What Your CPA Wants You to Know

Send a text The S corp tax strategy. Have you heard of it?   This episode is a must-listen for those entrepreneurs whose businesses have crossed the threshold of $50,000 in profits after expenses. Get ready to equip yourself with the knowledge needed to determine if your business is a prime candidate for S corp status and understand the critical timeline for filing the forms that lead to significa...

Send a text Have you ever hit a jackpot and ended up with less than you expected after taxes? This episode is all about gambling income and the tax implications.  We discuss the crucial yet frequently overlooked aspect of gambling winnings and losses. We'll guide you through everything from 1099 forms handed out by casinos for those wins to deductions for your losses, which are important duri...

Send a text Ever wonder why some tax returns get the dreaded IRS audit while others glide by? Join us as we share the red flags that you do NOT want to file on your tax return! We've seen several audits happen because of these things and we want to share them with you. We explain the chances of your tax return getting audited and what happens if you DO get audited . If you have a business on...

Send a text In this episode we guide you through the critical dates and details that every S-Corp and Partnership owner must know. Don't forget that the March 15th deadline for filing those business tax returns is approaching! In this episode we explain the 1120S and 1065 tax returns for partnerships and S Corps and how to understand them and the taxes you will pay from your business! We disc...

Send a text As a mother of three, Elizabeth joins us to share her experience opening and running her own business. We discuss her pivot from traditional therapy to entrepreneurship and managing the beautiful chaos of motherhood. We discuss honestly how we both deal with our professional ambition and the demands of parenting three children. Elizabeth shares the strategic shifts that led her from pe...

Send a text In this episode we talk about the standard deduction! Why?  Because MOST people don't really understand how it works.  After you listen to this episode you will know how it works and if you will use the standard deduction or itemize on your next tax return.   We explain common tax deductions that we get asked about daily like: medical bills, home office expenses, and charitable co...

Send a text Ever been bewildered by owner distributions and their role in your business and personal finances?  We explain why these distributions are not considered personal income, how they differ from business expenses, and the implications for your tax return.  Make sure not to make the most common mistake when accounting for owner distributions! This episode will help you understand this term...

Send a text Ready to conquer the end-of-year tax scramble with ease?  In this episode we guide you through the must-know ins and outs of 1099 filings. This episode will help you understand the who, what, and when of 1099s, so you can stay in good standing with the IRS without breaking a sweat. We cover the critical role of the W9 form and how to discern who is deserving of a 1099 and what entities...

Send a text Are you a passionate entrepreneur with multiple projects simmering on your burners? Join us as Ashley Kinsvatter pulls back the curtain on managing a travel agency and a political podcast while navigating motherhood. Ashley shares how she turned her travel hobby into a legitimate business and launched her own podcast called, 'United She Stands'.  Ever wonder what a mastermind...

Send a text In this episode we share invaluable strategies for auditing your expenses, setting achievable goals, and making smarter budget decisions. Join us as we share intimate details of our own financial adjustments, like reallocating funds from daycare to retirement savings, and the methods we use to keep our insurance costs in check. Ever considered that a simple change in how you manage you...

Send a text Are you tired of the stress and confusion that accompanies tax season? We say, no more! In this episode we’re going to debunk some myths, like the unnecessary need for receipts, pinpoint potential audit red flags, and even share some insider tips on how to spend less on tax preparation fees. Get ready for a deep dive into the world of tax returns. We'll navigate through the common...

Send a text Have you heard about the new Venmo tax reporting changes?  We've got your back in this latest episode where we dive into the implications linked to Venmo usage. We explain the differences in IRS regulations for personal and business Venmo accounts. We also discuss the game-changing 1099K form, its purpose, and the circumstances under which it is issued to businesses.  If you'...

Send a text Brace yourselves for another tax law change! This change will apply to any taxpayer who owes taxes when filing their tax return. That's a lot of people who need to know about this recent change! There is a new estimated tax penalty of 8%, which was only 3% in the past! Long story short, you're going to need to make those estimated tax payments and not wait to pay until when y...

Send a text Ready to conquer depreciation?  Did you know that bonus depreciation is set to decrease from 80% to 60%? But what does this mean for you and your business? We'll break it down and walk you through real-life scenarios ranging from the purchase of a new copy machine to buying a bulldozer for your construction business. By the end of this episode, you'll have a clear understandi...

Send a text Imagine closing the gap between your aspirations and your accomplishments. That's exactly what you'll learn from Kristin Burke, a goal achievement coach and successful entrepreneur, in our discussion about the art of goal setting for business owners. We'll also be sharing personal experiences, challenges, and strategies that have helped shape our businesses. One strategy...

Send a text Are you feeling overwhelmed with the thought of saving for your child's college education? Fear not!  In this episode we explain the various college savings options along with their tax benefits. We take an in-depth look at various plans weighing their pros and cons to help you make an informed decision.  Prepaid Tuition Plans 529 Plans UTMA ESAs Custodial Accounts Whether you are...

Send a text How about turning financial struggle into financial freedom? That's the journey we took over 10 years ago. We'll talk you through our once gloomy reality and how we rose from it all to own a thriving business and gained control of our finances. Building a solid financial future doesn’t have to be a distant dream; it can be your reality. We'll share how creating a budget...

Send a text Ready for one more thing to add to your business to-do list? Brace yourself! A new filing requirement is coming your way, and trust us, you don't want to miss the deadline.  This episode is all about the Beneficial Ownership Information (BOI) report, enforced as part of Congress’s Corporate Transparency Act to discourage shell corporations and hidden funds. But do not stress, we u...

Send a text What could a pair of entrepreneurs with backgrounds in teaching and marketing teach you about running a successful business?  Melissa and Katie from Everyday M&K, unravel their journey from a chance meeting to building a thriving online business. They talk about their past experiences & their passion for what they do. This episode peels back the layers of running a successful b...

Send a text Ever wondered how you can legally and ethically lower your tax bill and avoid? We explain how you can maximize your business expenditures, discussing everything from depreciation specifics to the lesser-known Augusta rule. If you're a new or established business owner, we've got you covered with tax deduction you need to know about! We explain deductions such as paying your k...

Send a text Can you recall the exhilaration that came with the early days of your business, only to be confronted with the daunting task of hiring help? Dr. Amanda Thompson recounts her experience on the podcast. She talks about the swift changes and pivots that were essential to keep up with her rapidly expanding business and the process that led to her first hire. Dr. Amanda shares her financial...

Send a text Imagine entering tax season with confidence, knowing your books are in order. Does that sound too good to be true?  Our QuickBooks Wiz, Kaylee, is here to prove it isn't. Drawing from her wealth of experience, she guides us through the crucial practice of categorizing and reconciling transactions monthly, ensuring no income or expense gets overlooked. She also emphasizes the impor...

Send a text What if you could turn your passion into a full-time career while juggling the responsibilities of motherhood? This week's episode is an amazing conversation with Abby Green, a mother of three and a full-time entrepreneur. Abby's inspiring journey into entrepreneurship kicked off when her third child was diagnosed with Down Syndrome. She tells us how this life-altering event...

Send a text Bonus episode! This is all about our new S Corp Guide for those planning to switch their  Sole Proprietorship or Partnership to an S Corporation.  The guide explains:  WHEN to switch to an S Corp WHY you should switch to an S Corp HOW to switch to an S Corp WHAT responsibilities S Corps have every year  The guide is packed with over 60 pages to help you understand how your taxes will c...

Send a text Last week's episode was all about the importance of the S Corp strategy for businesses making over $50,000 in yearly profit. If you didn't listen to that episode, go back and check out episode 38! That episode explains HOW the S Corp saves you money in taxes.   This episode is part two.  This episode explains how to make this change if you are ready to save some taxes!  So if...