Keep What You Earn

The salary requirement is the most ambiguous part of S Corp compliance. The IRS says you have to pay yourself a reasonable salary but they don't say how much that is or how to figure it out! But pay too little, and you'll find yourself in trouble.   I'm walking you through the seven-step process we use with clients to determine their reasonable salary.   * Related episodes: 196. How to Handle Susp...

If you've been scrolling through the finance side of any social media platform recently, you've likely had someone tell you to go get an S Corp. But the worst thing you can do is go get one just because someone told you to.   So how do you know when you're ready for an S Corp? I'm going to walk you through this. One of the barebones requirements for electing S Corp status is having a preexisting e...

How does confidence show up in your business? You could be thinking right now, "Shannon, I'm super confident in what I do and who I am as an entrepreneur." That's all fine and well, but you may still be exhibiting signs of a lack of confidence. It's all about how you're showing up.   This was one of the major blocks I faced in 2022 and I didn't even know I was facing it until my perspective shifte...

What do you know about system implementation in your business? A lot of people don't realize that they need certain systems within their business until it's too late.   Ernesto Mandowsky is the CEO of CPD Advisors. With a degree in Systems Engineering and over a decade of developing technology solutions at companies like Deloitte Consulting, Meyers USA, and The Palm, Ernesto is an expert in design...

When it comes to finding the best accountant for your business, it's not just about their expertise. If the people with the most expertise can't answer every question for every scenario (news flash: nobody knows it all), they aren't going to be able to help you be your best without a little help!   Connectivity is the secret superpower we need to value in accountants and financial professionals. I...

Kali Lee is the founder of Kurate Creative, where she helps entrepreneurs market and scale their businesses. Kurate is our social media management agency! Kali and her team help manage the flow and distribution of so much of our social content. Today we're talking about that process, tips to create your own quality social content, and how to outsource effectively when you're ready.   If your socia...

We've talked about vehicle deductions in previous episodes and how to take the deduction if it makes sense for your business. Essentially, all of the vehicle deductions are grounded in your understanding of how much you use that vehicle for business vs. personal use; and the only way you can document those differences is by tracking your miles!   When the IRS is looking to audit people, vehicle de...

One of the objectives of a CFO is to turn data into decisions and some of those decisions tend to be a lot harder than others. Especially for agency owners and service providers, it's so important to understand how your costs and decisions relate to your bottom line.   Paul Seaton is a CPA and founder of AgencyCFO, a virtual CFO firm dedicated to helping digital & creative agencies develop and mai...

We're wrapping up our 1099 series with how to file them! I'm sharing a trade secret with you; these are actually ridiculously easy and cheap to file.   It's relatively easy to do, it can just be tedious work. If your tax pro doesn't like filing them, they'll likely charge you more for them when you may be able to get them filed cheaper elsewhere. Additionally, make sure you know who's filing them,...

If you accept credit cards in your business, you'll likely be receiving a 1099-K. These are 1099s from your payment processors like Stripe, PayPal, Venmo, etc.   There are some nuances to pay attention to here. The number on the 1099 they send will likely be the gross amount you sold through their service. But you get charged a processing fee right? What you need to do is report the full amount on...

As a service-based business owner, you're likely sending and receiving 1099's each year. In the last episode we covered when to send them and today, we'll be discussing what to do when you receive one.   When you receive a 1099, it shouldn't be telling you anything you don't already know. If it is showing income that you haven't tracked elsewhere, now is your chance to figure it out because the IR...

Questions about 1099s? We're doing a deep dive this week! We're kicking it off by answering the basics. Who needs to send a 1099? Who needs to receive a 1099?   We'll be focusing on the 1099-NEC, used for non-employee compensation. There's a three-step process we can use to determine if we need to send a 1099-NEC to a contractor or service paid for through your business.   First, did you pay them...

As an entrepreneur, it may feel like you never know how much money you're making! When you don't know how much you're making, it's hard to make good decisions in business and in life.   When can you take time off? Can you afford to hire a new employee? Will you make enough to pay yourself?   It all come down to cash flow. We're covering how to manage and track cash flow so you can make informed de...

I'm not going to lie, when I started my business, I was super skeptical about joining LinkedIn as a business. I've since gotten into a good rhythm but this interview with Katie McKiever still reframed my perspective on how LinkedIn can be used for small businesses and entrepreneurs.   Katie McKiever has vast social media, communications, and content marketing expertise. For more than twelve years,...

EBITDA is something you may have heard in the finance world. But what is it? And what does it tell you?   EBITDA stands for earnings before interest, taxes, depreciation, and amortization. When you take your earnings and add back in interest expense, taxes, depreciation, and amortization you'll get your EBITDA.   For many of you this number may be the same as your net profit (earnings) because you...

Julia Boorstin is CNBC's Senior Media & Tech Correspondent and has been an on-air reporter for the network since 2006. In 2013, she created and launched the CNBC Disruptor 50, an annual list she oversees, highlighting private companies transforming the economy and challenging companies in established industries.   She also helped launch the network's 'Closing the Gap' initiative covering the peopl...

One of my favorite parts of having this show and connecting with all of you is getting to answer your questions. Today we're talking about the common question: Will anyone actually buy my offer? Am I actually ready to make this investment and bet on myself? If this is where you find yourself, tune in for ideas for your business and how you can make it work.   We're talking about the ways that you...

This year has been a great one for Keep What You Earn! I love getting to share wisdom, answer your questions, and give advice on this platform.   We've got a 2022 recap and 2023 mindset reset for you in this episode with some excerpts from our three top downloaded episodes of the year! These excerpts should help you get your mindset dialed in for the new year and get started on the right foot. Lis...

One of the barriers I often see to entrepreneurs unlocking their next level of success and confidence is embracing sales. Don't look at it as an obligation or something you HAVE to do. That's why I've brought Ashley Frank on the show today, to share how you can step into sales with a whole new mindset; without feeling sleazy or manipulative.   For over 15 years, Ashley has partnered with innovativ...

Today we're going through how to deduct medical expenses and self-employed health insurance as an entrepreneur or business owner. I know this is a burning question for so many, especially if you've left a full-time job and now find yourself navigating insurance on your own. We're going to cover the difference between medical expenses and insurance expenses, when you can deduct medical expenses, an...

Some of the challenges with boundaries, especially as a business owner, are not only understanding how to define and establish them but also how to enforce them. You want to minimize conflict and resistance in the process but hold firm to what you have decided upon. We're breaking it all down with Woodrie Burich.   Woodrie is the founder of The Integration Group and Boundaries Before Burnout® grou...

It's goal-setting season! I wanted to drop in and remind you that your goals are supposed to be based on what you really want. If you're setting goals in your business, they're likely financial ones, and that's great. I love measurable goals using metrics.   But as you set these metric-based goals, make sure they're anchored to your true goal. What's the "why" behind it? When you know the "why" be...

We hear a lot about marketing around pain points and I 100% believe you should be doing this, but you need to understand that a pain point and a problem are not the same things. The pain points are the stakes of the problem, the result of the problem.   If you can articulate that to clients, relate to them, and create stakes around the problem that you're going to help them solve, you'll be able t...

A lot of people think that you're either on the strategy or spiritual side of things and that there's not really an in-between. Our guest today balances both sides of this really well.   Angela Christian is a manifestation expert who has studied astrology, mindfulness, various rituals, sciences, and arts, that circle around the spiritual side of business. Even if you don't feel spiritually incline...

I always say it's important to maintain your financial power when it comes to your business, your taxes, or anything in that realm. If you let your tax advisor take the wheel and start driving, you have no control over where you're going or how you get there.   Your tax professional should be trying to find you every tax deduction you're legally allowed to take but you can't take unjustified short...