More Money in Your Pocket

Looking to increase your success as a real estate agent? Join me as I discuss the importance of having a solid team of professionals, including the best tax guy, to make your clients successful and boost your success. But what happens when clients need to catch up on their taxes? Tune in to find out. In this episode, you will be able to: Delve into the benefits of a solid team foundation for thriv...

Sean Carpenter thought having a vast network was the key to business growth, but he soon learned that relationships were paramount. His four-level approach focuses on strengthening connections with his sphere of influence, clients, and supporters. Sean's philosophy revolves around solving problems, having fun, and building long-term relationships. By consistently providing value to those who suppo...

Join me as I unravel the importance of basis for real estate agents, where proper tracking becomes the key to increasing profits and reducing losses amidst the conflict of temporary tax cuts and long-term planning. In this episode, you will be able to: Acquire knowledge about capital gains and losses to improve your investment decisions. Explore the rewards of diligently tracking business and pers...

Discover the irony of starting a real estate business with less than $2,000, and how tracking your basis can help you keep more money in your pocket come tax season. In this episode, you will be able to: Recognize the crucial role of basis in strengthening real estate and business foundations. Familiarize yourself with the concept of basis and its correlation with tax estimations. Examine the part...

From chasing society's idea of success to finding true financial freedom - this story takes an unexpected twist as one person's journey reveals the true meaning of being rich. Get ready for a powerful transformation that will leave you rethinking your own priorities and choices. In this episode, you will be able to: • Discover the crucial role that financial management plays in a real estate agent...

Are you tired of hearing the same old myths about financial stability? As someone who prioritizes financial stability, have you ever been told that being rich is subjective or that avoiding status symbols will make you wealthy? Well, let me tell you, these are just a few of the many myths out there. But don't worry, I'm here to share the truth about what it really means to be financially stable. I...

In this episode, Jeff discusses: Is it a hobby or a business? Deciding whether your project is a business or a hobby Know the numbers and see the patterns. Key Takeaways: The biggest difference between a hobby and a business is that a business operates for profit, whereas a hobby exists for pleasure and recreation. Keep complete and accurate records and keep a businesslike approach to your project...

In this episode, Jeff discusses: The last set of tax write-off items Keeping your books in order Key Takeaways: The last set of tax write-off items includes: Taxes and licenses Telephone Tools  Travel  Uniforms Waste removal Other Develop an understanding of income expenses and make it a daily habit. Tax time will be much less stressful and if you should receive an IRS audit letter, you...

In this episode, Jeff discusses: Another set of tax write-off items The more detailed your books, the better it is when it comes to an audit.  The secret to success Key Takeaways: Keep in mind these another set of tax write-off items, which include: Payroll processing expenses Retirement plans Permits and fees Postage and shipping Printing Recruiting Rents Repairs and maintenance Salaries and...

In this episode, Jeff discusses: Another list of what you can write off as a business owner The difference between successful and unsuccessful people Key Takeaways: You can save money by taking advantage of these additional tax write-offs, which include: Laundry and cleaning Legal and professional Marketing Meals  Meetings Office expenses Outside services and contractors Parking fees and toll...

In this episode, Jeff discusses: The list of what you can write off as a business owner Key Takeaways: You can save money by taking advantage of a number of tax write-offs, which include: Bad debts Bank charges Cash  Cell phone  Clean fuel vehicle deductions Commissions  Computer Consulting Delivery Depreciation  Discounts Dues and subscriptions Education and training expenses&...

In this episode, Jeff discusses: The importance of having a good accounting system The biggest questions to ask yourself about business expenses What is the difference between advertising, marketing, and promotional? Good records is key. Key Takeaways: It will take you less time if you utilize a good accounting system to go through your credit card statements every month, prepare your monthly P&am...

In this episode, Jeff discusses: Taxes are very similar to going to the dentist. How to have a better outcome at tax time Consistency is key. Key Takeaways: Whether you've been filing taxes for years, or own a business, you're still worried about tax time - just like going to the dentist and finding out you need work. Keeping your books in order will save you money and no longer dread the April de...

In this episode, Jeff discusses: Make sure you file your taxes in February, or even March if you can. Being disorganized is not a winning strategy. Tax preparation is a choice you get to make. Key Takeaways: You lose all those months of planning and getting ahead for next year when you put off doing your taxes. Putting off your taxes into March is one of the worst things that you can do for yourse...

In this episode, Jeff discusses: Living life with strategy The importance of profit and loss (P&L) statement Hire a professional tax planner. Key Takeaways: Every time you went around go but never invested that money into anything, you wouldn't win and it probably wouldn't take very long until you were broke and bankrupt.  It only takes a few minutes to set up your P&L statement, so s...

In this episode, Jeff discusses: The fear of making mistakes The fear of not earning enough revenue  Taking chances  Key Takeaways: Fear of making a mistake keeps many people from doing anything because they are scared of making a single error. All of us make mistakes along the way, and most of the most valuable lessons in life come from them.  It is the fear of not earning enough r...

In this episode, Jeff discusses: What is a Solo 401K? 401K vs. SEP IRA Tax strategies Key Takeaways: Solo 401(k)s are retirement accounts for business owners or self-employed individuals with no full-time employees. SEP IRAs and solo 401(k)s both offer similar ways to save money each year, but their contribution rates, employee viability, and Roth options differ significantly. In your 22% tax brac...

In this episode, Jeff discusses: What is a SEP? How to figure out your net income Traditional IRA vs. Roth IRA Key Takeaways: A simplified employee pension (SEP) is an individual retirement account (IRA)  that can be established by employers or self-employed individuals. This is easier to set up than solo 401Ks and allows for much higher employer contributions. Knowing your net income is alwa...

In this episode, Jeff discusses: What is a SIMPLE IRA and how it works Employee matching contributions for 2022 The pros and cons of SIMPLE IRA How to set up a SIMPLE IRA Key Takeaways: SIMPLE IRAs (Savings Incentive Match PLan for Employees) may be the best retirement plan option for businesses with modest revenue as it allows employees and employers to make tax-deferred contributions to their re...

In this episode, Jeff discusses: Investing in the 401(k) Taking money out of your 401(k) should be your last resort Making a few changes in your lifestyle Key Takeaways: Employer-sponsored retirement savings plans, such as the 401(k), offer significant tax benefits as well as help you plan for your retirement. When you invest in a retirement plan, you are supposed to let the money grow until you r...

In this episode, Jeff discusses: Tax filing and procrastination Why do people avoid filing taxes? How to get back into the IRS' good graces Key Takeaways: A tax extension does not extend the time to pay the bill, so ignoring them or procrastinating will only lead to more fines, more penalties, and more stress. Various reasons exist why people fail to file their income taxes, but whatever your reas...

In this episode, Jeff discusses: Morning routine and productivity The importance of having a system Start your schedule and set it up for success The advantages of an automated system Key Takeaways: Treat every day as if it was a Monday. Get up early at least 4 in the morning so you can accomplish a lot to stay on top of your busy schedule. A system allows you to hire people to do tasks inside it....

In this episode, Jeff discusses: Keeping personal and business records separate Business structures and their implications Sole proprietorship vs s corporation Key Takeaways: Using a separate business account makes tracking business expenses much easier for tax purposes. Consider your options carefully. You need to pick an appropriate business structure that offers you the right balance of legal p...

In this episode, Jeff discusses: As an agent, you can’t give tax advice. The myths surrounding taxes Capital gains and capital loss Rental pieces of advice Key Takeaways: When it comes to capital gains, don't take advice from agents on social media. 99 % of the time, they don't have all the facts. There is no truth in the claim that you do not have to pay taxes if you use the money you get from th...

In this episode, Jeff discusses: An overview of the IRS's $87 billion fund Dealing with an IRS audit Improved enforcement measures are a big part of the IRS's $87 billion fund Get out of your comfort zone. Key Takeaways: The $87 billion IRS infusion means more audits, and if you earn over 400k, you'll have a higher chance of being audited in the next 5-10 years. It does not mean, however, that you...