What Your CPA Wants You to Know

Send a text We want to share a common tax strategy that should be used by businesses making over $50,000 in profit. All too often we see business owners not taking advantage of this tax strategy! So we're here to spill the tea so everyone can use and understand this strategy and save some tax dollars! In this episode we explain how and why switching your business tax entity to an S Corp will...

Send a text If you are starting a new business, this question always pops up.  Will you file as an LLC?  In this episode we answer all these questions and more! What is an LLC and do you need one?   What does that mean for your taxes and other filings?  How does the LLC work? Why do most businesses have them? How do you make sure your LLC protects you? What filing requirements do LLCs have? How do...

Send a text We have the wonderfully talented Sara Reynolds on the show today.  She and her husband expanded their business this year by opening a storefront for their bakery, Butter Bean Baking Co. In May of this year she officially went full-time in her business when she left her job as an educator to pursue her passion of baking and creating.  Sara explains the hurdles they faced this year and w...

Send a text This is the last episode in our very first personal finance series! In this episode we dive further into saving for retirement.  If you listened to Episode 33, you know what it will take to retire WHEN you want to retire.  You also know that 15% of your income should be going to retirement savings (or more if you are behind).  Now the question is, where do you START?  Where should you...

Send a text This is the fourth episode in our personal finance series and it's all about life insurance! It's one of four episodes in this series for a reason... it's important!!! When creating your budget and organizing your finances, signing up for life insurance should be at the top of your to-do list!  In this very important episode we answer these questions so you can sign up f...

Send a text This episode is all about how to calculate your retirement age and is SO beneficial for everyone! Do you know how to easily calculate this?  You will after you listen to this episode! We explain how to calculate your retirement and answer some very important questions like: How much do you need in your account when you retire? How much should you be saving monthly? Can you have the sam...

Send a text We had so many questions come in about personal finance that we decided to make it a series! In this episode we answer the top listener questions we received on our Instagram page We cover: Budgeting for big purchases How WE run our personal finances Where to start if you are in debt Family budgeting strategies that we use Next week we will have another episode in this series all about...

Send a text We often meet with clients to discuss personal finances and guide them through important tasks like retirement savings and budgeting. In this episode we share the 5 things you can do NOW to improve your finances if you find yourself in the position we did a decade ago. We discuss how we climbed ourselves out of a big-hole-of-debt using Dave Ramsey's advice.  We also share the key...

Send a text If you own a small business or are starting one, chances are you have already asked yourself this question! Do I NEED to purchase QuickBooks for my business? It seems like so many entrepreneurs use QuickBooks!  But why is that? In this episode we answer that question and cover these important details: - What is the cost to use QB? - Who needs QB and who does not? - What QB subscription...

Send a text Starting a new business is a scary thing. There are so many steps and jobs to be done going from idea to actually opening up shop! In this episode we share the weird things that we did to get us from dream to reality in 2016.  This episode will help give you ideas that can ensure you have the time needed in the beginning to prove your concept and set your business up for success! We di...

Send a text If you started a business and didn't file any paperwork, what type of business are you??? Do you know??? The IRS will automatically classify your business as a sole proprietorship and that you  will file the business income and expenses on Schedule C of your personal tax return. So not much will change except for your tax return!  If you filed an LLC, you can still be classified a...

Send a text Don't start a business until you have asked yourself these important questions! In this episode we explain what 5 questions we feel are SO very important to ask before getting started to set yourself up for success.   Many people often forget to focus on the things that truly matter and impact the overall success of their business. Find out what those questions are and more in thi...

Send a text Are you familiar with your financial reports such as your Profit and Loss or your Balance Sheet?  Do you use these in your business to make decisions and monitor growth? If you need some help in this area, this episode is for you! In this episode we discuss what these reports are and how to use them. We also cover our favorite key performance indicators (or KPIs) and what we consider i...

Send a text If you are a small or medium-sized business that ran payroll during the pandemic, you could be eligible for the Employee Retention Credit.   Have you heard of this credit? Time is running out to file for the credit in some quarters so this episode will help you determine if you are eligible and what the process is like to actually claim this credit.   This is a complicated credit to cl...

Send a text A tax projection is done to help business owners estimate taxes owed for the year by looking at profit for the first half of the year (or whatever part of the year has passed). This is a great time to make sure that you are properly saving for taxes owed on business income and a great time for tax planning.  Tax planning needs to be done BEFORE the year ends so you can make any changes...

Send a text For this episode we polled our Instagram page to answer the most asked questions from you on the podcast! What is a backdoor Roth and should you have one? What about estimated payments for business owners?  How should you estimate them? How does the standard deduction work?  What retirement saving options do business owners have? How much should you be setting aside for taxes for a new...

Send a text Have you ever heard of Section 280A?   This deduction, also called the Augusta rule, is a legal way for business owners to save taxes every single year!  However this deduction is not only great for business owners, but all homeowners can benefit from this tax law.  In this episode we explain what exactly §280A is, and why and how you can use it to save $$$ This is one deduction you wa...

Send a text We often refer to the guide we wrote for entrepreneurs called, What Your CPA Wants You to Know About Starting a Business.  This episode explains what that guide is all about!  Is it right for you?  What value does it provide? what questions does it answer? Why it is so impactful for new business owners? If you have been on the fence or considering purchasing the guide, listen to this e...

Send a text This is a jam-packed episode all about how Nate and Skye Reyes took their idea of a small coffee business from dream to reality. Now, they are two years into business ownership and have a thriving business that's growing quicker than they ever imagined.  They share how they started their business wisely, what they've learned, and how they manage to keep their family time a pr...

Send a text This bookkeeping episode is great for both new business owners just getting started and seasoned business owners looking to improve their bookkeeping skills.  We quickly discuss 5 tips for better bookkeeping, why bookkeeping is important, and what must be done so your books are correct and useable! This is a quick listen for all business owners who want to know what must be done to ens...

Send a text Does everyone need to hire a CPA to file their tax return?  No!  But if you own a business, you certainly need to have a CPA help you file your business tax return! In this episode we explain everything you need to know about hiring a CPA, budgeting for accounting expenses, and working with a CPA.  We discuss how to get organized for tax time and save money on your tax-prep fees!   Thi...

Send a text Did you owe more in taxes than you thought you would this year???   How long has it been since you updated your W-4 Form??? If it's been a while since you updated your withholding, or you owed a LOT and want to fix that...this episode is for you! In this episode will explain how the W-4 form works and how to update it to cover your taxes so you aren't surprised next time you...

Send a text Did you get a big surprise when you went to file your tax return this year??? In this episode we explain the common things we see make the biggest difference in taxes due or your refund amount.  Did you get a raise?  Did your job pay structure change?  Did you pull money out of your retirement account?   Here are the big ticket items you should keep on your radar so you don't end...

Send a text We switched it up a little on this episode to bring you some advice and insight from one of our clients Dr. Amanda Thompson.  She just finished her very first year of business ownership, and she's doing a wonderful job growing her business and staying on top of the paperwork and accounting required. We talk about her struggles as she jumped into full-time entrepreneurship and what...

Send a text If you are saving for your child's college or plan to in the future, this episode is a GREAT one! We explain the various types of college savings accounts, what we like about each one, and what we really don't like about each of them! We also (of course) talk about the tax consequences/benefits of each and which ones we recommend! Support the show Create a STAN Store - Click...