadvantages, it is important to consider which option best suits the specific needs of your business. To provide clarity, this episode covers the distinctions between S-Corp and Partnerships for online entrepr...

If you get stressed thinking about the Internal Revenue Service (IRS), it might help to think about them like a bank. In this podcast episode, we explore the concept of using the IRS payment plan options rather than “hiding” from them. We'll cover topics such as: Episode Highlights: Should you File your taxes if you can't pay? How much interest does the IRS charge? What to do if you can't pay the...

For over 15 years, Steve Kopshaw, has helped businesses grow their customer bases and developed the infrastructure needed for them to thrive. He is an accomplished entrepreneur and business leader who has a long history of success in transforming struggling operations into profitable ventures. He is the current COO of Nutritional Coaching Institute. Nutrition Coaches have the power to improve peop...

Do you ever wish you had someone to help manage your finances? Being your own CFO is easier than you think! As the Chief Financial Officer (CFO) of your business, it's important to take control of your finances and make sure you are taking the right steps toward achieving financial success. In this episode, we'll discuss how to be your own CFO and provide tips for managing your finances effectivel...

As a fitness entrepreneur, you know that managing your finances is a top priority. Filing taxes is an unavoidable part of the process and can be expensive if not done properly. Fortunately, there are ways to save on tax filing costs and ensure that you are staying in compliance with applicable laws. In this episode, we’ll explore how to streamline your tax filing process while reducing your overal...

Fitness entrepreneurs can strive for a tax-free retirement if they take advantage of the new strategies in Secure Act 2.0. Retirement planning is an important part of any entrepreneur's financial journey. This episode will discuss some of the new ways entrepreneurs can plan for their future and aim for a tax-free retirement. Episode Highlights: How SEP IRAs just got better College Saving can now b...

For Fitness Entrepreneurs, managing your finances can be a challenge. Cash flow is often uneven and unpredictable, making it difficult to manage budgets accordingly. Knowing the best ways to plan for the future and budget for these uneven cash flows is key to success in being able to manage finances over time. In this episode, we will explore how fitness professionals can use budgeting strategies...