Keep What You Earn

We're ending our three-part series on how you are taxed as a business owner with a discussion about multi-member LLCs and partnerships. Many people don't realize that having a multi-member LLC or partnership complicates things quite a bit when it comes to how you are taxed. I am going to walk you through the implications so you know what to consider before deciding to form one of these entities.  ...

This is part two of a three-part series on how you are taxed as a business owner. I'm going to cover S Corps and C Corps in this episode. These two entities are very different, but I am combining them in order to show the contrast between them and help you understand the differences.   * Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa * Chat About This Episode...

Over the next three episodes, I'm going to answer the question I get asked most frequently, which is "how am I taxed as a business owner?" There could be nuances to the way your particular business is set up that causes some slight variations, but I am going to break this down based on entity type and provide a general explanation, starting with sole proprietor or single-member LLCs.   * Questions...

Dulce Toscano is a Latina CEO, Online Business Coach, Speaker, and Full-Time World Traveler. Dulce helps freedom seekers pivot their hustle and ideas into online businesses to pursue the lifestyle of their dreams through her signature program, Pivoting Digital®. This includes freedom of time, location, choice, and financial freedom from income caps. Her freedom just happens to be travel. Dulce wan...

Last week we took a deep dive into how to maximize your income. Now we're going to look into costs. There are some aspects of costs that are out of your control, such as those resulting from supply chain issues or inflation. But there are always costs that you can control and tweaks you can make to minimize your costs or ensure that they are aligned with your goals. I'm going to discuss the things...

Andrea Sager is back for part two of a two-part series on protecting your business legally. We're covering another fundamental concept that you need to know as a business owner to protect yourself and your business, trademarks. Andrea explains everything you need to know related to trademarks, including when to get one, how to get one, and how to use them.   * Find Andrea on IG @andreasagerlaw * C...

My friend Andrea Sager is a small business attorney who worked for a big law firm but decided she would rather serve and invest in small business owners than do what she was being asked to do at the big law firm. So she opened the Sager Law Firm in 2018, where she offers legal subscriptions to business owners, a service that provides all-access representation to her clients. Andrea has become the...

If you're not yet looking for a CFO but you want to know what we do and what value we bring, I have an example to run through with you. One aspect of a CFO's responsibility is to take a deep dive into your income to help you maximize it. I am going to walk you through what that process generally looks like and provide some tips you can implement on your own.   * Questions about this episode? Text...

Kristofor Healey is an author, podcaster, public speaker, and coach who recently released his first book, Indispensable: A Tactical Plan for the Modern Man. Kris is the owner of several businesses in the personal development, consulting, and leadership space. He is also the host of The Indispensable Man podcast, where he shares tactics, tools, and tips to help men win the day and live their lives...

No matter where you are in your business journey, there's always something that will challenge you. And anytime you take action to uplevel your business, you're signing up for new challenges. If you are a strong business owner with an entrepreneurial mindset, then your brain will naturally seek out growth and the challenges that come with it. The best thing to do is accept that the challenges will...

One of the biggest trends right now in the digital entrepreneurship environment is the push toward online education and knowledge sharing. So I'm really excited to share the perspective of someone I've been working with to build an online course.   Jasmine Jonte helps experts create world-class programs with her Done-For-You Course Creation agency. They take care of everything - from the big pictu...

In the last episode, we covered how to deduct your personal vehicle if you're using it for business. So if you have a vehicle under your personal name and you're using it once in a while for business, we gave you a couple of ways to deduct that. Now we're moving into deducting a dedicated business vehicle, meaning it is used more than 50% for business. In this case, you are going to want to consid...

If you've been on Instagram lately, you've seen tax professionals and gurus spreading the news about vehicle deductions. This is a great example of a deduction that folks try to take advantage of when it isn't the most beneficial. I'm sharing a two-part series on how to deduct your vehicle the right way. Part one is going to cover a vehicle that you plan to use for business, but it's in your perso...

Automation, data collection, and data analysis are all key factors in creating efficiency and scalability for small businesses. This is important because, in business, time is money. So creating more efficiency means saving more money. This is why I am so excited to share Chris Hervochon with you. Chris is a Certified Public Accountant (CPA) and a Certified Valuation Analyst (CVA) who provides out...

Something that I find interesting and that you may not realize is that the IRS has an Instagram account. They are active on Instagram and they have access to see what you are posting. Today we discuss what this could mean for you when it comes to your taxes.   * Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa * Chat About This Episode in the Keep What You Earn...

If you're like me, you probably grew up thinking that the IRS was this scary, terrifying thing you should be afraid of. But in reality, nothing could be further from the truth. Jessica Smith is back for part two of a two-part series on taxes and how to stay out of trouble with the IRS.   Jessica is an expert on all things tax resolution. She's a tax agent and an overall great source of knowledge f...

Jessica Smith is a federally-licensed tax practitioner (Enrolled Agent) experienced in resolving tax problems for individuals and small businesses. Since entering the industry in 2011, she has reduced past-due taxpayer debts totaling more than $20 million and represented over 2,000 taxpayers before the IRS and state tax authorities. She recently took on a coaching role where she teaches tax profes...

Keep What You Earn has made it a whole year! We have been able to exceed our expectations in terms of goals for the show. So I want to say, from the bottom of my heart, thank you so much for listening to the show and for encouraging me to continue. I have learned so much over the past year as a podcaster and want to share the lessons I've learned with you on this episode.   * Find podcast statisti...

A lot goes into starting, maintaining, and supporting a successful e-commerce business. That's why I am excited to share an expert with you who exclusively works with e-commerce brands as a fractional CFO.   Jarrod Souza has over eight years of experience serving as a CFO for direct consumer brands in the e-commerce space. His extensive knowledge of data and marketing analytics helped one of the c...

Typically when you think about growing your business, you think about scaling up to be bigger, better, and faster. But I want to encourage you to think about things a little differently. You may have to take a step back and scale down in order to grow.   * Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa * Chat About This Episode in the Keep What You Earn Commun...

There is a lot of advice out there right now about recurring revenue, and I am one of the sources of it. When considering your options for recurring revenue, you may be tempted to opt for a source that is considered to be stable, such as a membership. Memberships can be very rewarding, but they also come with a lot of responsibilities. I am excited for you to hear from Lindsey Schwartz on this top...

I have a non-traditional belief about quarterly taxes that I share in this episode. I share how I feel about quarterly estimates and what I often recommend to clients. My intent behind sharing this is not to tell you what to do, but to make you aware that there are different ways to think about things. This is one of the more fun things about working in taxes and accounting. We're given a set of g...

This is a really special episode because we are welcoming my husband, Jason, onto the show.   Jason graduated with a degree in entrepreneurship, labor relations, and strategy from McGill University in Montreal. Soon after he graduated and started working, he decided that he would rather build a business that did things better than was currently available. He opened Budget Dry Waterproofing, which...

People often ask me, "How can I turn my family vacation into a business trip?" Even if the trip is initially a personal trip, you can look for opportunities to take a business trip to that destination at the same time. Here are a few ideas you can use to convert your days spent at your destination to business days. Don't forget to talk to your accountant before you leave and ask them for personal...

One of the questions that came up in the community recently was about when multiple LLCs are needed. I cannot give legal advice on this question, but I can share my opinion to make you aware of some things to consider and hopefully provoke some questions if you are considering opening another business or expanding your income streams.   * Questions about this episode? Text me!: https://my.communit...