What Your CPA Wants You to Know

Send a text We share the exact year-end checklist we use with clients to cut tax surprises, choose smart purchases, and get January filings done without the scramble. Clean books, a clear tax projection, and a few organized documents can change your entire spring. • finishing bookkeeping and reconciling accounts • running a tax projection to estimate what you owe • timing major purchases before 31...

Send a text We share the CPA betrayal list: the habits that raise your bill, drag your return past deadlines, and create tax shocks. Practical fixes help you file on time, clean up your books, and save cash for taxes without the last-minute panic. Support the show Create a STAN Store - Click here to try it out! Here's where you can find us! Shop our business guides! Our Instagram Page Our fam...

Send a text We unpack how gambling wins turn into taxable income even when you net a loss, why Oklahoma’s rules are especially harsh, and how marketplace health credits can trigger surprise paybacks. We close with a Texas update on tax-related credits for nonpublic education. Email us at Carson@sandsco.net Support the show Create a STAN Store - Click here to try it out! Here's where you can f...

Send a text We share ten year-end tax moves that actually save money when done before December 31, from bonus depreciation and retirement setup to the Augusta rule, income timing, and a no-drama plan to clean up your books. The focus stays on practical steps, clear timing, and spending only where it helps growth. • sending client gifts within deductibility limits to strengthen loyalty • timing equ...

Send a text We break down how high earners can legally fund a Roth IRA using the backdoor method, why it matters for business owners with variable income, and where people go wrong. We share the exact steps, the pro rata trap, and the one IRS form you must not miss. • difference between Roth and traditional IRA and why Roth can be better for many • who needs a backdoor Roth due to income threshold...

Send a text As two accountants, we are always critiquing businesses and seeing what their books look like. We do this even while on vacation. So, today we bring you our thoughts and how you can apply those to your business to drive PROFIT! • designing operations from the customer’s point of view • spotting bottlenecks in off-peak demand • capturing high-margin moments at the bar • simplifying menu...

Send a text We walk through our sequence for retirement contributions! Here's how we invest our money as accountants! • Start with any employer matching funds available - it's free money and an immediate 100% return • Max out a Roth IRA if eligible ($7,000 limit for 2025, $8,000 if over 50) • Aim to save 15% of income for retirement (12-20% range is generally recommended) • Business owne...

Send a text The big, beautiful tax bill brings welcome news for taxpayers with lower tax brackets being preserved, an increased standard deduction, and a higher child tax credit of $2,500 per child. Seniors will especially benefit from an additional $6,000 deduction per person regardless of whether they itemize or take the standard deduction. • Lower tax brackets from the Tax Cut and Jobs Act will...

Send a text Ever been shocked by a massive tax bill in April? Let's not let that happen again! For business owners, freelancers, and anyone with significant non-W2 income, estimated tax payments necessary. The IRS rules have changed in recent years. While the IRS used to charge around 3% for missing these payments, that penalty has increased. Now more than ever it is important to make your es...

Send a text Transitioning from W-2 employment to receiving 1099 income fundamentally changes your tax situation and officially makes you a business owner, even if you're doing the same work as before. • Self-employment tax means paying both the employer and employee portions of Social Security and Medicare (15.3%) on top of income tax • Business expenses can be deducted against your 1099 inco...

Send a text The Social Security Fairness Act eliminates the unfair Windfall Elimination Provision that prevented public service workers from receiving their full Social Security benefits despite paying into the system. • Nearly 2 million Americans including teachers, firefighters, and public sector employees can now receive previously reduced or denied benefits • Workers who already receive some b...

Send a text Dr. Amanda Thompson shares her experience with the monthly accounting membership program and how it has transformed her business finance management from chaotic Excel spreadsheets to organized QuickBooks mastery. • Starting a business without business education background creates financial management challenges • Excel spreadsheets work initially but become problematic as businesses gr...

Send a text We created our monthly accounting plan to solve the recurring problem of clients coming to us at tax time with messy books and missing tax-saving opportunities, and after nine months with our beta group, we're sharing how it's working and opening up a few more spots. • Our monthly accounting plan provides accountability and real-time bookkeeping support, like having a persona...

Send a text We celebrate our 100th episode by giving listeners a behind-the-scenes look at our podcast journey, from inception to production challenges to our biggest wins. • Started the podcast in January 2023 to help people we couldn't take on as clients • Purchased a podcast course for $150 which provided crucial guidance on equipment, hosting, and editing • Recording during tax season was...

Send a text The Augusta Rule offers a legal way to transfer money from your business to yourself tax-free by renting your home to your business for up to 14 days per year. This often-overlooked tax strategy allows business owners to deduct the rental expense from their business while receiving tax-free personal income. • Rent your personal residence to your business for up to 14 days annually with...

Send a text Paying your children through your business is a legitimate and powerful tax strategy that can save you thousands every year! • Reduce taxes by converting business income into deductible expenses with zero tax impact • Children earning under $15,000 (2025 standard deduction) pay no income tax and don't need to file returns • Sole proprietors (Schedule C) and farms (Schedule F) don&...

Send a text Working with a CPA effectively requires understanding both what to do and what to avoid to create a productive professional relationship that benefits your business. • Be organized when providing documents rather than dropping off unsorted boxes • Avoid piece-mailing documents and instead provide complete packages when ready • Consolidate questions and communications to respect your CP...

Send a text We tackle the critical but often overlooked task of proper bookkeeping for business owners and share how avoiding common mistakes can save you thousands of dollars and countless headaches.  • Bad bookkeeping comes in many forms—from procrastination to incorrect QuickBooks entries • Cleaning up messy books often costs more than starting from scratch • Hiring an inexperienced bookkeeper...

Send a text We decode the confusing rules around when children and dependents need to file tax returns, covering both W-2 employment income and 1099 contractor payments. • Children with W-2 income under $14,600 (2024 standard deduction) don't need to file unless they want to claim a refund • Parents can still claim college students as dependents if providing over half their support • 1099-NEC...

Send a text This episode highlights significant upcoming tax changes for 2025 that every business owner should be aware of! • Discussion of the BOI report saga • Overview of major tax changes impacting 2025  • Depreciation Changes business owners should plan for. • Estimated Tax Payments and the new penalties! Support the show Create a STAN Store - Click here to try it out! Here's where you c...

Send a text The episode dives into the updates surrounding the BOI report, which requires LLC owners to report beneficial ownership information to FINCEN. Here we discuss the BOI updates as of today! • Introduction of the BOI report and its purpose  • Current status, with no legal obligations to file now  • Importance of monitoring updates closely  • Recommendations for proactive filing and seekin...

Send a text Ever felt like you're sacrificing your family life for business growth? It’s a dilemma many of us face, especially as we navigate the complex demands of 2025. This episode is a reflection on the art of setting boundaries to ensure that our professional ambitions don’t overshadow the important moments with our loved ones. With three active kids, the conversation is about making int...

Send a text Tax season is here and this episode delivers our help to navigate it successfully. We discuss critical deadlines, necessary filings, and how to prepare efficiently for your taxes while avoiding common mistakes. We cover all the questions that have been hitting our inbox this week to help you get 2024 wrapped up and organized to file your tax return! • Importance of early preparation fo...

Send a text Setting clear goals at the start of a new year is essential for any business's success. We encourage deliberate planning to review past performance, establish actionable goals, and stay aligned as a team throughout the year.  • Reflecting on last year's successes and challenges  • Setting realistic and actionable goals for 2025  • Weekly meetings for team alignment  • Updatin...

Send a text Please note: There is a temporary pause in enforcement of the BOI Report filing following a significant court ruling this month. Though we do think the BOI report will eventually need to be filed at some point. This episode walks you through how to file your BOI report on the FINCEN website if you have not yet filed! Support the show Create a STAN Store - Click here to try it out! Here...