Keep What You Earn

I'll be sharing a scenario that occurred in my marketing mentorship group that highlights the importance of communicating your values as a differentiating factor compared to your competitors. We all know that the market is crowded, and it can be challenging to stand out from the competition. However, one way to do this is by communicating your core values and using them to differentiate yourself....

Today we'll be discussing an important aspect of your business that you should revisit now to save yourself some time and headaches as the year progresses.   From a tax perspective, it's necessary to ensure that you have all the proper documentation in place from your contractors. Tax information that they have available to you will depend on their type of business, citizenship status, and a few o...

This is part 2 of a mini-series with Cyd, the CMO/COO of my business and founder of The Creator's Attaché.   As a business owner, you may be wondering why you are not reaching all of the goals you set. It likely comes down to accountability and an organizational structure that gets everyone aligned. Your calendar, spreadsheet, and sticky notes are not an adequate management system to communicate y...

For this two-part mini-series, I thought it would be fun to interview Cyd, the CMO/COO of my business and founder of The Creator's Attaché. Cyd is an expert in systems, project management, digital marketing, and team accountability.   In part 1 of this series, Cyd stresses the importance of well-designed and integrated systems for maximum impact. In our discussion, we'll cover practical tips on wh...

We are taking a deep dive into the world of payment processors. If you're a business owner, you know how important it is to have a reliable and secure payment processor. However, PayPal and Venmo may not be the best choice for your business, and in this episode, I'll tell you why.    I cover the top 3 reasons why these platforms may not meet your business needs, including legal terms, seller prote...

I'm discussing the opportunity to get more cash into your business, in a realistic and feasible way, when you're feeling cash-strapped. It is essential to identify how extra cash will actually serve you in your business and ensure that you can make more on the money than it's costing you to borrow it   It is also critical to have accurate cash flow forecasting when deciding on an additional inject...

I'll be discussing the tax implications of contributing or receiving money through crowdfunding platforms such as Go Fund Me. It's important to understand that when you give money, the receiver dictates whether or not this is deductible on your own taxes. It's important to keep this in mind when making contributions.   It's also important to know how much you can contribute before gift taxes come...

Have you ever wondered if you can expense your groceries? As an entrepreneur myself, I know that I need to be well-fueled to perform at my best, so shouldn't that make my groceries deductible?   I will answer this question and discuss a few other circumstances in which you may be able to deduct your groceries.   What you'll hear in this episode: [1:28] Reviewing the definition of what makes someth...

Pat Leung, a seasoned tax and accounting professional with over two decades of experience in the real estate, private equity, and financial services industries, shares valuable insights on the evolution of property ownership in the current real estate environment. She also explains in detail how to maximize tax benefits if you are using Airbnb or similar as a rental income source.   For those cons...

We'll be discussing a unique strategy that can help you generate tax-free wealth: hiring your kids. Not only is it legal, but it also saves you money on taxes. You'll save on taxes and your child will be earning a paycheck. What's not to love?   But how do you implement this strategy properly from a tax perspective? I'll share some insights to help you get started and address which types of busine...

Welcome back to the second episode of our Cash Flow mini-series! Our previous episode discussed the significance of understanding cash flow and how it affects your business's overall health. Today, we'll delve deeper into the topic by exploring several effective ways that you can optimize your cash flow and ensure that your business stays financially healthy and cash flow positive.   We'll cover s...

We're discussing the basics of a 2-dimensional vs a 3-dimensional profitability model and how having too narrow of a focus can cause a profitable business to run out of money. Factoring time into your cash flow projections is critical to better understanding your cash flow.   To ensure the long-term success of your business, cash flow is the one thing that every business needs to understand to tru...

Today, I am speaking with Amanda Hofman, Co-Founder and CEO of Go To Market, a branded merchandise studio that specializes in sustainable and beautiful designs. Amanda discusses how she got interested in merchandise and shares some non-traditional ways businesses can use merch to promote their brand.   Amanda explains the advantages of print-on-demand vs bulk ordering merch, and how it resolves ch...

Today, we welcome Lynzee Krohne to Keep What You Earn. Lynzee is the CEO and Founder of LEO + LAINE and also serves as the Lead Creative Director. Lynzee started LEO + LAINE with the promise to build an agency unlike any other. One in which fun and friendships reign supreme while providing best-in-class creative solutions for her clients.    Lynzee dives into the importance of building a strong di...

As an S Corp owner, paying yourself a reasonable salary is a crucial strategy to maximize your income while minimizing your taxes. The advantage of an S Corp is that you can pay yourself a reasonable salary without overpaying. If you haven't been doing this until now, it's not too late to start.   Another of the benefits of being an S Corp owner is that you're less likely to be audited than a C Co...

I want to talk about a topic that has been generating a lot of questions lately - retreat expenses. With the surge in retreats and business conventions, it's crucial to understand what retreat and event expenses are deductible for both hosts and attendees.   As a host or attendee, you may wonder which expenses qualify for tax deductions. To help you navigate this complex topic, we discuss what qua...

I am discussing why tax professionals are finding it more challenging to showcase their value in an era where machine learning and artificial intelligence can help taxpayers obtain a larger tax refund. Although receiving the biggest refund possible may seem like the goal, our focus should be on achieving the best outcome possible.    I will be sharing some of the hidden costs associated with eithe...

I am breaking down how to read your federal tax return and understand what it all means. Of the most important aspects of your tax return is understanding what taxable income is and how it's calculated, understanding the differences between itemized and standard deductions, and knowing how to determine how much you actually owe in taxes versus what you've already paid in.   The goal of this episod...

I had the pleasure of speaking with Jackie Meyer, a seasoned CPA and tax professional with over 20 years of experience. We delved into the topic of tax planning, how taxpayers can save money on their taxes, and how taxpayers can determine if their tax preparer is truly saving them money vs just filing their return. We discussed how to communicate with your tax professional to ensure you are receiv...

We're diving into the difference between a CFO and an accountant in your business. We'll explore the key differences between a CFO and an accountant, including the key distinction of being a client service provider vs a member of your team. I'll also discuss the benefits of having a CFO by your side and the prerequisites you need to consider before hiring one.   When it comes to financial planning...

I am joined by Tom Wheelwright, CPA, CEO of WealthAbility®, Rich Dad Advisor, entrepreneur, international speaker, and bestselling author. In our discussion, we discuss a variety of topics including the common belief that it's patriotic to pay more in taxes to support the government, the difference between conservative and aggressive tax deductions, and advice for entrepreneurs to find better fina...

Today we'll be discussing tax deductions for entrepreneurs. As a business owner, understanding what is deductible and what isn't can be crucial to keeping more of what you earn.   We'll dive into what deductions are and how they work. We'll explore what makes an expense actually deductible and what qualifies as a business expense. It's important to know the boundaries and risks involved in claimin...

I have the pleasure of speaking with Carlyn Bushman, founder of Carlyn Bushman Consulting, a consulting group that helps female entrepreneurs accelerate their businesses to create reliable, sustainable revenue streams. We discuss the critical pillars of building a successful business, including financials, sales, marketing, technology, and management.   To succeed, it's crucial to understand your...

I'm excited to share with you my conversation with Pat Darby, Certified Financial Planner™ (CFP®) and Enrolled Agent (EA). Pat and I dive deep into the world of investing and retirement savings for business owners.   Pat stresses the importance of having the right mindset to save for retirement and encourages us to ask ourselves the right questions to ensure we're on track to reach our retirement...

We're talking about tax extensions and busting some common myths around them. Many people worry that filing for an extension could increase their risk of being audited and don't fully understand what filing for an extension means for the payment of their taxes.   We will break these myths down in today's episode. I'll share some tips for using the extra time provided by the extension wisely and pr...